NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5 million sale of a multifamily development site in the Cobble Hill area of Brooklyn. The site at 232 Smith St. allows for 10,000 square feet of buildable space that will include retail usage. Sean Kelly, Nicole Daniggelis, Stephen Vorvolakos, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.
LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of housing; it’s a commitment to sustaining the heart of our community. We are not only ensuring that seniors and families have an affordable place to call home, we’re also nurturing the vibrant social and economic fabric of Los Angeles County,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “This investment brings our portfolio in Los Angeles County to over 1,700 units.” The assets include: • Oxford Park, a 109-unit senior community • Rayen Park, an 84-unit senior community • Sherman Arms, a 74-unit senior community • Villa Marisol, a 48-unit senior community • Columbus Terrace, a 42-unit senior community • Villa San Dimas, a 50-unit family community Standard Communities partnered in this transaction with the …
SCOTTSDALE, ARIZ. — Miller Global Properties has completed the disposition of Canopy by Hilton Scottsdale Old Town, located at 7142 E. 1st St. in Scottsdale. Dynamic City Capital acquired the hotel for $102 million, according to local business journals. Built in 2020, Canopy by Hilton Scottsdale Old Town features 177 guest rooms and two restaurants — Outrider Rooftop and Cobre Kitchen. Additionally, the property is within walking distance to more than 100 restaurants, venues and art galleries. Rick Rush and Carter Gradwell of CBRE Hotels represented the seller in the transaction.
PHOENIX — Brinkmann Constructors, as general contractor, and Denver-based The X Co., as developer, have broken ground on X Roosevelt, a 19-story multifamily building in downtown Phoenix. Located in the Roosevelt Row Arts District, the 350,000-square-foot X Roosevelt will feature 370 apartments in a live, work and play environment. The community will also feature coworking space; a gym and fitness studio designed around classes; and 3,500 square feet of first-floor retail space. Chicago-based Lamar Johnson Collaborative is serving as architect for the project, which is slated for completion in fall 2025.
CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.
PLAINFIELD, N.J. — Paramount Assets, a Newark-based development and management firm that specializes in restoring historic buildings and urban redevelopment projects, has completed Frontier Flats in downtown Plainfield. The building is an adaptive reuse of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.
NEW YORK CITY — Marketing and media agency Canvas Worldwide has signed an 18,000-square-foot office lease at One Hudson Square, a 1 million-square-foot building in Manhattan. The building was originally constructed in 1929 and offers a newly renovated lobby, outdoor amenity terrace and a coffee shop. Nick Farmakis of Savills represented the tenant in the lease negotiations. David Falk, Pete Shimkin, Jonathan Fanuzzi, Jon Franzel and Brittany Silver of Newmark represented the landlord, Hudson Square Properties.
CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a flex building, located at 7076 S. Alton Way, Building B in Centennial. Crosspoint Community Church sold the asset to Coram Deo Reformer Church for $2.2 million. The 9,840-square-foot building features a church build out, parking and landscaping. Matt Call of NavPoint represented the seller, while Tom Matthews of Pinnacle Real Estate Advisors represented the buyer in the transaction.
CHICAGO — Tandem Partners has opened Sage West Loop, a 196-unit luxury apartment tower rising 18 stories in Chicago’s West Loop. KTGY served as the architect for the project, which features amenities such as coworking spaces, a fitness center, game room and outdoor terrace. Units come in studios, one- and two-bedroom layouts and range from 439 to 1,073 square feet. There is also 1,806 square feet of retail space and 70 parking spaces. Residents can now earn up to two months of free rent on select units, according to the property’s website. Monthly rents start at $1,595.
ST. LOUIS — McCarthy Building Cos. Inc. will build a new 14-story facility with more than 200 inpatient beds for SSM Health’s Cardinal Glennon Children’s Hospital in St. Louis. The design-build team includes architecture and design firm HKS as well as St. Louis-based planning and design firm Lawrence Group. According to McCarthy, the new pediatric academic hospital will incorporate the latest best practices in patient and family-centered design, including large areas to accommodate families. It will also support expanded and enhanced services, including NICU, ICU, cancer, cardiology and dialysis care in a therapeutic healing environment that integrates the latest technology and research. Scheduled for completion in 2027, the new hospital will be located at Chouteau Avenue and Grand Boulevard in the city’s Midtown area. First opened in 1956, SSM Health Cardinal Glennon Children’s Hospital was the nation’s first freestanding, nonprofit Catholic children’s hospital.