JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.
BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
VAN BUREN TOWNSHIP, MICH. — Our Next Energy (ONE), a Michigan-based energy storage technology company, has unveiled plans to invest $1.6 billion in a new battery cell manufacturing plant in Van Buren Township, about 28 miles southwest of Detroit. The recently constructed facility will be named ONE Circle and is expected to create 2,112 jobs when operating at full capacity by the end of 2027. The 659,589-square-foot facility will produce 200,000 electric vehicle battery packs annually. ONE will begin upgrades and equipment installation at the property in January 2023. Production at the plant is slated to begin in 2024. Ashley Capital owns the property, which is located at 42060 Ecorse Road within the Crossroads Distribution Center.
COLUMBUS, OHIO — Colliers Mortgage has arranged a $102.3 million bridge loan for the acquisition of a three-property multifamily portfolio in Columbus. The portfolio totals 744 units, but the names and addresses of the properties were not disclosed. A debt fund provided the three-year loan, which features interest-only payments. Troon Dowds, Zach Shope and Murray Kornberg of Colliers Mortgage arranged the loan on behalf of the undisclosed borrower.
KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.
KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.
APPLETON, WIS. — Prairie Hill Holdings Fund I LP has acquired the Shops at Fox River in Appleton for $12.9 million. The 70,414-square-foot retail center is home to 11 tenants such as JoAnn Fabrics, Dollar Tree and Kirkland’s. The property is adjacent to the Fox River Mall, which is Wisconsin’s largest mall. The seller was undisclosed. Prairie Hill is a commercial real estate investment manager that owns and manages retail and industrial properties throughout the Midwest on behalf of its investors.
PORTLAND, ORE. — Ziegler has arranged a $42.4 million Cinderella bank placement, as well as a $7 million taxable revolving line of credit, for Rose Villa, a continuing care retirement community in Portland. Situated on 21.5 acres, the community currently features 261 independent living homes, 16 nursing beds and 16 residential care beds. In addition, Rose Villa’s Phase III project adding 41 new independent living homes and a replacement supportive care neighborhood has come online, with move-ins beginning in July 2022. Phase III was fully presold. Truist Bank will provide a 12-year commitment on the financing and a five-year commitment on the taxable revolving line of credit.
TUCSON, ARIZ. — Lodge Partners has completed the disposition of The Lodge on the Desert, a hotel resort property located at 306 N. Alvernon Way in Tucson. Chicago-based Atira Hotels acquired the asset for an undisclosed price. Situated on five acres, The Lodge on the Desert offers 102 guest rooms. The property was first built in the 1934 as a residence and was converted to a guest ranch with seven rooms in 1936. The asset was expanded into a larger hotel property with the addition of deluxe guestrooms, a restaurant and outdoor space. Bill Murney and Jesse Heydorff of Cushman & Wakefield’s hospitality team in Phoenix represented the seller in the transaction.
GLENDALE, ARIZ. — Rise48 Equity has acquired Aspire Glendale, a 120-unit multifamily property in Glendale, from Clear Capital for $29.2 million, or $243,333 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged floating-rate agency financing for the buyer. Built in 1983, the community features 60 percent one-bedroom units and 40 percent two-bedroom units with in-unit washers/dryers and patios or balconies. Community amenities include a 24/7 fitness center and swimming pool.