Property Type

R.D. Olson Breaks Ground on $17.8M Emporia Housing Affordable Community in Ontario, California

by Jeff Shaw April 17, 2023

ONTARIO, CALIF. — R.D. Olson Construction has broken ground on the Emporia Housing development in the Inland Empire city of Ontario. The 50-unit affordable housing complex is scheduled for completion by mid-summer 2024. Located at 310 W. Emporia St. in a semi-residential neighborhood, the $17.8 million, 60,000-square-foot project will be the second phase of the development, with Phase I already completed. The new buildings are slated to be two and three stories in height. R.D. Olson partnered with Danielian Associates Architects on the project.

April 17, 2023

Development Florida Mixed-Use Multifamily Southeast

GreenBarn, Skyview Underway on 312-Unit Allen Apartment Community in Central Florida

by John Nelson April 17, 2023

KISSIMMEE, FLA. — GreenBarn Investment Group and Skyview Cos. are underway on the first phase of The Allen, a mixed-use development situated on 20 acres within the Medical Arts District of Kissimmee. Upon completion, the property’s first phase will feature an apartment community comprising 312 units. Sumitomo Mitsui Trust Bank has provided a $52.7 million construction loan for the residential development, and NTT Urban Development Corp. and Rithm Capital Corp. are co-investors. Plans for the project site currently include up to 1 million square feet across three phases of development, with the possibility of an additional 300 multifamily units and a medical office building.

April 17, 2023

Acquisitions Retail Southeast Tennessee

Edwards Realty, Core Acquisitions Buy 514,000 SF Shopping Center in Metro Memphis

by John Nelson April 17, 2023

COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.

April 17, 2023

Acquisitions Healthcare Multifamily New Mexico Seniors Housing Western

ESI Brokers $16.5M Sale of Skilled Nursing Community in New Mexico

by Jeff Shaw April 17, 2023

NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community on behalf of a Southwest regional operator. The asset is located in the northwestern part of New Mexico and included 101 skilled nursing beds. Despite the community being located in a rural market, the asset maintained an occupancy average of 83 percent during the marketing process. Upon closing, the community was 95 percent occupied. A West Coast-based group acquired the asset for $16.5 million or $163,366 per bed. It is the buyer’s first property in New Mexico. Details regarding the seller were not disclosed.

April 17, 2023

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw April 17, 2023

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed. Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

April 17, 2023

California Healthcare Leasing Activity Office Western

Progressive Arranges 5,020 SF Dental Office Lease at Hesperia Square in California

by Jeff Shaw April 17, 2023

HESPERIA, CALIF. — Progressive Real Estate Partners has arranged a 5,020-square-foot lease for West Coast Dental (WCD) at Hesperia Square in Hesperia, a city in San Bernardino County. WCD has signed a 10-year lease at the property, which Vallarta and Dollar Tree anchor. Albert Lopez of Progressive represented the landlord in the negotiations. Chris Beauchamp of Lee & Associates represented the tenant.

April 17, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Breaks Ground on Final Phase of Mixed-Income Redevelopment in Boston

by Taylor Williams April 17, 2023

BOSTON — A partnership between the Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corp. has broken ground on the third and final phase of a mixed-income redevelopment project in the city’s Lower Roxbury neighborhood. Known as Flat 9 at Whittier, the final phase will deliver 172 affordable housing units and 9,000 square feet of commercial space in a 13-story building to the site of the former Whittier Street Apartments. Phases I and II of the redevelopment, which will ultimately house 300 residences that will be subject to a range of income restrictions, were completed in 2020 and 2021, respectively.

April 17, 2023

Civic Development Massachusetts Northeast

Inquilinos Boricuas Receives Approval for $25M Community Center Project in Boston

by Taylor Williams April 17, 2023

BOSTON — Inquilinos Boricuas en Accion, an affordable housing owner-operator, has received approval from the Boston Planning & Development Agency, as well as the Zoning Board of Appeal, for the construction of a $25 million community center. Known as the Center for the Arts, Self-Determination and Activism (CASA), the facility will span 26,425 square feet and house a performance hall, classrooms, private offices, a gym and other common spaces. Studio ENÉE and Annum are the project architects. Construction is scheduled to begin this fall and to be complete in late 2024.

April 17, 2023

Acquisitions Multifamily New York Northeast

JLL Negotiates $20M Sale of Manhattan Multifamily Portfolio

by Taylor Williams April 17, 2023

NEW YORK CITY — JLL has negotiated the $20 million sale of a portfolio of three contiguous multifamily buildings totaling 36 units in Manhattan. The buildings, which are located across from the Port Authority bus terminal at 321-325 W. 42nd St. and include ground-floor retail space, were constructed in the 1920s. An undisclosed private investor who had owned the portfolio for 25 years sold the assets to Aya Acquisitions. Bob Knakal and Jonathan Hageman of JLL brokered the deal.

April 17, 2023

Development Hospitality Loans New York Northeast Retail

CBSK Development to Redevelop Historic Property in Queens

by Taylor Williams April 17, 2023

NEW YORK CITY — CBSK Development will redevelop the Jacob Riis Bathhouse, a historic building in the Rockaway Beach area of Queens that was originally constructed in 1932. The redevelopment will convert the 40,000-square-foot bathhouse into a 28-room boutique hotel with 1,247 square feet of retail and restaurant space and an outdoor concert venue that can accommodate up to 2,000 people. Procida Funding provided a $32.5 million construction loan for the project. A construction timeline was not disclosed.

April 17, 2023

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