PEARLAND, TEXAS — Partners Real Estate has arranged the sale of a 13,600-square-foot retail property in the southern Houston suburb of Pearland. According to LoopNet Inc., the property at 11713 Shadow Creek Parkway was built in 2008. Marc Peeler and Peyton Nichols of Partners represented the undisclosed seller in the transaction. The buyer was Fondren Orthopedic Group.
NEW YORK CITY — A partnership between Slate Property Group, Xenolith Partners, nonprofit organization Comunilife Inc. and the New York City Department of Housing Preservation and Development (HPD) has unveiled plans for a 600-unit affordable housing project in the Inwood area of Upper Manhattan. Designed by Magnusson Architecture and Planning PC and known as La Ostra, the development will also include a marine science and STEM education center that will be operated by the Billion Oyster Project and BioBus. La Ostra will also feature a new indoor–outdoor field house, social services facilities and roughly an acre of publicly accessible, open waterfront space along the Harlem River. Proposed facilities beyond the residential component include an outdoor classroom, a pavilion with a seating area and movable furniture, a central lawn and a stone amphitheater. Information on floor plans and income restrictions of the affordable housing units was not announced.
ELIZABETH, N.J. — A partnership between Florida-based LeCesse Development Corp. and New Jersey-based MAS Development Group has broken ground on ECCO, a 258-unit multifamily project in Elizabeth, located just outside of Newark. The four-story building will offer studio, one- and two-bedroom units that will be furnished with Italian cabinetry, quartz countertops, tile backsplashes, walk-in closets and various pieces of smart-home technology. Amenities will include a pool, fitness center, coworking space, golf simulator, outdoor theater and a game room with a wet bar. ECCO will also have about 35,000 square feet of retail space. Baker Barrios is the project architect, and March Associates Construction is the general contractor. JLL arranged $63.2 million in construction financing from Bank OZK and a $20.1 million mezzanine placement from PGIM for the project, completion of which is slated for late 2027.
GREENCASTLE, PA. — JLL has brokered the sale of a 251,043-square-foot distribution center in Greencastle, located near the Pennsylvania-Maryland border. The cross-dock facility at 12316 Molly Pitcher Highway was built on a 32.8-acre site in 2023 and was fully leased at the time of sale to U.S. government entities. Building features include a clear height of 32 feet, 45 dock-high doors, three drive-in doors, 130-foot truck court depths, parking for 125 cars and 300 trailers, vehicle repair and wash bays and climate-controlled storage areas. John Plower and Ryan Cottone of JLL represented the seller, Atapco Properties Inc., in the transaction.
PITTSBURGH — Nonprofit owner-operator Beacon Communities has begun an affordable housing redevelopment project in downtown Pittsburgh. The project involves The May Building, 12-story structure at 111 Fifth Ave. that was originally completed in 1908 for the May Drug Co. The building was converted from office to an 87-unit apartment complex with studio and one-bedroom units in 1974. This latest redevelopment will convert 66 of those residences into affordable housing and also upgrade the building’s exterior elements, mechanical/utility systems and common spaces.
LYNNWOOD, WASH. — Integral NW has completed the disposition of Allegro Lynnwood, an apartment community located at 16525-16605 Ash Way in Lynnwood. The Housing Authority of Snohomish County acquired the asset for $77.5 million. Bryon Rosen, Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter, David Karson and Chris Moyer of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Allegro Lynnwood features 240 studio, one- and two-bedroom apartments delivered in two phases — Allegro Ash Creek in 2019 and Allegro at The Woods in 2025. Community amenities include a resort-style outdoor pool and spa, a fitness center, resident clubhouse with social and work-from-home spaces, a dog park, secure underground parking and lofted ceilings in select homes.
LITCHFIELD PARK AND GOODYEAR, ARIZ. — JLL Capital Markets has arranged a total of $64.3 million for the refinancing of two build-to-rent communities in metro Phoenix. Through ORIX Corp., the JLL team secured $33.1 million for the 153-unit Villas Litchfield in Litchfield Park and $31.2 million for the 151-unit Villas Goodyear in Goodyear. The borrower was an affiliate of Blue Vista Capital Management and Family Development. Delivered in 2025, units at the properties include enclosed backyards with green turf lawns, stainless steel appliances, island kitchens with quartz countertops, wood plank-style flooring and in-unit washers and dryers. Community amenities include pools, 24-hour athletic centers, expansive dog parks with no breed or weight restrictions, organic community gardens with citrus trees, electric vehicle charging stations and grill stations with stainless steel grills. Greystar manages both properties.
DENVER — Livmark Communities and Kensington Development have started the construction of Stellar at Link 56, the first residential phase of Link 56, a master-planned, mixed-use project in Denver’s northeast corridor. Situated within a 15 to 20-minute walk from the 61st & Peña light rail station, Stellar at Link 56 will feature 215 apartments spread across 13 buildings. The unit mix will include two- and three-bedroom garden-style, walk-up apartments and two-story carriage house-style townhomes. Community amenities will include a resort-style pool and hot tub, a fitness room, yoga studio, sauna, golf simulator, outdoor grilling areas, fire pits and a dog spa. At full build-out, Link 56 will feature 1,900 residential units, 250,000 square feet of commercial space and 27 acres of parks and open space.
IRVINE, CALIF. — PSRS has arranged $4.5 million in refinancing for Armstrong Industrial, a light industrial building in Irvine. The 26,195-square-foot property is situated within a larger industrial park and features 105 parking spaces. The undisclosed borrower intends to implement a value-add business plan to convert the facility into a RV and self-storage property. Michael Tanner and David Sarnoff of PSRS secured the nonrecourse loan through a debt fund execution, providing a two-year, interest-only term.
CREST HILL, ILL. — Greystone has provided an $89.2 million first loan and a $5.6 million second loan to finance the acquisition of Woodlands of Crest Hill, a 730-unit multifamily property in Crest Hill. Eric Rosenstock of Greystone originated the loan on behalf of the buyer, Bayshore Properties. The financing includes an $89.2 million nonrecourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization as well as five years of interest-only payments. The second is a nonrecourse, fixed-rate DUS Lender Affiliate mezzanine loan with a 10-year term and full-term interest-only payments. Built in 1969, the property features studio, one- and two-bedroom units along with a clubhouse, fitness center, business center, pool and outdoor volleyball courts. The sales price is about 16 percent more than what Osso Capital paid for the complex in 2023, according to Crain’s Chicago Business.