Property Type

Elevate Commercial Acquires 232-Unit Multifamily Community in Centerton, Arkansas

by John Nelson February 21, 2023

CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units. Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.

February 21, 2023

Loans New York Northeast Office

Largo Capital Arranges $28M Loan for Refinancing of Office Portfolio in Amherst, New York

by Taylor Williams February 21, 2023

AMHERST, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged a $28 million loan for the refinancing of a portfolio of eight office properties totaling 350,000 square feet in the upstate New York community of Amherst. Jack Phillips of Largo Capital originated the financing, which was structured with a 10-year term and a fixed interest rate. The name of the locally based borrower and developer was not disclosed.

February 21, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TAT, Beacon Communities Open 55-Unit Affordable Seniors Housing Complex in South Boston

by Taylor Williams February 21, 2023

BOSTON — The Architectural Team (TAT) and Beacon Communities LLC have opened Phase III of The Anne M. Lynch Homes at Old Colony, an affordable seniors housing complex in South Boston. The property rises four stories and totals 51,000 square feet and 55 units. Dimeo Construction served as the general contractor on the project, which was also built using Passive House sustainability standards.

February 21, 2023

Florida Loans Multifamily Southeast

JLL Arranges Refinancing for 129-Unit Q at Maitland Apartments in Central Florida

by John Nelson February 21, 2023

MAITLAND, FLA. — JLL has arranged the refinancing for The Q at Maitland, a 129-unit apartment community in Central Florida. Melissa Quinn, Lee Weaver and Rob Rothaug of JLL arranged the fixed-rate, Fannie Mae loan on behalf of the borrower, JT Capital. The loan amount was not disclosed. Built in 1966 and renovated in 2008 and 2022, The Q at Maitland features one-, two-, three- and four-bedroom units. Community amenities include a resort-inspired pool, poolside grilling station with cabanas, resident lounge and a 24-hour fitness center.

February 21, 2023

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Buy 21,594 SF Industrial Building in Moonachie, New Jersey

by Taylor Williams February 21, 2023

MOONACHIE, N.J. — A partnership between Illinois-based Venture One Real Estate and Kovitz Investment Group has purchased a 21,594-square-foot industrial building in the Northern New Jersey community of Moonachie. The freestanding building was constructed in 1985 and features 22-foot clear heights and 3,332 square feet of office space. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction.

February 21, 2023

Florida Leasing Activity Office Southeast

Quest Workspaces Expands to 25,947 SF in Downtown West Palm Beach

by John Nelson February 21, 2023

WEST PALM BEACH, FLA. — Quest Workspaces, a female-owned developer and operator of flexible office spaces, has expanded to occupy 25,947 square feet in downtown West Palm Beach, doubling its previous footprint. The company has been a tenant within the 21-story tower at 515 N. Flagler Drive for nearly 10 years. Vanderbilt Office Properties is the landlord of the building, which features an 11,000-square-foot rooftop garden, gym, two restaurants, a coffee shop, security desk, concierge, shoe-shining station, car wash and a salon. Quest’s amenities include treadmill desks, phone booths, chat rooms, a touchdown space, networking area and a garden wall.

February 21, 2023

Leasing Activity Massachusetts Northeast Restaurant Retail

Teresa’s Ristorante to Open 12,500 SF Eatery in Woburn, Massachusetts

by Taylor Williams February 21, 2023

WOBURN, MASS. — Teresa’s Ristorante will open a 12,500-square-foot Italian eatery in Woburn, a northern suburb of Boston. The space, which features private dining rooms and a patio, is currently being renovated, and the restaurant expects to open this spring. John Halsey and Steve Cusano of Cummings Properties represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

February 21, 2023

Affordable Housing California Development Multifamily Western

USA Properties Starts Construction of $81.2M Mainline North Affordable Multifamily Project in Santa Clara, California

by Amy Works February 21, 2023

SANTA CLARA, CALIF. — USA Properties Fund has broken ground on Mainline North, an affordable multifamily property in Santa Clara. The project is part of a public-private partnership that includes Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will feature 151 studio, one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. The $81.2 million, eight-story building’s first three floors will contain the parking garage, lobby, leasing area, community room, fitness center, flex room and 5,000 square feet of retail space. Additional amenities will include a computer area with free Wi-Fi and a rooftop courtyard with outdoor seating, barbecue areas and a pet wash station. Completion is slated for early 2025. Rents will start around $850 per month for a studio to $1,080 per month for a two-bedroom apartment for households that earn up to 30 percent of the area median income.

February 21, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SVN Cornerstone Arranges $10.1M Sale of Whispering Pines Apartments in Spokane, Washington

by Amy Works February 21, 2023

SPOKANE, WASH. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.

February 21, 2023

Acquisitions Colorado Healthcare Office Western

Evergreen Devco Sells Erie Nine Mile Medical Center in Erie, Colorado for $5.6M

by Amy Works February 21, 2023

ERIE, COLO. — Evergreen Devo has completed the disposition of UCHealth – Erie Nine Mile Medical Center, a Class A medical office building in Erie, approximately 25 miles north of Denver. An Arizona-based private real estate company acquired the asset for $5.6 million. Located at 2970 Arapahoe Road, the newly built, single-tenant property features 8,000 square feet of medical office space. UCHealth, a nonprofit healthcare system headquartered in nearby Aurora, fully occupies the asset. The Erie Nine Mile Medical Center is part of a 47-acre, mixed-use center that Evergreen is developing. Upon full build-out, the full development will feature 287 multifamily units, a King Soopers grocery store and multiple retail pads and shops. Jason Schmidt and Larry Thiel of JLL Capital Markets’ investment sales advisory team represented the seller in the deal.

February 21, 2023

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