Property Type

Hunt Midwest to Occupy Second Floor of Corrigan Station II in Kansas City, Missouri

by Kristin Harlow April 11, 2022

KANSAS CITY, MO. — Commercial real estate firm Hunt Midwest will take occupancy of the entire second floor of Corrigan Station II in Kansas City beginning this summer. The newly constructed office building rises three stories and spans 22,910 square feet at 1881 Main St. Hunt Midwest will utilize the space as a satellite office for its main headquarters, which is located in SubTropolis, an underground business park in Kansas City. Copaken Brooks owns Corrigan Station II, which offers direct access to one of the city’s streetcar stops. John Coe and Ryan Biery of Copaken Brooks represented ownership, while Hunt Midwest was represented by its management team.

April 11, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $146M Sale of Long Island Apartment Community

by Taylor Williams April 11, 2022

LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.

April 11, 2022

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 240-Unit Multifamily Property in Norwalk, Connecticut

by Taylor Williams April 11, 2022

NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.

April 11, 2022

Connecticut Industrial Loans Northeast Office

Red Oak Provides $10M Loan for Refinancing of Industrial, Office Property in Bloomfield, Connecticut

by Taylor Williams April 11, 2022

BLOOMFIELD, CONN. — Michigan-based lender Red Oak Capital Holdings has provided a $10 million loan for the refinancing of an industrial and office property located in the northern Hartford suburb of Bloomfield. South Campus at Gillette Ridge comprises a 435,853-square-foot office building, a 101,652-square-foot warehouse and a 40,688-square-foot flex building on a 50.8-acre site. Amenities include a fitness center, conference center, full-service kitchen and a cafeteria. The undisclosed sponsor plans to use a portion of the proceeds to fund capital improvements.

April 11, 2022

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 49-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams April 11, 2022

WILMINGTON, MASS. — Locally based developer The Procopio Cos. has topped off Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development carries a price tag of $20 million. Upon completion this fall, Lume will consist of 39 garden-style apartments and 10 townhomes. Amenities will include a fitness center, clubroom, coworking space and a pet spa. DMS Design is the project architect, with interiors by Conant Design Group. Boston-based Charlesgate is the leasing and management agency.

April 11, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Staten Island

by Taylor Williams April 11, 2022

NEW YORK CITY — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a newly built facility located at 600 Richmond Terrace on Staten Island. The number of units was not disclosed, but the property spans approximately 148,000 square feet of net rentable climate-controlled space. The seller and sales price were also not disclosed.

April 11, 2022

Arizona Development Multifamily Western

Triumph Properties Buys Land Parcel for 287-Unit Aileron Multifamily Development in North Phoenix

by Amy Works April 11, 2022

PHOENIX — Triumph Properties has closed an $82.5 million total capitalization for Aileron, a multifamily project located in North Phoenix. The company acquired the 9.8-acre land parcel from Moderne Capital Partners, which will partner with Triumph on the project. Aileron will feature 286 apartments in a mix of studios, one- and two-bedroom units averaging 842 square feet. Units will feature vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in-unit laundry and air conditioning. Community amenities will include a pool, spa, clubhouse, fitness center, barbecue area, secured access and a package center.

April 11, 2022

Colorado Development Multifamily Western

Legacy Partners, Pacific Life Acquire Site for 236-Unit Residential Tower in Denver

by Amy Works April 11, 2022

DENVER — Legacy Partners and Pacific Life have purchased Araceli DTC, a to-be-developed residential tower in Denver. Situated on 1.3 acres at 4552 S. Ulster, the property will feature 236 apartments spread across 10 levels and a three-level garage podium. The property will feature panoramic views and an average unit size of 896 square feet. Community amenities will include a pool amenity deck, a protected Uber/Lyft pickup/drop-off area and electric car charging stations. Completion is slated for 2024. Mark Erland, Matthew Benson and Kevin Barron of JLL Capital Markets arranged $106 million in joint-venture equity and construction financing for Legacy Partners. The financing is a four-year, floating-rate senior construction loan, which an investment manager provided.

April 11, 2022

Acquisitions Arizona Multifamily Western

Taurus Investment Buys Rise Metro Multifamily Community in Phoenix for $42M

by Amy Works April 11, 2022

PHOENIX — Taurus Investment Holdings has purchased an apartment property located in Phoenix’s northwest region for $42 million. The buyer will rebrand the Class B property, which was previously known as Rise Metro, as Raystone. Built in 1981, Raystone features 160 units. Through its energy-focused subsidiary, RENU Communities, Taurus plans to transition Raystone to a low-carbon, energy-efficient multifamily complex by replacing all HVAC units with highly efficient air-source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.

April 11, 2022

Development Multifamily Washington Western

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

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