SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.
OCEANSIDE, CALIF. — Keystone Mortgage has arranged a $21.3 million loan for the refinancing of SALT Oceanside, an apartment property located in downtown Oceanside. Pelican Communities is the borrower. PGIM Real Estate provided the three-year loan, which will be used to refinance the existing construction loan. The newly constructed SALT Oceanside features 52 apartments and 7,200 square feet of ground-floor retail space.
LAS VEGAS, NEV. — Northcap Commercial has brokered the sale of Skyline Villas Apartments, a multifamily property located at 3501 S. Maryland Parkway in Las Vegas. Dumont 94 LLC sold the asset for an undisclosed buyer for $11.4 million, or $121,809 per unit. Built in 1962, the community features 94 apartments. According to Northcap, the transaction is a record sales price for a property of its vintage. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial Multifamily represented the seller in the deal.
TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of retail property located at 1727 W. Ranch Road in Tempe. MAR Group acquired the asset from a private preferred developer of EoS Fitness for $9.6 million. EoS Fitness occupies the 38,000-square-foot property under a net-lease agreement. Mark Thiel of Marcus & Millichap represented the seller and procured the buyer. Ryan Sarbinoff of Marcus & Millichap’s Phoenix office served as broker of record.
POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …
TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.
CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …
CINCINNATI — The Kroger Co. (NYSE: KR) is holding a nationwide hiring event today across its store brands. The Cincinnati-based grocer says the goal of the event is to hire 10,000 associates supporting retail, e-commerce, pharmacy, manufacturing and logistics operations. Interviews will be conducted both virtually and in-store. Across its family of companies, Kroger employs nearly half a million associates who serve over 9 million customers daily through both digital shopping experiences and 2,800 retail food stores. Kroger’s stock price opened at $38.48 per share Thursday, June 10, up from $32.57 per share one year ago.
CHICAGO — Associated Bank has provided a $12.9 million loan for the acquisition and renovation of a shopping center and surface parking lot located at 4501 N. Sheridan Road in Chicago’s Uptown neighborhood. The buyer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story property consisting of 59 apartment units and 7,035 square feet of retail space. Plans call for larger units than what can currently be found in the Uptown area as well as built-in workstations, in-unit laundry and private balconies. The second floor will feature an outdoor amenity space. Mavrek will also serve as general contractor. Daniel Barrins of Associated Bank handled the loan closing.
CHICAGO — Avison Young has brokered the sale of a three-building industrial portfolio spanning 100,000 square feet in Chicago. The contiguous buildings are located at 4006 W. Belden Ave., 2311 N. Keystone Ave. and 2321 N. Keystone Ave. Steven Kohn and Patrick Richwine of Avison Young represented the seller, Eazypower Corp., which is relocating to a new property in a northern suburb of Chicago. The buyer, a Chicago-based industrial investor, plans to complete an extensive renovation of the buildings.