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Journal-Squared-2-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

KRE Group, NREA Open 68-Story Journal Squared 2 Multifamily Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between KRE Group and National Real Estate Advisors LLC has opened Journal Squared 2, a 68-story multifamily tower in Jersey City. Designed by HWKN and Handel Architects, the property features 704 units that are now more than 50 percent leased. Floor plans include micro studio, studio, one-, two- and three-bedroom options. The project represents the second phase of a larger development that began with the delivery of a 53-story, 538-unit apartment tower. Residents have access to nearly 100,000 square feet of indoor and outdoor amenities between the two buildings. Rents start at $1,960 per month.    

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Hoyt-Bedford-Apartments-Stamford
AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 350-Unit Hoyt Bedford Apartments in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.

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Leasing ActivityNew YorkNortheastOffice

Legal Aid Society Signs 198,900 SF Office Lease in Manhattan’s Tribeca Area

by Taylor Williams

NEW YORK CITY — The Legal Aid Society, a social justice law firm, has signed a 198,900-square-foot office lease at 40 Worth Street in Manhattan’s Tribeca neighborhood. The lease term is 30 years. The property, also known as the Merchants Square Building, was originally constructed in 1929 and spans approximately 800,000 square feet. Craig Reicher, Christopher Mansfield, Greg Maurer-Hollaender and Peter Gamber of CBRE represented the tenant in the lease negotiations. Brian Steinwurtzel and Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates LLC.

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AcquisitionsMassachusettsMultifamilyNortheastSeniors Housing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Taylor Williams

HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

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AcquisitionsMultifamilyNew JerseyNortheast

Broadway Co. Acquires 50-Site Manufactured Housing Community in Chester, New Jersey

by Taylor Williams

CHESTER, N.J. — The Broadway Co. (TBC), an investment firm focused on different types of income-producing residential assets, has acquired Windy Acres, a 50-site manufactured housing community in the Northern New Jersey community of Chester. Windy Acres is situated within close proximity of the intersection of Routes 24 and 206, across the street from the Chester Library. B6 Real Estate Advisors placed acquisition financing for the deal on behalf of TBC. The seller and sales price were not disclosed.

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Sundown-Village-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

by Amy Works

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

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DevelopmentLoansMontanaMultifamilyWestern

ACRES Capital Originates $29.2M Construction Loan for Babcock Apartments in Montana

by Amy Works

BOZEMAN, MONT. — ACRES Capital Corp. has originated a $29.2 million loan to fund the construction of Babcock Apartments, a multifamily property located at 1612 and 1624 W. Babcock St. in Bozeman. The borrower is Roundhouse Development, a fully integrated developer and operator of multifamily housing. Los Angeles-based George Smith Partners arranged the loan. Babcock Apartments will feature 95 apartments, 105 parking spaces and 2,300 square feet of ground-floor retail space. Units will include in-unit washers/dryers, stainless steel appliances, dishwashers, wood cabinets, marble countertops and private balconies in select units. Community amenities will include a fitness center, tenant lounge, open space areas, individual storage units and on-site parking. Jonathan Lee led the George Smith Partners team that arranged the loan, while Chris Hetzel of ACRES’ Los Angeles office originated the deal.

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Mountain-Vista-Commerce-Center-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.  

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LoansMidwestMissouriMultifamily

Associated Bank Funds $25.5M Acquisition Loan for Multifamily Asset in Metro St. Louis

by Kristin Harlow

WENTZVILLE, MO. — Associated Bank has provided a $25.5 million loan for the acquisition of Grand Central at the Junction in Wentzville, a northwestern suburb of St. Louis. The 180-unit apartment community, located at 6101 Grand Central Ave., features amenities such as a community lounge, fitness center, pool and grilling areas. Randy Stille of Associated Bank handled the loan closing on behalf of the borrower, Minneapolis-based Timberland Partners. The acquisition marks Timberland’s eighth multifamily property in the St. Louis market. The company owns and manages a portfolio of 83 communities in 15 states totaling more than 18,000 units.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Opens $14M Mixed-Income Housing Project in Michigan’s Upper Peninsula

by Kristin Harlow

SAULT STE. MARIE, MICH. — Woda Cooper Cos. Inc. has opened Osborn Commons, a $14 million mixed-income housing project located at 215 Governor Osborn Blvd. in downtown Sault Ste. Marie, a city in Michigan’s Upper Peninsula. Of the project’s 65 units, 63 are available for residents who earn 30 to 80 percent of the area median income. Two units are available at market rate and seven units are designated for those with disabilities. Amenities include a fitness center, management office and two community rooms. The development also includes a 2,000-square-foot retail store known as The Market on Osborn. Local entrepreneurs Steve and Kathy Twardy operate the store, which sells beverages, snacks, dairy products, fresh produce, packaged dry goods and a variety of breakfast and lunch options. The Michigan State Housing Development Authority provided affordable housing tax credits for the project. Affordable housing investor CREA LLC provided equity financing; lender Cedar Rapids Bank & Trust provided the first mortgage; and Merchants Capital provided a construction loan. The City of Sault Ste. Marie provided a Payment in Lieu of Taxes (PILOT). Hooker DeJong Inc. was the project architect and Sol Consulting + Design provided sustainability consulting. The U.S. Green Building Council certified …

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