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Whit-Wooster-Square-New-Haven
ConnecticutDevelopmentMultifamilyNortheast

Hines Breaks Ground on 230-Unit Multifamily Project in New Haven, Connecticut

by Taylor Williams

NEW HAVEN, CONN. — Houston-based Hines has broken ground on The Whit Wooster Square, a 230-unit multifamily project that will be located in New Haven. The property will feature one, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. The project also includes 5,600 square feet of retail space. Residents will have access to amenities such as communal workspaces with private offices, a fitness center with a yoga studio, coffee bar and a rooftop terrace with grilling stations, a bar and lounge seating. Bank of America is financing the project, which will be Hines’ first multifamily development in Connecticut. Completion is slated for summer 2022.

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Bloom-Court-Mount-Laurel
AcquisitionsNew JerseyNortheastOffice

Colliers Brokers Sale of 43,000 SF Bloom Court Office Building in Mount Laurel, New Jersey

by Taylor Williams

MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.

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DevelopmentMidwestMissouriMultifamily

Opus Opens 254-Unit Luxury Apartment Complex in Kansas City’s Westport Neighborhood

by Kristin Harlow

KANSAS CITY, MO. — The Opus Group has completed Westley on Broadway, a 254-unit luxury apartment complex in Kansas City’s historic Westport neighborhood. Located at the corner of Westport Road and Broadway Boulevard, the six-story project features three levels of underground parking and 10,000 square feet of retail space. Floor plans vary from studios to two-bedroom units. Amenities include a pool, podcast lab, fitness center, pet spa, coworking spaces and onsite storage. Many of the existing buildings in Westport date back to the late 19th century and feature red brick. Opus selected a blend of red brick to complement the building’s surroundings. Opus served as developer, design-builder, interior designer and structural engineer. Monthly rents start at $1,139 for studios.

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DevelopmentIllinoisMidwestMultifamily

Summit Design + Build Completes Conversion of Office Building into Apartments in Chicago’s Gold Coast

by Kristin Harlow

CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Negotiates $17M Sale of Residential Building in Manhattan

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has negotiated the $17 million sale of a 12-unit residential building located at 180 W. 81st St. on Manhattan’s Upper West Side. The property spans 21,568 square feet and includes three commercial spaces. Daniel Handweiler, Haley Hasho, Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both companies were private investors that requested anonymity.

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DevelopmentIndustrialMidwestNebraskaOffice

McCarthy Moves into New 15,000 SF Nebraska Office

by Kristin Harlow

OMAHA, NEB. — McCarthy Building Cos. Inc. has moved into its newly constructed office and warehouse property that will serve as the national construction company’s Nebraska office. The 15,000-square-foot development, located in West Omaha, features a single-story office building, a warehouse and an adjacent construction yard. McCarthy developed the project in conjunction with Tetrad Property Group LLC. DLR Group was the designer. The warehouse will enable the company to store construction materials and assemble some building components in advance of the jobsite. Since entering the Omaha market in 2001, McCarthy’s Omaha team has completed more than $1 billion in construction projects. The company’s core project types include healthcare, education, laboratories, pharmaceutical manufacturing, commercial, arts and entertainment and industrial. McCarthy is headquartered in St. Louis but has several other office locations across the country.

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AcquisitionsKansasMidwestRetail

Block & Co. Sells 8,000 SF Monticello Center in Shawnee, Kansas

by Kristin Harlow

SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Brokers $2.2M Sale of Property Occupied by T-Mobile in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Marcus & Millichap has brokered the sale of a 3,305-square-foot retail property occupied by T-Mobile in Davenport. An undisclosed buyer purchased the asset for $2.2 million. The building is located at 3150 E. 53rd St. T-Mobile has more than eight years remaining on its 10-year lease. Dominic Sulo and Samuel Malato of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Jon Ruzicka assisted in closing the transaction as broker of record in Iowa.

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LoansMultifamilyTexas

Asia Capital Provides $49.1M Loan for Refinancing of Multifamily Asset Near Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.

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Reata-West-Apartments-Azle
LoansMultifamilyTexas

Greystone Funds $24.1M HUD Loan for Refinancing of New Apartment Community in Azle, Texas

by Taylor Williams

AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.

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