BRANFORD, CONN. — Lyman Real Estate (LRE) has arranged the $1.1 million sale of a 9,331-square-foot retail building in Branford, an eastern suburb of New Haven. The building at 854 West Main St. was previously occupied by Party City. Ron Lyman of LRE represented the buyer, LA-IN-USA LLC, in the transaction. Jeffrey Kravet of Kravet Realty represented the seller, Branford Realty Trust LLC.
CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie Shores campus, located between 26th and 31st streets on Martin Luther King Drive, includes five 19-story buildings totaling 1,675 units. Originally developed between 1957 and 1961, the buildings include several fitness centers and resident lounges. “Prairie Shores has been a mainstay in the Bronzeville neighborhood since the late 1950s, and we plan to build on its solid reputation while continuing to serve the hard-working families and individuals who currently live there,” says Michael Newman, principal, president and CEO of Golub. The community is part of a Near South Side section of the city that is flourishing from new development and destinations such as the Wintrust Arena, Historic Motor Row and McCormick Place, according to the buyers. Collin McKenna and Michael Goldman of Golub and Rami Peltz and Eric Helfand of …
YORK, PA. — Elephat Printing & Design LLC has signed a 3,024-square-foot office lease at 1285 West King Street in York, located approximately 25 miles south of Harrisburg. The property is part of a 47,954-square-foot office complex shared by tenants including York Roofing and Raymundo Drywall LLC. Nate Resh and David Bode of ROCK Commercial Real Estate, brokered the transaction.
For the past 10 years, Walters has been creating premium affordable housing that is 100 percent income-restricted and sustainable. The company has delivered a dozen developments throughout New Jersey, and several more are currently under development. The positive benefits and lasting effects of affordable housing impact both the residents living in the homes as well as the communities in which they are located. Each year, more people struggle to afford living in the communities where they work because of a lack of affordable housing stock. Even older adults who have lived for decades in a community have few opportunities to downsize. Many young adults who want to raise their own families in the communities where they grew up cannot afford “starter homes” today. Affordable housing, however, enables people to live where they choose based on their needs and aspirations. A Princeton University study of affordable housing development in Mount Laurel, New Jersey, found numerous benefits: Families moving into high-quality affordable housing experience a safer neighborhood, lower crime rates, better mental health, strong rates of employment and higher wages. By saving money on rent, families can spend more of their household incomes on essentials such as food and healthcare. The study …
BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.
LOUISVILLE, KY. — Brookview Realty Group has purchased Echelon at Middletown, a 210-unit, garden-style apartment complex in Louisville’s Middletown neighborhood, for $38 million. The property offers one-, two- and three-bedroom floor plans averaging 1,080 square feet. Community amenities include a swimming pool, spa, 24-hour fitness center with a yoga studio, pet park, internet café and a business center. The community is located at 400 Echelon Way, 17 miles east of downtown Louisville. Wick Kirby, Marty O’Connell, Kevin Girard and Kyle Butler of JLL represented the seller, The Garrett Cos., in the transaction. Dave Keller and Nelson Almond, also with JLL, originated a 10-year, fixed-rate, Fannie Mae acquisition loan on behalf of the buyer.
PORT ORANGE, FLA. — Phillips Edison & Co. Inc. has sold Countryside Shopping Center, a 124,268-square-foot retail center in Port Orange. An affiliate of Atlanta-based Vanguard Associates Inc. acquired the property for an undisclosed price. Sav-a-Lot and Big Lots anchor the 96 percent-leased center. Other tenants at the time of sale included Halifax Health, Wells Fargo, Cici’s Pizza, Workout Anytime and H&R Block. The center is located at 3840 S. Nova Road, seven miles south of downtown Daytona Beach. Eric Williams, Daniel Finkle, Luis Castillo and Whitaker Leonhardt of JLL represented the seller in the transaction.
KISSIMMEE, FLA. — FCP has acquired Park at Sorrento, a 208-unit multifamily community in Kissimmee, for $25.3 million. The property offers one- through three-bedroom floor plans that span between 750 and 1,310 square feet. Communal amenities include a swimming pool, business center and a clubhouse. Park at Sorrento is located at 900 Woodside Circle, 23 miles south of downtown Orlando. FCP plans to rebrand the property as Mirador at Woodside. Shelton Granade, Luke Wickham, Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop originated a Fannie Mae acquisition loan on behalf of the buyer.
CHARLOTTE, N.C. — TerraCap Management LLC has bought Resource Square IV, a five-story, 152,000-square-foot office building in Charlotte, for $24.8 million. Resource Square office complex comprises five buildings totaling 337,611 square feet. TerraCap bought three of the buildings in August. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. The property offers a parking ratio of 4.5 per 1,000 square feet and features amenities such as a fitness center, conference room and an outdoor patio. Patrick Gildea of CBRE represented the seller, Rockford Capital Partners, in the transaction.
INDIANAPOLIS — Hunt Real Estate Capital has provided a $24.2 million loan for the refinancing of Circle City Apartments, a 356-unit multifamily portfolio in Indianapolis. The portfolio comprises six mid-rise buildings that range in size from 24 to 136 units and were built from 1900 to 1929. Hunt sourced the 10-year loan through Freddie Mac. The borrower, Old Northside Capital Partners LLC, purchased the portfolio in July 2015 and subsequently completed $10.9 million in capital improvements.
