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Richmond-Towers-Plainfield-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

WinnCos. to Undertake Affordable Seniors Housing Renovation Project in Plainfield, New Jersey

by Taylor Williams

PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.

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IndustrialLeasing ActivityNew YorkNortheast

Newmark Secures 154,000 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams

BURLINGTON, N.J. — Newmark has secured a 154,000-square-foot industrial lease in Burlington, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the newly constructed building at 1804 River Road features a cross-dock configuration, a clear height of 36 feet, two drive-in bays, 50 exterior dock doors and 229 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, automotive parts supplier GMB North America, in the lease negotiations. The name and representative of the landlord were not disclosed.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges $8.5M Sale of Student Housing Complex in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of 62 Chestnut Street, a 36-unit student housing complex that serves Western Connecticut State University in Danbury. Built in 2010, the property offers townhome-style units that come in two- and three-bedroom floor plans, some of which include attached garages. Jeff Wright and Rich Edwards of NEPCG represented the seller, a Connecticut-based developer, in the transaction. The buyer was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $4.7M Sale of Multifamily Property in Belleville, New Jersey

by Taylor Williams

BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.7 million sale of a 28-unit multifamily property in the Northern New Jersey community of Belleville. The property at 5-22 Carpenter Terrace consists of seven buildings that each house four units, several of which have value-add potential. Matt Weilheimer and Tom Scatuorchio of Kislak represented the seller, an entity doing business as Belleville28 LLC, in the transaction. The duo also procured the buyer, Rodani Homes LLC.

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DevelopmentNortheastPennsylvaniaRetail

Emory Hill Construction Completes Renovation of 26,520 SF Goodwill Store in Aston, Pennsylvania

by Taylor Williams

ASTON, PA. — Delaware-based Emory Hill Construction has completed the renovation of a 26,520-square-foot Goodwill store in Aston, a southwestern suburb of Philadelphia. Big Lots formerly occupied the space, which is located within Village Green Shopping Center. The redesigned layout features a 20,408-square-foot sales floor, a 5,830-square-foot processing area and a 1,209-square-foot mezzanine area that houses an employee breakroom, restrooms, manager’s office and server room.

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Central-Park-Post-Oak
DevelopmentMixed-UseOfficeRestaurantRetailTexasTop Stories

Midway Plans 17-Acre Central Park Post Oak Mixed-Use Redevelopment Project in Uptown Houston

by Abby Cox

HOUSTON — Houston-based Midway, in collaboration with 3Edgewood and Parkway, has unveiled plans for Central Park Post Oak, a mixed-use redevelopment project located in Houston’s Uptown District. Formerly Post Oak Central, the co-developers will revitalize the 17-acre campus to include additional retail, new restaurants and green space. Midway and Parkway formed a joint venture to acquire the campus in October 2023 before recently buying out their investment partners. Developed by Gerald D. Hines Interests in the 1970s, the campus currently contains three office buildings totaling 1.2 million square feet and 90,000 square feet of retail space. Redevelopment of the property will comprise more than 150,000 square feet of mixed-use retail and restaurant space, including 60,000 square feet of new construction. Two additional buildings will be developed along Post Oak Boulevard with a “prominent jewel box restaurant” planned at the corner of Ambassador Way. To create a more walkable district, the City of Houston recently completed a $192 million renovation of Post Oak Boulevard that featured widened sidewalks and streets, new lighting and nearly 1,000 oak trees. Midway also plans to reposition several of the site’s heritage live oak trees to create a more pedestrian-friendly environment. “We are reimagining Central Park …

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Tempo-at-White-Oak-Houston
DevelopmentMultifamilyTexas

Marquette Cos. Begins Leasing 304-Unit Apartment Community in Houston

by Taylor Williams

HOUSTON — Marquette Cos. has begun leasing Tempo at White Oak, a 304-unit apartment community in Houston’s Woodland Heights neighborhood. The six-story building, which is situated across from White Oak Music Hall, offers studio, one- and two-bedroom floor plans that range in size from 515 to 1,340 square feet. Private balconies/patios are available in select units, and all residences feature quartz countertop kitchen islands, designer soft-close cabinetry and stainless steel appliances. Amenities include a pool, fitness center, sky lounge, outdoor grilling and dining stations, courtyard, pickleball court and a dog run. Rents start at $1,635 per month for a studio apartment.

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LoansMultifamilySoutheastVirginia

Wells Fargo Provides $150M Agency Refinancing for Skyline Towers in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Wells Fargo has provided a $150 million Freddie Mac loan for Skyline Towers, a Class B multifamily property located at 5599 Seminary Road in Falls Church, roughly 10 miles west of Washington, D.C. The property features two 26-story apartment towers comprising 940 apartments. The undisclosed borrower will use the loan to refinance an existing Wells Fargo balance sheet loan. According to the property website, Skyline Towers offers studio, one-, two- and three-bedroom apartments, as well as a social lounge, fitness center, swimming pool with a pool deck, outdoor grilling area with lounge seating, concierge services and weekday shuttle service. The property also includes an onsite market and dental office.

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Affordable HousingDevelopmentMultifamilySoutheastTennessee

Trent Development Group Opens 228-Unit Affordable Housing Community in Madison, Tennessee

by John Nelson

MADISON, TENN. — Trent Development Group has opened Birchstone Village, a 228-unit affordable housing community located at 616 N. DuPont Ave. in Madison, about 12 miles northeast of downtown Nashville. The community is a redevelopment of the former Berkshire Place Apartments. Key financial and civic partners in the project include Pathway Lending, Amazon Housing Equity Fund, Regions Bank, Metro Nashville’s Barnes Housing Trust Fund, JPMorgan Chase, the Metropolitan Development and Housing Agency and the Tennessee Housing Development Agency. Trent Development and Pathway Lending hosted a ribbon-cutting ceremony for the property last week. Birchstone Village offers one-, two- and three-bedroom floorplans, along with a community lounge, learning center, sports court and a fitness center, according to the property website. Additionally, Family Affairs Ministries offers residents with resources including job placement coaching, financial literacy classes, tutoring and community meals.

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AcquisitionsLoansMultifamilySouth CarolinaSoutheastWalker & Dunlop

Walker & Dunlop Arranges $40M Acquisition Financing for Apartment Community in Spartanburg, South Carolina

by John Nelson

SPARTANBURG, S.C. — Walker & Dunlop has arranged $40 million in acquisition financing for The Lively at Drayton Mills, a 297-unit apartment community located at 225 Milliken St. in Spartanburg. The borrower is BridgeGaps Real Estate, a New York City-based multifamily investment and management firm. Jared Sobel led the Walker & Dunlop team that arranged the financing, which comprised a $31 million Freddie Mac loan and a $9 million preferred equity investment from W&D Investment Partners, an alternative investment manager backed by Walker & Dunlop. Orange Capital Advisors sold the property to BridgeGaps for $53 million. David Lansbury, Jim Sewell and Erika Maston of Berkadia represented the seller in the transaction. Built in 2023, The Lively at Drayton Mills features studio, one-, two- and three-bedroom apartments, as well as a walking/biking trail, dog park, bocce ball court, fitness center and a swimming pool.

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