Property Type

5600-5650-W-Centinela-Ave-Culver-City-CA

Rialto Capital Divests of 57,868 SF Flex Campus in Culver City, California

by Amy Works January 31, 2025

CULVER CITY, CALIF. — Rialto Capital has completed the sale of Campus 56, a mixed-use flex property located at 5600-5650 W. Centinela Ave. in Culver City. Montana Avenue Capital Partners acquired the two-building asset for $14.8 million. Situated on 1.7 acres, the campus offers 57,868 square feet of flex space, onsite parking, electric vehicle charging stations, bike storage and several outdoor amenity areas. The property was vacant at the time of sale. Steve Solomon and Kristen Bowman of Colliers represented the seller and buyer in the transaction.

January 31, 2025

Development Loans Midwest Minnesota Multifamily

MMCC Arranges $89.6M in Construction Financing for Two Multifamily Projects in Metro Minneapolis

by Kristin Harlow January 31, 2025

CHANHASSEN, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged $89.6 million in construction financing for Bennett Apartments and Harlow Apartments in Chanhassen, about 15 miles southwest of Minneapolis. Bennett will feature 184 units and 11,853 square feet of retail space, while Harlow will include 126 units and 3,029 square feet of retail space. The adjacent projects are both slated for completion in 2026. Gary Sefcik of MMCC arranged the financing on behalf of the borrower, Minnesota-based Roers Cos. Kayne Anderson provided $77.5 million in senior proceeds, and SteepRock Capital provided $12.1 million in mezzanine financing.

January 31, 2025

Acquisitions Indiana Midwest Multifamily

JLL Negotiates $67.2M Sale of Lakeside Gardens Apartment Community in Jeffersonville, Indiana

by Kristin Harlow January 31, 2025

JEFFERSONVILLE, IND. — JLL Capital Markets has negotiated the $67.2 million sale of Lakeside Gardens, a 360-unit luxury apartment community in Jeffersonville within metro Louisville. Built in 2022, the property features units averaging 1,244 square feet. The community was 95 percent leased at the time of sale. Amanda Friant, Mark Stern and Colleen Watson of JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. Medina Spiodic, Matthew Schoenfeldt and Becca Brielmaier of JLL arranged $42.7 million in acquisition financing on behalf of the buyer, S&S Properties. The Fannie Mae loan featured a seven-year term and a fixed interest rate.

January 31, 2025

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of 211,995 SF Historic Office Building in Downtown Indianapolis

by Kristin Harlow January 31, 2025

INDIANAPOLIS — Colliers has brokered the sale of 130 E. Washington Street in downtown Indianapolis for an undisclosed price. Built in 1922, the 211,995-square-foot historic office building is home to ANGI, USA Track & Field and T&M Associates. Rachel Patten, Matt Langfeldt and Rich Forslund of Colliers brokered the sale. The buyer, Indiana-based Holladay Properties, plans to convert the 12-story building into 180 apartment units with retail space beginning this spring.

January 31, 2025

Civic Development Midwest Missouri

City of Grandview Completes $5.3M Renovation of City Hall, Police Department in Missouri

by Kristin Harlow January 31, 2025

GRANDVIEW, MO. — The City of Grandview has opened its newly renovated city hall and police department. The $5.3 million renovation project was completed over the course of 10 months and marked the largest renovation from Building Up Grandview, a $21 million bond package passed in April 2022. Hoefer Welker served as the project architect, and JE Dunn was the construction manager at risk. City hall improvements included relocating the Department of Motor Vehicles (DMV) to 1102 Main St. and adding offices, conference rooms, modern board chambers, updated technology and improved ADA compliance access. The police department now offers officers and detectives new locker rooms and workspaces as well as an employee kitchen and lounge. All renovation projects included in the Building Up Grandview bond package are now complete, including the Grandview DMV, which opened in February 2024, and two fire stations, which were completed in the fall.

January 31, 2025

Acquisitions Illinois Industrial Midwest

NAI Hiffman Arranges $4.2M Sale of Industrial Outdoor Storage Property in West Chicago

by Kristin Harlow January 31, 2025

WEST CHICAGO, ILL. — NAI Hiffman has arranged the $4.2 million sale of a 4-acre industrial outdoor storage property at 2351 Powis Road in West Chicago. The asset includes 11,000 square feet of shop/fabrication space in two buildings, a concrete yard, mobile office trailer and truck scale. Kelly Disser, Michael Freitag, Bill Byrne and TJ Feeney of NAI Hiffman represented the seller, a private investor group. The Disser/Freitag team also brokered the September 2023 sale, when the property traded for $2.4 million. Constructed in 1993, 2351 Powis Road is zoned for office, research and light industrial uses with a planned unit development overlaid that permitted certain outdoor storage uses. The buyer is relocating from Villa Park, Ill.

January 31, 2025

Features Multifamily Northeast Feature Archive Seniors Housing

Boomers Prefer University Campus Setting Over an ‘Elderly Island,’ Says InterFace Keynote Speaker

by Kristin Harlow January 30, 2025

PHILADELPHIA — Andrew Carle believes that university retirement communities (URCs) represent a potential game-changing opportunity not only for the seniors housing industry but also for universities and retirees, if executed properly. Yet, URCs are also extraordinarily complicated to operate, cautions the founder of UniversityRetirementCommunities.com, the first directory and information resource of its kind, which lists more than 85 such communities nationwide. “It doesn’t get more difficult than trying to merge big, large, bureaucratic state universities that move very slowly and who live in a bubble of 20-year-olds with the senior living industry that’s very fast-paced, investor-oriented and focused on 80-year-olds. If you had to think of an odd couple, that would be it,” said Carle, an adjunct faculty member at Georgetown University and president of Carle Consulting. His comments came at the InterFace Seniors Housing Northeast conference on Dec. 5. at the Live! Casino & Hotel Philadelphia, where he was the keynote speaker. Up until the last 15 years, there were only a handful of URCs nationwide, but today it’s among the fastest growing segments in the senior living industry, said Carle. While the vast majority of URCs are loosely connected to institutions of higher learning, the top dozen or so …

January 30, 2025

Acquisitions Multifamily North Carolina Southeast

Penzance, TriWest Multifamily Purchase Stoney Trace Apartments in Charlotte for $59.8M

by John Nelson January 30, 2025

CHARLOTTE, N.C. — A partnership between Penzance and TriWest Multifamily has purchased Stoney Trace Apartments, a 380-unit community located at 4616 Stoney Trace Drive in Charlotte’s Mint Hill neighborhood. The previous owner sold the recently renovated apartment community for $59.8 million. Blake Hockenbury and Bryan Frazier of Walker & Dunlop arranged an undisclosed amount of acquisition financing on behalf of Penzance and TriWest Multifamily. The new ownership has tapped ZRS Management to operate Stoney Trace, which offers one-, two- and three-bedroom apartments and amenities including a fitness center, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

January 30, 2025

Development Seniors Housing Southeast Virginia

Beth Sholom Village Opens 153-Unit Seniors Housing Community in Virginia Beach

by John Nelson January 30, 2025

VIRGINIA BEACH, VA. — Owner-operator Beth Sholom Village has opened Aviva Pembroke, a new community located in Virginia Beach adjacent to the Pembroke Square shopping mall. Pembroke Realty Group developed the property on behalf of Beth Sholom Village. Totaling 153 units, the community features 121 independent living, 20 assisted living and 12 memory care residences. Amenities at the property, which was designed by Kahler Slater, include a pool, fitness center, bistro, community room and a meditation and prayer room. Outdoor amenities include a deck, rooftop lounge and terrace, pickleball courts, putting greens and firepits. The project team also included associate architect Drew Kepley, contractor S.B. Ballard Construction Co., civil engineer Kimley-Horn, structural engineer Lynch Mykins and interior designer Solution 65. JLL provided project oversight to Beth Sholom Village.

January 30, 2025

Affordable Housing Development Georgia Loans Multifamily Southeast

Berkadia Arranges $28.3M HUD-Insured Construction Loan for Mixed-Income Community in Atlanta

by John Nelson January 30, 2025

ATLANTA — Berkadia has arranged a $28.3 million HUD 221(d)(4) loan for the construction of Englewood Multifamily, a 200-unit mixed-income community underway in Atlanta’s Chosewood Park neighborhood. The non-recourse, fully amortizing loan features a construction-to-perm structure that covers the construction period followed by a 40-year amortization schedule. Carolyn Whatley and Angela Folkers of Berkadia’s FHA/HUD team originated the financing on behalf of the co-developers, The Benoit Group and the City of Atlanta’s Housing Authority (AHA). Englewood Multifamily is part of a 37-acre master-planned development and represents the second building within Phase I of the redevelopment of Englewood Manor on Atlanta’s southeast side. Englewood Multifamily’s development costs are estimated to exceed $86 million. The property will feature 80 percent of the units reserved for households earning 60 percent or less of AMI with the remainder rented at market rates. The community will also include 21,844 square feet of commercial space. The network of companies and organizations that are bringing the Englewood Multifamily development to fruition include the following:

January 30, 2025

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