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737-Fourth-Avenue-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Partnership Tops Out 14-Story Mixed-Income Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has topped out a 14-story, 187-unit mixed-income multifamily project at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. Valued at $143 million, the property will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Completion is slated for fall 2025. Financing for the project consisted of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group.

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Park-&-Arbor-Old-Tappan-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Hornrock Properties Begins Leasing 110-Unit Multifamily Project in Old Tappan, New Jersey

by Taylor Williams

OLD TAPPAN, N.J. — Locally based developer Hornrock Properties has begun leasing Park & Arbor, a 110-unit multifamily project in Old Tappan, located on the New York-New Jersey border. The property houses one-, two- and three-bedroom units and 21,000 square feet of retail and restaurant space. Indoor amenities include a fitness center, café, conference rooms, package lockers, children’s playroom and a clubroom/speakeasy with a bar, arcade, card table and billiards. Outside, residents have access to a pool, grilling and dining areas, multiple gardens/courtyards, putting green, pet walking area and a bocce ball court. Information on starting rents was not disclosed.

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AcquisitionsIndustrialNew JerseyNortheastSelf-Storage

Matthews Negotiates $10.3M Sale of Central New Jersey Self-Storage Facility

by Taylor Williams

MILLSTONE, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $10.3 million sale of a self-storage facility in the Central New Jersey community of Millstone. CubeSmart operates the facility, which was built in phases on a 10-plus acre site between 2021 and 2023. The property totals 59,605 net rentable square feet across 488 units (340 climate-controlled and 148 non-climate-controlled). Milton Braasch II, Ben Tracy and Simon Assaf of Matthews represented the undisclosed seller/original developer in the transaction. The buyer was also not disclosed.

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AcquisitionsLee & AssociatesMultifamilyNew YorkNortheast

Lee & Associates Brokers $6.8M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Lee & Associates has brokered the $6.8 million sale of a 37-unit apartment building in the Brooklyn Heights neighborhood. The six-story, rent-stabilized building at 75 Pierrepont St. consists of 25 one-bedroom apartments and 12 studios that were fully occupied at the time of sale. Thomas Gammino and Patrick Donahue of Lee & Associates represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.2 percent. The deal traded at a cap rate of 6.2 percent.

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ConnecticutDevelopmentLeasing ActivityNortheastOffice

Robinson + Cole Opens 75,000 SF Office in Downtown Hartford

by Taylor Williams

HARTFORD, CONN. — Law firm Robinson + Cole has opened a new, 75,000-square-foot office at One State Street in downtown Hartford. One State Street, which is owned by Houston-based Hines, overlooks the Connecticut River, and the 24-story, 500,000-square-foot building offers multiple outdoor-based amenities. Washington, D.C.-based architecture firm Studio Alliance designed the space to feature energy-generating glass offices, collaboration spaces to support teams from two to 30 and a focus on exposure to natural lighting throughout. General contractor Pavarini Northeast handled the build-out.

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AcquisitionsIndianaMidwestMultifamily

CBRE Negotiates Sale of 218-Unit Apartment Complex in Greenwood, Indiana

by Kristin Harlow

GREENWOOD, IND. — CBRE has negotiated the sale of The Hangar on Emerson in Greenwood, a southern suburb of Indianapolis. The sales price was undisclosed. Built in 2023 and located at 1140 Emerson Pointe Drive, the 218-unit apartment complex features a range of one-, two- and three-bedroom floor plans averaging 1,006 square feet. Amenities include a resort-style swimming pool, courtyards, a clubhouse, fitness center, yoga room and pet park. CBRE’s Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp represented the seller, The Garrett Cos. Railfield Partners was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Eastham Capital, Bender Cos. Acquire 110-Unit Brix on Morse Multifamily Building in Chicago for $16.8M

by Kristin Harlow

CHICAGO — Eastham Capital and Bender Cos. have partnered to acquire Brix on Morse, a 110-unit multifamily building in Chicago, for $16.8 million. Eastham has invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. Andy Friedman, Jake Parker and Danny Logarakis of Kiser Group brokered the transaction. Brix on Morse was 97 percent occupied at the time of sale with average rents of just over $1,350 per month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting and parking lots as well as a light interior refresh. Constructed in 1969, the property features 48 studios, 42 one-bedroom units and 20 two-bedroom apartments ranging from 663 to 993 square feet. Amenities include a fitness center, bike storage and fire pit with barbecue stations.

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IllinoisLoansMidwestOffice

American Street Capital Arranges $10.6M Loan for Refinancing of Flex Office Property in Chicago

by Kristin Harlow

CHICAGO — American Street Capital (ASC) has arranged a $10.6 million loan for the refinancing of a flex office property in Chicago’s Fulton Market neighborhood. The 90,000-square-foot building features office, warehouse and showroom spaces as well as more than 170 parking spaces. The property was extensively renovated in 2020, and includes a common area roof space, tenant lounge, one passenger and two freight elevators, multiple secure loading docks and a gated parking lot. Igor Zhizhin of ASC arranged the 10-year loan through a commercial bank.

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DevelopmentIndustrialLoansMichiganMidwestSelf-Storage

PACE Loan Group Provides $1.5M C-PACE Loan for Construction of Self-Storage Project in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.

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Desert-Club-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Clarion Sells Desert Club Multifamily Property in Phoenix to Weidner Apartment Homes for $187.5M

by Amy Works

PHOENIX — Clarion Partners has completed the sale of Desert Club, an apartment community in Phoenix, to Weidner Apartment Homes for $187.5 million, or $377,264 per unit. Built in 2004 on 21 acres, Desert Club features 497 apartments averaging 983 square feet in size. Units feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a heated, resort-style swimming pool and spa. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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