GLEN RIDGE, N.J. — Locally based developer JMF Properties has broken ground on Clarus Glen Ridge, a 110-unit multifamily community in Glen Ridge, located northwest of Newark. The transit-served property will offer one- and two-bedroom units and an array of amenities, including a fitness center with a yoga studio, business center, library, billiards room and outdoor grilling and seating areas. JMF Properties expects to open the property in spring 2020.
DALLAS — Local developer Northfield Development LLC will build The Drake at White Rock, an 85-unit residential project that will be located in the Lakewood area of Dallas. The property will comprise seven stories and 257,000 square feet. Amenities will include a pool, fitness center, bike and personal storage spaces and concierge services. Moss is serving as the construction manager, and GDA Architects LLC is designing the project. Construction, the contract for which is valued at $28.5 million, is slated to begin this month and wrap up in late 2020.
COLUMBUS, OHIO — Casto, along with development partners Robert Weiler Co., Kelley Cos., Columbus Metropolitan Housing Authority and S2 Construction, has opened a 230-unit apartment building in Columbus known as River & Rich. The project also includes 30,000 square feet of retail space and a 300-space public parking garage. Roy G Biv, a nonprofit art gallery, is joining River & Rich as the marquee tenant and will open on Friday, May 3. Located in the rear of the property are three large murals created by local artists. An additional 13 murals can be found inside the building. Amenities include a clubhouse, fitness center and amenity deck. Monthly rents for one-bedroom units start at $1,209.
CHAMPAIGN, ILL. — Berkadia has arranged the sale of the Mattis portfolio, a four-property multifamily portfolio in Champaign, for $9.1 million. The properties are located within a few blocks of each other along Mattis Avenue and total 194 units. Developed in the late 1960s and mid-1970s, the assets offer a variety of floor plans. Properties include Stonleigh Court, Colonial South, Colonial Village and Continental Plaza. Parker Stewart, Ralph DePasquale and Alex Blagojevich of Berkadia marketed the properties on behalf of the seller, Royse & Brinkmeyer. New York-based Everest Equities was the buyer.
WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.
WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.
ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.
DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.
NORMAL, ILL. — Marcus & Millichap has brokered the sale of Lincoln Park Townhomes in Normal for $6.8 million. The 39-unit student housing property is located at 609 S. Fell Ave. near Illinois State University. Each unit features four bedrooms and four bathrooms. Eric Bell and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the undisclosed seller.
DUNDEE, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.1 million sale of Highland Terrace in Dundee, about 50 miles southwest of Detroit. Built in 1984, the 24-unit apartment property is located at 625 Rawson St. The property traded at a cap rate of 8.6 percent. Buyer and seller information was not disclosed.
