HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has brokered the $3.7 million sale of a 7.2-acre development site at 2350 W. Higgins Road in Hoffman Estates. The property, located adjacent to a 101,769-square-foot shopping center, is slated for the construction of approximately 300 luxury apartment units. Wayne Caplan and Al Lindeman of SVN Chicago Commercial represented the sellers, Dutch-based Depa Holding Co. and its U.S. partner Caruso Development. An entity of Chicago-based Synergy Construction Group was the buyer. Originally zoned for commercial use, the site is the former home of a Kmart store and a Menard’s store. In addition to rezoning to accommodate residential use, the Village of Hoffman Estates also approved a new residential-oriented redevelopment and tax-increment financing (TIF) agreement. The village restructured a previous TIF agreement with the adjacent properties owned by the sellers.
NEW CITY, N.Y. AND WASHINGTON TOWNSHIP, N.J. — A partnership between Bain Capital Real Estate and Capitol Seniors Housing has received a $48 million loan for the refinancing of two seniors housing communities in the Tri-State area. The communities include The Chelsea at New City, located about 40 miles north of New York City, and The Chelsea at Washington Township, about 75 miles west of New York City. The properties were built in 2021 and 2023, respectively, and both offer memory care and assisted living services, as well as various onsite amenities. JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the partnership.
BALA CYNWYD, PA. — ACRE Capital has funded a $37 million acquisition loan for Luxor Bala Cynwyd, a 173-unit multifamily property located on the western outskirts of Philadelphia. Completed in 2021, Luxor Bala Cynwyd features studio, one- and two-bedroom residences that range in size from 497 to 1,157 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, landscaped outdoor courtyard, resident lounge and a dog park. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged the debt on behalf of the owner, a joint venture between Arizona-based Alliance Residential and Los Angeles-based PCCP
SAN ANTONIO — An affiliate of Miami-based investment firm Atlantic Pacific Cos. has acquired Reserve at Canyon Creek, a 314-unit apartment community in San Antonio. Reserve at Canyon Creek is located on the city’s northwest side and offers one-, two- and three-bedroom units that range in size from 676 to 1,657 square feet. Amenities include a pool, fitness center, resident clubhouse and a pet park. The new ownership plans to implement a multimillion-dollar renovation program that will upgrade unit interiors, enhance amenity spaces and deliver exterior building improvements. The seller and sales price were not disclosed.
TEXAS CITY, TEXAS — Florida-based real estate private equity firm Eastham Capital has sold Stone Ridge, a 248-unit apartment complex in Texas City, a southeastern suburb of Houston. The property offers one- and two-bedroom units with an average size of 446 square feet. Amenities include a pool, clubhouse, fitness center and a basketball court. Eastham acquired the property in 2018 in a joint venture with Mosaic Residential and subsequently implemented capital improvements. The buyer and sales price were not disclosed.
BOERNE, TEXAS — JLL has brokered the sale of Oxbow Hill Country, a 172-unit apartment complex in Boerne, located northwest of San Antonio. Built on 6.8 acres in 2003, the nine-building property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and outdoor grilling and dining stations. Robert Wooten, Robert Arzola and Ryan McBride of JLL represented the seller, California-based Brixton Capital, in the transaction. The buyer was Steadfast Cos.
NEW YORK CITY — JLL has arranged a $16.4 million loan for the refinancing of CIRRUS, a 46-unit multifamily property in Brooklyn’s Prospect Lefferts Gardens neighborhood that was completed in 2024. Designed by AB Architekten with interiors by SR Projects, CIRRUS offers studio and one-bedroom apartments and amenities such as a fitness studio, coworking lounge, package room and a sky lounge with grills, a wet bar and dining areas. Aaron Niedermayer, Robert Tonnessen and John Flynn of JLL arranged the loan on behalf of the owner, New York City-based developer Astral Weeks. The direct lender was not disclosed.
FORT COLLINS, COLO. — California-based Granite Capital Group has sold Enclave Rigden Farm, a multifamily property in Fort Collins, to Avanti Residential for $40.8 million, or $389,285 per unit. Located at 2758 Iowa Drive, Enclave Ridge Farm features 105 townhome-style apartments with direct access to car garages and private patios. Built in 2007, the property was 95 percent occupied at the time of sale. Robert Bratley, Jack Sanders, Mike Grippi and Pamela Koster of Berkadia represented the seller in the transaction. The Berkadia team also arranged financing for the deal.
CASTLE PINES, COLO. — Sweet Creek Capital, a newly launched Denver-based real estate investment and development firm, is developing The Peaks at Canyons, a rental townhome property in Castle Pines. The project is being developed in partnership with Oakwood Homes, with construction financing provided by FirstBank, now part of PNC. Slated for completion in late 2027, the community will feature 40 three-bedroom and 30 four-bedroom residences, each with 3.5 bathrooms and a private attached two-car garage. Ranging from 1,410 square feet to 1,760 square feet, the townhomes will feature modern architecture, quartz countertops, vinyl plank flooring, smart home technology, stainless steel appliances and nine-foot ceilings. Community amenities will include The Exchange Coffee House and The Canyon House Kitchen + Cocktails, two community-focused gathering spots providing dining, social space and year-round programming. The project is located within The Canyons master-planned community at the intersection of Canyonside Boulevard and Canyon Forge Drive.
CANAL WINCHESTER, OHIO — Evergreen Real Estate Group has broken ground on Green Oaks of Canal Winchester, a 120-unit affordable assisted living community rising four stories in Canal Winchester, about 12 miles southeast of downtown Columbus. Completion is slated for March 2027. The property will offer 67 studio and 53 one-bedroom apartments for seniors across a range of income levels, including those who qualify for Medicaid benefits. Gardant Management Solutions will operate the community, which will be licensed as a residential care facility by the Ohio Department of Health and approved as a Medicaid-assisted living service provider through the Ohio Department of Aging. A large commercial kitchen and dining room will serve three meals and snacks throughout the day. The community will feature a fitness room, beauty salon, game room, activity rooms, resident computer stations, a library, community rooms and lounges. Certified staff will be on site 24 hours per day, and the property will provide transportation to local stores and service providers. The Ohio Housing Finance Agency approved the project for 4 percent Low-Income Housing Tax Credits and issued tax-exempt private activity bonds to support the development. The bonds were underwritten and placed by D.A. Davidson. The project team …