VERNON HILLS, ILL. — Bender Cos. and Eastham Capital have acquired Arrive Town Center in the Chicago suburb of Vernon Hills. Built in 2010, the property features 85 luxury apartment units, amenities and 10,000 square feet of ground-floor retail space. Floor plans average 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and heated indoor parking garage. The property will undergo improvements and a rebranding, taking on the new name The Landing at Town Center. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer. The seller and sales price were undisclosed.
CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.
DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.
RALEIGH, N.C. — Construction is underway on Hub Raleigh, a 2,195-bed student housing development located at 111 Cox Ave. near the North Carolina State University (NC State) campus in Raleigh. The nearly 1 million-square-foot project is being developed by a joint venture between Core Spaces and TPG Real Estate and is scheduled for completion ahead of the 2026-2027 academic year. The 12-story building will offer a mix of studio through four-bedroom, fully furnished units. The property will feature over 40,000 square feet of indoor and outdoor amenity space, including a resort-style swimming pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, clubhouse and coworking space. The community will also include a 558-stall parking garage. TSB Capital Advisors acted as financial advisor to Core Spaces and TPG Real Estate on the joint venture and construction financing, which was provided by Pacific Life Insurance Co. PC Treehouse Construction, a partnership between Power Construction and Core Spaces, is serving as general contractor for the project. The design team includes architect Antunovich Associates, interior designer Harken and Core Spaces’ in-house team.
ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a newly built apartment community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential purchased the 320-unit property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the transaction. Located at 652 Angier Ave. NE, Iris O4W is situated steps from the Atlanta BeltLine’s Eastside Trail and features a saltwater pool with a sun ledge, outdoor rooftop lounge with an entertainment bar, outdoor club area with grills and a pizza oven, fitness center, an indoor clubroom with game tables and HDTVs and a pet spa. Delivered last year, the community comprises studio, one- and two-bedroom apartments averaging 860 square feet in size.
DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.
COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …
WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.