FLORHAM PARK, N.J. — Locally based developer Garden Communities has begun leasing 147 Columbia, a 126-unit apartment complex in the Northern New Jersey community of Florham Park. The site formerly housed an office building, and the redevelopment began last year. Units come in one- and two-bedroom floor plans and range in size from 861 to 1,535 square feet. Residences are furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Rents start at $2,600 per month for a one-bedroom apartment.
MICHIGAN CITY, IND. — Flaherty & Collins Properties is scheduled to break ground on The Franklin at 11th Street Station, a $101 million apartment project in northern Indiana’s Michigan City. A groundbreaking ceremony will take place Thursday, March 14. The luxury apartment tower will include 220 units and 5,600 square feet of commercial space. The 1.5-acre project site is located at 1010 Franklin St. Amenities will include a heated swim spa, outdoor movie space, coworking cafe, conference facilities, fitness center and sky lounge. Completion is slated for fall 2025. Flaherty & Collins currently manages 85 properties and more than 15,000 units in nine states.
CHICAGO — Interra Realty has brokered the sale of a 13-unit apartment building in Chicago’s Lawndale neighborhood for $1.3 million. Built in 1923, the property at 1858 S. Springfield Ave. was completely renovated in 2022 with new roofing, porches and windows. There are nine two-bedroom units and four three-bedroom residences, which were also upgraded but had not yet been leased. An empty side lot will be used for onsite parking. Lucas Fryman of Interra represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. Ted Stratman of Interra represented the seller, Brilliant Future LLC. The asset sold for 96 percent of the list price.
GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a seniors housing development in Greenville, roughly 80 miles east of Raleigh. The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 acres and is the only continuing care retirement community (CCRC) in Eastern North Carolina, according to LCS. LCS Development has led the planning, development and design, and will oversee the construction services. Affiliate Life Care Services provides management services and support for the community and its residents. Other project partners include SB&A Architects, interior designer RDG Planning and Design, general contractor BLUM Construction and investment partner Ziegler.
AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.
GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.
ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.
NASHVILLE, TENN. — Portman has signed fitness chain [solidcore] to a retail lease at Starling, a 363-unit residential tower underway in Nashville’s Germantown neighborhood. The fitness concept, which focuses on high-intensity, low-impact training in 50-minute group classes, will join a tenant roster that will include Toastique, Social Cantina and Retrograde Coffee. Preleasing efforts at Starling are currently underway, with the first units delivering in May. Portman plans to debut [solidcore] this fall, marking the concept’s second location in Nashville.
ILLINOIS AND WISCONSIN — Walker & Dunlop Inc. has arranged $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities in Illinois and Wisconsin over the course of four months. Joshua Rosen, Brad Annis and Johnny Rice of Walker & Dunlop arranged the construction loans and refinancings on behalf of five clients. The properties, which total 376 units, include Elevate Care Waukegan, Asbury of Kankakee, Allure of Galesburg, Allure of Moline, Crossroads Care Center of Sun Prairie, Aperion Care St. Elmo and Crossroads Care Center of Fond Du Lac.
ZANESVILLE, OHIO — Woda Cooper Cos. Inc. has broken ground on Munson Crossing, a 43-unit affordable housing community in Zanesville, about 50 miles east of Columbus. The co-developer for the $13.8 million project is Housing Services Alliance. Munson Crossing is located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year. Munson Crossing will provide 14 one-bedroom units that offer 663 square feet, 23 two-bedroom apartments with 858 square feet and six three-bedroom units totaling 1,105 square feet each. Projected rental rates will range from $330 to $1,025 per month, depending on unit size and the resident’s income. All units are reserved for tenants whose income is 30 to 80 percent of the area median income. Amenities will include a multipurpose room with kitchenette, package room, laundry room and dedicated supportive service space. The project received housing tax credits allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan and will provide a second permanent mortgage. PNC Bank provided $6.1 million in Low-Income Housing Tax Credit equity. RiverHills Bank is the construction lender, providing a loan of $7.8 million. Cedar Rapids Bank …