LOS ANGELES — Colliers has arranged the sale of Mar Vista Lofts, a multifamily property located at 3992 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. Park Towers (1990) Corp. sold the asset to Mar Vista Lofts 4 LLC for $9 million, or $452,380 per unit. Kitty Wallace and Melanie Nutting of Colliers’ Wallace Team represented the seller and the buyer in the deal. Constructed in 2012, Mar Vista Lofts features 21 apartments on a 14,638-square-foot double lot.
CHICAGO — Q Investment Partners (QIP) and Melrose Ascension Capital have begun leasing efforts for Straits Row, an 18-story rental tower combining traditional apartment units with co-living units in Chicago’s South Loop. Located at 633 S. LaSalle St. within the Printers Row neighborhood, the 132-unit building will offer 358 private, fully furnished residential spaces. Rents at Straits Row are expected to average 20 percent less than competing Class A rental towers, according to the development team. Floor plans will range from studios to four-bedroom units. In the co-living units, residents will share a kitchen and living area but have their own private bedroom and bathroom. All residences come fully furnished. Residents at Straits Row can enjoy 15,000 square feet of amenity space, including a lobby-level “Printers Room” coworking space that nods to the history of Printers Row and features three private study rooms, a printer center, coffee station with cold brew on tap, lounge seating and adjacent outdoor patio. The tower’s 17th-floor amenity level features a resident lounge, fitness center, multiple clubrooms and a private dining room. Outside, there is a panoramic pool deck, grilling stations and outdoor dining areas. Straits Row serves as QIP’s flagship residential development in the …
KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.
ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project to transform a former office building into multifamily units in Alexandria, roughly seven miles south of Washington, D.C. The partnership subsequently received an $84 million construction loan from real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The development site, located adjacent to Montgomery Park in the city’s Old Town Alexandria neighborhood, formerly housed a vacant office building. The eight-story, 250,000-square-foot project will feature 237 apartment units in studio, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool and a resident lounge/amenity center, as well as a performing arts venue leased to CityDance. About one-third of the units will offer views of the Potomac River. Carr acquired the project site (formerly 901 N. Pitt St.) in spring 2024. Construction has commenced, and a groundbreaking ceremony is scheduled for next month. The project is slated for completion by late 2026. “We look forward to partnering with Carr Properties on this exciting residential investment that we believe will benefit from several tailwinds, including the region’s strong …
DALLAS — CBRE has brokered the sale of Villa Ladera, a 184-unit apartment complex in East Dallas. Built in 1972, Villa Ladera is a gated, pet-friendly community that offers one- and two-bedroom units as well as onsite laundry facilities. Chris Deuillet and Matthew Pastrano of CBRE represented the undisclosed seller in the transaction and procured the buyer, Blue Ocean Real Estate. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal through an unnamed lender.
NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.
ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit apartment complex in St. Louis. The four-story, 278,659-square-foot project features a three-level parking garage totaling 94,598 square feet. Outdoor amenities include a courtyard with a pool and grilling area. Inside, residents can enjoy a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Monthly rents start at $1,410, according to the property’s website.
WYOMING, MICH. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a 152-unit seniors housing community in Wyoming near Grand Rapids. Built in 2019, the Class A property is part of a larger 120-acre master-planned community. Rivertown Ridge features units for independent living, assisted living and memory care. Amenities include a library, bar and entertainment space, theater, fitness center, coffee bar, lounge, activity areas and underground parking. Mary Stuart Hurst and Russell Dey of Walker & Dunlop partnered with Inner Circle Holdings to arrange the 10-year, fixed-rate Fannie Mae loan, which features three years of interest-only payments. The borrower was Redstone Group Management Inc.
ATLANTA — PGIM Real Estate has provided an $82.3 million, floating-rate loan for the refinancing of Mira at Midtown Union, a 355-unit multifamily property located in Midtown Atlanta. The borrower, a joint venture between MetLife Investment Management and StreetLights Residential, will use the loan proceeds to refinance existing debt and secure tenants for the available retail space. Tom Goodsite of PGIM Real Estate led financing efforts for the transaction. Delivered in 2022, the 26-story tower offers a unit mix of studios, one-, two- and three-bedroom floorplans that range from 496 square feet to 1,743 square feet in size. Amenities include a resort-style pool, resident lounge, sunset deck with fire pits and grills, pet spa and dog wash station, coworking spaces and a multi-room fitness center.
WELLINGTON, FLA. — JLL Capital Markets has arranged the sale of Wellington Bay, a 283-unit senior living campus located in Wellington, approximately 16 miles west of West Palm Beach. The 45-acre property features a 159-unit independent living community and The Lisbet Health Center, which comprises 124 assisted living and memory care residences. Amenities at the campus include a 65,000-square-foot clubhouse with dining, outdoor and indoor swimming pools, a hot tub, putting green, bocce ball court, pickleball court and fitness, wellness, concierge, arts and entertainment programming. AEW Capital Management acquired the property from an undisclosed buyer. JLL’s Seniors Housing Capital Markets team represented the seller in the transaction and secured a three-year acquisition loan through Capital One Bank on behalf of the buyer.
