SAGINAW, TEXAS — Dallas-based developer Journey Capital has broken ground on the third phase of development at Edition of Saginaw Senior Living, located just north of Fort Worth. The project will add 36 independent living cottages to the property. Journey Capital unveiled Phase I of the Edition of Saginaw Senior Living community in January 2022, featuring 22 independent living cottages. Phase II, which is currently under construction, will add a 71-bed assisted living and memory care facility by the end of this year.
FALLS CHURCH, VA. — Hoffman & Associates and Experience Senior Living (ESL) plan to co-develop The Reserve at Falls Church, a 15-story seniors housing project within the 10-acre West Falls mixed-use development underway in Northern Virginia. The Reserve will feature more than 200 units of independent living, assisted living and memory care residences. Amenities will include a spa with a saltwater pool and fitness center, multiple onsite restaurants, a sky bar, maker space, concierge floors and electric vehicle transportation services. Aside from the seniors housing component, West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, along with a central 18,000-square-foot outdoor community gathering space. Hoffman and ESL aim to open The Reserve in fourth-quarter 2026.
NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. The property was originally constructed on a 94-acre site in 1975 and was roughly 94 percent occupied at the time of sale. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based Big Springs Properties, in the transaction. The buyer and sales price were not disclosed.
UPPER DARBY, PA. — Dwight City Group, the investment arm of New York City-based lender Dwight Capital, has completed a multifamily adaptive reuse project in Upper Darby, a western suburb of Philadelphia. The project converted a 125,000-square-foot warehouse at 901 Quarry St. that was constructed in 1925 and had been dormant for three decades into an 84-unit apartment complex. The complex now features one- and two-bedroom units and amenities such as a playground and dog park. Rents start at roughly $1,500 per month for a one-bedroom apartment.
DES PLAINES, ILL. — JVM Realty Corp. has purchased Ellison Apartments in the Chicago suburb of Des Plaines for an undisclosed price. The 113-unit luxury apartment complex, built in 2019, features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking. John Jaeger of CBRE brokered the deal, which marks the ninth Illinois property in JVM’s portfolio. The seller was undisclosed.
DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.
EUGENE, ORE. — A joint venture between CRG and Kenter Capital has broken ground on Chapter at Eugene, a 302-bed development located near the University of Oregon campus in Eugene. The project is scheduled for completion in September 2024. Upon completion, the community will offer 119 units in a mix of studio, two-, three-, four- and five-bedroom configurations. Units will feature bed-to-bath parity, contemporary furniture and smart televisions. Shared amenities are set to include a 5,000-square-foot rooftop deck with a dog run; dining areas and fire pits; a 12th-floor lounge with a demonstration kitchen and study rooms; state-of-the-art fitness center and yoga room; resident storage; and a coffee lounge. The community will also offer 50 parking spaces and bicycle storage. The development team for the project includes Jackson Main Architecture and John Hyland Construction Inc. Pre-leasing for the property is currently underway.
SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.
ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a multifamily property located at 3455 S. Logan St. in the Denver suburb of Englewood. The asset traded for $3 million, which equates to $157,895 per unit or $257.20 per square foot. The apartment building features 19 for-rent residences. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the buyer in the transaction.
SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.