CHICAGO — Interra Realty has arranged the sale of a 42-unit apartment building located at 4070 N. Kenmore Ave. in Chicago’s Buena Park neighborhood for $5.2 million. All of the units are studios and were recently renovated. Originally constructed in 1929, the property was fully occupied at the time of sale. Joe Smazal of Interra represented the private local seller as well as the buyer, a local private investor. As part of the transaction, the buyer assumed the existing loan on the asset.
BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio
HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.
HOUSTON — Locally based developer Sueba USA will build San Paseo, a 292-unit multifamily project that will be located just off Grand Parkway in West Houston. The community will offer 272 apartments in studio, one-, two- and three-bedroom floor plans, as well as 20 townhomes. Apartments will range in size 496 to 2,088 square feet and will feature stainless steel appliances, tile backsplashes and full-size washers and dryers. Private patios/balconies will also be available in select units. Townhomes will come in three-bedroom formats and will feature attached garages. Amenities will include a pool, spa, fitness center and an internet café. Construction will begin later this year, with preleasing set to commence in March 2024.
MILWAUKEE — CBRE has arranged the sale of an 11-property multifamily portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a family-owned investment and property management firm established in Milwaukee in 1932. Katz Properties was the buyer.
NEW YORK CITY — Northwind Group, a locally based private equity firm, has provided $313 million in financing for the completion of an 88-story residential tower located at 125 Greenwich St. in Manhattan. Vertical construction of the tower was completed in 2020, but progress has since stalled. Residences will come in studio, one-, two- and three-bedroom floor plans, and the 912-foot building will have multiple floors dedicated to lifestyle and wellness amenities. The borrower, a joint venture between Fortress Investment Group, Bizzi & Partners and the U.S. Immigration Fund, plans to rebrand the building and launch condo sales this fall. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop arranged the financing.
REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond. The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center. The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.
— By John Kobierowski, President and CEO, ABI Multifamily — As we enter a New Year, investors are looking for multifamily markets that will continue to offer consistent returns and stability. Thankfully, Phoenix is still regarded as one of the darlings of the multifamily markets. Investors from both coasts are talking to us about the Phoenix market again after not having invested here in a while — or, in some cases, ever. They say they’re realizing Phoenix just might be one of the few markets with predictable multifamily growth. Companies locating in Phoenix are creating tremendous job growth. For example, Taiwan Semiconductor recently announced an investment increase in the manufacturing plant it’s currently building in Phoenix — from $12 billion to $40 billion. That might be one of the largest single investments in the U.S. We’re eagerly anticipating the Southwest winter and spring events that draw the envious attention of a national audience, including WM Phoenix Open golf tournament, Super Bowl, Barrett Jackson collector car auction and Cactus League Spring Training. Our bright, sunny skies, green grass, and smiling people in t-shirts and flip flops will stand in stark contrast to those stuck in freezing cold winter temperatures and paying expensive home heating costs. …
SAN ANTONIO — South Carolina-based investment firm Blaze Capital Partners has acquired Sage Stone Oak, a 150-unit active adult community in San Antonio. The property was built in 2020 on a 7.5-acre site on the city’s north side. Units come in one- and two-bedroom floor plans and range in size from 829 to 1,172 square feet. Residences feature granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, clubhouse, fitness center, library, media and game room and two dog parks. The seller and sales price were not disclosed.
CONROE, TEXAS — Grace Management has broken ground on The Lakes at Woodhaven Village, a 115-unit active adult complex in Conroe, located about 40 miles north of Houston. The project, which is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community, is slated for a spring 2024 completion. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Investwell Architects, Lizabeth Jones Interior Design and Jordan & Skala Engineers.
