CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.
CHICAGO — Chicago-based Newcastle Ltd. has acquired a three-story multifamily building, located at 2200 N. Clark St. in the Lincoln Park neighborhood of Chicago, for $8 million. The 29,546-square-foot building features 28 loft-style apartments and six commercial spaces. The property was acquired by Newcastle on behalf of the firm’s $500 million investment platform. Kiser Group represented the undisclosed seller.
OSAGE BEACH, MO. — X Caliber Capital Holdings LLC has structured a $285 million Rural PACE-X financing for the ground-up construction and redevelopment of the Oasis at Lakeport in Osage Beach. The resort and entertainment project has a total cost of $495 million. Plans call for a Marriott hotel with 402 rooms, a conference center, indoor waterpark, amusement park and various amenities. The $285 million financing consists of $220 million of conventional senior-secured debt through an affiliate of X-Caliber Rural Capital, XRL-ALC LLC, and $65 million of Commercial Property Assessed Clean Energy (C-PACE) financing through CastleGreen Finance. The financing marks X-Caliber’s largest Rural PACE-X transaction closed to date since the product launched in late 2024. Rural PACE-X is a proprietary financing solution that provides high-leverage financing for ground-up construction projects in micro-rural areas. The C-PACE financing is the largest to date for the state of Missouri and for CastleGreen Finance, according to X-Caliber. Gregg Delany, Ken Lorman and Gabe Mashaal of X-Caliber Advisors originated and structured the financing on behalf of Tegethoff Development Co. The project’s energy-efficiency design is estimated to save around $11 million in costs over the lifetime of the improvements. The Oasis at Lakeport is expected to …
CHESAPEAKE, VA. — Chapel Hill, N.C.-based Prudent Growth Partners has acquired Castle Shops, a 37,309-square-foot retail strip center located in Chesapeake, for $5.4 million. Dollar Tree anchors the two-building property, which was fully leased at the time of sale. Additional tenants include CHKD Thrift Store, Boost Mobile and Liberty Tax. Jeff Fritz and Jay O’Donnell of Colliers represented the seller in the transaction. George Fox, also with Colliers, served as the leasing agent at Castle Shops.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged $126.1 million in first mortgage debt for Pacifica Hotels to refinance a portfolio of seven hotels in Southern California. The three- and five-year fixed-rate loans were funded by a Wall Street investment bank and an insurance company. Totaling 601 rooms, the portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach, The Kinney Venice Beach in Venice; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.
GOODYEAR, ARIZ. — CBRE has negotiated the sales of two adjacent single-tenant ground lease properties at 1420 and 1460 N. Bullard Ave. in Goodyear. Two separate West Coast-based private capital exchange buyers acquired the assets for a combined total of $6.7 million. Benjamin Farthing and Owen Littrell of CBRE represented the seller, Tradecor Partners Goodyear LLC, in the transactions. Bubba’s 33 is located at 1460 N. Bullard Ave. and features a brand new 15-year absolute triple-net ground lease on a 1.7-acre parcel. The property sold for $3.5 million. Located at 1420 N. Bullard Ave., the double drive-through White Castle on a 1-acre parcel sold for $3.2 million.
By Nellie Day Today’s multifamily investment market can feel like a three-ring circus thanks to leveled-off rents, increased costs and more competition in many regions. Performers in this circus are often walking on a tightrope. On one side, there are repairs to be made and renovations that can lead to justified rent increases. On the other side, costs and reality must reign supreme. “Pre- and post-COVID markets have forced an evolution when it comes to investing in an asset,” says Sarah Connolly, vice president of operations at Capital Square Living in Glen Allen, Virginia. “Owners now have to ask themselves, ‘What is actually going to bring a return, and what should be incorporated into programming due to muted rent growth?’” It’s a challenging landscape, to be sure. National rent growth has slowed down significantly, with year-over-year increases hovering around 1 percent as of late 2024, according to the fourth-quarter multifamily report from Apartments.com. This is a stark contrast to the double-digit surges posted in 2021 and 2022. At the same time, construction costs have escalated, with Crescent Insurance Advisers noting that the average cost of building a multifamily property is about $398 per square foot. For context, the national average …
BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …
WAPPINGERS FALLS, N.Y. — Kaplan Career Academy has signed a 15-year, 38,500-square-foot lease in Wappingers Falls, about 85 miles north of New York City. The school, which is part of the Greenburgh North-Castle Union Free School District, will relocate from nearby New Windsor to the building at 29 Marshall Road. The new space will serve as the new home for the Special Act School, which serves students with disabilities. Stephen Powers, Alexander Smith and Kate Whitman of OPEN Impact Real Estate represented Kaplan Career Academy in the lease negotiations. Thylan Associates represented the undisclosed landlord.