Business Specialties
CBC Advisors Completes 2 West Coast Multifamily Sales
The Cove at Overlake in Tooele, Utah, and student housing community The Pines, in Rexburg, Idaho, changed hands in two off-market transactions totaling 204 apartment units.
PA, NJ Portfolio Commands $34M
TNJ Properties acquired Orchard Drive Associates’ 264-unit Orchard Drive Apartments in Whitehall, Pa., and Presidential Associates’ 268-unit Presidential Court Apartments in Runnemede, N.J.
Avanath Doubles Sacramento Footprint
In a $56.5 million deal, the company has acquired an affordable housing portfolio totaling 468 units in one of the nation’s hottest markets. The properties cater to seniors, families and mixed-income renters.
Pillar Secures Co-Op Loan for DC Community
The 273-unit mid-century asset received $14 million in refinancing via a fixed-rate Fannie Mae cooperative loan with a 30-year amortization schedule.
Ares, TruAmerica Buy Metro Phoenix Property for $31M
The joint venture plans a multi-million-dollar capital improvement program at Broadstone Gateway, a 240-unit community in Avondale, Ariz.
HUD, HCR, MDG Partner for $160M Bronx Preservation
Michelangelo Apartments, a 494-unit affordable building, is a 43-year-old Mitchell-Lama community that will be renovated and preserved as affordable for another 40 years as a result of the deal.
Leasing Starts at Post Brothers’ The Duchess
The 320-unit luxury apartment building is slated for completion later this year, and it is the firm’s first New Jersey project. Paris Forino and Vijay Kale Architects oversaw the building’s design.
Tiny Living Brings Big Changes to Student Housing
At the 2017 NeoCon show, Tomas Eliaeson and Thomas Carlson-Reddig of Little discuss how universities can embrace smaller units without sacrificing design or space.
Atlas, OpenPath JV Sells UT Apartments
The joint venture acquired the 144-unit community in Layton, Utah, in June 2013 and completed a value-add program. The asset was 99 percent occupied at the time of the sale.
4 Developments Coming to Suburban NY
The developers announcing the Mount Vernon, N.Y., projects include The Alexander Group/Bluestone, Direct Investment Development, Enclave Equities and Simone Development Cos. The initiative aligns with the state’s new $2.5 billion housing package aimed at attracting investment in market-rate housing statewide.