Cities
Affordable NJ Community Changes Hands
The new owner acquired Berkeley Terrace for a price tag of $12.2 million and plans to invest in extensive renovations. The project is slated for completion by August 2018.
PAC Snags Tampa-Area Luxury Property
The purchase of the newly built 280-unit community was financed through a first mortgage loan from Fannie Mae, originated by Berkadia Commercial Mortgage LLC.
Nelson Brothers Acquires 184-Bed Student Housing
The company plans to convert 39 three-bedroom units into four-bedroom units. The community is in close proximity to multiple Pullman Transit bus routes, including an express route to the Washington State University campus.
Alamo Heights Community Changes Hands for $37M
The new owners intend to rebrand the property and invest in extensive renovations that will include both interior and exterior upgrades.
Omni Breaks Ground on $68M Affordable Bronx Community
The 15-story Morris II Apartments will comprise 154 units with a 4,000-square-foot ground-floor community space, and 30 percent of the units will be permanently affordable.
Bellwether Secures $75M Refi for Luxury Inland Empire Asset
The company arranged a $59 million permanent loan and a $16 million mezzanine loan for a 298-unit community asset in Ontario, Calif.
Avanath Acquires Affordable Asset in Denver
Represented by ARA Newmark, the company purchased the affordable community for $13.6 million and plans to implement light capital improvements and improve operational efficiencies to drive value.
Windermere Real Estate Hires COO
Brooks Burton previously served as executive vice president & COO of HER Realtors and Trident Holdings. He will work at the company’s Seattle office.
Steady Growth Cultivates Building Boom in Columbus
The multifamily market is expanding in the area, which has been an economic standout in Ohio and the Midwest. The metro’s tight labor market is lifting average wages, attracting more residents and bolstering demand for apartments.
TH Real Estate Acquires 2 for $93M
The Minneapolis communities, near the University of Minnesota, include the 101-unit The Knoll and the 210-unit The Bridges.