News
JLL-Backed REIT Pays $75M in Portland
The company has acquired Jory Trail at the Grove, a 324-unit apartment community in Wilsonville. The property is currently 95 percent leased.
Greystone Enters Michigan Market with New JV
The new joint venture with Commercial Property Advisors will focus on providing multifamily advisory services for clients in Michigan. Cary Belovicz will lead the new organization as an executive managing director.
Security Properties Acquires 2 Portland Assets
Security Properties acquired two properties totaling 228 units located near downtown Portland. The company plans to implement a renovation plan for The Commons in order to preserve the long-term affordability of the building.
Lightstone Grabs $71M AL Portfolio
The properties, all located in Mobile, include the 675-unit The Estates at Lafayette Square, the 450-unit Pine Bend & Hampton Park and the 200-unit Bel Air.
Berkadia Secures $23M Loan for NC Multifamily Development
Senior Managing Director James Tanner and Managing Director Henry Tanner arranged the financing through a HUD program. The loan will be used for Preserve at Carteret Place, a community in Morehead City, N.C.
Marcus & Millichap Facilitates $30M Sale of Affordable FL Asset
Evan Kristol and Felipe Echarte, first vice presidents of investment, represented the seller, a New York-based investment group, and procured the buyer for Cabana Club Apartments, a 332-unit community for seniors in Miami-Dade County.
Wood Partners Breaks Ground on 298-Unit Development
The developer is building a community in Chapel Hill, N.C., with leasing expected to begin next summer. Alta Blu will include 5,000 square feet of office space.
Carrfour Secures Grant to House Homeless Vets
The not-for-profit affordable housing developer received the financing from The Home Depot Foundation’s Veteran Housing Grants Program to fund Liberty Village in Miami’s Liberty City neighborhood.
Historic DTLA Mixed-Use Scores $32M Refi
Quantum Capital Partners secured the 10-year interest-only, non-recourse loan for the Metropolitan. The adaptive reuse offers 88 high-end loft units and 45,000 square feet of retail space.
Watercrest JV Unveils FL Luxury Senior Project
The 128-unit community in Naples will break ground in November and is slated for completion in early 2019. This marks United Properties’ first senior housing project in the state.