Vernon Village Park

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    HPD and HDC designated the joint venture between MHANY Management, Urban Builders Collaborative and Cypress Hills Local Development Corp. to develop Chestnut Commons, which will be East New York’s largest affordable community.

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    The 430-unit Legacy Crossing comprises one-, two- and three-bedroom affordable apartments ranging from 711 to 1,063 square feet. The company plans on making upgrades to the units.

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    The funding, obtained through the company's bond purchase program, will be used for the acquisition, rehabilitation and permanent financing of three affordable developments.

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    Urban Architecture Lab began work on Variel Apartments, a 277-unit luxury property in Canoga Park’s Warner Center. The project will be completed in the fall of 2019.

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    The company is representing the seller, a joint venture between CenterSquare Investment Management and Korman Residential, which acquired the asset back in 2007 for $30 million.

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  • Overbuilding in Richmond?

    Following several years of strong supply, the area's multifamily market is shifting down a gear. With almost 20,000 units in the pipeline, the metro is at risk of overbuilding.

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    Property West Residential purchased a 120-unit community in San Diego County for $53 million from Equity Residential.

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    The company purchased Forest Park Manor, a 100-unit property in Forest Park, and plans to rebrand it as Residences at Stonebrook.

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  • Michaelson Acquires 520-Unit TN Community

    Purchased for $48 million, The Metropolitan features one- and two-bedroom floorplans. The community has undergone a multi-million dollar renovation over the past few years.

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