Construction is underway at Innovative Urban Village Phase 1A, a 385-unit affordable housing development with commercial space for a fresh food grocery store in the East New York neighborhood of Brooklyn. The $270-million project is part of the comprehensive redevelopment of the Christian Cultural Center’s campus, which ultimately will include a total of nearly 2,000 affordable apartments in 10 buildings.
“New York remains committed to keeping our state affordable and ensuring everyone has a safe and modern home to call their own,” said New York Gov. Kathy Hochul. “This project is helping us fight the housing affordability crisis while also prioritizing improvements that will make the neighborhood more livable for families.”
The redevelopment is a joint venture between the Christian Cultural Center, The Gotham Organization and Monadnock Development. It was designed by Practice for Architecture and Urbanism and SLCE Architects. The Urban Resource Institute will provide the on-site support services.
Boardwalk REIT is selling three Edmonton apartment communities for $106.5M, pushing its property dispositions this year to nearly $629M as the landlord increasingly finds value in selling older buildings rather than developing new ones. The transaction involves Northridge Estates, Parkview Estates and Riverview Plaza, which contain a combined 536 suites. Boardwalk disclosed the sale in...
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Marcus & Millichap completed the sale of Broadcast Apartments, a partially complete multifamily development project in D.C.’s Tenleytown neighborhood. The asset sold for $9.5 million. “This was a very complex, multidimensional transaction involving a receiver, a ground lease, a partially completed building and a host of other issues,” said Marty Zupancic, senior managing director of...
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Vancouver-based Trez Capital is teaming with Starwood Capital to expand its U.S. residential land lending business, with the partnership expected to launch with a US$450M loan portfolio and originate more than US$1B annually. Announced Tuesday, the agreement will focus on financing land acquisition and development for single-family communities across the United States. The initial portfolio...
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