Enterprise Community Development celebrated the grand opening of the newly renovated Park Heights Place, an 84-unit affordable senior housing community located at 5430 Park Heights Avenue in Baltimore City.
The celebration marked the completion of a $15.8 million renovation that preserves the community’s long-term affordability. Originally constructed in 1998, Park Heights Place serves older adults with limited incomes. The rehabilitation addressed deferred maintenance and included upgrades such as renovated kitchens and bathrooms, modern appliances, and modernized common areas.
The redevelopment was supported by the U.S. Department of Housing and Urban Development, the Maryland Community Development Administration, Federal Low-Income Housing Tax Credits syndicated by Enterprise Housing Credit Investments, HUD’s Green and Resilient Retrofit Program and the Maryland Energy Administration.
Mosely Architects served as the project architect, Harkins Builders as the general contractor and KCW as the civil engineer. Enterprise Residential will provide ongoing property management and resident services.
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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