News
PGIM Joint Venture Acquires Riverdale Housing from Columbia University
PGIM, the $1.4-trillion global investment management business of Prudential Financial, Inc., said Wednesday that the PGIM Real Estate Fund, Inc. has completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community at 3260 Henry Hudson Pkwy. in the Riverdale neighborhood in the Bronx, at a gross capitalization of $73.5 million The fund...
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Apartments in Newark’s University Heights Secure Construction Loan
Commercial mortgage brokerage Drew Capital has secured $16.25 million in construction financing toward the development of Central Pointe, a 77-unit multifamily property in the University Heights neighborhood of Newark, NJ. The loan was arranged by Akiva Drew, founder of Drew Capital. The borrowers were Jeff Blau and Eitan Chakov of Giga Holdings of Newark. Drew Capital arranged the loan through Trevian Capital, a New...
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Livermore Apartment Seller Doubles Unit Count with 1031 Exchange
The Levin Johnston team at Marcus & Millichap arranged the trades of three multifamily communities in the East Bay city of Livermore in a 1031 exchange. This involved the $11.625-million sale of Outrigger Apartments, a 42-unit property, and the seller’s $24.55 million reinvestment into two nearby properties, Alderwood Park Apartments and Royal Gardens Apartments, totaling 91...
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TMR Investments Acquires Apartments in Seattle’s Ballard Neighborhood
TMR Investments, a Seattle-based, operator-led multifamily investment firm, has acquired VIVE Apartments, a 91-unit residential community located on 15th Ave. NW in the heart of Seattle’s Ballard neighborhood. Built in 2015, VIVE Apartments is a well-maintained, amenity-rich property offering a mix of studio and one-bedroom residences. The community features a rooftop deck, resident lounge, bike...
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Workforce Housing Changes Hands in Western Massachusetts
Northeast Private Client Group (NPCG) arranged the sale of Beech Tree Apartments in Great Barrington, MA. Although the sale price was not disclosed, the workforce housing complex last traded for approximately $8 million. SVP, Investments Taylor Perun and managing director Brad Balletto represented the seller, Rowin Capital, and procured the buyer, the Alander Group, which...
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Lurie Seeks to Lower Inclusionary Rate, Increase Annual Contribution to Housing Trust Fund
San Francisco Mayor Daniel Lurie introduced two proposals to help spur the production of housing in the city. One would reduce the mandated inclusionary rate of affordable units in market-rate developments, while the other would increase the city’s annual contribution to the Housing Trust Fund until it reaches $125 million. The inclusionary housing would lower...
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Willets Point Development Welcomes First Residents
Queens Development Group (QDG), a joint venture between Related Companies and Sterling Equities, in partnership with city housing and economic development agencies, held the opening of the first 880 affordable homes at Willets Point Commons, with move-ins beginning this month. The event also marked the start of construction on Building 3, which will add 220 affordable...
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StreetLights Converting Vintage Charlotte Theater Site to Apartments, Retail
StreetLIghts and Eastern Federal have been greenlit by the Charlotte City Council to move ahead on the redevelopment of a site that includes a vintage theater. Eastern Federal owns the theater site. Dubbed The Manor, The Charlotte Business Journal reports the project is expected to include between 120 and 130 residential units and about 35,000...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout