News

Office-to-Resi Conversion Sets Greenwich, CT Pricing Record

New York & Tri-State + Apartment Buildings

Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer of CBRE closed the sale of The Mill, a trophy mixed-use property in Greenwich, CT. CBRE represented the seller, The Mill Owners Company LLC, and procured the purchaser. The $97.5-million sale represents the largest single-asset apartment community sale in Greenwich history since Putnam Green in 2006,...

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Marcus & Millichap Arranges Sale of Indiana Multifamily Property

Chicago & Midwest + Apartment Buildings

Marcus & Millichap has brokered the sale of River Shore Apartments, a 48-unit multifamily property in South Bend, Indiana, for $4.3 million. “River Shore Apartments is a beautiful property with views overlooking the Saint Joseph River, located just one mile from IU South Bend and Bethel College,” said Jack Friskney, director investments. “With 5.3% rent...

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United Properties Reaches Milestone on Minnesota Seniors Housing Project

Chicago & Midwest

United Properties announced that Amira Lake Elmo, its newest 55-plus active adult rental community, received its certificate of occupancy. This achievement marks a significant milestone in the project’s journey, allowing United Properties and Great Lakes Management to welcome their first resident. Located near Woodbury in Lake Elmo, Minnesota, the community offers studios to three-bedroom layouts....

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Plesman to Take Helm at Oxford; Morassutti Retiring from CBRE

Canada + Apartment Buildings

Oxford Properties Group and CBRE will make key leadership changes this fall. Eric Plesman will become president and CEO of Oxford on November 3. He will succeed Daniel Fournier, who will step aside from the role but continue providing strategic counsel into 2026 to ensure a smooth transition. Meanwhile, Paul Morassutti, who chairs CBRE’s Canadian...

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Gilbane, Blue Sea Break Ground on Brownsville Apartments with Arts Center

New York & Tri-State + Apartment Buildings

With city and state officials in attendance, Gilbane Development, Blue Sea Development and Artspace Projects, Inc. broke ground Tuesday on the Brownsville Arts Center & Apartments (BACA) project. Located on a city-owned site at 366 Rockaway Ave. in Brooklyn’s Brownsville neighborhood, BACA will create 283 new affordable rental apartments and a 28,000-square-foot cultural arts center...

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NRP Planning Casa Grande Affordable Housing Venture

Phoenix & Southwest + Apartment Buildings

The NRP Group is eyeing a 336-unit affordable multifamily residential community at 1400 N. Promenade Pkwy. in Casa Grande. The project will be financed under the 4% Low-Income Housing Tax Credit program. Final local government approval is expected soon. AZBEX reports that the land, now farmland owned by Walton Global Holdings, is part of a 591-acre master plan....

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MG Acquires 361-Unit Richardson Apartment Community

Texas + Apartment Buildings

MG Properties acquired Ovation at Galatyn Park, a 361-unit apartment community located at 2323 Plaza Blvd in Richardson, Texas. It opened in March of 2024. The sellers, which included Legacy Partners and an institutional partner, were represented by Daniel Baker, Johnathan Makus, Kevin O’Boyle and Chandler Sims of CBRE. CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and...

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CI Global to Acquire Asset Manager Forge First

Canada + Apartment Buildings

CI Global Asset Management has agreed to acquire Forge First Asset Management, an alternative-asset manager with about $1 billion in assets under management. Forge First manages funds that invest in North American securities, including those tied to commercial real estate, using a long-short approach. The company will continue to operate under its current name. Terms...

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