Thursday, March 28, 2024

New England region

New England region includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

Bronx, New York City

HUD Announces Transaction to Transform Over 950 Affordable Rental Homes in The Bronx

The U.S. Department of Housing and Urban Development (HUD) announced that it recently closed a transaction to rehabilitate and preserve 983 affordable rental homes at the New York City Housing Authority’s (NYCHA) Union Avenue...
Apex One91

Institutional Property Advisors Brokers Greater Hartford Connecticut Multifamily Asset Sale

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Apex One91, a 110-unit apartment complex in Manchester, Connecticut. “Apex One91 is a newly renovated multifamily asset in a market where year-over-year...
Hanover North Cambridge

CBRE Arranges $182M Sale of 294-Unit Multifamily Complex in Cambridge Massachusetts

CBRE announced the completion of the $182 million sale of Hanover North Cambridge, a 294-unit luxury apartment complex located adjacent to the MBTA Alewife Station in Cambridge, Massachusetts. Completed in 2022, the newly developed residential community was acquired by a fund advised by Goldman Sachs Asset Management from The Hanover Company and its institutional partner. Ideally located in the number one life sciences market in the world that is home to more than 32 million sq. ft. of office space, as well as renowned universities Harvard and MIT, Hanover North Cambridge boasts one of the market’s most impressive apartment and amenity packages. The recently completed property is LEED Gold Certified and boasts over 26,000 sq. ft. of indoor and outdoor amenity space including 7,067 sq. ft. of retail space housing a vibrant Caribbean inspired full-service restaurant. Additional amenities include a grand lobby with a reception area; meeting spaces and leasing offices; modern resident club room with an oversized screen; lounge seating and shuffleboard; a co-working lounge with banquette and communal seating; USB connectivity and private meeting space; and a 24-hour state-of-the-art fitness center featuring Echelon Reflect Touch Mirror & Smart Connect Bikes. Providing the perfect work/life balance, the brand-new apartment homes offer four different custom kitchen finishes and unrivaled amenities. In addition, the community is built over a podium offering two levels of covered garage parking. “Hanover North Cambridge is one of the premier residential properties in the heart of one of the country’s top biotech hubs in Cambridge,” said Mr. Butler. “The acquisition provided the buyer an opportunity to own a best-in-class building in the neighborhood, given its ideal location and exclusive lifestyle amenities as well as a tremendous upside in lease-up due to climbing rents in the area.” The CBRE Capital Markets team of Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler led the transaction team in marketing the property and exclusively represented the seller in the negotiations.
multifamily parking requirements

Fewer parking space requirements, lower rents

New research suggests reductions in parking space requirements for apartment projects can lower development costs and rents and lessen environmental impacts. Parking regulations are a central zoning component of apartment development in the U.S. But,...
Gowanus

Ariel Property Advisors Arranges Sale of Gowanus Development Site for $29.5 Million

Ariel Property Advisors has arranged the sale of a 421a vested, mixed-use development site offering 101,852 buildable square feet at 125 3rd Street in the Gowanus neighborhood of Brooklyn for $29.5 million ($290 /BSF)....
Beals Street Brookline

Marcus & Millichap Brokers the $5 Million Sale of Greater Boston Apartments

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Beals Street Apartments, a nine-unit apartment property located at 10...
Farnsworth House Boston

MassHousing Provides $14.5 Million for the 76-Unit Farnsworth House for Low-Income Seniors in Boston 

MassHousing, working with Rogerson Communities, has closed on $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corporation, owner and developer of the 76-unit Farnsworth House for older adults in Boston,...
Howe Street

Marcus & Millichap Arranges the $6.6 Million Sale of a New Haven Three-Property Multifamily...

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 91, 95 and 97 Howe Street, a 44-unit contiguous apartment...
Charles Dr

Institutional Property Advisors Closes Multifamily Asset Sale

Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale of Charles Drive, a 67-unit multifamily property in Manchester, Connecticut. "Manchester is home to a large population of renters working in the aerospace,...

Supreme Court urged to step in on NYC’s rent-control laws

The Supreme Court is considering a petition to hear a case that challenges New York City’s rent stabilization law as pressure builds from stakeholders who say the law infringes on the rights of property...
Aura Largo

Klein Enterprises closes $85 million loan for Largo Development

Klein Enterprises, a vertically integrated investor, developer, and operator of diversified real estate holdings, announced that the company closed an $85 million loan for the development of Aura, a transit-oriented luxury apartment complex in...
54 Crown

JLL arranges $233 million in construction financing for 569-unit Brooklyn rental development

JLL Capital Markets announced that it has secured $233 million in construction financing for the ground-up development of 54 Crown, a 569-unit multihousing development located at 54 Crown St., in Crown Heights, Brooklyn. JLL worked...
3 Warren Street

Griffith Pepdjonovic Group of Marcus & Millichap brokers the $2.3 million sale of suburban...

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 15-unit multifamily property located in Stoneham, Massachusetts. The 7,084-square-foot asset...
Addison at Princeton Meadows

New Jersey apartment community trades

JLL Capital Markets announced that it closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multihousing community located in Plainsboro, New Jersey. JLL worked on behalf of the seller, a joint venture...
Chilton Hall Apartments

Gebroe-Hammer Associates inks sale of generationally owned multifamily asset in Elizabeth, NJ

Gebroe-Hammer Associates has arranged the sale of a 126-unit, garden-apartment community with generational ownership of 40+ years in Union County, N.J.’s City of Elizabeth. Executive Vice President Stephen Tragash exclusively represented the seller and...
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