News

With New York City’s affordable housing crisis, the developers plan to tap into tax credits and to return more than 1,800 market-rate apartments to rent regulation.

KKR and Banyan Street Capital are planning an additional $5 million in capital improvements that they state will address enhancements to the fitness center, retail concourse, outdoor plaza and tenant elevator landings and corridors.

The purchaser was a California-based family office with extensive experience acquiring and managing trophy quality, grocery anchored shopping centers throughout the United States, Pegasus Investments states.

Local company Network Realty Partners makes its first major acquisition.

The Gladwyne, PA-based firm has purchased the Fox Chase Apartments, at 7922-36 Barnes St. and the Arendell Avenue Apartments, located at 4308 Arendell Ave. in Northeast Philadelphia, according to Rittenhouse Realty Advisors, which brokered the transaction.

The Loketch Group will complete a like-kind exchange with the proceeds of the sale primarily with development opportunities in Brooklyn.

Strong tenant demand has also caused rents to rise, with the overall average rent higher by 7.8% year-over-year, including 10 submarkets that record rent increases of more than 10% during that period.

The firm has signed a 14,020-lease expansion, increasing its leased space at the property to more than 27,000 square feet. The latest deal marks the customized employee discount firm's second expansion in 13 months.