Multifamily

Located at 1901 South Ocean Blvd., the project will be located on the land currently occupied by the Wright by the Sea Hotel. The hotel will be demolished at the end of April and construction will begin on Ocean Delray immediately thereafter.

GlobeSt.com's sister publication, The Daily Business Review, is reporting that a nationwide putative class action lawsuit claims the National Association of Realtors and four leading broker franchisors of developing practices that stifle competition and allow for hiked commission prices. But the targets of the lawsuit call the allegations "baseless."

Completed in 2017, The Henry at Fritz Farm features a mix of one-bedroom, two-bedroom, and three-bedroom flats with modern design elements including open-concept floor plans, nine-foot ceilings, plank flooring, oversized patios or balconies and oversized windows.

The portfolio, which also contains a Northern Virginia sub-portfolio, is the largest multifamily transaction in Philadelphia to date, according to Morgan Properties.

An entity of BRT Apartments in which the firm has a 65% interest, has purchased the 312-unit Vive at Kellswater community for $48.1 million, including $33.4 million of mortgage debt assumed in connection with the acquisition.

The deal increases Blue Magma's Atlanta area portfolio to 3,000 value-add units purchased by the firm in less than four years at a cost in excess of $133 million.