NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer focused on building and preserving high-quality, high-opportunity attainable housing, in partnership with Gilbane Development Company and ELH Mgmt announced the acquisition of Sea Park Apartments, an 816-apartment, three-building affordable property located between Surf and Neptune Avenues in Coney Island, Brooklyn.
“We are pleased to protect, preserve and produce new affordable homes at Sea Park, a framework that will increase access to opportunity for all current and future residents,” said Will Blodgett, CEO & Founder, Tredway. “The investments we are making will lead to a more affordable, connected, diverse, healthy and vibrant community and foster economic stability for the thousands of New Yorkers who call Sea Park and the wider Coney Island neighborhood home.”
“This outcome would not have been possible without the support of our partners,” Blodgett added. “I personally want to thank HCR, HFA and HPD for working collaboratively to deliver more affordable housing and address the specific needs of our residents and our city.”
“Gilbane Development Company is thrilled to work on this development with Tredway and ELH Mgmt to preserve and extend affordability of 816 units and construct 250 new affordable senior apartments,” noted Ed Broderick, President and CEO of Gilbane Development Company. “The scale of the transaction requires sophisticated and well capitalized partners to do and we are grateful for this terrific team.”
589 homes will serve households with a maximum yearly income of 60 percent of the area median income (“AMI”), 159 homes will serve those with a maximum income of 50 percent of AMI and 65 homes will serve households earning up to 80 percent of AMI. 90 apartments will be set aside for formerly homeless residents and there are three Superintendent’s units.
Tredway and its partners will embark on a multimillion-dollar rehabilitation of the entire Sea Park complex focused on quality-of-life improvements as well as strengthening its resiliency and improving the property’s energy efficiency.
The development team also intends to build 250 new units of holistic affordable housing at the site catering to seniors.
Berkadia and Deutsche Bank are the lenders. New York City-based ELH Mgmt will serve as property manager. An Ariel Property Advisors team led by founding partners Victor Sozio and Shimon Shkury, along with investment sales director Benjamin Vago and director of research and sales Remi Mandell, arranged the sale of the portfolio on behalf of the seller.
The preservation and creation of new affordable housing at Sea Park Apartments was achieved in conjunction with New York State Homes and Community Renewal (HCR), the New York State Housing Finance Agency (HFA), and the New York City Department of Housing Preservation and Development (HPD).

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KNOXVILLE, TN – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announced its second project in a build-to-core joint venture with Manulife Investment Management. The Mark Knoxville, which wlll open doors in August 2025, will add 834 beds to the University of Tennessee housing market.
“The Mark Knoxville is the second project in our partnership with Manulife Investment Management, and it will be our fourth property near The University of Tennessee,” said Landmark President and CEO Wes Rogers. “We like the underlying fundamentals of the Knoxville market and look forward to delivering more purpose-built student housing beds to area students.”
Located a small walk from the northwest of campus, The Mark will offer unit types ranging from studios to five-bedroom options. The property will offer an on-property garage for resident vehicles and a shuttle bus to campus. The features and location of The Mark will make it an attractive option for students seeking luxury housing in the Knoxville market.
“We are excited to continue the growth of our partnership with Landmark with this development at the University of Tennessee, supported by local market fundamentals and Landmark’s experience operating in the area,” said Manulife Investment Management Managing Director Edward Dunn.
Apartment units at The Mark will include a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished, offering hardwood-style flooring and a private bathroom for every bedroom.
Additionally, residents will delight in The Mark’s best-in-class amenities including a rooftop pool and Jumbotron. Residents will have access to many other amenity spaces including a 24-hour study lounge, a pickleball court, a stylish rooftop clubhouse, and a state-of-the-art fitness center. The thoughtful design of The Mark’s 25,000 square foot courtyard amenity spaces, featuring fire pits, grilling stations and hammock groves, add extra opportunities for recreation and relaxation for residents and guests across the property.
Construction on the project is slated to start in June 2023 with Landmark Construction as general contractor.

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EVERETT, WA – MG Properties, a privately held real estate investment company, has announced the acquisition of Artesia Apartments, a premier apartment community located in the Silver Lake neighborhood of Everett, Washington, for a buy price of $61.6 million.
Artesia Apartments is a 192-unit apartment community located in the highly desirable city of Everett, which is a thriving business hub and offers simple access to Seattle and the surrounding areas. The community features spacious and modern one-, two-, and three-bedroom apartments situated directly on Silver Lake, providing residents with a variety of recreational activities and brilliant access to the region’s largest employers.
“We are thrilled to add Artesia Apartments to our growing Seattle portfolio,” said Jeff Gleiberman, President of MG Properties. “This buy aligns with our investment strategy of making long-term acquisitions in strong markets with solid growth potential.”
The seller, RISE Properties Trust, was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of Institutional Property Advisors.

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