Multifamily

Voit Brokers $9.2M Sale of Mariner Apartments in San Diego’s South Mission Beach

by Amy Works March 6, 2025

SAN DIEGO — Voit Real Estate Services has arranged the sale of Mariner Apartments, a 16-unit beachfront multifamily complex in San Diego’s South Mission Beach neighborhood. Stingray Management LLC and JKCW sold the asset to a private investor for $9.2 million. Constructed in 1962, Mariner offers eight studios, seven two-bedroom units and a three-bedroom penthouse with oceanfront patios and decks and 17 parking spaces, as well as 84 feet of ocean frontage. The property is located at 2801 Ocean Front Walk. Robert Vallera and Jon Boland of Voit represented the sellers, while Cody Evans of South Coast Commercial represented the buyer in the deal.

March 6, 2025

Acquisitions Kentucky Southeast Student Housing

Article Student Living, Barings Acquire 1,060-Bed Student Housing Community Near University of Kentucky

by John Nelson March 6, 2025

LEXINGTON, KY. — A joint venture between Article Student Living and Barings has acquired 5 Twenty Four and 5 Twenty Five Angliana, a 1,060-bed student housing development located near the University of Kentucky campus in Lexington. The property includes 13 buildings spanning 427,200 square feet across 30 acres. The community offers 376 fully furnished units in one- through four-bedroom configurations. Shared amenities include two fitness centers; two swimming pools with sun decks and lounges; two study centers; private study space; a half basketball court; game room; movie theater; and onsite parking. The new ownership plans to renovate the community’s amenity spaces and unit interiors. The seller and terms of the transaction were not released.

March 6, 2025

Acquisitions Florida Multifamily Southeast

Partnership Purchases 400-Unit ARIUM Sunrise Apartments in South Florida

by John Nelson March 6, 2025

SUNRISE, FLA. — A partnership between Denver-based BMC Investments, FCP and The RMR Group has purchased ARIUM Sunrise, a 400-unit apartment community located at 1501 N.W. 124th Terrace in the South Florida city of Sunrise. Robert Given and Zachary Sackley of CBRE represented the seller, a partnership between PCCP and RMR Group, in the transaction. The sales price was not disclosed. Charles Crapse and Denny St. Romain of CBRE arranged an undisclosed amount of acquisition financing for the buyers through Wells Fargo. Built in 1998, ARIUM Sunrise was 94 percent occupied at the time of sale and features a pool, clubhouse and a gym. The new ownership plans to renovate unit interiors.

March 6, 2025

Florida Loans Multifamily Southeast

Berkadia Arranges $65M Refinancing for Apartment Community in Fort Myers, Florida

by John Nelson March 6, 2025

FORT MYERS, FLA. — Berkadia has arranged a $65 million bridge loan for the refinancing of The Orchard at Portofino Vineyards, a newly built, 264-unit, garden-style multifamily property located at 9920 Portofino Vineyards Drive in Fort Myers. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia secured the loan through MF1 Capital on behalf of the owner, Prime Group. The Hollywood, Fla.-based borrower will use proceeds from the two-year, floating-rate loan to pay off a $49.5 million construction loan. Prime Group received its final temporary certificate of occupancy (TCO) for The Orchard at Portofino Vineyards in January. The property was 28 percent occupied at the time of financing.

March 6, 2025

Acquisitions Indiana Midwest Multifamily

CBRE Brokers $59.5M Sale of Apartment Property in Noblesville, Indiana

by Kristin Harlow March 6, 2025

NOBLESVILLE, IND. — CBRE has brokered the $59.5 million sale of Autum Breeze, a 280-unit apartment property in the Indianapolis suburb of Noblesville. Built in 2009, the community features a range of one-, two- and three-bedroom floor plans averaging 1,066 square feet. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Autumn Breeze is located at 14901 Beauty Berry Lane proximate to Hamilton Town Center, IU Health Saxony Hospital and Ascension St. Vincent Fishers Hospital and within walking distance of the Ruoff Home Mortgage Music Center. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, Lightstone Group. IRT was the buyer.

March 6, 2025

Acquisitions Midwest Multifamily Nebraska

Northmarq Arranges Sale of 566-Unit Multifamily Portfolio in Nebraska

by Kristin Harlow March 6, 2025

BELLEVUE AND LINCOLN, NEB. — Northmarq has arranged the sale of two multifamily properties in Nebraska totaling 566 units. The sales price was undisclosed. The portfolio includes The Vue in Bellevue and Lakeview Park in Lincoln. Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone of Northmarq represented the seller, a joint venture between Vantage Capital Advisors and Cherry Tree Capital Partners. The buyer was a private Canadian investment firm. Built in 2000, The Vue features 330 units. Lakeview Park is a garden-style community built in 1995 that includes 236 units. Both properties feature recently renovated clubhouses along with pools, fitness centers and package lockers.

March 6, 2025

Acquisitions Indiana Midwest Multifamily

GMF Group Acquires Three Manufactured Housing Communities in Indiana

by Kristin Harlow March 6, 2025

INDIANAPOLIS AND HUNTINGTON, IND. — GMF Group has acquired three manufactured housing communities in Indiana for an undisclosed price. The purchases include Brookfield Estates in Indianapolis, East Indy Estates in Indianapolis and Huntington Estates in Huntington. The communities feature a combined 301 lots and offer a range of amenities. Palm Beach, Fla.-based GMF’s portfolio includes approximately 4,300 lots and units across Florida, North Carolina and Indiana.

March 6, 2025

Affordable Housing Features Heartland Feature Archive Multifamily

How to Invest in Sustainable Affordable Housing Initiatives

by Kristin Harlow March 6, 2025

By Wilson Ding, Related Midwest The integration of sustainable features in affordable housing often comes with a perceived conflict: the expense of green technologies versus tight operating margins. However, innovative financing strategies and open dialogue with government agencies can bridge the gap, making sustainability more achievable for these projects. By their very nature, affordable housing developments tend to be very complex, often with a number of public and private stakeholders and a multifaceted capital stack. Securing additional resources for the implementation of sustainable technologies in both new and existing communities adds another layer of intricacy, contributing to the sector’s lag behind market-rate in this area. Yet while the installation of sustainable technologies may require a higher upfront investment of time and money, their ability to reduce ongoing expenses makes them a smart long-term strategy. Tax incentives, grants and other subsidies can also help make these projects feasible. Round Barn Manor My firm, Related Midwest, recently finished a $6.8 million renovation of Round Barn Manor, a 156-unit affordable seniors housing community in Champaign, Illinois. Completed in September 2024, the renovation was part of a broader $38.6 million recapitalization initiative carried out in collaboration with Related Affordable, our national affordable housing arm …

March 6, 2025

Loans Massachusetts Multifamily Northeast

MMCC Arranges $13.6M Loan for Refinancing of Metro Boston Apartment Complex

by Taylor Williams March 6, 2025

WAKEFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of Lofts at 27 Water Street, a 46-unit apartment complex located north of Boston in Wakefield. The complex spans two buildings and includes 13,000 square feet of commercial space. Robert Bhat of MMCC arranged the five-year, nonrecourse loan, which carried an interest rate of 5.86 percent and a 65 percent loan-to-value ratio, through an undisclosed agency lender. The borrower is Pasciuto Properties.

March 6, 2025

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $8.2M Sale of Crestview Apartments in West Haven, Connecticut

by Taylor Williams March 6, 2025

WEST HAVEN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.2 million sale of Crestview, a 63-unit apartment complex in West Haven, located in southern coastal Connecticut. According to Zillow.com, the property exclusively offers one-bedroom units, and residents also have access to a pool. Brad Balletto and Jeff Wright of NEPCG represented the Massachusetts-based seller and procured the Connecticut-based buyer, both of which requested anonymity, in the transaction.

March 6, 2025

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