QUEEN CREEK, ARIZ. — Investcor has announced plans for Mojave Sage, a new luxury seniors housing community to be located in Queen Creek, roughly 40 miles southeast of Phoenix. Komo Architecture is designing the project, and KBE Building Corp. will serve as the general contractor. Construction is expected to be underway by June. Upon completion, Mojave Sage will total 117 assisted living and memory care units. Amenities at the community will include a full-service beauty salon, fitness and wellness center, movie room, gathering areas, private courtyards, outdoor spaces, gardening programs, a dog park and onsite store.
Multifamily
Dwight Capital Provides $130M HUD-Insured Refinancing for North Miami Apartment Community
by Abby Cox
NORTH MIAMI, FLA. — Dwight Capital has provided a $130 million HUD 223(f) loan for the refinancing of The Gardens Residences, a 358-unity luxury apartment building located in downtown North Miami. Keith Hoffman and Aaron Kirshtein of Dwight Capital originated the 35-year, fixed-rate loan on behalf of the borrowers, Sebastien Scemla, John Lago and Shawn Chemtov of Omega Real Estate Management Group. The loan proceeds will be used to retire an existing Dwight Mortgage Trust bridge loan, return equity to the borrower and provide a fully amortizing mortgage. This transaction marks the largest HUD loan ever closed in the state and the largest multifamily loan approved by HUD’s Southeast regional office, according to Dwight Capital. Completed in 2024, the nine-story apartment complex houses studio, one-, two- and three-bedroom units that are reserved for renters earning between 80 and 120 percent of the area median income (AMI). The Gardens Residences features a mix of amenities including a swimming pool and spa, fitness center, yoga lawn, pet spa, grilling area and lounges.
Berkadia Arranges Sale of 280-Unit Apartment Community in Virginia’s Hampton Roads Region
by Abby Cox
CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a newly delivered, 280-unit apartment community located in the Hampton Roads city of Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia represented the seller, Virginia Beach-based Venture Realty Group, in the transaction. Irvine, Calif.-based Passco Co. purchased the property for an undisclosed price. Arlington Properties will manage Allure at Edinburgh, which was delivered in two phases across 2024 and 2025 and consists of three four-story residential buildings. The community offers a mix of one-, two- and three-bedroom floorplans with an average unit size of 973 square feet. Amenities include a saltwater resort-style swimming pool with a sundeck and splash pad, a clubhouse with a cybercafé, multiple resident lounges, a fitness center with yoga and children’s activity rooms, as well as a golf simulator, arcade, video game lounge, screening and media rooms, makers space, photography room, massage and meditation rooms and private conference rooms. Additional amenities include outdoor lounge areas, grilling stations, courtyards, an outdoor gaming park, bike storage, a dog park and pet spa, community-wide Wi-Fi and electric vehicle charging stations.
PLAINFIELD, ILL. — JVM Realty Corp. has entered into a joint venture partnership with DRA Advisors to acquire Enclave at 127th, a 340-unit multifamily community in Plainfield. Built in 2013, the property offers a mix of studio, one-, two- and three-bedroom units. The partnership plans to complete apartment unit renovations and amenity enhancements. Enclave at 127th has been part of JVM’s portfolio since 2014, and partnering with DRA will enable the firm to enhance the resident experience through strategic capital improvement, says Jay Madary, president and CEO of JVM.
FALCON HEIGHTS, MINN. — Marcus & Millichap has brokered the $5.1 million sale of Falcon View Apartments, a 36-unit multifamily property in Falcon Heights near the University of Minnesota’s St. Paul campus. Built in 1968, the asset consists of two 18-unit buildings with a mix of floor plans totaling 36,768 rentable square feet. Michael Jacobs, Abe Roberts and Tommy Hartwell of Marcus & Millichap represented the seller, a local ownership group. The property sold to a 1031 exchange buyer.
SAN MARCOS, TEXAS — Charleston, S.C.-based Woodfield Development has begun leasing Strait & Nelson, a 360-unit apartment community in San Marcos, located roughly midway between Austin and San Antonio. Strait & Nelson offers one-, two-, and three-bedroom units that range in size from 719 to 1,387 square feet. Residences feature stainless steel appliances, quartz countertops and wood-style vinyl flooring. Amenities include a pool, clubroom with an entertainment kitchen, fitness center with dedicated yoga space, coworking lounge with private offices and conference rooms, pickleball and sand volleyball courts, a gaming lounge, private dining room and two dog parks. Dwell Design Studio was the project architect, and ChalkLine General Contractors handled construction. Rents start at roughly $1,300 per month for a one-bedroom apartment.
Walker & Dunlop Arranges $68.2M Refinancing for Multifamily Property in Arapahoe County, Colorado
by Amy Works
ARAPAHOE COUNTY, COLO. — Walker & Dunlop has secured a $68.2 million loan for the refinancing of Madison at Copperleaf, a 330-unit multifamily community in unincorporated Arapahoe County. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, Michael Ianno, Christopher de Raet and Jason Schwartzberg of Walker & Dunlop Capital Markets Institutional Advisory, along with Justin Nelson and P.J. Feichtmeier of Walker & Dunlop Capital Markets Real Estate Finance, arranged the three-year, floating-rate bridge loan for the borrowers, BMC Investments and Rockpoint. Prime Finance provided the loan. Located at 22500 E. Radcliff Circle, Madison at Copperleaf features one-, two- and three-bedroom layouts. Community amenities include a clubhouse with coworking spaces, a resort-style pool and spa, fitness and yoga studios, a sauna, children’s playroom, dog park and pet spa, EV charging and outdoor gathering areas.
CHICAGO — Moyer Properties has begun pre-leasing efforts for The Maven, an 84-unit luxury apartment community at 537 W. Drummond Place in the heart of Chicago’s Lincoln Park neighborhood. Cross Street, the leasing and marketing firm for the property, is conducting guided hard-hat tours. Move-ins will begin June 15. The seven-story building offers a variety of residences ranging from 415 to 1,047 square feet, with monthly rents starting at $2,395. Amenities include a fitness center, coworking lounge, rooftop terrace, pet spa, package room and bicycle storage. ParkFowler Plus designed The Maven, and Summit Design + Build served as the general contractor.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the $5.1 million sale of Auburn Manor Apartments, a 108-unit workforce housing property in Rockford. The HAP Section 8 community totals 104,956 square feet. Reid Bennett, Cody Doran and Dan Short of SVN represented the seller. The transaction marks the final disposition within the seller’s portfolio, as the firm shifts its focus toward third-party management assignments.
RICHARDSON, TEXAS — A joint venture between High Street Residential, a subsidiary of Trammell Crow Co., and Tokyu Land Corp. has broken ground on a 281-unit multifamily project in the northeastern Dallas suburb of Richardson. The site is located at 110 E. Polk St. in the downtown area, and the complex will feature studio, one- and two-bedroom units that will range in size from 590 to 1,340 square feet. Amenities will include a pool, clubroom, coworking areas, grilling stations, a fitness center, dog wash station and a package room. WDG Architects designed the project, and Andres Construction is serving as the general contractor. Completion is slated for the fourth quarter of 2027.