ROCHESTER, MINN. — Inland National Development Co. LLC, a member company of The Inland Real Estate Group of Cos. Inc., and Reuter Walton Development LLC will co-develop Citywalk Apartments, a 342-unit multifamily community in downtown Rochester directly across from Mayo Clinic’s campus. Construction is expected to begin this month, with completion anticipated in 2028. The project will include a mix of apartments and 90 short-term, fully furnished units designed to support the evolving needs of Rochester’s healthcare and business community. Plans call for more than 250 climate-controlled underground parking spaces complete with electric vehicle charging stations. Residents will have access to a clubroom, fitness center, indoor-outdoor rooftop sky terrace, pool, coworking and conference room, golf simulator and game lounge.
CHICAGO — Kiser Group has arranged the $5.7 million sale of a 43-unit apartment building located at 5123-31 S. University Ave. in Chicago’s Hyde Park neighborhood. Lee Kiser brokered the transaction. The Norm Levin Trust sold the property to Florin Pavel. Situated a few blocks from the University of Chicago, the asset was 97.7 percent occupied at the time of sale. The buyer completed a 1031 exchange and plans to renovate and reposition the asset to better serve student housing demand. The same family had owned the property since 1962.
WESTLAKE VILLAGE, CALIF. — LTC Properties has acquired two seniors housing communities in Colorado and New Mexico from Harbert Management Corp. for a combined purchase price of $73 million. Offering both assisted living and memory care, the properties are the 69-unit MorningStar of Albuquerque and the 64-unit MorningStar of Wheat Ridge in Denver. MorningStar Senior Living will continue to manage the properties on behalf of the new ownership. Berkadia brokered the sale of the properties. LTC will own the communities as a senior housing operating portfolio (SHOP) properties. Since launching its SHOP platform in May 2025, the portfolio has grown to 36 properties, representing 34 percent of the REIT’s total gross real estate investments.
LOS ANGELES — Winstar Properties has purchased The Flat, a 205-unit apartment complex located in the City West neighborhood of Los Angeles. Terms of the transaction were not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the transaction. Built in 1968, The Flat features 205 apartments. The property features a controlled-access entry system, modernized resident lounge, upgraded laundry rooms, new windows and a package receiving systems. Renovated apartments include built-in kitchenettes with modern fixtures, new cabinetry, quartz countertops and new refrigerators. Additionally, six of the renovated studio units are furnished.
HUMBLE AND ROWLETT, TEXAS — Cushman & Wakefield has arranged $95.7 million in financing for a portfolio of two affordable housing properties totaling 626 units. Grove East is a 324-unit, garden-style property located in the northern Houston suburb of Humble, and Rowlett Station is a 302-unit midrise building located northeast of Dallas. Both properties were built in 2021 and are subject to Housing Finance Corp. (HFC) income restrictions. The financing consists of $76.2 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan funded by CCL Capital. Chase Johnson and Caleb Riebe led the Cushman & Wakefield team that arranged the debt on behalf of the owner, Salt Lake City-based investment firm Sundance Bay.
JACKSONVILLE BEACH, FLA. — JLL has arranged a $76.8 million construction loan for a 415-unit multifamily development in Jacksonville Beach. Mark West led the JLL team in arranging the four-year, floating-rate loan through Ameris Bank on behalf of the borrower, Trevato Development Group. Located along Beach Boulevard, the community will feature a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size, as well as 1,800 square feet of retail space. Amenities will include multiple courtyards, a pool complex with cabanas and a sun shelf, fitness centers, coworking spaces, outdoor summer kitchens, bocce ball courts, hammock islands and a dog park with a washing station. Trevato broke ground on the property on July 1 and plans to deliver the first units by fourth-quarter 2028.
ATHENS, GA. — CCI Real Estate has begun construction on 290 Lumpkin, a 353-bed student housing development located near the University of Georgia campus in Athens. The community is being developed in partnership with the Georgia Baptist Mission Board and will include ministry space for Baptist Collegiate Ministries. The development team for the project, which is scheduled for completion in summer 2027, includes New South Construction. The eight-story community will offer 243 fully furnished units in studio, one- and two-bedroom configurations. The property will also feature a Three Tree Coffee location on the ground floor and a 356-space parking deck. Shared amenities are set to include a fitness and wellness center; landscaped courtyards; study and lounge spaces; a rooftop deck with a living garden and pool; pickleball and basketball courts; and grilling stations. Preleasing for the property will begin this fall.
NORTHBROOK, ILL. — Nonprofit developer Housing Opportunity Development Corp. (HODC) has opened Poupard Place, a permanent supportive housing community in Northbrook. The 48-unit, four-story community at 1593 Shermer Road provides affordable housing for individuals and families living with disabilities. The development was made possible through a collaborative partnership among HODC, Illinois Housing Development Authority, Cook County, National Equity Fund, Federal Home Loan Bank of Chicago, Village Bank & Trust and many other public and private partners. The Village of Northbrook unanimously approved the project and donated the land. The project team included architect Cordogan, Clark & Associates and general contractor Skender.
CHICAGO — Greenstone Partners has negotiated the $4 million sale of a fully leased property located along Restaurant Row in Chicago’s Fulton Market neighborhood. Located at 1012 W. Randolph St., the four-story asset totals 6,500 square feet and includes a ground-floor retail space leased to Rōti Modern Mediterranean and three loft-style apartments. At the time of sale, the property was fully occupied. Danny Spitz, Tom Galvin and Brewster Hague of Greenstone represented the seller. The buyer was Los Angeles-based Foundational Real Estate.
OCEANSIDE, CALIF. — CBRE has brokered the $77.5 million sale of Sunterra, an apartment community located just north of Carlsbad in Southern California. An undisclosed buyer acquired the asset from 29th Street Capital. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the seller, while James Flinn and Justin Fitchett of CBRE Debt and Structured Finance provided debt and finance support for the transaction. Situated on 14.2 acres, Sunterra features 240 two-bedroom apartments with detached garages. Community amenities include a resort-style pool, fitness center, landscaped courtyards and outdoor gathering spaces. Approximately 70 percent of the units have been renovated. The property was built in 1975 and is located at 3851 Sherbourne Drive.