BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.
WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to discuss sensitive information and pricing strategies; and participating in “user groups” hosted by RealPage, where landlords would allegedly discuss how to modify the software’s pricing methodology as well as their own pricing strategies. The DOJ’s co-plaintiffs are the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington. The six landlords included in the amended complaint are Greystar Real Estate Partners LLC; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland). Altogether, the six companies manage approximately 1.3 million apartment units across 43 states and Washington, D.C., …
SCOTCH PLAINS, N.J. — Locally based REDCOM Design & Construction has broken ground on Front Street Housing, a 42-unit affordable housing project in Scotch Plains, about 20 miles west of New York City. K&M Facility Management is developing the three-story building. Information on specific income restrictions, floor plans and amenities was not disclosed. Completion is slated for summer 2026.
BRAHAM AND SANDSTONE, MINN. — JLL Capital Markets has brokered the sale of a two-property affordable housing portfolio totaling 84 units in rural Minnesota for an undisclosed price. Braham Meadows in Braham was built between 1978 and 1980. There are 42 units averaging 1,024 square feet each. Sandy Pines in Sandstone was built in 1979. There are 42 units across 47,400 square feet of rentable space. Both properties operate under project-based Housing Assistance Payments contracts and maintain 88 percent occupancy rates. JLL represented the seller, Gaughan Cos. The sales were part of a larger affordable housing portfolio consisting of five assets with 256 units. The locally based buyer specializes in acquisition rehabs to maintain long-term viability of apartment communities.
LEWISVILLE, TEXAS — Locally based developer Palladium USA has broken ground on a $30 million mixed-income multifamily project in the northern Dallas suburb of Lewisville. Palladium Lewisville will total 90 units in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first units are expected to be available for occupancy before the end of the year. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project.
MANOR, TEXAS — Associated Bank has provided a $60.4 million construction loan for Emblem at Tower, a 324-unit affordable housing project that will be located at 12100 Tower Road in Manor, about 15 miles northeast of Austin. Great Southern Bank joined Associated Bank in the construction loan syndication. Emblem at Tower will consist of 11 three-story buildings that will house a mix of two-, three- and four-bedroom units. The 4-percent LIHTC project will be available to households earning less than 60 percent of the area median income. Residents will have access to a clubhouse with fitness center, pool and outdoor amenity space, as well as a free 15-hour per week tutoring service. Construction is slated to be complete in early 2027. Dominium is the borrower and developer.
BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.
SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.
DUBUQUE, IOWA — The Annex Group has unveiled plans to build Union at the Marina, a $55.1 million affordable housing community in Dubuque. The 201-unit property will be designated for households whose income level is at or below 70 percent of the area median income. Union at the Marina will feature two four-story buildings with one-, two- and three-bedroom units. Amenities will include a playground, community center, fitness center, picnic area and dog walking area. Completion is slated for fall 2026. Project partners include ASK Studio; Axiom Consultants; Impact Housing Indiana Corp.; the City of Dubuque, which provided acquisition grants, tax-increment financing and lift station upgrades; WNC, which provided around $21 million in total equity; and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing.
ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.