AUSTIN, TEXAS — Pennsylvania-based private equity firm PPR Capital Management has completed The Residences at Rubi, a 101-unit mixed-income housing project in East Austin. The development is valued at $21.7 million. The unit mix will be split evenly between market-rate and affordable units, with the latter component carrying income restrictions between 30 to 70 percent of the area median income. IE2 Construction served as the general contractor for the project, and Avita Property Management is handling lease-up and property management duties.
BOSTON — M&T Realty Capital Corp. has provided $44.8 million in financing for 247 Hancock, a 47-unit mixed-income housing project that will be located in the Dorchester area of Boston. The six-story building will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness studio, tenant lounge and rooftop deck. The financing includes a $6.3 million Freddie Mac unfunded forward commitment under the 9 percent Low-Income Housing Tax Credit program, a $19.2 million construction loan and a $19.3 million tax credit equity investment, with the latter two components being executed by M&T Bank. Construction is slated for an early 2027 completion.
NORTH MIAMI, FLA. — Madison Capital Group has arranged preferred equity financing for Urbania NoMi 125th, an $84 million luxury multifamily development in North Miami. The equity source was not released. The developers of the 12-story, 195-unit community include Continua Development and Oldtown Capital Partners. Construction is underway and the development is expected to come on line in 2026. Amenities at Urbania NoMi 125th will include a pool, fitness center, media lounge, outdoor gathering spaces and ground-level retail space.
JOHNS ISLAND, S.C. — Pinckney Partners and Coldwell Banker Commercial Atlantic have unveiled plans for South Island Market, a 34-acre mixed-use project under development on Johns Island, about 13 miles south of Charleston. The project will span 82,000 square feet across eight buildings, which will be designated for retailers, restaurants, service-based tenants and office space. The development will also include 79 luxury townhomes built by Fort Washington, Pa.-based Toll Brothers, along with 16 acres of open space. Buddy Darby and Charles Darby of Pinckney Partners are the lead developers of South Island Market. Hannah Kamba and Tim Rowley of Coldwell Banker are the development’s listing agents.
SOUTH ELGIN, ILL. — Lee & Associates of Illinois has negotiated the $6.5 million sale of 84.4 acres of residential land at 325 Umbdenstock Road in South Elgin. John Cassidy, Jay Farnam and Ken Franzese of Lee & Associates represented the seller, Spohr Family Trust. The buyer, Lennar/CalAtlantic Group LLC, was self-represented. The site was previously marketed for an industrial use for more than a decade, according to Farnam. Lee & Associates secured a residential home builder to purchase the site and worked with the village on a land entitlement and approval process.
DALLAS — Fort Worth-based owner-operator Crescent Real Estate has completed 2811 Maple in Uptown Dallas. The 31-story apartment tower houses 177 units in one-, two- and three-bedroom floor plans that range in size from 950 to 1,900 square feet, as well as 12 penthouses with an average size of 2,300 square feet. Residences are furnished with Bosch appliance packages, designer Italian cabinetry and quartz countertops. Amenities include a pool, fitness center, private library with a coffee bar, outdoor dining areas, study spaces and a dog park. Rents start at $4,000 per month for a one-bedroom apartment.
FRISCO, TEXAS — CAP Multifamily has completed an 18-unit project in Frisco’s historic Rail District. Known as Beacon Rail District, the property offers one- and two-bedroom units, the former of which have an average size of about 745 square feet. Amenities include a coworking space, fitness center and a hotel-style lounge. Rents start at $1,980 per month for a one-bedroom apartment.
POHATCONG, N.J. — Locally based developer Larken Associates has completed the lease-up of Monte View at Pohatcong, a 120-unit apartment complex located near the Pennsylvania-New Jersey border near Easton. The garden-style property consists of three multi-story buildings and one four-story building with a ground-floor clubhouse. Units come in one- and two-bedroom floor plans. Amenities include a pool, fitness center, game room, coworking space, grilling stations and a dog run. Construction began in November 2023. Leasing commenced last fall, at which time rents started at roughly $2,000 per month for a one-bedroom apartment.
CHARLOTTE, N.C. — Alliance Residential has opened Broadstone West End, a 332-unit apartment community located at 2220 Wilkinson Blvd. in Charlotte’s FreeMoreWest neighborhood. The property includes studio, one and two-bedroom floorplans, with monthly rental rates starting at $1,359. Amenities include a saltwater pool, fitness center, outdoor grilling station with a Big Green Egg and pizza oven, two firepits with lounge seating and a resident clubroom. Other amenities include a speakeasy-inspired poker room that is hidden behind a cabinet door entrance, as well as indoor bike storage, a fenced dog park, EV charging stations, smart package lockers, package room with cold storage and gated parking. The design-build team includes McAdams Co. (civil engineer), Cline Design (architect) and MAD Studio Interiors (interior designer). Attractions within a mile of Broadstone West End include Legion Brewing and Pinky’s Westside Grill.
LOS ALTOS, CALIF. — EAH Housing and the County of Santa Clara have broken ground on Distel Circle, an affordable housing rental community in Los Altos. Located at 330 Distel Circle, the property will offer 90 affordable residences for individuals and families earning between 30 percent to 80 percent of the area median income. Several units will be designated as permanent supportive housing to help address homelessness and housing instability in the region. Designed by KTGY Architects, Distel Circle will offer studio, one-, two- and three-bedroom apartments, a community room, an outdoor courtyard and dedicated on-site services. Construction is underway with completion slated for January 2027. The project’s primary funding source is Low Income Housing Tax Credit and State Credit equity. The County of Santa Clara contributed $25 million toward the development, of which $15.9 million came from the $950 million Measure A Affordable Housing Bond, which was approved by county voters in 2016, with the balance provided through the county’s No Place Like Home and HOME Investment Partnerships Program funds.