KERRVILLE, TEXAS — Marcus & Millichap has brokered the sale of Park Hill, a 49-unit apartment building in Kerrville, about 65 miles northwest of San Antonio. Park Hill was built in 1977 and comprises 11 one-bedroom units and 38 two-bedroom units. Ben Kalter, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction.
NEW YORK CITY — New York City-based Skyline Developers has completed a 97-unit apartment building at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the 25-story building is known as 18W55 and features studio, one-, two- and three-bedroom floor plans, as well as 5,265 square feet of retail space. Amenities include a fitness and wellness center, coworking suite with private meeting rooms, a private cinema, golf simulator and entertainment suite and a social lounge. Construction began in mid-2023 and topped out in summer 2024. Leasing launched about nine months ago, and the building is now fully occupied.
STEAMBOAT SPRINGS, COLO. — Stockman Development, led by Marquee Development, has secured $482.5 million in financing from GoldenTree Asset Management to advance The Stockman, Auberge Collection, which recently broke ground at the base of Steamboat Resort in Steamboat Springs. The financing comes amid early residential demand for the project, with more than 25 percent of residences under contract since sales launched earlier this summer. The early sales includes four of the project’s rooftop Barn residences, including a $19 million residence. The Stockman, Auberge Collection will include 95 ski-in, ski-out private residences and a 59-key Auberge Collection hotel. Amenities will include culinary venues, slope-side après, a full-service Wellbeing by Auberge spa and pool, ski valet and year-round programming. Located at 1965 Ski Time Square Drive, the nine-story property will offer the only luxury branded ski-in, ski-out residences in Steamboat Springs. The hotel and residences are slated to open simultaneously in 2030. The Stockman development marks Marquee Development’s expansion into the mountain sector. The Chicago-based developer is known for creating mixed-use destinations anchored by sports and entertainment.
LAS VEGAS — A joint venture between Confluent Development and Ovation Group has sold MorningStar at The Canyons, a seniors housing community located in Las Vegas. Confluent and Ovation co-developed the property, which totals 168 units, with MorningStar Senior Living. Delivered in 2024, the community features independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. Amenities at MorningStar at The Canyons include multiple dining venues, a salon and spa, theater, fitness center and swimming pool, as well as walking paths, a central courtyard and outdoor dining areas. JLL Capital Markets brokered the sale on behalf of the joint venture. JLL also secured a five-year acquisition loan on behalf of the undisclosed buyer. MorningStar will remain as the operator and a joint venture partner.
NEW ALBANY, IND. — Highgates has sold High Park Apartments, a 96-unit multifamily community in New Albany near Louisville, for $9.5 million. Highgates acquired the property in July 2019 for $6.7 million utilizing a 10-year, fixed-rate Fredie Mac loan at a rate of 4.4 percent. During the hold period, the firm invested roughly $500,000 in capital improvements, including roofing, HVAC systems and unit interiors.
BERMUDA RUN, N.C. — Canvas Residential Partners and Kelley Properties plan to develop Wellstead at Kinderton Farms, a 141-unit build-to-rent project located in Bermuda Run, a town in Davie County roughly 13 miles west of Winston-Salem, N.C. Site work is expected to commence this month, with the first homes scheduled for delivery in spring 2028. Wellstead at Kinderton Farms will include 128 townhomes and 13 single-family detached homes. Townhomes will range up to 1,700 square feet in size and will offer two- to four-bedroom floorplans and two-car garages. Single-family homes will total up to 2,100 square feet in size and will feature four bedrooms and two-car garages. Amenities at the community will include a clubhouse and leasing center overlooking a lake, a dedicated wellness center, swimming pool, resident lounge, dog park and neighborhood sidewalks.
ANN ARBOR, MICH. — Oxford Cos. and Crawford Hoying have received final state approval from the Michigan Strategic Fund Board for Arbor South, a 20-acre mixed-use development planned for Ann Arbor’s south side. Located at 2845 S. State St. near Eisenhower Parkway, Arbor South will include more than 1,000 apartments and condominiums, including over 200 affordable housing units in partnership with the Ann Arbor Housing Commission. Plans also call for 100,000 square feet of ground-floor commercial space, an upscale hotel, parks, green spaces and gathering areas. Arbor South was approved via the largest brownfield tax recapture plan in city and county history, according to a release. It is moving forward under Ann Arbor’s new TC-1 zoning ordinance, designed to increase transit-corridor density outside downtown. The approval follows two years of planning, refinement and coordination with city officials, state leaders and project partners. Detroit-based Sachse Construction is the general contractor. The project team also includes Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineering firm Midwestern Consulting. Pre-construction work is expected to begin this winter.
SOMERSET, N.J. — CBRE has arranged the sale of a 384-unit apartment community located in the Central New Jersey community of Somerset. The Grove at Somerset was built on 41 acres in 2013. The property features studio, one-, two- and three-bedroom units, 58 of which are designated as affordable housing. Amenities include a pool with a sundeck, resident clubhouse with a lounge area, business center, fitness center, playground and a dog park. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg of CBRE represented the buyer, Los Angeles-based owner-operator TruAmerica, in the off-market transaction. The seller was Harbor Group International. The sales price was not disclosed.
HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $14.3 million sale of a portfolio of 23 multifamily properties totaling 167 units in Hartford. Known as the West End Hartford Portfolio, the buildings are situated within three blocks of one another in the state capital neighborhood of the same name. Information on floor plans and amenities was not disclosed. Taylor Perun and Brad Balletto of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
KEARNY, N.J. — Marcus & Millichap has brokered the $4 million sale of Helena Arms, a 17-unit apartment building in the Northern New Jersey community of Kearny. The three-story building was constructed in 1969 and houses two studios, six one-bedroom units and nine two-bedroom apartments. Devin Perez, Alan Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a private investor, in the off-market transaction, and procured the undisclosed buyer. Mark Litwack of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
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