ROWLAND HEIGHTS, CALIF. — Advanced Real Estate has purchased Casa La Paz, a 126-unit multifamily property located in Rowland Heights, an unincorporated community in the San Gabriel Valley within Los Angeles County. The company acquired the property via its Advanced Fund 24-3, a 721 tax-deferred “exchange and contribution” structure. Through this process, the former ownership group contributed the property into the fund in exchange for partnership interests in Advanced Fund 24-3. Additional terms of the transaction were not released. Advanced Real Estate plans to execute a comprehensive value-add renovation to the community, which will be rebranded as The Rowland. Advanced’s affiliated construction company, R3 Construction Services, will administer the renovations. Property management will be handled in-house by Advanced Management Co.
LUBBOCK, TEXAS — New York City-based Dwight Capital has provided a $27 million HUD-insured loan for a 104-unit multifamily project in the West Texas city of Lubbock. The 10-building project represents Phase II of a larger development known as La Ventana at Canyon West. The unit mix will comprise 54 one-bedroom residences, 46 two-bedroom apartments and four three-bedroom units, all of which will have private balconies/patios. Brandon Baksh and Tommy Ng of Dwight originated the loan through HUD’s 241(a) program on behalf of the borrower, Martin Inderman Development.
BAYTOWN, TEXAS — Eastern Union has arranged a $5.5 million equity investment in Raintree Apartments, a 248-unit multifamily property located in the eastern Houston suburb of Baytown. The property was built on 12 acres in 1985 and offers one-, two- and three-bedroom units with an average size of 819 square feet. Jonah Pinchot of Eastern Union secured the investment on behalf of the owner, Virginia-based Cohen Investment Group. The new equity partner was not disclosed.
NEW YORK CITY — Avison Young has arranged a $404 million Freddie Mac permanent loan for The Archive, a 479-unit historic apartment building located at 666 Greenwich St. in Manhattan’s West Village submarket. PNC Bank provided the loan to the borrower, an affiliate of Rockrose Development, and will also act as the loan servicer. The 11-story building occupies a full city block and offers amenities such as a zen room, rooftop terrace and a children’s playroom. Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry led the transaction for Avison Young.
Washington Trust Provides $47.6M in Financing for Worcester Office-to-Residential Conversion Project
WORCESTER, MASS. — Washington Trust Co. has provided $47.6 million in financing for an office-to-residential conversion project in Worcester. The project will convert the former Fallon Community Health Plan headquarters at 10 Chestnut St. into a 198-unit, market-rate apartment complex. Units will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center and a rooftop deck. Construction began last year and is expected to be complete this fall. MassDevelopment also provided $3.6 million in financing for the project.
BATON ROUGE, LA. — Atlanta-based multifamily investment firm Audubon is redeveloping Fairway View Apartments, a 446-unit complex in the Westdale Heights neighborhood of Baton Rouge. The complex, which Audubon is rebranding as Palmer Club Apartments, is undergoing renovations, including the addition of a fitness center and a centralized mail handling system. Each apartment will receive approximately $8,000 to $10,000 in capital improvements. Palmer Club offers one-, two- and three-bedroom units with rents ranging from $775 to $1,400.
Jefferson Apartment Group Begins Leasing 350-Unit Property in Charlotte’s Optimist Park Neighborhood
CHARLOTTE, N.C. — Regional multifamily developer Jefferson Apartment Group (JAG) has begun leasing J Optimist Park, a six-story, 350-unit apartment building located outside of downtown Charlotte in the city’s Optimist Park neighborhood. The building offers one- and two-bedroom units that range in size from 523 and 1,197 square feet. Monthly rental rates at J Optimist Park range from $1,280 to $2,230, according to Apartments.com. Amenities include a pool, outdoor yoga lawn, bike storage and 467 resident parking spaces. United Bank provided construction financing for the project.
Affordable HousingConference CoverageFeaturesMultifamilyMultifamily & Affordable Housing Feature ArchiveSoutheast Feature Archive
InterFace Panel: Architects Share Solutions to Affordable Housing Delivery Gaps
Affordable housing developers are under pressure to deliver more units at a time when financing, approvals, construction pricing and long development timelines can easily slow projects down. At InterFace Affordable Housing Southeast, architects and construction leaders emphasized the importance of early collaboration among developers, designers, lenders and public-sector partners. They also explored how modular construction, mass timber, light-gauge steel framing and energy-efficient strategies are being used to control costs, shorten schedules and improve long-term operations. The panelists agreed that design decisions in affordable housing are increasingly tied to insurance costs, maintenance expenses and resident quality of life. The panel’s central message: affordable housing must pencil out financially, but it also must be built to best support all aspects of the communities it serves. Read the full story here.
RIVERSIDE, CALIF. — A joint venture between PCCP Multifamily and Alliance Residential Co. has purchased The Hawthorne, an apartment property located at 9170 Indiana Ave. in Riverside, for $65.3 million. Details of the transaction were not released. Situated on 6.7 acres, The Hawthorne consists of 16 two- and three-story residential buildings and a single-story amenities building. Delivered in 2023, the property features 184 one-, two- and three-bedroom floor plans, averaging 873 square feet. Units offer quartz countertops, kitchen islands, stainless steel appliances with gas ranges, in-unit washers/dryers, vinyl plank flooring and private patios or balconies. Community amenities include a pool and spa with cabanas, multiple landscaped courtyards with barbecues and fire pits, a clubhouse with entertainment areas and a fitness center. Additionally, the property features 330 parking spaces, including 183 private garages.
ARLINGTON, TEXAS — StreetLights Residential has begun leasing The Linden Townhomes, a 68-unit complex in Arlington. The property is located within the 2,000-acre Viridian master-planned development, and units come in two-bedroom formats and offer private yards and two-car garages. Amenities include a central pool and green space, as well as a library, coworking space and a clubhouse with a game room and event kitchen. Rents start at $3,475 per month.
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