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Multifamily

SLIB-Fort-Collins-Windsor-CO
AcquisitionsColoradoMultifamilySeniors HousingWestern

SLIB Brokers Sale of 445-Bed Skilled Nursing, Assisted Living Portfolio in Colorado

by Amy Works

FORT COLLINS AND WINDSOR, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing and assisted living portfolio in Colorado. Located in Fort Collins and Windsor, the portfolio totals 445 beds and 269,105 square feet across the buildings. A Chicago-based REIT acquired the portfolio from the local seller. A Utah-based operator will manage the properties on behalf of the new ownership. Vince Viverito, Jason Punzel, Ryan Saul and Jeff Binder of SLIB brokered the transaction on behalf of the seller. 

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the-residences-palm-court
Affordable HousingDevelopmentFloridaSoutheast

Miami-Dade County, Related Urban Break Ground on 316-Unit Mixed-Income Development

by Abby Cox

MIAMI — Miami-Dade County and Related Urban Development Group, the affordable and workforce housing arm of Related Group, have broken ground on The Residences Palm Court, a 316-unit mixed-income and intergenerational housing community in Miami. Home Investment Partnerships Program (HOME) will provide $3.5 million in funding for the redevelopment project. Completion is expected by the end of 2027. Of the total 316 apartments at The Residences Palm Court, 191 will be reserved for elderly residents, while the remaining units will be reserved for low-income and workforce residents. Community amenities will include a fitness center, coworking spaces, multipurpose room, computer lounge, walking paths, bike storage, on-floor laundry stations and a dog park. The property will also include the Jesse Trice Community Health Center onsite that will be available for resident use.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Merchants Capital Secures Debt, Equity Financing for 200-Unit Workforce Housing Project in Michigan

by Kristin Harlow

WYOMING, MICH. — Merchants Capital has secured $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a mixed-income workforce housing development in Wyoming near Grand Rapids. Magnus Capital Partners is the developer. Merchants Capital arranged a $30.6 million Freddie Mac 4 percent unfunded forward tax-exempt loan, $16.7 million in 4 percent LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank. Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to a trail system, pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The five-story development will include 162 units restricted for households earning between 40 and 80 percent of the area median income and 38 market-rate units. Phase 1 of HōM Flats at 28 West included 226 units and Phase 2 featured 160 units. Upon completion, Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom apartments and 8,894 square feet of ground-floor commercial space within four elevator-serviced buildings. A childcare center, Grō …

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prospect-highland-oaks
DevelopmentFloridaMultifamilySoutheast

Brook Farm Group, Carter to Develop 324-Unit Apartment Community in Tampa

by Abby Cox

TAMPA, FLA. — Atlanta-based development firms Brook Farm Group and Carter will co-develop Prospect Highland Oaks, a new 324-unit, garden-style apartment community located at 4502 N. Falkenburg Road in Tampa. The development will span four buildings and will include a detached clubhouse, resort-style saltwater swimming pool with lounge seating, coworking spaces, 24-hour fitness center, dog park and outdoor grilling and seating areas. The project team includes Mill Green Capital and Fundrise (equity partners), Ameris Bank (construction lender), general contractor Oxford Properties and project architect Preston Partnership. A timeline for construction was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Two Multifamily Sales in Metro Chicago Totaling $4.7M

by Kristin Harlow

CHICAGO AND PARK RIDGE, ILL. — Interra Realty has brokered the sales of two value-add multifamily properties in the northwest Chicago area for a combined $4.7 million. A two-building, 16-unit property at 1860-1900 N. Parkside Drive in Park Ridge that was built in 1966 sold for $2.8 million, and a 12-unit building at 8544-48 W. Gregory St. in Chicago’s O’Hare submarket that was constructed in 1972 sold for $1.9 million. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented both the confidential buyer and seller of the Park Ridge property. The trio also represented the undisclosed partnership seller of the Chicago asset, with Oleg Komarnytskyy of KOMAR Real Estate representing the private buyer. Both properties were fully occupied at the time of sale. The transaction of 8544-48 W. Gregory marks the first time the asset has traded hands since 1988, and the new ownership plans to renovate apartments as tenants turn over.

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403-West
LoansMultifamilyNorth CarolinaSoutheast

Northmarq Secures $55M Refinancing for 403 West Apartments in Raleigh for Blackfin

by Abby Cox

RALEIGH, N.C. — Northmarq has secured a $55 million bridge loan to refinance 403 West, a 438-unit, garden-style apartment community located in Raleigh. Northmarq arranged the three-year loan through Truist Bank on behalf of the borrower, Blackfin Real Estate Investors LLC. Built in 2002, 403 West features one- to four-bedroom floorplans ranging in size from 487 to 1,432 square feet, according to Apartments.com. Amenities at the property include a resident lounge, luxury café station, gas grill pavilion, 24-hour fitness center, bike storage, dog park with a shade pavilion, pickleball court, resort-style swimming pool and a playground.

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AcquisitionsMassachusettsMultifamilyNortheastWalker & Dunlop

Foxfield Sells 45-Unit Apartment Building in Beverly, Massachusetts

by Taylor Williams

BEVERLY, MASS. — Locally based investment firm Foxfield has sold 50 Broadway, a 45-unit apartment building in Beverly, located northeast of Boston. According to Apartments.com, the building exclusively offers studio apartments with an average size of 421 square feet, as well as outdoor grilling and dining stations and onsite laundry facilities. Kevin Gleason and Henry Smith of Walker & Dunlop brokered the sale. The buyer and sales price were not disclosed. Foxfield acquired the building in 2021 in partnership with Taymil Partners.

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Greenpoint-Central-Brooklyn
LoansMultifamilyNew YorkNortheastTop Stories

Walker & Dunlop Arranges $285M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $285 million loan for the refinancing of Greenpoint Central, a newly constructed, 473-unit multifamily property located in the Brooklyn neighborhood of the same name. TPG Real Estate Credit provided the loan to the borrower and developer, an affiliate of New York City-based Madison Realty Capital. Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley of Walker & Dunlop arranged the debt. Ownership will use proceeds to retire construction debt, support funding reserves and return equity to investors. Greenpoint Central is split between two buildings located at 75 Dupont St. (Phase I) and 65 Dupont St. (Phase II). The property offers studio, one- and two-bedroom apartments, 70 percent of which are rented at market rates and 30 percent of which are subject to income restrictions. Amenities include a fitness center, media lounge, game room, coworking space, golf simulator, children’s playroom, pickleball court and a rooftop deck with grilling and dining stations. The property also features 19,589 square feet of retail space on the ground and cellar floors. “The area’s evolving waterfront, cultural institutions and creative community continue to attract renters, creating sustained demand in the …

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 236-Unit Birchwood Apartments in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Birchwood Apartments, a 236-unit complex in Lubbock. Built in 1977, Birchwood Apartments offers one-, two- and three-bedroom floor plans with an average size of 713 square feet. Amenities include a pool, fitness center, clubhouse, business center, onsite laundry facilities, a dog park, playground and outdoor grilling stations. Yonnic Land of TMG represented the seller, Benefit Street Partners, in the transaction. Jon Krebbs of TMG procured the undisclosed, out-of-state buyer.

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Bella-Vista-Apartments-Ansonia-Connecticut
AcquisitionsConnecticutMultifamilyNortheast

Reliant RE Partners Buys 91-Unit Apartment Building in Ansonia, Connecticut

by Taylor Williams

ANSONIA, CONN. — Reliant RE Partners has purchased Bella Vista Apartments, a 91-unit multifamily building in Ansonia, located in New Haven County. The adaptive reuse building includes more than 8,000 square feet of commercial space and amenities such as a coffee lounge, business center and a gym. Victor Nolletti, Wes Klockner and Eric Pentore of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Bella Vista Ansonia LLC, in the transaction and procured Reliant as the buyer.

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