ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 one- and two-bedroom units with vinyl and tile flooring, ceiling fans and private patios or balconies. The gated property features courtyards, a swimming pool, two onsite laundry facilities and garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of Marcus & Millichap represented the seller, while Christian Tait of Marcus & Millichap procured the buyer in the deal.
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Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily
Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …
DALLAS — Northmarq has provided a $129.7 million Fannie Mae loan for the refinancing of The Victor, a 39-story apartment tower in the Victory Park area of Dallas. Completed in 2022, The Victor features studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and floor-to-ceiling windows, as well as built-in desks in select residences. Amenities include a pool, fitness center, game lounge, skyline terrace and a dog park. The Victor also houses 9,500 square feet of retail space. Kevin McCarthy, Jeff Frankel and Alex Czachor of Northmarq originated the financing, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, a joint venture between Houston-based Hines and Chicago-based Diversified Real Estate Capital.
RALEIGH, N.C. — Turnbridge Equities plans to break ground on Highline Glenwood, a $200 million apartment high-rise development located at the site of the former Pine State Creamery in downtown Raleigh. The 37-story tower will house 306 luxury studio, one-, two- and three-bedroom apartments, as well as an indoor/outdoor sky lounge on the 37th level and an outdoor amenity terrace on the ninth floor that will include a pool, padel court, lawn, grills and lounge areas. Other amenities include a demonstration kitchen, coworking suite with conference and videoconference rooms, golf simulator, fitness center and a wellness suite with a cold plunge and sauna. Highline Glenwood will also include 7,500 square feet of ground-level retail space and 50,000 square feet of adaptive reuse commercial space in the historic Pine State Creamery building, which will be preserved and house the 300-person hub offices of BuildOps. The site includes developable land for another 300 apartments or 300,000 square feet of commercial space. Capital sources for the Highline Glenwood development include equity from Turnbridge and $147 million in debt from Axos Bank and accounts managed by Manulife Investment Management Real Estate. Sitework is underway, with project delivery expected in mid-2028. The design-build team includes …
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. will develop the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is set to begin before the end of the summer and to be complete in 2027.
NEW BRITAIN, CONN. — Regional developer WinnCos. has completed The Ellis Block, an $85 million affordable housing redevelopment in New Britain, located just outside of Hartford. The project converted four buildings within the vacant, 115-year-old former manufacturing facility of household appliances company Landers, Frary & Clark into a 154-unit apartment complex. The property now features 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments that are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a fitness room, community room, game room, flexible workspaces and outdoor seating areas. Hartford-based JCJ Architecture designed the project, and Massachusetts-based Keith Construction served as the general contractor. The Connecticut Housing Finance Authority provided tax credits and tax-exempt bonds as part of the project’s financing, which also included a construction loan from Bank of America. Bank of America also served as the tax credit investor.
NUTLEY, N.J. — JLL has arranged a $29.5 million construction loan for Soho Park Residences, an 85-unit, age-restricted multifamily project in the Northern New Jersey community of Nutley. Units will come in one- and two-bedroom floor plans with an average size of 1,110 square feet. Amenities will include a fitness and wellness center, library, sun deck with a pool, outdoor grilling stations and a resident clubroom. Thomas Didio Jr., Gerard Quinn, Michael Mataras and Michael Donohoe of JLL arranged the 2.5-year, floating-rate loan through Kearny Bank on behalf of the borrower, Rock Solid Builders Inc. Construction is expected to be complete in early to mid-2027.
SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom unit in Surprise are about $2,054. Amenities will include a leasing center, playgrounds, private backyards and a community pool. Development partners include Western Alliance Bank, Old National Bank, Freddie Mac, PNC Bank, Colliers Securities, Arizona Department of Housing, Arizona Industrial Development Authority, Polaris Capital, Winthrop & Weinstine, Langston Hughes, Todd & Associates, Atwell Engineering, TLS Land Services, Commercial Partners Title, Kutak Rock and U.S. Bank. WD Construction is the general contractor. A project timeline was not disclosed.
LEWISVILLE, TEXAS — A partnership between Texas-based investment firm SPI Advisory and Maryland-based FCP has acquired Crest Manor Apartments, a 600-unit multifamily community in Lewisville, located about 25 miles north of Dallas. Crest Manor was developed in two phases between 2010 and 2016. Units come in one-, two- and three-bedroom floor plans. Amenities include two pools, a clubhouse, fitness center, tennis courts and walking trails. The joint venture plans to upgrade amenities and some unit interiors. The seller and sales price were not disclosed.
NEW YORK CITY — Affinius Capital has funded a $340 million loan for the refinancing of 313 Bond, a 603-unit apartment community that is under construction in the Gowanus area of Brooklyn. The borrower, locally based developer Sky Equity Group, will use the proceeds to retire existing debt, complete construction of the two-building development and lease the property to stabilization. Upon completion, 313 Bond will feature 149 studios, 313 one-bedroom units and 141 two-bedroom apartments, as well as 51,600 square feet of retail space. Amenities will include fitness centers, three rooftop terraces, a library, game lounge, coworking spaces and package lockers. Henry Bodek of Galaxy Capital arranged the loan.