RICHARDSON, TEXAS — Hunt Development Group has begun leasing Caroline Eastside, a 384-unit apartment community located in the northeastern Dallas suburb of Richardson. Caroline Eastside features studio, one-, two- and three-bedroom apartments with an average size of 812 square feet. Amenities include a two-level fitness center with a yoga room; resort-style pool with an indoor pool house; a game lawn; coworking spaces; a dog park with washing facilities; a rooftop deck with a coffee bar; and access to walking trails and open green spaces. Rents start at approximately $1,500 per month for a studio apartment.
Multifamily
DALLAS — Nuveen Green Capital and Lone Star PACE have provided $9 million in C-PACE financing for Cityscape Star Apartments, a 116-unit multifamily complex in the Cedars neighborhood of Dallas. The newly constructed building offers one- and two-bedroom units and amenities such as a fitness center, business center, dog run and a rooftop lounge. The name of the borrower was not disclosed. C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings.
BURIEN, WASH. — Pillar Properties has completed the recapitalization of The Maverick, an apartment community in Burien, by bringing in Stockbridge Capital Group as a joint venture equity partner. Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper of CBRE represented Pillar Properties in the transaction. Located at 15045 5th Ave. SW, The Maverick offers 229 studio, one- and two-bedroom units. Built in 2017, the property includes a movie theater; two-story, 24-hour fitness center; a yoga center; and a resident club lounge.
MILWAUKIE, ORE. — CBRE has arranged the sale of Axletree Apartments, a multifamily complex located at 11125 SE 21st Ave. in Milwaukie. A private seller sold the asset to an undisclosed buyer for $28 million. Built in 2019, Axletree Apartments features 110 studio, one- and two-bedroom units with in-unit washers/dryers and stainless steel appliances. Josh McDonald and Joe Nydahl of CBRE represented the seller in the deal.
EAST GREENWICH, R.I. — A partnership between Pennrose, Cove Homes Inc. and the East Greenwich Housing Authority has completed Soria Apartments, a 63-unit mixed-income multifamily project located south of Providence. The four-story building houses one- and two-bedroom units that are reserved for renters earning between 30 and 120 percent of the area median income. Amenities include a fitness center, resident lounge, storage lockers and outdoor picnic areas. Residents also have access to a range of social services.
By Nellie Day Today’s multifamily investment market can feel like a three-ring circus thanks to leveled-off rents, increased costs and more competition in many regions. Performers in this circus are often walking on a tightrope. On one side, there are repairs to be made and renovations that can lead to justified rent increases. On the other side, costs and reality must reign supreme. “Pre- and post-COVID markets have forced an evolution when it comes to investing in an asset,” says Sarah Connolly, vice president of operations at Capital Square Living in Glen Allen, Virginia. “Owners now have to ask themselves, ‘What is actually going to bring a return, and what should be incorporated into programming due to muted rent growth?’” It’s a challenging landscape, to be sure. National rent growth has slowed down significantly, with year-over-year increases hovering around 1 percent as of late 2024, according to the fourth-quarter multifamily report from Apartments.com. This is a stark contrast to the double-digit surges posted in 2021 and 2022. At the same time, construction costs have escalated, with Crescent Insurance Advisers noting that the average cost of building a multifamily property is about $398 per square foot. For context, the national average …
— By Will Moss of MMG Real Estate Advisors — After a turbulent stretch marked by oversupply and softening rents, Salt Lake City’s multifamily market is showing signs of stabilization in early 2025. Demand is returning, rent declines are easing and investor confidence is on the rise, all pointing to a market that may have found its footing. “We’re not calling a full recovery just yet,” says Will Moss, sales agent at MMG Real Estate. “But what we’re seeing is a return to fundamentals, steady demand, measured construction and buyers who are ready to transact again.” In first-quarter 2025, net absorption reached 1,044 units, outpacing the 894 units delivered and marking the first time in over a year that demand exceeded new supply. Over the past 12 months, approximately 4,500 units were absorbed, well above the metro’s historical average. Demand Rebounds, But Challenges Linger Salt Lake City mirrors national trends where improved economic confidence and easing inflation have begun to unlock pent-up housing demand. Notably, demand has been strongest among mid-tier renters, though even luxury properties, despite being the main source of new supply, posted a 1.8 percent rent increase year-over-year. Still, rents overall declined 0.3 percent annually, continuing a …
ARLINGTON, TEXAS — Dallas-based StreetLights Residential has broken ground on Phase III of Viridian, a multifamily project in Arlington that will add 410 units to the local supply. Apartments will feature studio, one- and two-bedroom floor plans, and this phase will also include 68 townhomes. The amenity package will comprise a central pool courtyard; fitness center with outdoor exercise space; a coworking lounge with private work suites; an outdoor event space with grilling and dining stations; and a clubhouse with a billiards room and card lounge. StreetLights Creative Studio is the architect of record for the project, and SLR Construction LLC is the general contractor. Both companies are affiliates of the owner. A tentative completion date was not announced. StreetLights completed The Louise, a 343-unit development that marked Phase II of Viridian, in late 2022. Phase I, a 340-unit community known as The Jackson, opened in early 2021.
KATY, TEXAS — JLL has provided an undisclosed amount of Freddie Mac financing for The Reserve on Kingsland, a 382-unit apartment community in the western Houston suburb of Katy. Built in 2020 and formerly known as Lenox Reserve, the property features 11 three-story buildings with one-, two- and three-bedroom units that have an average size of 882 square feet. Amenities include pools, a fitness center, package lockers, a dog park, business center, demonstration kitchen and a game room. Andy Scott, Michael Cosby, Bo Beidleman, Blake Morrison and Aaron Craig of JLL originated the seven-year, fixed-rate loan on behalf of the owner, Price Realty Corp.
DALLAS — Marcus & Millichap has brokered the sale of Hart House, a 94-unit apartment complex in West Dallas. Built in the early 1960s, Hart House is a newly renovated property that consists of two buildings that house one- and two-bedroom units. Amenities include a pool, courtyards and onsite laundry facilities. Ford Braly and Al Silva of Marcus & Millichap represented the seller, a private out-of-state investor, in the transaction and procured the buyer, a local operator. Both parties requested anonymity