Thursday, May 15, 2025
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Multifamily

Highgate-at-Livingston
DevelopmentMultifamilyNew JerseyNortheast

Joint Venture Begins Leasing 169-Unit Multifamily Project in Livingston, New Jersey

by Taylor Williams

LIVINGSTON, N.J. — A joint venture between Continental Properties and Garden Communities has begun leasing Highgate at Livingston, a 169-unit multifamily project in Northern New Jersey. The complex offers one-, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, clubhouse with games, coworking lounge, catering kitchen, outdoor grilling and dining areas and a dog run. Construction began in summer 2023. Rents start at $2,450 per month for a one-bedroom apartment.

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DevelopmentIllinoisMidwestMultifamily

Bradford Allen, Moceri+Roszak Break Ground on 301-Unit Apartment Complex in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Bradford Allen Development Co. and Moceri+Roszak have broken ground on a 301-unit apartment complex in Arlington Heights, a northwest suburb of Chicago. The project is part of a larger master-planned community that includes ArlingtonMed, a 150,000-square-foot medical office complex that previously housed the Daily Herald newspaper. Designed by Thomas Roszak Architecture, the eight-story multifamily building will include 26,000 square feet of ground-floor retail space. Amenities will include an outdoor pool, fitness center, media rooms, coworking space, dog walk, golf simulator and grill stations. The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve. Clark Construction is the general contractor. Completion is slated for 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan.

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Affordable HousingDevelopmentLoansLumentMidwestMultifamilyNorth Dakota

Lument Structures $21.5M in Construction Financing for Affordable Housing Property in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

New Perspective Opens 136-Unit Senior Living Community in Weldon Spring, Missouri

by Kristin Harlow

WELDON SPRING, MO. — New Perspective and Boldt Real Estate have opened New Perspective Weldon Spring, a 136-unit senior living community in the western St. Louis suburb of Weldon Spring. Located at 400 Siedentop Road, the property features independent living, assisted living and memory care units in studio, one-bedroom and two-bedroom layouts. Amenities include a formal dining room, café, fitness center, chapel and activity spaces. The community also offers artificial intelligence-driven fall detection technology SafelyYou, life and activity programming by LifeLoop, in-house therapy services from Fox Rehabilitation and a partnership with Curana Health to bring resident-centered care. The property is situated next to Persimmons Golf Club and near Progress West Hospital.

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DevelopmentMarylandMultifamilySoutheast

Willow Bridge Begins Leasing 11-Story Multifamily Tower in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Willow Bridge Property Co. has begun leasing 4909 Auburn, an 11-story multifamily tower nearing completion in Bethesda. The building’s first move-ins are scheduled for later this month. The project team includes architect BCT Design Group and interior designer Gensler. 4909 Auburn is situated in Bethesda’s Woodmont Triangle neighborhood and is within walking distance from the Bethesda Metro station. The property offers 167 apartments in studio, one- and two-bedroom configurations ranging in size from 364 to 1,333 square feet. Monthly rental rates range from $2,008 to $7,520, according to Apartments.com. Amenities include a rooftop terrace with a TV and grilling area, landscaped common and private terraces, glass-wrapped fitness center and adjacent yoga studio, private steam and sauna rooms, top-floor penthouse lounge and entertainment kitchen, lobby lounge with meeting rooms and a huddle/work room, reservable party room spaces, pet spa and a parking garage with electric vehicle charging stations.

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The-Beverly-Apts-Scottsdale-AZ
ArizonaDevelopmentMultifamilyWestern

StreetLights Residential Opens 314-Unit Multifamily Community in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Dallas-based StreetLights Residential has opened The Beverly, an apartment community within One Scottsdale, a mixed-use development in Scottsdale. The Beverly offers 314 studios, one-, two- and three-bedroom units, ranging in size from 504 square feet to 1,789 square feet. Each unit features granite countertops, Shaker cabinets and detailed millwork in kitchens and bathrooms, GE appliances and in-ceiling Sonos speakers. Select units include an integrated Fabita cooktop, wine fridges and smart GE Café series cooking appliances. Monthly rental rates at The Beverly range from $1,733 to $5,469, according to Apartments.com. Onsite amenities include coworking and conference rooms, a maker’s lounge, resident bar in the lobby and a fitness space with Peloton and Echelon equipment, a swimming pool, multiple landscaped courtyards, a dog park and connectivity to hike and bike trails. The project team included StreetLights Creative Studios as architect of record and interior designer, Norris Design as landscape architect and StreetLights Arizona Construction as general contractor.

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245-E-Main-St-El-Cajon-CA
AcquisitionsCaliforniaMixed-UseMultifamilyOfficeRestaurantRetailWestern

Marcus & Millichap Brokers Sale of 10,734 SF Mixed-Use Property in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property located at 245 E. Main St. in downtown El Cajon. Syrian Investments acquired the asset from Ronald L. Bain for $2.6 million. The buyer plans to occupy the building and open its second restaurant on the street occupying the ground floor. Built in 2007, the fully vacant building offers 10,734 square feet of retail, office and apartment space, a rear parking lot, roll-up door, alley access and Main Street frontage. Nick Totah and Joseph Gutierrez of Marcus & Millichap represented the seller, while Na’il Salem of Premiere Homes procured the buyer in the deal.

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PACE Appeal Rafi Golberstein
Content PartnerData CentersFeaturesHospitalityLife SciencesLoansMidwestMultifamilyNortheastOfficeSelf-StorageSoutheastTexasWestern

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

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Gateway-at-Denton
AcquisitionsMultifamilyStudent HousingTexas

IPA Negotiates Sale of 696-Bed Student Housing Property in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Gateway at Denton, a 696-bed student housing property that serves students at the University of North Texas. Built in 2005, the 228-unit complex is located within a half-mile of campus and features a mix of two-, three- and four-bedroom floor plans with complete bed-bath parity. Units range in size from 816 to 1,360 square feet. Amenities include a newly renovated clubhouse, three pools with cabanas, outdoor grilling and dining stations, basketball court, fitness center and a computer lab. Peter Katz and Drew Kile of IPA represented the seller, Los Angeles-based MJW Investments, in the transaction and procured the buyer, Vesper Holdings.

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The-Royalton-at-Prosper
DevelopmentMultifamilyTexas

SWBC Breaks Ground on 270-Unit Multifamily Project in Prosper, Texas

by Taylor Williams

PROSPER, TEXAS — Dallas-based developer SWBC has broken ground on The Royalton at Prosper, a 270-unit multifamily project that will be located on the northern outskirts of Dallas. The site is adjacent to SWBC’s The Royalton at Creeks of Legacy development, which also totals 270 units and is currently in lease-up. Units at the new property will come in one-, two- and three-bedroom floor plans, and select residences on the first floor will have private yards and direct-access garages. Amenities will include a clubhouse with a business center, 24-hour fitness center and a resort-style pool with cabanas and grilling stations. Cross Architects is designing the project, and Carleton Cos. is serving as the general contractor. The first units are expected to be available for occupancy next summer.

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