Wednesday, October 15, 2025
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Multifamily

AcquisitionsAffordable HousingSeniors HousingSoutheastVirginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Berryville, Virginia

by John Nelson

BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.

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Affordable HousingDevelopmentMississippiMultifamilySeniors HousingSoutheast

Gulf Coast Housing, Midtown Partners to Open Affordable Housing Property in Jackson, Mississippi

by John Nelson

JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.

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MultifamilyNew YorkNortheast

Wells Fargo Provides $231M in Bond Financing for Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.

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The-Ballantine-Newark
DevelopmentMultifamilyNew JerseyNortheast

Shorewood, Bridge Begin Leasing 280-Unit Apartment Complex in Newark

by Taylor Williams

NEWARK, N.J. — A partnership between Shorewood Real Estate Group and Bridge Investment Group has begun leasing The Ballantine, a 280-unit apartment complex in Newark. The name stems from the location on the Ballantine Brewery site in the city’s Ironbound neighborhood. Designed by Minno & Wasko Architects and Planners, The Ballantine offers studio, one- and two-bedroom units. Amenities include a fitness center with a yoga studio, game room with a multi-sport simulator, coworking areas, resident lounge and pet spa. The building also houses 2,600 square feet of retail space. Rents start at about $1,800 per month for a studio apartment, according to the property website.

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Pullman-Modern-Urban-Apts-Santa-Rosa-CA
CaliforniaLoansMultifamilyWestern

Phoenix Development Co. Receives $27.8M in Refinancing for Pullman Modern Urban Apartments in Santa Rosa, California

by Amy Works

SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments, a newly constructed multifamily community in Santa Rosa. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, secured the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on behalf of the borrower. Pullman Modern Urban Apartments offers 114 apartments spread across three residential buildings at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025.

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Liv-Sky-Cottages-Flagstaff-AZ
ArizonaDevelopmentMultifamilyWestern

Liv Communities Breaks Ground on 203-Unit Liv Sky Cottages in Flagstaff, Arizona

by Amy Works

FLAGSTAFF, ARIZ. — Liv Communities, in partnership with Wespac Residential and Vintage Partners, has broken ground on Liv Sky Cottages, a 203-unit multifamily property within Flagstaff’s Timber Sky master-planned community. Situated on 32 acres, Liv Sky Cottages will feature 117 one-bedroom, 35 two-bedroom and 51 three-bedroom residences, with 10 percent of the units reserved for individuals and families earning below the area median income. Community amenities will include a dog park, playground, garden beds, walking paths and gathering spaces for residents. Additionally, the property will offer bike storage, a compactor, electric vehicle chargers, three frisbee golf targets and a checker/chess area.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

F.H. Paschen Tops Out Construction of $43M Workforce Housing Development in Metro Chicago

by Kristin Harlow

BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.

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AcquisitionsDevelopmentMidwestMultifamilyWisconsin

Cushman & Wakefield | Boerke Arranges Sale of Multifamily Development Site Near Milwaukee

by Kristin Harlow

MOUNT PLEASANT, WIS. — Cushman & Wakefield | Boerke has arranged the sale of 18.1 acres of land in Mount Pleasant, a southern suburb of Milwaukee. The site, located near I-94, will be developed into a 280-unit garden-style apartment community. The buyer, Continental Properties, plans to break ground immediately. The seller was undisclosed.

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Thirty-One-Eleven-Sunset-Grapevine
DevelopmentMultifamilyTexas

Realty Capital Completes 16-Story Multifamily Tower in Flower Mound, Texas

by Taylor Williams

FLOWER MOUND, TEXAS — Locally based developer Realty Capital Residential has completed Thirty-One Eleven Sunset, a 207-unit multifamily building in Flower Mound, located in the northern-central part of the metroplex. The building rises 16 stories and offers one-, two- and three-bedroom units, as well as townhomes and penthouses. Amenities include a rooftop pool, fitness center, golf simulator, private dining room, restaurant-style bar and lounge and reservable guest suites for visitors. The building also houses 6,000 square feet of commercial space. Rents start at $4,000 per month for a one-bedroom apartment.

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LoansMultifamilyStudent HousingTexas

Seven Hills Realty Provides $18.5M Loan for Refinancing of Student Housing Property Near Baylor University

by Taylor Williams

WACO, TEXAS — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of Boston-based investment firm RMR Group, has provided an $18.5 million bridge loan for the refinancing of LL Sams, a 271-bed student housing building that serves students at Baylor University in Waco. The building is adjacent to campus and houses one-, two-, three-, four- and five-bedroom floor plans. Amenities include a pool, fitness studio, resident clubhouse, package lockers and private study pods. JLL arranged the three-year loan on behalf of the borrower, California-based Shore to Shore Properties.

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