LOS ANGELES — Marcus & Millichap has arranged the sale of a multifamily portfolio in San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio to Florida-based Material Comforts Inc. for $85 million, or $142,617 per unit. Totaling 596 units, the portfolio consists of 16 parcels in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. The portfolio offers gross building areas ranging from 6,030 square feet to 160,858 square feet. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.
ALHAMBRA, CALIF. — Raintree Partners has acquired Woodside Terrace, an apartment property in Alhambra, for $26.2 million, or $312,500 per unit. Built in 1972, Woodside Terrace features 85 apartments, a swimming pool, lounge deck, laundry facilitates and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries and private balconies or patios. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.
LONGMONT, COLO. — Thompson Thrift plans to develop Heritage on Hoover, a Class A apartment property in Longmont, a suburb of Boulder. Construction of the 324-unit community is slated for completion in winter 2026. Located near the intersection of Mountain Brook Drive and South Hover Street, Heritage on Hover will feature three-story buildings with one-, two- and three-bedroom layouts averaging nearly 1,000 square feet. Apartments will include quartz countertops, stainless steel appliances, side-by-side refrigerators, full-size washers and dryers, large walk-in closets and multiple smart home capabilities. Additionally, select residences will feature cabinetry with soft-close doors, deluxe closet systems with shelving, premium lighting, dry bars and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a fully equipped 24-hour fitness center, resort-style heated swimming pool and spa, electric firepits with seating areas, a billiards and shuffleboard area, a dog park, bike storage and a Starbucks Coffee bar. Additionally, the community will include focus suites and community-wide Wi-Fi, as well as an on-site service team, valet trash service and a user-friendly mobile app. Thompson Thrift 2024 Multifamily Development Fund LP provided equity for the development.
Barry Co. Brokers Sale of 56,000 SF Industrial Building in Milwaukee Slated for Apartment Conversion
MILWAUKEE — The Barry Company has brokered the sale of a 129-year-old industrial building in Milwaukee’s Menomonee Valley neighborhood for an undisclosed price. The 56,000-square-foot property will be transformed into an apartment development. The four-story building was listed on the market for more than 20 years, and the site’s redevelopment was made possible after an extensive re-zoning process. Kurt Van Dyke and Jim Barry III of Barry Co. brokered the transaction. Kendall Breunig of Sunset Investors purchased the property from an affiliate of the Read family.
CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $15.6 million sale of a quartet of contiguous multifamily buildings in Brooklyn’s Prospect Heights neighborhood. The buildings are located at 315-329 Lincoln Place and comprise 48 units that were recently renovated. Victor Sozio, Sean Kelly, Remi Mandell and Jake Brody of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
The multifamily market in the Washington, D.C., metro area has experienced meaningful shifts in 2024, marked by moderate demand, consistent construction and evolving investment patterns. As a major urban hub, D.C. continues to attract both local and out-of-state investors eager to tap into its growing potential. Out-of-state capital A key trend in the D.C. multifamily market is the strong influx of out-of-state capital. This year, 44 percent of buyers in our DMV (D.C., Maryland and Virginia) listings came from outside the region, drawn by the area’s stability and long-term growth potential. These out-of-market investors often pay a premium over local buyers, keeping deal volume and pricing competitive even amid rising interest rates. This steady inflow of external capital has reinforced the market’s resilience, underscoring the perceived value of D.C. multifamily assets. The demand from out-of-state investors has also provided stability to the market, helping to sustain price levels and liquidity despite macroeconomic headwinds. By bolstering interest in multifamily properties, this capital flow supports continued growth and positions D.C. as a desirable destination for long-term investment. As this trend persists, the D.C. metro area is likely to remain a focal point for diverse capital sources, ensuring strength and adaptability in its …
AUSTIN, TEXAS — A newly formed joint venture between two international real estate firms, Canyon Partners Real Estate and Gilbane Development Co., will develop Aer, a 375-unit multifamily project in Austin. Gilbane is the lead developer of Aer, and Canyon Partners is a preferred equity investor. The development will be located approximately three miles south of downtown Austin along South Lamar Boulevard. Residences will come in studio, one- and two-bedroom units, with the leasing campaign expected to commence in early 2027.
MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022. A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital. Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month. Residents will have access to …
DAVIE, FLA. — The Estate Cos. (EIG), a South Miami-based multifamily developer, has received a $78 million construction loan for its luxury apartment development in the north Miami suburb of Davie. Banesco Bank provided the loan for Phase I of Soleste Reserve, an eight-story property situated on 2.5 acres that features a selection of floor plans ranging from 500 to 1,100 square feet. The new complex will include 94 studios, 165 one-bedroom units, 68 two-bedroom units, seven three-bedroom units and 13 additional live-work apartments on the ground level. The Class A rental community will also include a resort-style pool and pool deck, an open-air rooftop terrace, gym, business center and resident’s lounge. The 347-unit project will take approximately two years to complete. EIG has plans to further develop an eight-story sister project adjacent to Soleste Reserve at 5081 S.W. 48th St.