Multifamily

Trailhead-Preserve-Bremerton-WA

BREMERTON, WASH. — CBRE, on behalf of Sage Homes Northwest, has arranged a $22.8 million loan for the refinancing of Trailhead at Preserve, a new apartment complex located at 1970 N.E. Fuson Road in Bremerton. Built in May 2024, Trailhead at Preserve offers 109 studio, one- and two-bedroom apartments and private access to nature trails at the Illahee Preserve. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE Capital Markets’ Debt & Structured Finance in Seattle represented the borrower in securing a full-term, interest-only bridge loan with a prominent debt fund lender to refinance the borrower’s existing construction loan.

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Willowbrook-Crossing-Westminster-CO

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Willowbrook Crossing, an apartment property in Westminster. The asset traded for $13.5 million, or $142,105 per unit. Willowbrook Crossing features 95 studio and one-bedroom apartments. Josh Newell and Jake Waxter of The Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller and the undisclosed buyer in the deal.

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MADISON, WIS. — McShane Construction Co. has completed The Derby, a 70-unit apartment complex with affordable housing units in Madison. Lincoln Avenue Communities was the developer. Income restrictions were not provided, but 14 of the units meet Wisconsin Housing and Economic Development Authority accessibility requirements. The project features 1,100 square feet of ground-floor office space for a local community group and 2,600 square feet of amenity spaces with a kitchen, fitness room, laundry room, outdoor space, playground and dog park. Knothe & Bruce Architects designed the four-story property. The project is Enterprise Green Communities Certified and features a full solar array system on the roof to power the common areas.

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210-220-E.-22nd-St

NEW YORK CITY — JLL has negotiated the $104.5 million sale of a 204-unit apartment building located in Manhattan’s Gramercy Park neighborhood. The seven-story building at 210-220 E. 22nd St. comprises 82 studios, 75 one-bedroom units, 39 two-bedroom residences and eight three-bedroom apartments. Amenities include a fitness center, resident lounge and onsite laundry facilities. Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between New York-based Canvas Property Group, Declaration Partners and Tokyu Land US Corp. The property was 95 percent occupied at the time of sale.

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CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.

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VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.

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Bishop-Momo-Austin

AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Bishop Momo, a 274-unit apartment community in Austin’s St. Elmo District. Bishop Momo houses studio, one- and two-bedroom apartments as well as 6,000 square feet of street-level retail space. Amenities include a pool, fitness center, multiple lounges, coffee bar, dog run, conference room, package lockers and grilling stations. Belshaw Mulholland Architects designed Bishop Momo, and OHT Partners served as the general contractor. Rents start at approximately $1,450 per month for a studio apartment.

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Main-St-Apts-Los-Angeles-CA

LOS ANGELES — Highridge Costa and Western Community Housing, along with Los Angeles Housing Department, Los Angeles County Department of Mental Health and the Housing Authority of the City of Los Angeles, have opened Main Street Apartments, an affordable housing development in the South Park neighborhood of Los Angeles. The community provides 57 fully furnished, permanent supportive housing apartment homes to homeless veterans and families earning at or below 30 percent to 50 percent of the area median income (AMI). The property offers 42 studio units targeted toward homeless veterans, 14 two-bedroom units targeting homeless families and a one-bedroom unit reserved for the onsite property manager. With 23 units set aside for homeless persons experiencing a mental health disorder, the community is also fully accessible, including all indoor and outdoor spaces, to those with physical disabilities. While 56 of the residences are fully adaptable units, an additional seven units have features for mobility accessibility and four units have features for communication accessibility. Units will include a bed, couch, dresser, dining table, chairs, kitchenette, closet and a private bathroom. Community amenities include a community room, residential courtyard, roof terraces, bike storage, laundry facilities and onsite resident services, as well as 1,500 square …

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MADISON, WIS. — Breneman Capital has acquired Fairhaven Court Apartments in Madison for an undisclosed price. The 58-unit apartment complex is located on Fairhaven Road. The property was built in two phases and includes a townhome building from 2007 and an apartment building from 2014. Units range from 579 to 1,528 square feet. Bruner Realty will manage the property. Breneman plans to make light renovations to select units.

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