Multifamily

Walters Underway on 66-Unit Affordable Housing Project in Galloway, New Jersey

by Taylor Williams May 1, 2025

GALLOWAY, N.J. — Locally based developer Walters is underway on construction of Phase I of Cornerstone at Galloway, a project in southern coastal New Jersey that will deliver 66 affordable housing units to the local supply. Residences will be furnished with full-size washers and dryers and fully equipped kitchens, and amenities will include a multipurpose clubhouse with a fitness center, as well as a children’s tot lot, basketball court and computer workstations. Cornerstone at Galloway will ultimately offer 198 units in one-, two- and three-bedroom floor plans that will be developed across two phases and will be reserved for households earning 60 percent or less of the area median income.

May 1, 2025

Conference Coverage Features Multifamily Student Housing

InterFace Power Panel Discusses Student Housing Sector Resilience Amid Tariff Fears, Potential Economic Slowdown

by Taylor Williams May 1, 2025

By Katie Sloan AUSTIN, TEXAS — The 17th annual InterFace Student Housing conference, held April 9-11 at the JW Marriott in Austin, Texas, saw more than 1,500 student housing industry executives gather for educational sessions and networking. The conference’s first full day kicked off on April 10 with the ‘Power Panel,’ which brought together a group of high-level executives from several of the top companies in the sector to discuss their outlook for the year ahead. Moderator Peter Katz, executive managing director with Institutional Property Advisors, began the discussion by highlighting a few growing concerns in the current economic environment. Chief among them were the potential impact of global tariffs on equity and development in student housing and the possibility of an economic slowdown or even an impending recession. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Still, the student housing sector has proven time and time again that it is a resilient asset class. “If we look back at the global financial crisis and COVID-19 pandemic, we’ve witnessed that the student housing sector is pandemic- and recession-resistant,” said Katz. “Institutional …

May 1, 2025

Acquisitions Multifamily Texas

Altus Equity Group Buys 1,225-Unit Multifamily Portfolio in Odessa, Texas

by Taylor Williams April 30, 2025

ODESSA, TEXAS — Altus Equity Group, an investment firm with offices in Texas, South Carolina and California, has purchased a portfolio of six multifamily properties totaling 1,225 units in the West Texas city of Odessa. Altus acquired the garden-style properties, which had a collective occupancy rate of 92 percent at the time of sale, in partnership with Wellings Capital. Drew Garza led the team at Institutional Property Advisors (IPA), a division of Marcus & Millichap, that brokered the sale of the portfolio. Rocco Mandala led the CBRE debt placement team that originated acquisition financing for the deal. The seller was not disclosed.

April 30, 2025

Acquisitions Multifamily Texas

IPA Negotiates Sale of 256-Unit Woodlands Apartments in Tyler, Texas

by Taylor Williams April 30, 2025

TYLER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Woodlands, a 256-unit apartment complex located in the East Texas city of Tyler. Built in 1984, the property offers one- and two-bedroom units and amenities such as fitness and business centers, a pool and package lockers. Taylor Hill, William Hubbard, Drew Kile, Joey Tumminello and Michael Ware of IPA represented the seller, BH Equities, in the transaction and procured the buyer, Clover Capital Partners. Brian Eisendrath, Cameron Chalfant and Harry Krieger of IPA Capital Markets originated an undisclosed amount of agency acquisition financing for the deal that was structured with a seven-year term and fixed interest rate.

April 30, 2025

Affordable Housing Development Loans Multifamily New York Northeast

Hudson Cos., BRP Receive $343M in Financing for South Bronx Affordable Housing Project

by Taylor Williams April 30, 2025

NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, a multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply. The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two-, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification. Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed …

April 30, 2025

Acquisitions Multifamily New Jersey Northeast

Tishman Speyer Buys Northern New Jersey Apartment Building for $96.1M

by Taylor Williams April 30, 2025

MONTCLAIR, N.J. — New York City-based real estate giant Tishman Speyer has purchased Two South Willow, a 200-unit apartment building located in the Northern New Jersey community of Montclair, for $96.1 million. Completed in 2021, Two South Willow consists of 180 market-rate units and 20 affordable housing units in studio, one- and two-bedroom floor plans. Amenities include a fitness center, roof deck, resident lounge, interior courtyard and barbecue grills. Tishman Speyer plans to undertake a series of targeted enhancements to the lounge, roof deck, common areas and mechanical systems, as well as to re-orient the lobby and add a coworking lounge and pet washing station. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction.

April 30, 2025

Connecticut Development Loans Multifamily Northeast

JLL Arranges $41.5M Construction Loan for Multifamily Project in Stonington, Connecticut

by Taylor Williams April 30, 2025

STONINGTON, CONN. — JLL has arranged a $41.5 million construction loan for Stonington Village, a 160-unit multifamily project in southern coastal Connecticut. Stonington Village will consist of six buildings, including a clubhouse, pool and parking facilities. Units will come in studio, one-, two- and three-bedroom floor plans, including an affordable housing component, and the development will feature approximately 10,000 square feet of ground-floor retail space. Henry Schaffer and Madeline Joyce of JLL arranged the five-year, fixed-rate loan through Liberty Bank on behalf of the locally based developer, READCO. Completion of the first phase of construction is slated for 2027.

April 30, 2025

Acquisitions Multifamily New Jersey Northeast

Tower Management Acquires 215-Unit Apartment Building in North Bergen, New Jersey

by Taylor Williams April 30, 2025

NORTH BERGEN, N.J. — Regional investment firm Tower Management has acquired Hudson Ridge, a 215-unit apartment building located outside of Manhattan in North Bergen. Built in 1949, the property offers a mix of studio, one- and two-bedroom units, as well as outdoor picnic areas and garage parking. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL provided a $24.2 million Freddie Mac fixed-rate acquisition loan to Tower Management for the deal. The seller and sales price were not disclosed.

April 30, 2025

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $4.1M Sale of Webb Manor Apartments in Hartford

by Taylor Williams April 30, 2025

HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $4.1 million sale of Webb Manor Apartments, a 43-unit multifamily complex in Hartford. Constructed in 1951 and recently renovated, Webb Manor offers studio, one-, two- and three-bedroom units. Recent capital improvements include a new elevator, a fully repaved parking lot and comprehensive upgrades of unit interiors. Steve Pappas and Tess Cullen of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

April 30, 2025

Development Florida Loans Multifamily Southeast

MG Developer Obtains $105M Construction Loan for Multifamily Development in Hialeah, Florida

by John Nelson April 30, 2025

HIALEAH, FLA. — MG Developer has obtained a $105 million construction loan for Metro Parc South, a 347-unit apartment community located at 954 and 934 E. 25th St. in Hialeah, a suburb of Miami. The multifamily project will be part of MG Developer’s 2.3 million-square-foot Metro Center master project that also includes the 10-story Metro Parc tower, the 55-unit Metro Station and the 620-unit Metro Parc North community. New York-based SCALE Lending, the debt financing arm of Slate Property Group, provided the new loan to MG Developer, which plans to break ground on Metro Parc South in the second quarter. Tal Bar-Or, David Strongwater and Parker Thelander of Lantern Real Estate arranged the financing. The development will comprise studio, one- and two-bedroom apartments. The design-build team includes Miami-based Modis Architects and Coral Gables-based KAST Construction.

April 30, 2025

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