PLANO, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Bellevue at Spring Creek, a 278-unit apartment complex located northeast of Dallas in Plano that was originally built in 1982. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 704 to 1,247 square feet. Amenities include two pools, a fitness center, playground, tennis court and a business center. The buyer was Dallas-based investment firm The ValCap Group, and the seller was not disclosed. Bellevue at Spring Creek was roughly 90 percent occupied at the time of sale.
BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …
VANCOUVER, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the partial interest sale of Maple Ridge, a multifamily property in Vancouver. Glencrest Group purchased a partial interest in the community for an undisclosed price. Built in 1995, Maple Ridge features 116 apartments with an average size of 1,025 square feet. Apartments feature central air conditioning, gas fireplaces and lofted ceilings on top floor units. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Harmon and Nick Ruggiero of IPA represented the seller and procured the buyer in the deal.
CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.
MINNEAPOLIS — Newmark has arranged the sale of a two-property student housing portfolio serving the University of Minnesota in Minneapolis. The portfolio includes The Bridges Dinkytown, a 210-unit community at 930 University Ave. SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Ave. SE. Ryan Lang, Jack Brett, Ben Harkrider and Jim Damiani of Newmark represented the undisclosed seller. Ben Roelke, Ian Walker and Trent Houchin of Newmark arranged $36 million in financing through Corebridge Financial on behalf of the buyer, WFI, which will implement a $1.6 million capital improvement program at the properties. Both assets feature fully furnished apartments, ranging from studios to four-bedroom layouts.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.6 million sale of Ellery Apartments, a 14-unit multifamily building in Cambridge, located across the Charles River from Boston. Originally constructed in 1880, the three-story building at 84-86 Ellery St. houses four studios and 10 one-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction and procured the buyer. Both parties requested anonymity.
LEXINGTON, KY. — Gilbane Development has broken ground on MXWL, a 655-bed student housing development near the University of Kentucky campus. Located at 201 E. Maxwell St. in Lexington, the property will offer 277 fully furnished units with bed-to-bath parity. Amenities will include a rooftop deck, game-day courtyards, fire pits, grilling stations, outdoor lounges, coworking spaces and a fitness center with a sauna. The property will also offer a 140-space underground parking garage, as well as covered bike storage. Construction began in June, while completion is scheduled for fall 2027. Humphreys & Partners Architects designed MXWL.
ARLINGTON, VA. — JBG Smith has launched leasing at Valen, a 355-unit multifamily community located at 2050 S. Bell St. within the National Landing neighborhood of Arlington. New York City-based KPF designed the project. The 25-story tower offers studio, one-, two- and three-bedroom floorplans ranging in size from 524 square feet to 1,279 square feet, as well as 15,000 square feet of ground floor retail space. Monthly rental rates at Valen range from $2,250 to $5,820, according to Apartments.com. Amenities at the property include a rooftop swimming pool and lounge, fitness center, 24-hour concierge services, coworking facilities, community gathering spaces and a pet spa with a grooming station. Residents also have access to garage bike storage and electric vehicle charging stations. JBG Smith plans to achieve LEED Gold certification at Valen. Valen’s adjacent sister property, The Zoe, opened for leasing in December 2024 and includes 420 rental apartments.
WASHINGTON, D.C. — The Community Preservation Corp. (CPC) has arranged $26.7 million in construction financing for the rehabilitation and expansion of Townley Court, a 45-unit affordable housing community located in the Glover Park neighborhood of Washington, D.C. DC Green Bank and J.P. Morgan provided $15.7 million in combined financing for the project, while additional financing included $5.2 million from Amazon and $5.8 million from American Housing. Additionally, CPC Mortgage Co. originated a $15.7 million Freddie Mac loan under a Targeted Affordable Housing (TAH) forward commitment. The financing will fund renovations to the apartment’s 45 existing units, with plans to build an additional seven units, as well as solar panels, electric vehicle charging stations and energy-efficient building upgrades. The eco-friendly improvements are estimated to cut both the building’s utility costs and greenhouse gas emissions by nearly 10 percent, while also meeting the Enterprise Green Communities certification upon completion of the renovation. Completion is targeted for September 2026.
NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers. Additionally, Verdant Fort Greene features more than 30,000 …