Multifamily

Vanbarton Group Receives $250M in Financing for Manhattan Multifamily Conversion Project

by Taylor Williams July 14, 2025

NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …

July 14, 2025

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

As New Supply Levels Off, Charlotte’s Multifamily Market Regains Momentum

by John Nelson July 14, 2025

Charlotte’s multifamily market is turning a corner after a once-in-a-generation supply wave that introduced 19,000 new apartments into the metro area in 2024. While rent growth will be muted for most of the year as the market continues to absorb the new supply, the dynamic will shift toward the end of 2025, putting landlords back in the driver’s seat. Record-low new apartment starts this year, combined with steady population growth and an economic climate that favors renting over owning will boost leasing activity in the second half of the year — and may even produce rent growth for the first time since 2022. Fundamentals in play Like many other Sun Belt cities, Charlotte has been on a joyride of growth stemming from in-migration since the COVID-19 pandemic. The city’s population expanded 2.2 percent between 2023 and 2024, making it one of the fastest-growing markets in the Southeast. Another 56,000 new residents are expected to move in by the end of the year, according to research from Berkadia. The long-term forecast for population growth is even rosier: the Charlotte Regional Business Alliance forecasts the metro population will surge by 50 percent over the next 25 years, driving demand for housing. Tariff …

July 14, 2025

Acquisitions Multifamily Texas

GREA Negotiates Sale of 278-Unit Apartment Complex in Plano

by Taylor Williams July 11, 2025

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.

July 11, 2025

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

CSTO, WinnDevelopment Begin $40M Repositioning of Boston Affordable Housing Complex

by Taylor Williams July 11, 2025

BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CTSO) 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 …

July 11, 2025

Acquisitions Multifamily Washington Western

IPA Brokers Partial Interest Sale of 116-Unit Maple Ridge Apartment Property in Vancouver, Washington

by Amy Works July 11, 2025

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.

July 11, 2025

Acquisitions Development Illinois Midwest Multifamily

Kayne Anderson, JDL to Acquire Former Lincoln Yards North Development Site in Chicago

by Kristin Harlow July 11, 2025

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.

July 11, 2025

Acquisitions Midwest Minnesota Multifamily Student Housing

Newmark Arranges Sale of Two-Property Student Housing Portfolio in Minneapolis

by Kristin Harlow July 11, 2025

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.

July 11, 2025

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $6.6M Sale of Apartment Building in Cambridge, Massachusetts

by Taylor Williams July 11, 2025

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.

July 11, 2025

Development Kentucky Southeast Student Housing

Gilbane Breaks Ground on 655-Bed Student Housing Development Near University of Kentucky

by Abby Cox July 11, 2025

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.

July 11, 2025

Leasing Activity Multifamily Southeast Virginia

JBG Smith Launches Leasing at 355-Unit Valen Multifamily Community in Arlington, Virginia

by Abby Cox July 11, 2025

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.

July 11, 2025

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