Multifamily

Partnership Breaks Ground on 254-Unit Affordable Seniors Housing Community in Nashville

by John Nelson January 20, 2025

NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.

January 20, 2025

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Center Park Group to Begin Construction on 192-Unit Build-to-Rent Community in Charleston

by John Nelson January 20, 2025

CHARLESTON, S.C. — Center Park Group, along with development partners The Berry Co. and Batson-Cook Development Co., plans to soon begin construction on Berkshire on Clements Ferry, a 192-unit build-to-rent townhome community in Charleston. Situated with the Point Hope master-planned community, the project will be located on a 40-acre site at 1049 Point Hope Parkway, and the residential portion will be concentrated on 15.5 acres. Each residence will comprise a three-bedroom townhome with approximately 1,200 square feet of living space and a one-car garage. The property will span 36 three-story buildings configured in pods that each hold six townhomes. Amenities will include a resort-style pool and poolside cabana, community playground, hammock stations, a pavilion with grilling stations, dog park, private fenced puppy yards on select units and bike and walking trails throughout the property. Site work on Berkshire on Clements Ferry is underway, and the development team plans to begin vertical construction this quarter and deliver the first units by the end of the year.

January 20, 2025

Development Florida Loans Multifamily Southeast

Northmarq Arranges $43.9M Construction Loan for Gibsonia Gardens Apartments in Lakeland, Florida

by John Nelson January 20, 2025

LAKELAND, FLA. — Northmarq has arranged a $43.9 million construction loan for Gibsonia Gardens, a 276-unit apartment community underway at 6508 US Highway 98 N in Lakeland. Bob Hernandez of Northmarq arranged the three-year loan on behalf of the borrower, a repeat client, through a correspondent lender. The sponsor and direct lender were not disclosed. The apartment community is set for completion in 2026.

January 20, 2025

Acquisitions Loans Multifamily Texas

ShainRealty Capital Buys Dallas Apartment Complex for $39.5M

by Taylor Williams January 17, 2025

DALLAS — Los Angeles-based investment firm ShainRealty Capital has purchased Yorktown Luxury Apartments, a 226-unit complex located in the Kessler Park area of Dallas, for $39.5 million. Built in 2016, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, lounge and outdoor grilling and dining stations. Eric Calub, Caleb Jones and Paul Harris of Berkadia brokered the sale. The seller was Nuveen Real Estate. Arbor Realty Trust provided a $27.6 million CMBS acquisition loan to ShainRealty Capital that was structured with a five-year term, fixed interest rate of 5.88 percent and a 70 percent loan-to-value ratio. The new ownership will make capital improvements and has rebranded the property as Infinity on Yorktown.

January 17, 2025

Development Multifamily Southeast Virginia

ZOM Living Completes 491-Unit National Landing Multifamily Complex in Arlington, Virginia

by John Nelson January 17, 2025

ARLINGTON, VA. — ZOM Living has completed construction on Hazel & Azure at National Landing, a 491-unit luxury multifamily complex in Arlington. Balfour Beatty was the general contractor on the project, and bKL Architecture served as the project architect. Situated at 3030 & 3130 S. Potomac Ave., the development comprises two towers — the 15-story Hazel and11-story Azure — as well as 8,900 square feet of ground-floor retail space. Urban Boxing will occupy 4,709 square feet in the Hazel tower, Coffee Republic will occupy 2,006 square feet in Azure and a third tenant will comprise the remaining 2,201 square feet of retail space in the Azure tower. Monthly rental rates at Hazel range from $2,180 to $7,010, and Azure’s rents range from $2,294 to $8,805, according to Apartments.com. Units come in townhome, studio, one-, two- and three-bedroom floor plans that range in size from 516 to 1,852 square feet. Amenities include a rooftop pool, outdoor deck and grilling area, clubroom, fireplace, fitness and wellness spa, yoga room, coworking spaces, a self-serve resident market and a pet spa for dogs. The complex also offers concierge and white glove package delivery services and electric vehicle charging stations.

January 17, 2025

Development District of Columbia Multifamily Southeast

Akridge, National Development Welcome First Residents to 384-Unit Byron Apartment Community in DC

by John Nelson January 17, 2025

WASHINGTON, D.C. — Akridge and National Real Estate Development have begun welcoming residents to The Byron, a 384-unit apartment community in southwest Washington, D.C. The Byron is Phase I of The Stacks, a six-acre mixed-use campus. Upon completion, The Stacks will include 2 million square feet of space, including a hotel, offices, apartments, shops and restaurants. The development team for The Stacks includes Akridge, National Development, Bridge Investment Group, Blue Coastal Capital and institutional funds managed by National Real Estate Advisors. Amenities at The Byron include a 10,000-square-foot Flex gym that features a sauna, recovery room and outdoor workout space, a multi-sport simulator, two rooftop pools, pet spa, serenity garden, TV lounge with an adjoined terrace, chef’s catering kitchen and gathering spaces. Additional conveniences include Capital Bikeshare and bike maintenance stations and an onsite resident market that is scheduled to open this summer, as well as The Passage, a pedestrian-only cobblestone street. According to Apartments.com, the 14-story building offers studios, one-, two- and three-bedroom units ranging in size from 432 to 1,565 square feet. Monthly rents start at approximately $2,230.

January 17, 2025

Loans Multifamily New York Northeast

Domain Cos. Receives $218.6M in Financing for Bronx Multifamily Project

by Taylor Williams January 17, 2025

NEW YORK CITY — Locally based developer Domain Cos. has received $218.6 million in financing for Estela, a two-building, 544-unit multifamily project in The Bronx. Located at 414-445 Gerard Ave. in the Mott Haven area, Estela comprises 380 market-rate and 164 affordable apartments, as well as 10,000 square feet of retail space. Residents have access to more than 35,000 square feet of amenities, including a lounge, game room, shared workspace, fitness center with a yoga room, children’s playroom and a dog park. JLL originated the Freddie Mac debt component of the financing, and The Urban Investment Group at Goldman Sachs Alternatives provided the equity component. Estela was 90 percent occupied at the time of closing.

January 17, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $94.5M Sale of Manhattan Multifamily Portfolio

by Taylor Williams January 17, 2025

NEW YORK CITY — Marcus & Millichap has negotiated the $94.5 million sale of a portfolio of 13 multifamily properties totaling 147 units in Manhattan. Known as The Chelsea Collection by virtue of its submarket location, the buildings total 98,000 square feet and are located on the west side of the neighborhood between West 19th and West 29th streets. Joe Koicim, Logan Markley, Chris Dintrone and Kory Barbanel of Marcus & Millichap represented the seller, BlackSpruce Management, in the transaction and procured the undisclosed buyer.

January 17, 2025

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 240-Unit Residences at Crosspoint Apartments in Metro Boston

by Taylor Williams January 17, 2025

LOWELL, MASS. — CBRE has brokered the sale of Residences at Crosspoint, a 240-unit apartment complex located in the northern Boston suburb of Lowell. Completed in 2020, the six-story building offers studio, one- and two-bedroom units with an average size of 863 square feet. Amenities include a clubroom, fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, a partnership created and operated by SMC Management Corp., in the transaction. The team also procured the buyer, an affiliate of New York City-based Osso Capital.

January 17, 2025

Affordable Housing Colorado Loans Multifamily Western

Cloudland Capital, Blue Hour Housing Receive $5M Loan for Workforce Housing Community in Leadville, Colorado

by Amy Works January 17, 2025

LEADVILLE, COLO. — Cloudland Capital and Blue Hour Housing have received $5 million in financing for Silver King Leadville, a workforce housing community in Leadville. William Haass of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan through a Colorado-based credit union. Located at 2020 N. Poplar St., Silver King offers 56 apartments. Formerly a 66-key hotel, the property was acquired in June 2024 and underwent a comprehensive renovation to convert the asset into a modern workforce housing community. The renovated property now features 47 studios, eight one-bedroom units and one two-bedroom unit, with an average size of 375 square feet. The renovation included adding kitchenettes to all units, installation and improvement of fire and life safety systems, upgrading common areas, building out communal laundry and gym facilities, adding storage lockers and enhancing outdoor spaces. Silver King is master-leased to Climax Molybdenum Co., a subsidiary of Freeport-McMoRan, providing housing for Climax employees and residents of Colorado’s high-country. Six units have been reserved to Lake County, Colo., to allow employees of Lake County access to this workforce housing community.

January 17, 2025

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