Tuesday, June 24, 2025
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Multifamily

DevelopmentFloridaMultifamilySoutheast

Madison Communities Delivers 276-Unit Apartment Community in Metro Jacksonville

by John Nelson

ST. JOHNS, FLA. — Madison Communities has opened Madison Fountains, a 276-unit apartment community located in the Jacksonville suburb of St. Johns. BenCo, the project’s general contractor, is an affiliate of Madison Capital Group Holdings. The development features studios, one-, two- and three-bedroom floorplans, ranging from 708 square feet to 1,363 square feet in size, according to Apartments.com. Monthly rental rates for studio apartments begin at $1,378. Amenities at the property include a clubhouse-integrated fitness center, resort-style swimming pool with grilling stations and an onsite dog park and grooming station, as well as proximity to the Gourd Island Conservation Area, a 3.7 dog-friendly trail system. Additionally, the community is within walking distance to Jacksonville’s St. Johns Town Center, a super-regional open-air mall that features more than 175 stores.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Hope Network Opens $40M Affordable Housing Development in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Hope Network has opened Eastpointe Commons, a $40 million affordable housing development in Grand Rapids. Formerly the Fulton Manor property, the 118-unit community was completely renovated and is now fully leased. The 182,018-square-foot complex features 79 one-bedroom units, 34 two-bedroom units and five three-bedroom apartments. The property is home to a mix of residents, including veterans, seniors and people with disabilities. Hope Network offers social services and case management onsite. Amenities include a children’s room, exercise room, multipurpose room, courtyard and grilling area. The project team included DeStigter Architecture and Pioneer Construction. The building has earned GREEN Energy certification from the Enterprise Green Communities. Financing for the project came from UnitedHealth Group, Cinnaire Corp., Fifth Third Bank, CPC Financial, HUD CPF Community Grant and the City of Grand Rapids MEDC Grant.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $9.6M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $9.6 million sale of 6930 N. Greenview Ave. in Chicago’s Rogers Park neighborhood. The property features 66 apartment units and five retail spaces, two of which are occupied by a local coffee shop and a political field office. Built in 1932, the asset features a mix of studio and one-bedroom layouts. Patrick Kennelly of Interra represented the buyer, the Mehmeti family. Joe Smazal of Interra represented the confidential seller. The building was fully leased at the time of sale. Though the property has received recent upgrades including a new boiler and updated elevator controls, the buyer has an opportunity to add value through strategic capital improvements, according to Interra.

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LoansMultifamilyNew JerseyNortheast

JLL Arranges $50M Permanent Loan for Southern New Jersey Apartment Complex

by Taylor Williams

WESTAMPTON, N.J. — JLL has arranged a $50 million permanent loan for a 275-unit apartment complex in Westampton, located in Southern New Jersey’s Burlington County. The name of the property was not disclosed. Michael Klein and Gerard Quinn of JLL arranged the five-year, fixed-rate loan through a life insurance company. The name of the borrower was also not disclosed.

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One-Dekalb-White-Plains
AcquisitionsMultifamilyNew YorkNortheast

IPA Negotiates Sale of 76-Unit Apartment Complex in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of One Dekalb, a 76-unit apartment complex located north of New York City in White Plains. The property was built in 2019 and offers amenities such as a rooftop terrace, resident lounges and coworking spaces. According to Apartments.com, units come in studio, one- and two-bedroom floor plans. Victor Nolletti, Wes Klockner and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer, Benchmark Real Estate Group. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

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ArizonaDevelopmentMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Creation, Crescent Break Ground on Heritage Park Mixed-Use Development in Downtown Gilbert, Arizona

by John Nelson

GILBERT, ARIZ. — A partnership between two developers, Creation and Crescent Communities, has broken ground on the first phase of Heritage Park, a mixed-use development that will occupy a full city block in downtown Gilbert. The project will function as the northern gateway of Heritage District, which at full build-out will revitalize 10 acres in the East Valley of the metropolitan Phoenix area. Phase I of Heritage Park will feature 47,000 square feet of shops and restaurants, the 288-unit NOVEL Heritage Park apartments, a public square with water features and more than 300 surface parking spaces. The Arizona Republic reported that the first phase represents a $200 million capital investment, with the entire mixed-use development carrying a price tag of $500 million. Future phases of Heritage Park will include a 125-room hotel, offices and additional parking. “Bringing Heritage Park from vision to reality is a collaborative effort, driven by our exceptional development and construction teams, supportive town leadership and visionary tenants,” says David Sellers, co-founder of Creation, which has offices in Phoenix and Dallas. “Together, we are committed to creating an iconic gateway into Gilbert’s Heritage District — one that enhances quality of life, celebrates local culture and offers an exceptional …

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AcquisitionsMultifamilyTexas

Newmark Brokers Sale of 336-Unit Apartment Community in Downtown San Antonio

by Taylor Williams

SAN ANTONIO — Newmark has brokered the sale of The Flats at Big Tex, a 336-unit apartment community in downtown San Antonio. The property offers studio, one- and two-bedroom units that range in size from 530 to 1,391 square feet. Amenities include a pool, fitness center, rooftop terrace, Wi-Fi café and walking/biking trails. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. San Antonio-based Kairoi Residential acquired the property. The sales price was not disclosed.

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DevelopmentFloridaMultifamilySoutheast

Fairfield Delivers Two Multifamily Developments in Fort Lauderdale Totaling 537 Units

by John Nelson

FORT LAUDERDALE, FLA. — Fairfield, a multifamily developer and owner based in San Diego, has completed construction of Coasterra Apartments in downtown Fort Lauderdale. The mid-rise community has 242 studio, one-, and two-bedroom apartments. Located at 150 SE 3rd Ave. in the Las Olas district, the community is adjacent to the One Financial Plaza office building. Fairfield also recently completed construction of Treo Apartments at 6500 N. Andrews Ave. in Fort Lauderdale. Treo has 295 studio, one- and two-bedroom units.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Brokers Sale of 268-Unit West Woods Apartments in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Berkadia has brokered the sale of West Woods Apartments, a 268-unit community located at 3202 W. Nine Mile Road in Pensacola, a city in Florida’s Panhandle near the Alabama border. David Etchison of Berkadia led the transaction on behalf of the seller, Benefit Street Partners. The undisclosed buyer assumed in-place HUD financing as part of the transaction. The sales price was also not released. West Woods was delivered in 2016 and 2017 on a 14-acre site and offers one-, two- and three-bedroom floor plans averaging 1,087 square feet in size. Amenities at the gated-community include a clubhouse, two 24-hour fitness facilities, two resort-style pools, two dog parks, a business center, playground, 24-hour pet spa, car care center, fire pit, ping pong table and detached garage rentals. West Woods was 96 percent occupied at the time of sale.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 104-Unit Highland Square Apartments in Alvin, Texas

by Taylor Williams

ALVIN, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Highland Square, a 104-unit apartment complex located southeast of Houston in Alvin. The complex was built in 1973 and offers one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. The buyer and seller were not disclosed.

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