NEWARK, N.J. — Hawkins Way Capital, a California-based private equity firm, is underway on a student housing renovation and expansion project in Newark. The project involves transforming University Centre, a 521-bed complex that serves students at Rutgers University-Newark, the New Jersey Institute of Technology and Seton Hall University, to be able to accommodate 800 occupants as opposed to the current capacity of 690 students. Construction, inclusive of upgrades to 96 apartments and various common spaces, began last year on University Centre’s 13-story tower and five-story housing block while the complex was partially occupied. Work on remaining units is expected to be complete this summer. BDB Construction Enterprise is the construction manager and general contractor for the project.
EAST ORANGE, N.J. — A partnership between two regional investment and development firms, Triangle Equities and Incline Capital, has begun leasing a 400-unit multifamily project in East Orange, about 20 miles west of New York City. Known as Embark at The Crossing, the project represents Phase I of a larger, 1,000-unit development called The Crossings at Brick Church Station. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include two landscaped courtyards with fire pits, outdoor screening areas and grilling stations, as well as a fitness center, coworking lounge, resident clubroom, private theater, children’s playroom and a pet spa. Rents start at just under $2,000 per month for a studio apartment.
LANSING, MICH. — Cinnaire has closed a $134 million low-income housing tax credit (LIHTC) fund, Cinnaire Fund for Housing 44. The fund will finance 12 affordable housing developments across five states, creating or preserving 950 homes for families, seniors and individuals with special needs. Fund 44 will support developments such as Chamberlain House in Rochester, Ind., East Bay Flats in Traverse City, Mich. and Element Collective in Madison, Wis. Chamberlain House is a new development with 40 affordable housing units for families, including eight units reserved for Indiana’s State Referral Network with project-based vouchers from the Indiana Housing & Community Development Authority. Housing Directions and Village Management Co. is developing the project. East Bay Flats is a rehabilitation project delivering 64 affordable homes for individuals who are homeless or at risk of homelessness. All units are supported by project-based rental subsidies from the Michigan State Housing Development Authority, with onsite supportive services provided by Goodwill Northern Michigan. The development team includes Goodwill Northern Michigan and TJ Acquisitions. Element Collective is a new property in Dane County that will create 197 affordable homes for families, including five units reserved for individuals experiencing or at risk of homelessness. As part of …
LAKEVILLE, MINN. — A joint venture between PCCP and RPM Living has acquired Livery Modern Apartments, a 204-unit community in Lakeville, about 22 miles south of the Minneapolis central business district. Built in 2023, the property features 22 two-story buildings with a mix of floor plans that range from 868 to 1,505 square feet. Amenities include a pool, fitness center, pet park and bike repair station. The seller and sales price were undisclosed.
CHICAGO — SVN Chicago Commercial has brokered the sale of a 21-unit apartment building located at 4201 S. Michigan Ave. in Chicago’s Bronzeville neighborhood. The asset sold for $4 million through a debt assumption structure. Joe Connelly of SVN Chicago represented both parties in the sale. The property features 15 two-bedroom units and six three-bedroom residences.
By Robert Likes, president, community development lending and investment, affordable housing, KeyBank The nation’s housing crisis has reached a breaking point, pushing developers to rethink how and where new supply can be created. Among the most promising — and debated — solutions is the conversion of underutilized office buildings into much-needed affordable housing. On the surface, the concept seems straightforward: repurpose empty office space into homes in locations where demand is highest. In practice, however, these projects are anything but simple. Converting office buildings into livable, modern and affordable multifamily residences requires far more than reimagining floor plans. Success depends on choosing the right property, assembling a complex capital stack and deploying an experienced team capable of navigating regulatory, design and construction challenges. Done right, these conversions not only add critical housing supply but also breathe new life into urban centers struggling with high office vacancies. The Case for Conversions The United States has too much office space and not enough housing units, particularly for low-income households. Office-to-residential conversion projects help to equalize the supply-demand imbalance in both asset classes. According to the National Low-Income Housing Coalition, we are short 7.1 million rental homes for extremely low-income households. As a result, many …
GRAND PRAIRIE, TEXAS — JPI has received construction financing for Jefferson Southwest Parkway, a multifamily project in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will add 439 units to the local supply. The loan amount(s) was not disclosed, but the project is valued at roughly $114 million. Jefferson Southwest Parkway will offer studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a clubhouse. Anchor Loans, a private lending platform backed by New York City-based alternative investment management firm Pretium, provided the financing. Construction is slated for a 2027 delivery.
DALLAS —Locally based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Lake Lofts, a 386-unit apartment community in northeast Dallas. Built between 1965 and 1969, the property offers studio, one-, two- and three-bedroom units and amenities such as two pools, two children’s play areas, a soccer field, picnic stations and a dog run. Guillermo Gameros of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7 million sale of a 9,500-square-foot multifamily development site in The Bronx. The site at 114 Bruckner Ave. is located in the borough’s Mott Haven neighborhood and can support 68,400 buildable square feet of new development via eligibility for the City of Yes program. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
MOUNT PROSPECT, ILL. — Eastham Capital and Bender Cos. have acquired The Element, a 509-unit, garden-style multifamily community in the Chicago suburb of Mount Prospect, for $75.3 million. To date, Eastham and Bender have co-invested in 10 properties. The Element is currently at 95 percent occupancy with average rents of $1,590 per month. The renovation plan for the value-add asset includes roughly $5 million to upgrade unit interiors, building systems and exterior areas. These improvements will build on significant upgrades completed by prior ownership. Built in 1968, the property is situated on more than 10 acres. The Element offers a mix of floor plans ranging from 850 to 1,800 square feet. Amenities include a fitness center, pool, yoga studio, business center, game room and laundry facilities.