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Multifamily

127-Amory-St.-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $45.2M in Bond Financing for Boston Affordable Housing Project

by Taylor Williams

BOSTON — MassDevelopment has provided $45.2 million in tax-exempt bond financing for a 96-unit affordable housing project that will be located at 127 Amory St. in the Jamaica Plain area of Boston. Developed in partnership with the Boston Housing Authority, the building will offer 12 three-bedroom units, 51 two-bedroom units and 33 one-bedroom units, the majority of which (86 residences) will be reserved for households earning between 30 and 80 percent of the area median income. The other 10 units will be set aside for formerly homeless individuals or families. The building will also have 3,800 square feet of community space and a central green area. The borrower is an affiliate of The Community Builders Inc. Eastern Bank purchased the bond. The capital stack also includes $40 million in federal Low-Income Housing Tax Credits and a $15 million construction loan from Cambridge Savings Bank.

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Broadstone-Uptown-PHX-AZ
AcquisitionsArizonaMultifamilyWestern

Christiansen Ventures Acquires Broadstone Uptown PHX Multifamily Property in Phoenix for $87M

by Amy Works

PHOENIX — Phoenix-based Christiansen Ventures LLC has purchased Broadstone Uptown PHX, an apartment community in Phoenix, from Scottsdale, Ariz.-based Alliance Residential Co. for $87 million. Austin Groen, Matt Pesch, Asher Gunter and Sean Cunningham of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly of CBRE’s Debt & Structured Finance team arranged financing for the buyer. Completed by Alliance Residential in 2024, Broadstone Uptown PHX offers 280 apartments with nine-foot ceilings, quartz countertops in the kitchen and baths, wood-style flooring, full-size washers/dryers, stainless steel kitchen appliances, five-burner gas cooktops and keyless entry. Community amenities include a swimming pool and spa area with private cabanas and a pool house featuring a community kitchen and billiards table; a resident clubhouse with a cafe with lounge seating, a complimentary coffee bar and a leasing office; and a 24-hour fitness center with weight training and cardio machines. Additional amenities include an outdoor ramada with 360-degree mister, ping-pong, fire pits, yard games, barbecue grills, a dog park, electric charging stations and parcel package lockers.

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Charmer-Apts-San-Diego-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Northmarq Brokers $12.7M Sale of The Charmer Mixed-Use Community in San Diego

by Amy Works

SAN DIEGO — Northmarq has arranged the sale of The Charmer, a mixed-use community in San Diego’s Mission Hills neighborhood. Charmer LLC sold the property to Monroe Capital Real Estate Fund for $12.7 million. Built in 2011, The Charmer features 19 apartments, two live-work lofts and three commercial units. The property offers top-of-the-line interiors, abundant outdoor space with private patios and gardens, as well as amenity spaces. Tyler Sinks, Ed Rosen and John Chu of Northmarq’s San Diego Multifamily Investment Sales team represented the seller in the deal.

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DevelopmentIllinoisMidwestMultifamilyOffice

Leopardo, GMA Construction Break Ground on Office-to-Multifamily Conversion Project in Chicago

by Kristin Harlow

CHICAGO — A joint venture between Leopardo Cos. and GMA Construction Group has broken ground on 79 W. Monroe, Chicago’s first office-to-multifamily conversion under the city’s LaSalle Street Reimagined initiative. Ware Malcomb is providing architecture and interior design services for the transformation of the 14-story property, which is known as the Rector Building and is located in The Loop. The project team includes developer R2 Cos. and building owner Lagfin. Built in 1905, 79 W. Monroe is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt. The renovation project includes converting seven floors to create 117 multifamily units with 41 units designated as affordable housing. There will also be an upscale lobby and an indoor-outdoor amenity floor, including a tenant lounge, fitness center, outdoor areas, bike storage, a dog wash station and gaming room. Preservation and building landmark efforts will focus on retaining and repairing the building’s exterior masonry, including brick, stone and terra-cotta elements. To enhance energy efficiency and reduce costs for future tenants, the existing single-pane windows will be replaced with double-pane insulated glass, matching the existing profile as required by the local Historic Review Board.

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AcquisitionsAlabamaSoutheastStudent Housing

Tailwind Group Acquires 576-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Tailwind Group has acquired The Beacon, a 576-bed student housing community located near the Auburn University campus in Alabama. Ryan Lang of Newmark brokered the acquisition of the property from an undisclosed seller. The sales price was not released. The garden-style community offers 180 units in two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include shuttle service to campus, a pet park, swimming pool, sundeck, outdoor grill station, 24-hour fitness center, outdoor fireplace, sand volleyball court, computer lab, study room, coffee bar and a package room. The new ownership plans to renovate the community this fall, with updates planned for the clubhouse as well as shared amenity spaces and the property’s exterior. The community will also be rebranded The Quarters Auburn.

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AcquisitionsAffordable HousingLouisianaMultifamilySoutheast

VPG Holdings, ASCP Purchase 250-Unit Affordable Housing Community in New Orleans

by John Nelson

NEW ORLEANS — VPG Holdings and American South Capital Partners (ASCP), which is a joint venture between SDS Capital Group and Vintage Realty Co., has acquired The Marquis, a 250-unit affordable housing community located at 2651 Poydras St. in New Orleans. The seller and sales price were not disclosed. The Marquis was built in 2009 and features a mix of one-, two-, three- and four-bedroom apartments, with most units reserved for tenants earning less than 60 percent of the area median income (AMI). VPG and ASCP plan to fund deferred maintenance and interior improvements at The Marquis, with the focus on implementing more energy and water efficient appliances including water heaters, dishwashers, refrigerators and air conditioners.

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Presidium-183-Austin
DevelopmentMultifamilyTexas

Presidium Begins Leasing 374-Unit Apartment Community in North Austin

by Taylor Williams

AUSTIN, TEXAS — Texas-based developer Presidium has begun leasing Presidium 183, a 374-unit multifamily project located near The Domain in North Austin. Designed by O’Brien Architects, Presidium 183 offers several different floor plans, and units are furnished with stainless steel appliances, quartz-style countertops and individual washers and dryers. Amenities include a coworking lounge with private offices, fitness center with yoga and spin studios, a speakeasy-style bar, entertainment room with a theater and golf simulator, outdoor game lawn, pool and a dog run. Construction began in late 2023. Rents start at roughly $1,320 per month for a studio apartment.

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54-19-100th-St.-Queens
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Slate, Queens Future Form Partnership to Develop 450-Unit Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Locally based developer Slate Property Group and Queens Future LLC, which is a joint venture between Mets owner Steve Cohen and Hard Rock International, have formed a partnership to develop a 450-unit affordable housing project. The site at 54-19 100th St. is located adjacent to an existing affordable housing complex in the borough’s Corona neighborhood and currently houses a parking lot. Queens Future will provide financial support to a to-be-named nonprofit organization that will work with Slate to develop and manage the property. Units will feature a range of floor plans and income restrictions, and the property will have community and amenity space, including an improved outdoor area and a new children’s playground for the surrounding buildings.

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DevelopmentFloridaMultifamilySoutheast

Thompson Thrift Nears Completion of 324-Unit Apartment Community in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Thompson Thrift is nearing completion of The Quinn, a 324-unit apartment community located at 5800 W. Nine Mile Road in Pensacola, a city in Florida’s Panhandle near the Alabama border. Residents began moving in last fall, and the Indianapolis-based developer expects to complete construction by the end of the summer. Situated on 18 acres within a mile of a Publix grocery store, The Quinn features a mix of one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Monthly rental rates range from $1,459 to $2,474, according to Apartments.com. Amenities include a clubhouse, 24-hour fitness center, a resort-style pool, community grilling areas, fire pits, cabanas, turf area for outdoor exercise or yard games, pickleball courts and a dog park with a pet spa.

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Soltra-Kierland-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

Leon Capital Group Sells Soltra Kierland Apartment Property in Scottsdale, Arizona for $107.5M

by Amy Works

SCOTTSDALE, ARIZ. — Leon Capital Group subsidiary Leon Multifamily has completed the disposition of Soltra Kierland, an apartment property in North Scottsdale, to a private investor for $107.5 million. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the seller in the transaction, which represents the highest price per unit for a multifamily sale in metro Phoenix since 2022. Completed in 2024, Soltra Kierland offers 202 apartments with wood-style flooring, custom built-ins, full-size washers and dryers, walk-in closets, custom cabinetry, walk-in rain showers, stainless steel appliances, eat-in kitchen islands and quartz countertops. Select units offer quartz waterfall island countertops, black stainless steel appliances, gas stoves, an under-counter wine fridge, soaking tubs and floor-to-ceiling bifold patio doors. Community amenities include a pool, spa, sunning decks, fire features, barbecue grills, a corn hole grotto and an entertainment deck, as well as a resident clubhouse with two-story floor-to-ceiling windows and a retro-style speakeasy with beer taps. The property also features a two-story fitness center with cardio and weight training equipment and a yoga terrace; a Soltra cafe Wi-Fi lounge; an off-leash dog park; a climate-controlled dog lounge and pet spa; and electric vehicle charging stations.

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