Monday, June 30, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Multifamily

AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates $121M Sale of Connecticut Multifamily Portfolio

by Taylor Williams

NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $121 million sale of a portfolio of four multifamily properties totaling 693 units in Connecticut. The portfolio comprises New Cambridge, a 208-unit complex in Bristol that was built in 1969; Silvertree, a 180-unit property in Wallingford that was constructed in 1976; Peppertree, a 205-unit asset in Groton that was completed in 1975; and Huntington Ridge, a 100-unit complex in Norwich that was built in 2004. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Sun Equity Partners, in the transaction and procured the buyer, FPA Multifamily LLC.

Continue Reading
FacebookTwitterLinkedinEmail
Valley-View-Park-East-Hanover
DevelopmentMultifamilyNew JerseyNortheast

KRE Group Completes 239-Unit Apartment Community in East Hanover, New Jersey

by Taylor Williams

EAST HANOVER, N.J. — Locally based developer KRE Group has completed Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023, and leasing launched in September 2024.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLoansMixed-UseMultifamilyRestaurantRetailSoutheastVirginia

PREIT Obtains $150M Loan to Recapitalize Springfield Town Center in Northern Virginia

by John Nelson

SPRINGFIELD, VA. — PREIT has closed on a $150 million loan for Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia. The property includes more than 1 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target, among others. Springfield Town Center will also include a 460-unit apartment community that is underway, along with a hotel and public park. The property will also house another 400 apartments that are in the planning stages and expanded parking that will have skybridge connectivity between the development’s various components. Goldman Sachs and Barclays Bank were the lead lenders for the five-year loan, which features interest-only payments and a fixed interest rate of 7.1 percent. With the new financing, PREIT expects to realize more than $5.1 million in annual interest savings.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Arranges $87.3M Refinancing for 2000 Biscayne Apartment Tower in Miami

by John Nelson

MIAMI — Walker & Dunlop has arranged an $87.3 million loan for the refinancing of 2000 Biscayne, a new 36-story apartment tower in Miami. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop’s New York City capital markets team arranged the financing on behalf of the borrower, a joint venture that includes Kushner Cos. and PTM Partners. Corebridge Financial provided the loan. The 420-unit property comprises 75 studios, 204 one-bedroom, 129 two-bedroom and 12 three-bedroom apartments. Amenities include coworking spaces, community dining areas, a fitness center with locker rooms, spa, game room, children’s play area, pet spa and a dog park. 2000 Biscayne was 75 percent leased at the time of financing, a little more than a year after Kushner and PTM Partners began preleasing.

Continue Reading
FacebookTwitterLinkedinEmail
LoansMultifamilyNorth CarolinaSoutheast

Nuveen Green Capital Closes First C-PACE Loan Ever in North Carolina for Trenton Mill Lofts in Gastonia

by John Nelson

GASTONIA, N.C. — Nuveen Green Capital has closed a $6.5 million C-PACE loan for Trenton Mill Lofts, a new multifamily development in downtown Gastonia, a suburb 20 miles west of Charlotte. The closing marks the first-ever C-PACE financed transaction in the state of North Carolina. Originally built in 1897, the property formerly operated as the Trenton Cotton Mill before being acquired by the borrower, Lansing Melbourne Group, in 2020. The developer renovated the historic mill in 2022 into an 85-unit loft apartment community with a fitness center, lounge, hammock park and a firepit area. Lansing Melbourne used the C-PACE loan to partially pay down its original construction loan and support the stabilization of the property. Hal Kempson of Avison Young arranged the financing. C-PACE, which stands for “Commercial Property Assessed Capital Expenditure,” is now available in 40 states and Washington, D.C.

Continue Reading
FacebookTwitterLinkedinEmail
Astria-Apts-Tempe-AZ
ArizonaDevelopmentMultifamilyStudent HousingWestern

Trinitas, Mitsui Fudosan to Break Ground on 27-Story Student Housing Tower Near Arizona State University

by Amy Works

TEMPE, ARIZ. — A partnership between Trinitas Ventures and Mitsui Fudosan America is set to break ground on Astria Tempe, a 27-story student housing tower located steps away from the Arizona State University campus in Tempe. The development will offer units in studio, one-, two- and three-bedroom configurations. Shared amenities will include a pool, spa, fitness center, coworking space, social lounges, dog-friendly areas and ground-floor retail space. The community is scheduled for completion in summer 2027. TSB Capital Advisors arranged equity for the project, and BMO Bank provided financing. The development team includes Layton Construction Co. and Niles Bolton Associates. 

Continue Reading
FacebookTwitterLinkedinEmail
ANOVA-Aggie-Square-Sacramento-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

GMH, Wexford Complete 252-Bed Student Housing Project Near UC Davis, Sacramento Campus

by Amy Works

SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has completed ANOVA Aggie Square, a 252-bed development located on Stockton Boulevard near the University of California, Davis (UC Davis) campus in Sacramento. The community offers 190 units in a mix of studio, one-, two- and four-bedroom configurations. Shared amenities include a 2,500-square-foot fitness center with yoga and spin studios; soundproof office pods and private conference rooms; a coffee bar; wellness lounge with a sauna and massage chairs; 24-hour package system; game room with billiards; and an amenity patio with grilling stations. UC Davis Student Housing and Dining Services master leases 49 of the units and leases them at below-market rates. Priority for occupancy of these units is given to first-year medical, nursing and graduate students studying on the Sacramento campus. The remaining units are available for lease via GMH Communities, which operates the property, with priority given to university students, faculty and staff. The community was constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. 

Continue Reading
FacebookTwitterLinkedinEmail
1335-W-St-Marys-Rd-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

Marcus & Millichap Arranges Sale of 84-Unit Westside Commons Apartment Complex in Tucson

by Amy Works

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Westside Commons, a multifamily property in Tucson. A limited liability company acquired the asset from a limited liability company for $10.7 million. Located at 1335 West St. Mary’s Road, Westside Commons offers 84 apartments. Hamid Panahi and Clint Wadlund of Marcus & Millichap represented the seller and procured the buyer in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisIndianaMarket ReportsMidwestMidwest Market ReportsMinnesotaMultifamilyWisconsin

Why Invest in Midwest Multifamily in 2025?

by Kristin Harlow

By Lee Kiser, Kiser Group Multifamily real estate investment in the Midwest in 2025 presents a compelling opportunity, driven by strong fundamentals, favorable market dynamics and emerging trends. Here’s an overview of the key trends and outlook. Strong rent growth Midwestern cities are experiencing some of the fastest rent increases in the nation. Cleveland leads with a 5.1 percent year-over-year rent growth, while other metros like Chicago, Kansas City and Detroit rank among the top 10 for rent gains, outperforming the national average. This surge is attributed to steady demand and limited new supply, allowing landlords to continue raising rents.  Much of the rent growth is due to declining construction activity. Nationally, multifamily construction is expected to decline by 11 percent in 2025, with completions projected to fall to 317,000 units. The Midwest has a significantly smaller pipeline than the national statistics, with only 3.4 percent of inventory currently under construction versus 6 percent nationally. Workforce housing stock The Midwest is recognized for its affordability, with monthly multifamily rents averaging $1,405, which is lower than the national average of $1,823 and more than 10 percent less than the Sun Belt average. Midwest transaction velocity is shifting toward Class B and …

Continue Reading
FacebookTwitterLinkedinEmail
Flats-at-The-Hatchery-Austin
DevelopmentMultifamilyTexas

EMBREY Breaks Ground on 344-Unit Multifamily Project in East Austin

by Taylor Williams

AUSTIN, TEXAS — San Antonio-based multifamily owner-operator EMBREY has broken ground on Flats at The Hatchery (formerly known as The Hatchery), a 344-unit lakefront apartment community located just east of downtown Austin. Designed by San Antonio-based Lake | Flato Architects and Dallas-based GFF, the property will be situated on a 3.1-acre site and will offer studio, one- and two-bedroom units. Amenities will include a rooftop pool and clubhouse, fitness center, a residential lounge with coworking space, game room, grab-and-go market, central courtyard and outdoor kitchens and gaming lawns. Frost Bank is financing construction of the project, the first units of which are expected to be available by the third quarter of 2027. Full completion is slated for mid-2028.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts