Multifamily

Prime Residential Purchases Palm Court Apartments in Los Angeles for $51.2M

by Amy Works July 17, 2026

LOS ANGELES — Prime Residential has purchased Palm Court Apartments, a 132-unit multifamily property located in the Miracle Mile neighborhood of Los Angeles, for $51.2 million, or $388,258 per unit. Jeff Louis, Gayle Factor and Elliot Sabag of Marcus & Millichap represented the the seller, a private investor, in the transaction. Matt Ziegler of Marcus & Millichap, along with Louis, Factor and Sabag, procured the buyer. Located at 740 S. Burnside Ave., Palm Court Apartments features 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units and 12 three-bedroom/two-bath units. Apartments include custom cabinetry, quartz countertops and stainless steel appliances. Community amenities include controlled-access gated parking, heated pool and spa, fitness center, saunas, rooftop sundeck and laundry facilities on each floor. The property was built in 1988.

July 17, 2026

Arizona Loans Multifamily Student Housing Western

TSB Capital Advisors Arranges Loan for Refinancing of 530-Bed Community Near Arizona State University

by Amy Works July 17, 2026

TEMPE, ARIZ. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Atmosphere Tempe, a 530-bed student housing community located near the Arizona State University campus in Tempe. The floating-rate bridge loan was secured on behalf of the borrowers, Trinitas and Harrison Street Asset Management, through PGIM. Delivered in 2021, the high-rise building offers 252 units with bed-to-bath parity. Shared amenities include a rooftop pool and hot tub, resort-style sundeck with lounge seating, grilling stations, “state-of-the-art” fitness center, private study lounges, computer lounge and a coffee bar.

July 17, 2026

Development Illinois Loans Midwest Multifamily Top Stories

Partnership to Develop Chicago’s First Geothermal-Powered Multifamily Community

by Abby Cox July 17, 2026

CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S. …

July 17, 2026

Acquisitions Multifamily Southeast Virginia

Capital Square Sells 2000 West Creek Apartments in Richmond for $115M

by John Nelson July 16, 2026

RICHMOND, VA. — Capital Square has sold 2000 West Creek, a 373-unit apartment community in Richmond, for $115 million. The locally based company purchased the property in 2019 in a Delaware statutory trust program (DST) for $103 million, giving the trust’s 115 exchange investors a 137 percent total return and more than $17.5 million in distributions during Capital Square’s seven-year hold period. Will Mathews, Thomas Leachman and William Dickinson of Colliers represented the undisclosed seller in the transaction. 2000 West Creek sits on 23 acres and offers one- and two-bedroom apartments and townhomes ranging in size from 774 to 1,246 square feet. Amenities include reserved and garage parking, rentable storage units, bike storage, a coffee bar, conference and meeting rooms, a community lounge and clubhouse, heated saltwater swimming pool, firepit, grilling stations, package and storage system, gift wrapping station, fitness center, dog park and pet spa, media lounge, billiards/game room and a convenience center.

July 16, 2026

Affordable Housing Development Massachusetts Multifamily Northeast

Pennrose, HSTF Break Ground on 55-Unit Affordable Housing Redevelopment in Boston

by Taylor Williams July 16, 2026

BOSTON — A partnership between Pennrose and the Hyde Square Task Force (HSTF) has broken ground on a 55-unit affordable housing redevelopment in the Jamaica Plain area of Boston. Designed by DiMella Shaffer, the project will convert the former 71,000-square-foot Blessed Sacrament Church, which was built in 1913 and closed by the Catholic Church in 2004, into a complex with studio, one- and two-bedroom apartments that will be reserved for residents earning 30 to 80 percent of the area median income (AMI). Six residences will also be set aside for formerly homeless residents, and the church’s nave will be repurposed into a multipurpose performance and gathering space for the Afro-Latin community. Completion is slated for late 2027.

July 16, 2026

Development Midwest Minnesota Multifamily

Inland, Reuter Walton to Develop 342-Unit Citywalk Apartments in Rochester, Minnesota

by Kristin Harlow July 16, 2026

ROCHESTER, MINN. — Inland National Development Co. LLC, a member company of The Inland Real Estate Group of Cos. Inc., and Reuter Walton Development LLC will co-develop Citywalk Apartments, a 342-unit multifamily community in downtown Rochester directly across from Mayo Clinic’s campus. Construction is expected to begin this month, with completion anticipated in 2028. The project will include a mix of apartments and 90 short-term, fully furnished units designed to support the evolving needs of Rochester’s healthcare and business community. Plans call for more than 250 climate-controlled underground parking spaces complete with electric vehicle charging stations. Residents will have access to a clubroom, fitness center, indoor-outdoor rooftop sky terrace, pool, coworking and conference room, golf simulator and game lounge.

July 16, 2026

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $5.7M Sale of Chicago Apartment Building

by Kristin Harlow July 16, 2026

CHICAGO — Kiser Group has arranged the $5.7 million sale of a 43-unit apartment building located at 5123-31 S. University Ave. in Chicago’s Hyde Park neighborhood. Lee Kiser brokered the transaction. The Norm Levin Trust sold the property to Florin Pavel. Situated a few blocks from the University of Chicago, the asset was 97.7 percent occupied at the time of sale. The buyer completed a 1031 exchange and plans to renovate and reposition the asset to better serve student housing demand. The same family had owned the property since 1962.

July 16, 2026

Acquisitions Multifamily New Mexico Seniors Housing Western

LTC Acquires Two Seniors Housing Communities in Colorado, New Mexico for $73M

by Amy Works July 16, 2026

WESTLAKE VILLAGE, CALIF. — LTC Properties has acquired two seniors housing communities in Colorado and New Mexico from Harbert Management Corp. for a combined purchase price of $73 million. Offering both assisted living and memory care, the properties are the 69-unit MorningStar of Albuquerque and the 64-unit MorningStar of Wheat Ridge in Denver. MorningStar Senior Living will continue to manage the properties on behalf of the new ownership. Berkadia brokered the sale of the properties. LTC will own the communities as a senior housing operating portfolio (SHOP) properties. Since launching its SHOP platform in May 2025, the portfolio has grown to 36 properties, representing 34 percent of the REIT’s total gross real estate investments.

July 16, 2026

Acquisitions California Multifamily Western

Winstar Properties Purchases 205-Unit Apartment Complex in Los Angeles

by Amy Works July 16, 2026

LOS ANGELES — Winstar Properties has purchased The Flat, a 205-unit apartment complex located in the City West neighborhood of Los Angeles. Terms of the transaction were not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the transaction. Built in 1968, The Flat features 205 apartments. The property features a controlled-access entry system, modernized resident lounge, upgraded laundry rooms, new windows and a package receiving systems. Renovated apartments include built-in kitchenettes with modern fixtures, new cabinetry, quartz countertops and new refrigerators. Additionally, six of the renovated studio units are furnished.

July 16, 2026

Affordable Housing Loans Multifamily Texas

Cushman & Wakefield Arranges $95.7M in Financing for Metro Houston, Dallas Affordable Housing Portfolio

by Taylor Williams July 15, 2026

HUMBLE AND ROWLETT, TEXAS — Cushman & Wakefield has arranged $95.7 million in financing for a portfolio of two affordable housing properties totaling 626 units. Grove East is a 324-unit, garden-style property located in the northern Houston suburb of Humble, and Rowlett Station is a 302-unit midrise building located northeast of Dallas. Both properties were built in 2021 and are subject to Housing Finance Corp. (HFC) income restrictions. The financing consists of $76.2 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan funded by CCL Capital. Chase Johnson and Caleb Riebe led the Cushman & Wakefield team that arranged the debt on behalf of the owner, Salt Lake City-based investment firm Sundance Bay.

July 15, 2026

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