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Multifamily

DevelopmentIllinoisMidwestMultifamily

Summit Design + Build Completes 120-Unit Tapestry Station Luxury Apartment Complex in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Summit Design + Build has completed construction of Tapestry Station, a 120-unit luxury apartment complex located at 740 W. Main St. in Evanston. The five-story property features ground-floor commercial space. Amenities include a rooftop deck, fitness center, heated parking and coworking space. Located on the site of the former Vogue Fabrics, Tapestry Station is situated next to a Metra Line station. City Pads and Catapult Real Estate Group served as the project developers and Built From was the architect. According to the property website, a grand opening special puts monthly rents starting at $1,495.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Provides $14.5M Acquisition Loan for Affordable Housing Building in Cincinnati

by Kristin Harlow

CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.

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Sierra-Park-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Negotiates $7M Sale of Sierra Park Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.

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DevelopmentFloridaMultifamilySoutheast

Tortoise Properties Delivers 264-Unit Luxury Apartment Community in Downtown West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.

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Depot-on-Main-Burleson
DevelopmentMultifamilyTexas

Realty Capital Residential Completes 275-Unit Multifamily Project in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — Locally based developer Realty Capital Residential has completed Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the city’s Old Town district at 125 N. Main St. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Monthly rental rates range from $1,325 to $2,260, according to Apartments.com. Merriman Anderson Architects designed the project.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 78-Unit Seniors Housing Property in Katy, Texas

by Taylor Williams

KATY, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 78-unit seniors housing property in the western Houston suburb of Katy. Opened in 2018, the unnamed property consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The seller was a privately held investment and development firm. Ignite Medical Resorts acquired the property for an undisclosed price. Amy Sitzman, Michael Segal and Giancarlo Riso of Blueprint brokered the deal.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 48-Unit Oakmont Apartments in Coon Rapids, Minnesota

by Kristin Harlow

COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Negotiates Sale of 36-Unit Marlaw Apartments in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Berkadia has negotiated the $4.8 million sale of Marlaw Apartments, a 36-unit multifamily complex located in the Northern New Jersey community of Elizabeth. The property’s unit mix comprises one studio, 17 one-bedroom units and 18 two-bedroom apartments. Nat Gambuzza, Trevor Fiebel, Tim Blashford and Nick Balancia of Berkadia represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

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Village-on-the-Park-Plano
AcquisitionsMultifamilySeniors HousingTexas

CBRE Arranges Sale of 366-Unit Seniors Housing Portfolio in Dallas Area

by Taylor Williams

DALLAS — CBRE has arranged the sale of a portfolio of four seniors housing properties in the Dallas metro area. The names of the recently rebranded properties in the portfolio are Village on the Park Plano, Village on the Park Denton, Village on the Park Stonebridge Ranch and Village on the Park McKinney. All properties were built between 2014 and 2017 and offer assisted living and memory care services. The buyer is a joint venture between Artemis Real Estate Partners and Bridgewood Property Co. The seller and sales price were not disclosed. John Sweeny, Aron Will and Garrett Sacco of CBRE brokered the deal.

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Twin-River-Commons-Binghamton
LoansMultifamilyNew YorkNortheastStudent Housing

TSB Capital Advisors Arranges Refinancing of Twin River Commons Near SUNY Binghamton

by Taylor Williams

BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.

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