Tuesday, June 17, 2025
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Multifamily

IllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Provides $15.5M HUD-Insured Loan for Refinancing of Assisted Living Facility in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan for the refinancing of The Pointe at Eastgate in Algonquin. The assisted living facility is designed for residents age 65 and older who are transitioning from independent living to a more supportive environment. The property offers private apartments and a variety of services, including weekly housekeeping, optional laundry service, medication set-up and reminders, assistance as needed with personal care, grooming and bathing, plus transportation to medical appointments and group outings. Brent Holman-Gomez of Cambridge originated the 35-year loan on behalf of the borrower, an Illinois-based limited liability company.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Breaks Ground on 56-Unit Affordable Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between OCI Development, an affiliate of Atlantic Pacific Cos. and Opportunity Home San Antonio has broken ground on Vista at Reed, a 56-unit affordable housing project on the city’s west side. Vista at Reed will feature two- and three-bedroom units. Rental prices will range from $398 to $1,380, and 55 units will be set aside for residents earning up to 60 percent of the area median income. Residents will have access to various social services including financial literacy and health awareness classes. PNC Bank provided construction financing for the project, completion of which is slated for early 2025.

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Hangar-Thunderbird-Glendale-AZ
AcquisitionsArizonaLoansMultifamilyWestern

IPA Brokers Sale of Hangar at Thunderbird Multifamily Property in Glendale, Arizona for $69M

by Amy Works

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Hangar at Thunderbird, a multifamily community in Glendale. P.B. Bell sold the asset to Decron Properties for $69 million, or $259,398 per unit. Completed in 2023, Hangar at Thunderbird features 266 apartments with nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. The garden-style, controlled-access community offers a swimming pool, spa, adjacent outdoor game patio and shaded community playground with evening lighting. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $40 million in acquisition financing.

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Gates-at-Marina-Apts-Marina-CA
AcquisitionsCaliforniaLoansMultifamilyWestern

Interstate Equities Sells Majority Stake in The Gates at Marina Apartments in Marina, California

by Amy Works

MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management. IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million. Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances. Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.

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Palm-St-Apts-San-Luis-Obispo-CA
CaliforniaLoansMultifamilyWestern

PSRS Arranges $1.4M Refinancing for Palm Street Apartments in San Luis Obispo, California

by Amy Works

SAN LUIS OBISPO, CALIF. — PSRS has arranged $1.4 million in refinancing for Palm Street Apartments, a multifamily asset in the Central Coast city of San Luis Obispo. Jonny Soleimani and Thomas Rudinsky of PSRS secured the seven-year loan through a bank. Situated on 0.33 acres, Palm Street Apartments offers 11 apartments and on-site parking.

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AcquisitionsMultifamilyNew JerseyNortheast

SAGE Arranges Sale of 24-Unit Apartment Building in Oradell, New Jersey

by Taylor Williams

ORADELL, N.J. — Locally based brokerage firm SAGE Investment Real Estate Advisors has arranged the sale of a 24-unit apartment building in the Northern New Jersey community of Oradell. The property was built in the 1960s and offers one- and two-bedroom units. Greg Pine and Steve Tragash of SAGE represented the seller, an entity doing business as Oradell Associates LLC, in the transaction. The duo also procured the buyer, an undisclosed private investor.

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DevelopmentMultifamilyTexas

JPI Breaks Ground on 761-Unit Multifamily Project in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based developer JPI has broken ground on Jefferson Castle Hills, a 761-unit multifamily project that will be located within the 2,900-acre Castle Hills master-planned development in the northern Dallas suburb of Lewisville. Bright Realty owns Castle Hills. Designed by Preston Partnership, Jefferson Castle Hills will be developed in two phases and will offer one-, two- and three-bedroom units. Residences will be equipped with stainless steel appliances, walk-in closets, individual washers and dryers and private yards or balconies. Amenities will include a pool, fitness center, dog park, private courtyards and dedicated parking garages. Construction of Phase I is slated for a fourth-quarter 2025 delivery.

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Oak-House-Apartments-Leander
DevelopmentMultifamilyTexas

Ryan Cos. Begins Leasing 347-Unit Oak House Apartments in Leander, Texas

by Taylor Williams

LEANDER, TEXAS — Minneapolis-based developer Ryan Cos. has begun leasing Oak House Apartments, a 347-unit multifamily community located north of Austin in Leander. Oak House consists of 10 buildings that house one-, two- and three-bedroom units on a 20-acre site. Amenities include a pool, fitness center, outdoor grilling and dining areas, clubroom, coffee bar and a dog park. Ryan Cos. developed the property in a joint venture with Denver-based Brue Baukol Capital Partners. Dallas-based Humphreys & Partners Architects designed the project, and Cadence McShane Construction served as the general contractor. First Horizon Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom apartment. The first move-ins will begin this summer.

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Amaya-Revere
DevelopmentMassachusettsMultifamilyNortheast

Partnership Begins Leasing 475-Unit Multifamily Project in Metro Boston

by Taylor Williams

REVERE, MASS. — A partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group has begun leasing Amaya, a 475-unit multifamily project located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the redevelopment of the 161-acre former Suffolk Downs racetrack and houses 24,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Ullico, a Washington, D.C.-based insurance company, financed construction of the project. Rents start at roughly $2,400 per month for a studio apartment.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Berkadia Arranges Sale of 2,164-Unit Multifamily Portfolio in South Carolina

by John Nelson

CHARLOTTE, N.C. AND CHARLESTON, S.C. — Berkadia has arranged the sale of a multifamily portfolio comprising 2,164 units in South Carolina. The portfolio includes eight communities — Ivystone at Palmetto Pointe in Myrtle Beach; Mallard Pointe and Deerfield Apartments in Rock Hill; Deerfield Run, Waterford Apartments and Ivy Ridge in Easley; and Heritage Trace and Heatherstone Apartments in Piedmont. Caleb Troop of Berkadia’s Charlotte office, along with Mark Boyce of the firm’s Charleston office, represented the private buyer in the transaction. The seller and sales price were not disclosed. Brookside Properties has taken over property management at the communities on behalf of the buyer, which plans to renovate all units over the next three years and upgrade amenities.

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