Multifamily

MG Properties Acquires Park 12 Multifamily Tower in Downtown San Diego for $309M

by Katie Sloan February 6, 2025

SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story multifamily tower located in downtown San Diego, for $309 million. The transaction is the largest multifamily acquisition in San Diego since 2020 and the third-largest multifamily acquisition in the city’s history, according to the locally based buyer. Built in 2018, the community is located adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, and within the Ballpark Village master-planned community. The property offers a mix of studio, one-, two- and three-bedroom units, including penthouse apartments with exclusive access to a lounge on the 32nd floor. Shared amenities include saltwater and heated pools with poolside event space, a 24-hour fitness center, golf simulator and putting green, sun deck and spa, dog park, coffee and herbal tea bar, clubroom, sports lounge, game room and courtyards with outdoor seating, grilling areas and fire pits. Joseph Smolen and Geoff Boler of Eastdil Secured represented the seller, Charleston, S.C.-based Greystar, in the transaction. Greg Stampley and Lee Redmond, also with Eastdil Secured, originated a Fannie Mae acquisition loan of an undisclosed amount on behalf of MG Properties. San Diego-based MG Properties is a privately owned real estate firm specializing …

February 6, 2025

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier

by Sarah Daniels February 6, 2025

Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …

February 6, 2025

Acquisitions Loans Multifamily Southeast Virginia

IPA Secures $165.9M Acquisition Financing for 678-Unit Apartment Community in Alexandria, Virginia

by John Nelson February 5, 2025

ALEXANDRIA, VA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $165.9 million in acquisition financing for Town Square at Mark Center, a 678-unit apartment and townhome community located at 1459 N. Beauregard St. in Alexandria, about nine miles south of Washington, D.C. The borrower, Boston-based DSF Group, purchased the community from an undisclosed seller. IPA’s Los Angeles office arranged the financing, which was underwritten at a 70 percent loan-to-value ratio with a 35-year amortization schedule. Built in 1996, Town Square at Mark Center was 98 percent occupied at the time of financing.

February 5, 2025

Acquisitions Alabama Southeast Student Housing

Cushman & Wakefield Arranges Sale of 368-Bed Student Housing Community Near Auburn University

by John Nelson February 5, 2025

AUBURN, ALA. — Cushman & Wakefield has arranged the sale of The HUB at Auburn, a 368-bed student housing community located at 626 Shug Jordan Parkway near the Auburn University campus in Alabama. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets team represented the seller, FPA Multifamily, in the transaction. The property was acquired by Capstone Real Estate Investments for an undisclosed price. Developed in 1989, the community consists of six three-story buildings that were 96 percent occupied at the time of sale. The property offers 96 units in two- and four-bedroom configurations, including townhomes. Shared amenities include a fitness center, resort-style pool, shared study spaces and a complimentary coffee bar.

February 5, 2025

Development Multifamily Oregon Western

REACH, Mercy Housing Break Ground on $51.8M Affordable Housing Project in Metro Portland

by Amy Works February 5, 2025

BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two- and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the corner of Baseline Road and SW 170th Avenue, near the Elmonica MAX lightrail station. Metro — the regional government of the Portland metropolitan area in Oregon — provided a Transit Oriented Development grant, as well as an Affordable Housing Bond, for the development. The U.S. Treasury and Oregon Housing and Community Services provided a 4 percent Low-Income Housing Tax Credit. Additional financing sources for the project include Oregon Housing & Community Services, the City of Beaverton, Energy Trust of Oregon, Washington County’s Housing Opportunity Production Fund, HOME funds and Citibank. Elmonica Station is slated for completion in summer 2026. Colas Construction is the general contractor, and Salazar Architect designed the …

February 5, 2025

Acquisitions California Multifamily Western

Colliers Brokers $9M Sale of Mar Vista Lofts in Los Angeles

by Amy Works February 5, 2025

LOS ANGELES — Colliers has arranged the sale of Mar Vista Lofts, a multifamily property located at 3992 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. Park Towers (1990) Corp. sold the asset to Mar Vista Lofts 4 LLC for $9 million, or $452,380 per unit. Kitty Wallace and Melanie Nutting of Colliers’ Wallace Team represented the seller and the buyer in the deal. Constructed in 2012, Mar Vista Lofts features 21 apartments on a 14,638-square-foot double lot.

February 5, 2025

Development Illinois Midwest Multifamily

QIP, Melrose Ascension Capital Begin Leasing Efforts for Straits Row Apartment Tower in Chicago

by Kristin Harlow February 5, 2025

CHICAGO — Q Investment Partners (QIP) and Melrose Ascension Capital have begun leasing efforts for Straits Row, an 18-story rental tower combining traditional apartment units with co-living units in Chicago’s South Loop. Located at 633 S. LaSalle St. within the Printers Row neighborhood, the 132-unit building will offer 358 private, fully furnished residential spaces. Rents at Straits Row are expected to average 20 percent less than competing Class A rental towers, according to the development team. Floor plans will range from studios to four-bedroom units. In the co-living units, residents will share a kitchen and living area but have their own private bedroom and bathroom. All residences come fully furnished. Residents at Straits Row can enjoy 15,000 square feet of amenity space, including a lobby-level “Printers Room” coworking space that nods to the history of Printers Row and features three private study rooms, a printer center, coffee station with cold brew on tap, lounge seating and adjacent outdoor patio. The tower’s 17th-floor amenity level features a resident lounge, fitness center, multiple clubrooms and a private dining room. Outside, there is a panoramic pool deck, grilling stations and outdoor dining areas. Straits Row serves as QIP’s flagship residential development in the …

February 5, 2025

Acquisitions Midwest Missouri Multifamily

PPR Capital Management Acquires Kansas City Multifamily Property for $33.6M

by Kristin Harlow February 5, 2025

KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit multifamily property in Kansas City, for $33.6 million. The garden-style community is situated in close proximity to Country Club Plaza. The acquisition marks PPR’s second investment in metro Kansas City. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner and onsite property manager. The financing includes a 3.9 percent loan assumption.

February 5, 2025

Development Loans Multifamily Southeast Top Stories Virginia

Carr Forms Joint Venture with Barings to Build $131M Multifamily Project in Alexandria, Virginia

by Kristin Harlow February 5, 2025

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project to transform a former office building into multifamily units in Alexandria, roughly seven miles south of Washington, D.C. The partnership subsequently received an $84 million construction loan from real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The development site, located adjacent to Montgomery Park in the city’s Old Town Alexandria neighborhood, formerly housed a vacant office building. The eight-story, 250,000-square-foot project will feature 237 apartment units in studio, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool and a resident lounge/amenity center, as well as a performing arts venue leased to CityDance. About one-third of the units will offer views of the Potomac River. Carr acquired the project site (formerly 901 N. Pitt St.) in spring 2024. Construction has commenced, and a groundbreaking ceremony is scheduled for next month. The project is slated for completion by late 2026. “We look forward to partnering with Carr Properties on this exciting residential investment that we believe will benefit from several tailwinds, including the region’s strong …

February 5, 2025

Acquisitions Multifamily Texas

CBRE Brokers Sale of 184-Unit Villa Ladera Apartments in East Dallas

by Taylor Williams February 4, 2025

DALLAS — CBRE has brokered the sale of Villa Ladera, a 184-unit apartment complex in East Dallas. Built in 1972, Villa Ladera is a gated, pet-friendly community that offers one- and two-bedroom units as well as onsite laundry facilities. Chris Deuillet and Matthew Pastrano of CBRE represented the undisclosed seller in the transaction and procured the buyer, Blue Ocean Real Estate. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal through an unnamed lender.

February 4, 2025

Newer Posts

Older Posts