Monday, June 16, 2025
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Multifamily

AcquisitionsFeaturesMultifamilySeniors Housing

After Lackluster 2023, Seniors Housing M&A Activity Is Poised to Rebound in 2024

by Jeff Shaw

At first blush, 2023 looks like a bad year for seniors housing property sales. Total transaction volume fell 23 percent to $10.6 billion, the sector’s lowest mark in over a decade, according to data from MSCI Real Assets. “I’m not surprised to see transaction volume down from 2022,” says Kelly Sheehy, senior managing director of Artemis Real Estate Partners. “The combined impact of declining asset values, scarcity of financing for new acquisitions and lender extensions for underperforming assets has kept sellers from listing assets and have prevented levered buyers from acquiring.” MSCI’s data is based on independent reports of property and portfolio sales of $2.5 million and above. The numbers include both private-pay seniors housing and skilled nursing care, but not active adult properties. The factors limiting seniors housing transaction volume have affected all real estate asset classes. As far as property acquisitions go, seniors housing was one of the most consistent property sectors in the United States in 2023. Commercial real estate sales across the country were down 51 percent last year, and the two hardest hit sectors were office (sales fell 56 percent) and multifamily (sales fell 61 percent), according to MSCI. What’s more, seniors housing was the …

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955-Ave-of-the-Oaks-Reno-NV
Market ReportsMultifamilyNevadaWesternWestern Market Reports

Reno’s Growth Bolsters the Multifamily Market

by Jeff Shaw

— By Benjamin Galles, senior vice president, CBRE — The outlook for the Reno multifamily market in 2024 is similar to how the year panned out in 2023. There is significant interest in Reno from investors across asset types, earning us a ranking on Business Insider’s list of the top 15 hottest real estate markets for the next decade.  Northern Nevada’s continued job growth has piqued investors’ interest in owning multifamily properties within the state. This growth will continue as existing companies expand their presence in the market, proving their commitment to the city and people of Northern Nevada.   The current elevated construction costs and construction loan costs could pose a roadblock to developers meeting the anticipated demand in the next 12 to 24 months. That being said, there are currently 4,700 apartment units under construction in the market. This will likely be absorbed by people moving into Reno from outside the region.  Unlike other markets we’ve seen across the country, very few loans in our region have maturities over the next 12 months. This means seller motivation in Reno remains low to moderate when it comes to offloading properties. The lack of debt events where owners will be pressed into a …

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AcquisitionsMultifamilyTexas

The Multifamily Group Negotiates Sale of 63-Unit Apartment Complex in Longview, Texas

by Taylor Williams

LONGVIEW, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Courtyard Apartments, a 63-unit complex located about 120 miles east of Dallas in Longview. The property was built in 1966 and offers one- and two-bedroom units with an average size of 778 square feet. Yonnic Land of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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135-E.-47th-St.-Manhattan
LoansMultifamilyNew YorkNortheast

JLL Arranges $185M in Financing for Midtown East Condo Tower

by Taylor Williams

NEW YORK CITY — JLL has arranged $185 million in condo inventory financing for Monogram, a 181-unit tower located at 135 E. 47th St. in Manhattan’s Midtown East neighborhood. Monogram consists of studio, one- and two-bedroom condos, four penthouses, 9,200 square feet of amenity space, including a 3,500-square-foot rooftop lounge, and 2,435 square feet of commercial space. Scott Aiese led the JLL team that arranged the financing through New York-based Kriss Capital on behalf of the borrower, Navigation Capital Partners.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Beacon Communities Completes Renovation of 285-Unit Affordable Housing Complex in Boston

by Taylor Williams

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing project in Boston dedicated to serving African Americans. The renovation was funded through a mix of state and federal housing and historic tax credits, as well as public and private loans.

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AcquisitionsMassachusettsMultifamilyNortheast

NEPCG Negotiates $8.4M Sale of Metro Boston Apartment Portfolio

by Taylor Williams

CHELSEA, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.4 million sale of a portfolio of six apartment buildings totaling 27 units in Chelsea, located on the southern outskirts of Boston. The buildings are situated across three contiguous parcels at 31-47 Louis St. Drew Kirkland, Francis Saenz and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sales of Three Apartment Buildings in River Grove, Illinois

by Kristin Harlow

RIVER GROVE, ILL. — Interra Realty has arranged the sales of three apartment buildings in River Grove, a western suburb of Chicago. A two-property, 12-unit portfolio sold for $1.7 million, while an eight-unit building traded hands for $1.1 million. The properties in the portfolio were built in 1969, while the standalone building was completed in 1980. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller of the portfolio, while Ralph Szypcio of Coldwell Banker represented the buyer. The same Interra brokerage team represented the buyer and seller of the standalone building. Both buyers are local operators who plan to self-manage the properties and improve them over a long-term ownership horizon. All of the buildings were fully occupied at the time of sale.

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AcquisitionsArizonaMultifamilyWestern

Subto Fund Acquires 21-Unit Coronado Vistas Apartment Building in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Subto Fund LLC has purchased Coronado Vistas, a multifamily property in Tucson, from Bellevue 21 LLC for $1.8 million. Located at 4424 E. Bellevue St., the community features 21 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the transaction.  

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406-E-South-St-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $2.5M Acquisition of Multifamily Property in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — CBRE has arranged the purchase of a seven-unit apartment building in Anaheim. A private investor acquired the asset for $2.5 million, or $360,714 per unit. Dan Blackwell and Amanda Fielder of CBRE represented the Orange County-based buyer in the deal. The seller was from Alameda County. Built in 1985, the 6,500-square-foot building is located at 406 E. South St. on a 9,148-square-foot lot. The community features individual patios, garage parking and a newly installed fire sprinkler system.

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AlabamaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Birmingham’s Multifamily Market Is Healthy Despite Softening, Outlook Is Favorable

by John Nelson

By David Wilson of Berkadia Birmingham’s apartment market has softened, which is consistent with trends both nationally and regionally in other Southeastern metros. But the market remains healthy and balanced despite a bump in new construction. With total employment gains exceeding 18,000 in 2023, a substantial jump from the 5,500-person gain in 2022, and unemployment rate falling to 2.2 percent, the Birmingham economy is as strong as it’s been in over 10 years, and the economic outlook is very favorable.  The majority of population growth has been in the southern areas such as Shelby County, although a steady delivery of new Class A apartments in downtown Birmingham in recent years, and the opening of a Publix grocery in 2017 on the ground level of the 436-unit 20 Midtown development, is helping the city core to grow. Research by Berkadia Birmingham reveals 12 properties comprising 2,936 units are under construction in the Birmingham area, excluding Tuscaloosa. These properties reflect a cross-section of product types such as a purpose-built student property and an affordable Low-Income Housing Tax Credit (LIHTC) property. Four are in their initial site work phase, while another four are beginning preleasing. New developments In the thriving Highway 280 submarket, …

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