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Multifamily

Skye-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

IPA Arranges Sale of 371-Unit Skye Multifamily Community in Seattle

by Amy Works

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has directed the sale of Skye, an 18-story apartment property in Seattle’s Denny Triangle neighborhood. Terms of the transaction were not released. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer. Built in 1949, Skye has undergone significant building upgrades over the past 10 years and all units were upgraded between 2014 and 2016. The property has a controlled-access parking garage, a rooftop terrace, fenced dog park, walking trails and green lawns. The community offers 371 studio, one- and two-bedroom apartments with new cabinets, quartz countertops, stainless steel or black appliances, and new plumbing and lighting fixtures. Skye also offers 13,300 square feet of ground-level retail space.

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AcquisitionsIllinoisMidwestMultifamily

The Apartment Source, Westward360 Unveil Strategic Merger in Chicago

by Kristin Harlow

CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has unveiled the merger of its property management division with Westward360, a provider of real estate property management services for rental property owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Merchants Capital Arranges $25.5M in Construction Financing for Minnesota Affordable Housing Project

by Kristin Harlow

SHAKOPEE, MINN. — Merchants Capital has arranged $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee. Merchants Capital provided $14.1 million in 9 percent Low-Income Housing Tax Credit equity and secured an $11.4 million bridge loan from Merchants Bank. Developed by Twin Cities-based developer Beacon Interfaith Housing Collaborative, Prairie Pointe is the only housing development in the area to offer onsite supportive services and rents restricted at 30 percent of the area median income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or those with disabilities, and 14 units will be restricted at 50 percent AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin will provide onsite supportive services. Prairie Pointe will feature one-, two-, three- and four-bedroom units. Community spaces will include a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as …

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DevelopmentDistrict of ColumbiaMixed-UseMultifamilySoutheastTop Stories

Akridge, National Development Complete Phase I of Stacks Mixed-Use Project in D.C.

by Kristin Harlow

WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two luxury apartment buildings within The Stacks in the Buzzard Point neighborhood of Washington, D.C. With these openings, the mixed-use project’s first phase is now complete. Phase I of The Stacks totals nearly 1 million square feet and includes 1,116 multifamily units, more than 90,000 square feet of amenity spaces across three apartment buildings, roughly 22,000 square feet of public parks, approximately 40,000 square feet of retail space and 11,000 square feet of coworking space. First move-ins at Colette and Everly are slated for this month. The two buildings total 732 units. “Everly and Colette provide residents with some of the best water views in the region, as well as convenient access to the best of D.C., including The Wharf, Navy Yard and downtown,” says Adam Gooch, managing principal and chief development officer at Akridge. “Between these two new residential towers and their sister building, The Byron, which opened earlier this year, The Stacks offers three distinctive luxury living options to match residents’ needs.” Architecture firm Gensler designed Everly and was the broader design coordinator of The Stacks. Everly features 413 apartment units within a 14-story …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield Brokers Sale of 396-Unit Averly at Flowers Apartments in Clayton, North Carolina

by John Nelson

CLAYTON, N.C. — Cushman & Wakefield has brokered the sale of The Averly at Flowers, a 396-unit apartment community located at 380 Topwater Drive in Clayton, about 24 miles southeast of Raleigh. Alex McDermott, Hunter Bowling, Charlie Gravina, Rhodes Marley and Paul Marley of Cushman & Wakefield represented the seller, Ardmore Residential Inc., in the transaction. ECI Group purchased the community for an undisclosed price in partnership with Almanac Realty Investors, a division of Neuberger-Berman. Built in 2023 and formerly known as Adrmore at Flowers Apartments, The Averly at Flowers features 11 residential buildings, as well as amenities including resort-style swimming pools, grilling pavilions, business centers, fitness centers, a pet play area and walking/biking trails. The property is part of the 3,000-acre Flowers Plantation master-planned community.

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Affordable HousingDevelopmentLoansMultifamilyNorth CarolinaSoutheast

BWE Secures $22.3M Construction Financing for Mixed-Income Housing Project in Cary, North Carolina

by John Nelson

CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.

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Echo-Lake-Houston
DevelopmentMultifamilyTexas

Fein Breaks Ground on 326-Unit Echo Lake Apartments in North Houston

by Taylor Williams

HOUSTON — Locally based developer Fein has broken ground on Echo Lake, a 326-unit apartment community that will be located in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development, and the property is named after the 1.2-acre lake and trail system that will serve as a focal point of the project. Designed by Steinberg Dickey Collaborative and financed by Comerica Bank, Echo Lake will have two- and three-story buildings that will house one-, two- and three-bedroom units and Class A amenities. About 40 percent of units will be townhouse-style residences with attached garages. Fein is developing Echo Lake in partnership with Open House Group, an equity investment that was arranged by John Fenoglio of CBRE. The first units are expected to be available for occupancy in the second quarter of 2026, with full completion slated for mid-2027.

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AcquisitionsMultifamilyTexas

Greysteel Arranges Sale of 116-Unit Candle Chase Apartments in Southwest Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Greysteel has arranged the sale of Candle Chase Apartments, a 116-unit apartment complex in southwest Fort Worth that was built in 1969. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 715 to 1,198 square feet. Doug Banerjee and Sterling Warren of Greysteel represented the seller, Epic Capital Partners, in the transaction. The buyer, an entity doing business as Delara Chase LLC, has rebranded the property as Delara Chase Apartments.

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Astoria-Apts-SLC-UT
DevelopmentLoansMultifamilyUtahWestern

Berkadia Secures $31.5M Bridge Loan for Apartment Project in Salt Lake City

by Amy Works

SALT LAKE CITY — Berkadia has secured a $31.5 million bridge loan on behalf of Midtown Capital to complete construction of The Astoria, a multifamily community in Salt Lake City. Slated for completion in third-quarter 2025, the 149-unit property is situated in the city’s Fairpark District. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing for the sponsor, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, Fla., and Madrid, Spain. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion. Located at 11 N. 800 West, the seven-story Astoria will feature 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom layouts up to 955 square feet each. The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to SLC International Airport, the Delta Center and downtown Salt Lake City.

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One-Domino-Square-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Two Trees Management Completes Lease-Up of 279-Unit Multifamily Property in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based developer Two Trees Management has completed the lease-up of One Domino Square, a 279-unit multifamily property in the borough’s Williamsburg area. Designed by Selldorf Architects, One Domino Square offers both apartments and condos in a variety of floor plans, including penthouses for the latter component. Amenities include a pool, spa, resident lounges, media room, children’s playroom, private dining room, chef’s kitchen and outdoor grilling and dining stations. The property’s rental units are now 99 percent occupied, with rents starting at $4,770 per month for a studio apartment.

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