Tuesday, June 17, 2025
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Multifamily

Broadstone-Dobson-Ranch-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

Alliance Residential Sells 288-Unit Broadstone Dobson Ranch in Mesa, Arizona to Weidner Apartments Homes

by Amy Works

MESA, ARIZ. — Alliance Residential has completed the disposition of Broadstone Dobson Ranch, an apartment property situated within the Dobson Ranch master-planned community in Mesa. Weidner Apartments Homes acquired the asset for an undisclosed price. Completed in 2023, Broadstone Dobson Ranch features 288 apartments, with nine-foot and 10-foot ceilings, full-size washers/dryers, walk-in closets and private patios or balconies. Community amenities include a central courtyard, resort-style swimming pool and spa, fitness center, resident clubhouse, attached and detached garages, covered parking and controlled-access entry. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets secured acquisition financing for the buyer.

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Andrews-Terrace-Rochester-NY
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastSeniors HousingTop Stories

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Katie Sloan

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the first floor with elevated walkways throughout.  Under an existing Housing Assistance Payment contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI. Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage.  The project will also include the addition of a community garden, seating and grilling area, bocce ball courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a …

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AcquisitionsSouth CarolinaSoutheastStudent Housing

Harrison Street Sells 994-Bed Student Housing Community Near Clemson University

by John Nelson

CLEMSON, S.C. — Harrison Street has sold Epoch Clemson, a 994-bed student housing community located near the Clemson University campus in South Carolina. The property offers a mix of cottage, townhome and apartment units in one-, two-, three-, four- and six-bedroom configurations. Shared amenities include sand volleyball and basketball courts, an onsite cafe, group and private study areas, 24-hour fitness center, yoga room, dog park and a resort-style swimming pool. The community also features 3,600 feet of frontage along Lake Hartwell, with amenities including a private beach, boat docks and lakeside pedestrian paths. Walker & Dunlop represented Harrison Street in the sale of the property to an affiliate of Inland Real Estate Acquisitions. The sales price was not disclosed.

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AcquisitionsAffordable HousingDevelopmentDistrict of ColumbiaLoansSoutheast

Red Oak Capital Provides $5.8M Loan for D.C. Affordable Housing Acquisition, Rehab

by John Nelson

WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing property located at 89 and 93 Hawaii Ave. NE in Washington, D.C.’s Brookland neighborhood. The borrower, an entity doing business as Legacy Lofts II & III, will use the funds to acquire and rehabilitate the property into 22 apartments that will be rented under the D.C. Housing Authority’s Choice Voucher Program. The project involves converting the vacant units at the two buildings into 12 two-bedroom and 10 three-bedroom apartments with projected monthly rents of $2,439 and $3,256, respectively. The rehabilitation is expected to be finished within a year, with full stabilization by late 2025, according to Red Oak Capital. The interest-only loan carries a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million.

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365-Bond-St.-Brooklyn
LoansMultifamilyNew YorkNortheast

Lightstone Receives $165.5M Agency Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams

NEW YORK CITY — Locally based investment firm Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a 430-unit apartment community located at 365 Bond St. in the Gowanus neighborhood of Brooklyn. Built in 2016, the property features studio, one- and two-bedroom units, 40,000 square feet of amenity space and 30,000 square feet of open green space. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan on behalf of Lightstone.

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Amnia-Brooklyn
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $41.2M Bridge Loan for Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $41.2 million bridge loan for Amnia, a 73-unit apartment building in downtown Brooklyn. The newly constructed, 13-story building offers studio, one-, two- and three-bedroom units, with 22 apartments reserved as affordable housing. Amenities include a fitness center, game room, courtyard with a dog run and a rooftop lounge. Pinchas Vogel of Landstone Capital Group arranged the debt. The borrower, Bruklyn Builders Inc., will use the proceeds to retire construction debt and fund other costs of lease-up and stabilization.

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DevelopmentIllinoisMidwestMultifamily

Shapack, CRG Unveil Plans to Build 29-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Shapack Partners and CRG have unveiled plans to build a 29-story apartment tower located at 220 N. Ada St. in Chicago’s Fulton Market. The partnership received $84 million in construction financing from Pacific Life Insurance, according to Crain’s Chicago Business. Plans call for 308 apartment units, 62 of which will be designated as affordable housing, as well as 12,300 square feet of ground-floor retail space. Apartments will come in studio, one- and two-bedroom layouts. There will also be nine penthouses. Shapack and CRG are developing the property along with Bill Williams, founder and principal of KMW Communities LLC, a Chicago-based developer. The partnership with KMW is part of CRG’s PILLAR initiative, the firm’s diverse developer program that works closely with a group of Chicago-based developers aimed at addressing the lack of diversity in commercial real estate. Rising 314 feet, 220 N. Ada St. will be positioned on a 27,244-square-foot parcel at the corner of West Fulton and North Ada streets, replacing a one-story warehouse building. Demolition is scheduled for February, with a groundbreaking planned for March. Completion is slated for early 2026. Designed by SOM, the property’s residential units will be situated on floors 5 to 28 and …

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of 217-Unit Via Sol Apartment Complex in Suburban Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Via Sol, a five-story, 217-unit apartment complex in the Minneapolis suburb of St. Louis Park. The sales price was undisclosed. Completed in 2022 and located along Minnesota State Highway 7, the property features amenities such as an urban art forest, rooftop terrace, fitness center and underground parking. The average unit size is 677 square feet. Abe Roberts, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, Place E-Generation One LLC. The team also procured the buyer, Bigos-Via Sol LLC, an entity under Bigos Management. The buyer plans to rebrand the community as Zelia on Seven.

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AcquisitionsKansasMidwestMultifamily

Archstone Capital Acquires 200-Unit Townhome Property in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Archstone Capital has acquired The Louis Overland Park, a 200-unit townhome community in the Kansas City suburb of Overland Park. Archstone Construction, Archstone’s general contractor, will oversee the property’s upcoming improvements. The acquisition marks Archstone’s entry into the Kansas City market. The Louis Overland Park, formerly named Madison Overland Park, marks Archstone’s 13th acquisition in the Midwest. The property was acquired with equity from Archstone and affiliates in a partnership with Aspen Funds and 7Acre Investments. Planned improvements for the property include upgrades to amenity spaces, modernization of common areas and improvements to enhance curb appeal. Residents can expect state-of-the art appliances, modern flooring, upgraded light fixtures and hard surface countertops.

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DevelopmentMidwestMultifamilyWisconsin

McShane Completes 32-Unit Supportive Living Community in Grafton, Wisconsin

by Kristin Harlow

GRAFTON, WIS. — McShane Construction Co. has completed Woodside Prairie, a 32-unit supportive living community for adults with Autism in Grafton, a northern suburb of Milwaukee. Impact Seven was the developer. Designed by New Horizon Ventures, the community offers four buildings with six single-occupant rooms and two townhome buildings with eight townhomes. A 3,700-square-foot activity building onsite features a community kitchen, craft space, computer center and fitness area. A consultant was engaged to help select interior finishes that are conducive to a healthy environment for Autistic adults. The sustainable project was designed to achieve Wisconsin Green Built Homes certification.

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