Multifamily

912-Broadway

By Blima Ehrentreu, founder and CEO, The Designers Group The urban real estate landscape is undergoing a remarkable transformation. With shifting work patterns and changing societal needs, design and development teams are working to convert underutilized office buildings into vibrant residential spaces. As office vacancy rates rise in cities like New York, San Francisco and Chicago, this challenge drives creative solutions that blend design innovation, virtual planning and sustainability. This dynamic landscape provides an exciting platform to reimagine urban living and meet the evolving demands of residents. At The Designers Group (TDG), we embrace the concept of adaptive reuse. Rather than tearing down old buildings and starting from scratch, we see value in maintaining existing structures and repurposing them in innovative ways. This approach not only aligns with our commitment to sustainability but also offers a chance to preserve the character and history of urban landscapes. Industrial elements such as exposed brick, concrete pillars and high ceilings can be integrated into residential designs, creating unique and compelling aesthetics. This focus on adaptive reuse means less waste and smaller carbon footprints, which is critical in today’s environmentally conscious world. By working with what already exists, we minimize the need for new …

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PALMETTO, FLA. — Berkadia has arranged a $97 million construction loan to finance the development of The Carlton at Robinson Gateway, a 610-unit multifamily project in Palmetto. The borrower, The Mahaffey Apartment Co., plans to break ground this summer alongside newly contracted general contractor Esterline Construction. Mitch Sinberg, Bryan Brown, Matt Robbins, Scott Wadler and Brad Williamson of Berkadia arranged the financing through Goldman Sachs Private Bank, a division within its Wealth Management platform. Situated in the Sarasota-Bradenton MSA near I-75, The Carlton at Robinson Gateway will comprise one-, two- and three-bedroom apartments ranging in size from 625 to 1,587 square feet. Amenities will include a clubhouse, business center, onsite storage units, community dog park and a resort-style swimming pool.

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DALLAS — A joint venture between locally based firm Anthem Development and Austin-based ATX Acquisitions has purchased Eleven600 Apartments, a 216-unit multifamily complex in the Lake Highlands area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center, playground, sports court and outdoor grilling and dining stations. The new ownership plans to implement a value-add program. The seller and sales price were not disclosed.

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BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project that will be located in Boston’s Hyde Park neighborhood. The property will consist entirely of one-bedroom units that will be reserved for households earning 30, 50 or 60 percent or less of the area median income. The borrower and developer is an affiliate of B’nai B’rith Housing of New England. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities also provided $16.1 million in tax credit equity for the project.

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BEACON FALLS, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Beacon Mill Village, a 185-unit multifamily property in Beacon Falls, located just northwest of New Haven. Built in 1988, the property offers one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool, fitness center, sauna, tennis court and a dog park. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Navarino Capital Management, in the transaction. The trio also procured the buyer, an entity doing business as Beacon Mill Holdings II LLC.

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NORTH KINGSTOWN, R.I. — CBRE has brokered the sale of Mill Creek Townhomes, a 140-unit apartment complex located south of Providence in North Kingstown. Built in 1968 and expanded in 2006, the property offers two-, three- and four-bedroom units with an average size of 1,126 square feet on a 47-acre site. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Massachusetts-based investment firm The Grossman Cos., in the transaction. The team also procured the buyer, Landings Real Estate Group, a private investment group based in Newport, R.I.

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SOUTH OGDEN, UTAH — Los Angeles-based TruAmerica Multifamily has purchased The Falls at Canyon Rim, an apartment property in South Ogden, approximately 25 miles north of Salt Lake City. Terms of the transaction were not released. The Falls at Canyon Rim offers 288 one-, two- and three-bedroom apartments averaging nearly 1,200 square feet. Community amenities include a swimming pool, year-round hot tub, 24-hour fitness center, barbecue grills, two playgrounds, basketball courts, tennis courts, recreation rooms and a dog park. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

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WYOMING, MICH. — Thompson Thrift has completed The BLVD at Wilson Crossings, a 344-unit apartment community in the Grand Rapids suburb of Wyoming. The property, which is 45 percent leased, offers townhome-style units with up to four bedrooms. Amenities include a clubhouse, fitness center, pool, pickleball courts, turf game lawn and dog park. The project marks the third Michigan development for Indianapolis-based Thompson Thrift.

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CHICAGO — Interra Realty has brokered the sale of a three-building, 114-unit multifamily portfolio on Chicago’s South Side for $9.3 million. Two buildings, 7131 S. Bennett Ave. and 1949 E. 73rd Ave., are located in the South Shore neighborhood, while the third property, 6600 S. Ingleside Ave., is in the Woodlawn neighborhood. Lucas Fryman of Interra represented the buyer and seller, both based in Brooklyn, N.Y. The purchaser assumed the asset’s existing mortgage, which carries a 3.29 percent interest rate that matures at the end of 2032. Built in the early 1920s, the properties were 95 percent occupied at the time of sale. All three buildings have undergone capital improvements in recent years to include upgraded exteriors, building systems and unit interiors. The new ownership plans to continue the modernization with new appliances, fixtures and paint.

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FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan for the construction of The Arcadian, a mixed-use affordable housing project underway in Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila, is the developer and borrower. Located at 640 N.W. 7th Ave., the property will comprise an eight-story tower with 478 residential units, as well as 15,000 square feet of retail space and a 212,000-square-foot parking garage. Amenities will include swimming pools, a central atrium, fitness center, indoor pickleball court, outdoor movie theater, playground, business center, kid’s room, lounge area, pet park, pedestrian paseo and club rooms. Completion is scheduled for early 2026.

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