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Multifamily

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DevelopmentIllinoisMixed-UseMultifamilyTop Stories

Chicago City Council Approves $241.5M Office-to-Residential Adaptive Reuse Project at Field Building

by Hayden Spiess

CHICAGO — The Chicago City Council has approved plans for an adaptive reuse project at 135 S. LaSalle St. in the city’s central business district (CBD). A joint venture between Riverside Investment & Development, AmTrustRE and DL3 Realty is developing the project, which has a total budget of $241.5 million. Financing for the development includes $98 million in city subsidies and historic tax credits.  Scheduled to begin construction in spring 2026, the project will convert 624,000 square feet of vacant office space within the 1.4 million-square-foot Field Building to modern residential units and commercial space. Upon completion, the development will feature 430,050 square feet of residential space across 386 units, as well as 92,000 square feet of commercial space. Residences will include a mix of studio, one- and two-bedroom apartments.  Commercial space at the property will house food-and-beverage offerings, a small-format grocer, health and fitness club and other amenities. “The Field Building redevelopment will bring much-needed housing and amenities to workers, visitors and a growing residential base in the city. By modernizing this landmark, the project will help reposition the Loop to attract leading corporations and top talent while bolstering Chicago’s reputation as a thriving economic and cultural destination,” says John O’Donnell, …

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AcquisitionsMultifamilyTexas

Limited Liability Company Buys Amarillo Multifamily Property for $22.4M

by Taylor Williams

AMARILLO, TEXAS — A limited liability company doing business as 3101 BB LLC has purchased Boulder Bay Apartments, a 224-unit multifamily property in Amarillo, for $22.4 million. Built in 2016, the property offers one-, two- and three-bedroom units that are furnished with granite countertops, black appliances and walk-in closets. Amenities include a pool, fitness center, business center, resident lounge and outdoor grilling and dining areas. The seller was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Joint Venture Acquires Northern New Jersey Apartment Building for $165M

by Taylor Williams

CLIFFSIDE PARK, N.J. — A joint venture between two New York City-based firms, Hyperion Group and Benenson Capital, has acquired The Centre, a 16-story apartment building located in the Northern New Jersey community of Cliffside Park, for $165 million. The Centre consists of 314 units that come in studio, one- and two-bedroom units and range in size from 564 to 1,385 square feet. Amenities include a pool, health club, lounge, billiards and card room, spa and 24-hour concierge services. The Centre also houses 52,000 square feet of commercial space across two stories. The seller was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Arranges $7.3M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has arranged the $7.3 million sale of a 40-unit apartment building in Queens. The five-story building at 27-08 39th Ave. was originally constructed in 1929 and offers studio, one- and two-bedroom units, eight of which (20 percent) are subject to rent restrictions. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Steve Filippo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.   

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8931-8945-Helms-Pl-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Priority Capital Advisory Arranges $28M Construction Loan for Apartment Property in West Los Angeles

by Amy Works

LOS ANGELES — Priority Capital Advisory has arranged a $28 million loan on behalf of CityPads, a private equity fund manager and multifamily developer with operations based in Chicago and Los Angeles. The senior debt financing will be used for the development of a 92-unit multifamily property located at 8931-8945 Helms Place in West Los Angeles. Zachary Streit of Priority Capital Advisory, along with Lucas Borges of JLL, arranged the loan. The property will feature 38 studio units (33 market rate and five affordable), 53 one-bedroom units (47 market rate, six affordable) and one affordable three-bedroom unit. Building amenities will include coworking space and a lounge, private patios, onsite parking, 9- to 10-foot ceilings and a fully built-out roof deck with 360-degree views. Construction is underway for the project, which is slated for completion in late 2026.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Two Chicago Apartment Buildings Totaling $6.7M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of two Chicago apartment buildings for a combined $6.7 million. The 24-unit property at 4954 N. Christiana Ave. in the Albany Park neighborhood sold for $4.5 million, and the 10-unit building at 4321-23 N. Tripp Ave. in the Old Irving Park neighborhood traded for $2.2 million. Craig Martin of Interra represented the seller, HP Ventures Group, in both transactions. Martin also represented the buyers, Eloy Burciaga and John Krumsee, respectively. Both assets were fully occupied at the time of sale and underwent renovations approximately 15 years ago.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

McDowell Housing Begins Construction on $64.7M Affordable Seniors Housing Project in South Florida

by John Nelson

PEMBROKE PARK, FLA. — McDowell Housing Partners has announced the commencement of construction of Ekos at Pembroke Park, a new affordable seniors housing development located in Pembroke Park. Upon completion, the $64.7 million project will total 150 units reserved for seniors earning up to 80 percent of the area median income. This marks the 16th affordable housing project in Florida for McDowell. Amenities at the community will include a clubroom, fitness center, package lockers, bike storage and six electric vehicle charging stations. Nonprofit organization Area Agency on Aging of Broward County will lease a commercial space at the property and offer onsite supportive services to residents age 60 and older. Financing for the development includes tax-exempt bonds and a loan from the Housing Finance Authority of Broward County; a loan from the Florida Housing Finance Corp.; LIHTC equity from U.S. Bank; and senior construction and permanent loans from R4 Capital.

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DevelopmentFloridaMultifamilySoutheast

Kolter Multifamily Breaks Ground on 256-Unit Alton Sarasota Apartment Development in Florida

by John Nelson

SARASOTA, FLA. — Kolter Multifamily LLC, an affiliate of Delray Beach, Fla.-based The Kolter Group, has broken ground on Alton Sarasota, a 256-unit, garden-style apartment community in Sarasota. Kolter expects to welcome first residents in winter 2026. Alton Sarasota represents the fourth apartment development in the Sarasota-Bradenton MSA for Kolter, which broke ground on Alton Palmetto in Palmetto, Fla., earlier this year. Situated along 63rd Avenue about three miles north of University Parkway, Alton Sarasota will feature one-, two- and three-bedroom apartments ranging in size from 765 to 1,248 square feet. The property will also include a modern clubhouse with a fitness center, coworking office space and a coffee lounge.

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Presidium-Valley-View
DevelopmentMultifamilyTexas

Presidium Completes 338-Unit Apartment Community in Farmers Branch, Texas

by Taylor Williams

FARMERS BRANCH, TEXAS — Texas-based developer Presidium has completed Presidium Valley View, a 338-unit multifamily project located in the northern Dallas metro of Farmers Branch. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 573 to 1,631 square feet. Residences are furnished with stainless steel appliances, quartz countertops, kitchen islands, built-in desks, private balconies, keyless entry mechanisms and individual washers and dryers. Indoors, the property houses a fitness center, clubroom area, coffee bar, theater lounge with a golf simulator and coworking spaces. Outdoor amenities include a pool, yoga lawns, grilling areas and a pet park/spa. Dallas-based O’Brien Architects served as the project architect. Leasing began last winter, at which point rents started at $1,585 per month for a studio apartment.

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29-W.-35th-St.
AcquisitionsDevelopmentMultifamilyNew YorkNortheastOffice

Partnership Buys Midtown Manhattan Office Building, Plans Residential Conversion

by Taylor Williams

NEW YORK CITY — A partnership between Infinite Global Real Estate Partners and Buttonwood Development has purchased an office building in Midtown Manhattan with plans to implement a residential conversion. The partnership plans to transform the building at 29 W. 35th St., which was previously foreclosed upon, into a 107-unit apartment complex in which 75 percent (80) of the units will be rented at market rates. The remaining 27 units will be reserved as affordable housing. Residences will exclusively come in studio formats and will range in size from 400 to 575 square feet. Ismael Leyva Architects is designing the conversion, and Archstone is serving as the general contractor. Allegiant is the lender, and additional equity partners include 400 Capital Management LLC, L&L Holding (also the project manager) and Terracotta Management.

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