Multifamily

KeyBank Provides $41.4M in Financing for Pittsburgh Affordable Seniors Housing Redevelopment

by Taylor Williams March 4, 2025

PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.

March 4, 2025

Affordable Housing California Development Loans Multifamily Western

Walker & Dunlop Secures $34.8M Construction Loan for Affordable Housing Project in Los Angeles

by Amy Works March 4, 2025

LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.

March 4, 2025

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 131-Unit Apartment Property in Everett, Washington

by Amy Works March 4, 2025

EVERETT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sunrise Lane, a multifamily property in Everett. Weidner Apartment Homes sold the asset to an undisclosed buyer for $35.1 million, or $268,130 per unit. Sunrise Lane offers 131 apartments, a large resident clubhouse, swimming pool, spa and barbecue areas. Units come in one-, two- and three-bedroom layouts averaging 1,020 square feet. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the transaction.

March 4, 2025

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $7M Sale of Cedar Glen Apartments in Norwich, Connecticut

by Taylor Williams March 4, 2025

NORWICH, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $7 million sale of Cedar Glen, a 63-unit apartment complex in Norwich, located in southern coastal Connecticut. According to Apartments.com, the property was built in 1971 and offers one- and two-bedroom units as well as a pool. Brad Balletto of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 4, 2025

Loans Michigan Midwest Multifamily

Dwight Mortgage Trust Provides $88.5M Bridge Loan for Multifamily Property in Belleville, Michigan

by Kristin Harlow March 4, 2025

BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, a western suburb of Detroit. Spanning 99 acres along the shores of Belleville Lake, the garden-style multifamily property features 1,046 units. The waterfront community offers residents exclusive access to a boat launch and 42 private boat slips in addition to a newly renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.

March 4, 2025

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of Newly Built Apartment Complex in Darien, Illinois

by Kristin Harlow March 4, 2025

DARIEN, ILL. — Marcus & Millichap has brokered the sale of The Jade Residences of Waterfall Glen in Darien for an undisclosed price. Built in 2024, the apartment complex features 70 units and is situated on 2.8 acres at 2305 Sokol Court. Units average 977 square feet. Amenities include a fitness center, party room, dog park and barbecue area. Ryan Engle, Kyle Stengle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor. Engle and Angelov procured the buyer, a private investor.

March 4, 2025

Acquisitions Multifamily Texas

AvalonBay Agrees to Acquire Two Austin-Area Apartment Communities for $187M

by Taylor Williams March 3, 2025

BEE CAVE AND GEORGETOWN, TEXAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire Cielo and Retreat at Wolf Ranch, two apartment communities in the Austin area, for a combined purchase price of $187 million. The seller is BSR REIT, and the deal is expected to close in late March. Cielo is a 554-unit apartment community in Bee Cave, located west of the state capital, that was built in 2015. Retreat at Wolf Ranch, a 303-unit community located in the northern suburb of Georgetown, was acquired by Arkansas-based BSR in summer 2020 for $51.6 million.

March 3, 2025

Acquisitions Multifamily Texas

Elevate Commercial Acquires 144-Unit Apartment Complex in Burleson, Texas

by Taylor Williams March 3, 2025

BURLESON, TEXAS — Elevate Commercial Investment Group has purchased Camden Crossings, a 144-unit apartment complex located south of Fort Worth in Burleson. Built in 2023, Camden Crossings offers studio, one- and two-bedroom units that are furnished with granite countertops, stainless steel appliances and private balconies. Amenities include a pool, pickleball court and a pet park. The seller, the original developer, requested anonymity. The sales price was approximately $23 million, based on a stated per-door price of $160,000.

March 3, 2025

Affordable Housing Development Multifamily Texas

Partnership Completes 76-Unit Affordable Housing Project in San Antonio

by Taylor Williams March 3, 2025

SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Silver Oaks, a 76-unit affordable housing project on the city’s north side. Residences come in two- and three-bedroom layouts and are entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. Construction began in August 2023.

March 3, 2025

Acquisitions California Multifamily Western

TMG Arranges $37.6M Sale of Summerview Apartments in Modesto, California

by Amy Works March 3, 2025

MODESTO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Summerview Apartments, a 136-unit multifamily community located at 3601 Prescott Road in Modesto. Summerview Apartments ABC LP acquired the asset from San Francisco-based Tesseract Capital Group for $37.6 million. Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering one- and two-bedroom floor plans with full-sized washers/dryers. The previous owner renovated 120 of the 136 units. Renovated apartments include stainless steel appliances, Shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED-recessed lighting and modern ceiling fans. Community amenities include a resort-style pool and spa, fitness center, secure parcel lockers and a leasing office. Otto Ozen, Brian Nakamura and Nazli Santana of TMG represented the seller in the deal.

March 3, 2025

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