Multifamily

CBRE Brokers Sale of 240-Unit Residences at Crosspoint Apartments in Metro Boston

by Taylor Williams January 17, 2025

LOWELL, MASS. — CBRE has brokered the sale of Residences at Crosspoint, a 240-unit apartment complex located in the northern Boston suburb of Lowell. Completed in 2020, the six-story building offers studio, one- and two-bedroom units with an average size of 863 square feet. Amenities include a clubroom, fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, a partnership created and operated by SMC Management Corp., in the transaction. The team also procured the buyer, an affiliate of New York City-based Osso Capital.

January 17, 2025

Affordable Housing Colorado Loans Multifamily Western

Cloudland Capital, Blue Hour Housing Receive $5M Loan for Workforce Housing Community in Leadville, Colorado

by Amy Works January 17, 2025

LEADVILLE, COLO. — Cloudland Capital and Blue Hour Housing have received $5 million in financing for Silver King Leadville, a workforce housing community in Leadville. William Haass of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan through a Colorado-based credit union. Located at 2020 N. Poplar St., Silver King offers 56 apartments. Formerly a 66-key hotel, the property was acquired in June 2024 and underwent a comprehensive renovation to convert the asset into a modern workforce housing community. The renovated property now features 47 studios, eight one-bedroom units and one two-bedroom unit, with an average size of 375 square feet. The renovation included adding kitchenettes to all units, installation and improvement of fire and life safety systems, upgrading common areas, building out communal laundry and gym facilities, adding storage lockers and enhancing outdoor spaces. Silver King is master-leased to Climax Molybdenum Co., a subsidiary of Freeport-McMoRan, providing housing for Climax employees and residents of Colorado’s high-country. Six units have been reserved to Lake County, Colo., to allow employees of Lake County access to this workforce housing community.

January 17, 2025

Acquisitions Loans Midwest Multifamily Ohio

Berkadia Arranges $49.1M Acquisition Loan for Multifamily Property in Strongsville, Ohio

by Kristin Harlow January 17, 2025

STRONGSVILLE, OHIO — Berkadia has arranged a $49.1 million acquisition loan for Chestnut Lake in Strongsville, a southern suburb of Cleveland. The 788-unit multifamily property is located at 17721 Whitney Road and offers amenities such as an outdoor pool, playground, fitness center, hair salon and grilling and picnic areas. Robert Lipson of Berkadia arranged the Fannie Mae loan on behalf of the buyer, New Jersey-based Brookhaven Property Group. The 10-year loan featured a 5.71 percent interest rate and a 30-year amortization schedule.

January 17, 2025

Loans Multifamily Texas

Affinius Capital Provides $81.3M Loan for Refinancing of Metro Dallas Apartment Community

by Taylor Williams January 16, 2025

RICHARDSON, TEXAS — Affinius Capital has provided an $81.3 million loan for the refinancing of Belt & Main, a 350-unit apartment community located in the northeastern Dallas suburb of Richardson. Belt & Main houses 269 one-bedroom residences and 81 two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature quartz countertops, wood-style flooring, stainless steel appliances, custom cabinetry, floor-to-ceiling windows and full-size washers and dryers. Select units also offer patios and balconies. Amenities include a pool, grilling stations with open-air dining areas, coffee and coworking spaces with Wi-Fi connectivity, onsite storage units and a fitness center. Jeremy Sain of JLL arranged the loan on behalf of the borrower, Catalyst Urban Development.

January 16, 2025

Development Multifamily Texas

Sueba USA Completes 269-Unit Imperial Oaks Square Apartments in Spring, Texas

by Taylor Williams January 16, 2025

SPRING, TEXAS — Locally based developer Sueba USA has completed Imperial Oaks Square, a 269-unit apartment community in the northern Houston suburb of Spring. The site is located within Falls at Imperial Oaks, a 686-acre master-planned development by Holcomb Properties, and is adjacent to the 100-acre Lake Holcomb. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 496 to 1,594 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, business center and a catering kitchen. Rents start at approximately $1,200 per month for a studio apartment. Construction began in spring 2023.

January 16, 2025

Acquisitions Massachusetts Multifamily Northeast

Joint Venture Sells 220-Unit Apartment Complex in Plymouth, Massachusetts

by Taylor Williams January 16, 2025

PLYMOUTH, MASS. — A joint venture between Alliance Realty Partners and an undisclosed institutional investor has sold Marq at The Pinehills, a 220-unit apartment complex in Plymouth, located south of Boston. Built on seven acres in 2016 within the 3,200-acre Pinehills master-planned development, the property offers one- and two-bedroom units with an average size of just over 1,000 square feet. Amenities include a clubroom, outdoor heated pool with a sundeck, fitness center and coworking space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the joint venture in the transaction. The buyer and sales price were not disclosed.

January 16, 2025

Development Multifamily New York Northeast

Moinian Group Begins Leasing 114-Unit Apartment Building in Manhattan

by Taylor Williams January 16, 2025

NEW YORK CITY — Locally based owner The Moinian Group has begun leasing ARIA, a 114-unit apartment building located at 90 John St. in Manhattan’s Financial District. Units come in studio and one-bedroom floor plans and are furnished with custom-built closets, granite countertops, stainless steel appliances and spa-inspired marble bathrooms. Amenities include a resident lounge, onsite laundry facilities and concierge services. Rents start at approximately $3,000 per month for a studio apartment.

January 16, 2025

Acquisitions Seniors Housing Southeast Tennessee

CareTrust REIT Acquires 13 Skilled Nursing Facilities in Tennessee for $176M

by John Nelson January 16, 2025

SAN CLEMENTE, CALIF. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million. California-based CareTrust purchased the properties through a joint venture arrangement with an unnamed, third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The acquisition is Phase II of a larger $421 million portfolio transaction that ultimately involves 27 facilities in Tennessee.

January 16, 2025

Development Loans Multifamily Southeast Tennessee Walker & Dunlop

Walker & Dunlop Originates $63.9M Loan for Multifamily Development in Johnson City, Tennessee

by John Nelson January 16, 2025

JOHNSON CITY, TENN. — Walker & Dunlop has originated a $63.9 million FHA loan for the development of The Reserve at Johnson City, a 288-unit apartment development in East Tennessee. Located on a 14.4-acre site at 1084 W. Oakland Ave. in Johnson City, the property will serve as an addition to an existing 248-unit multifamily community that was delivered in 2015. Keith Melton and David Strange of Walker & Dunlop originated the financing on behalf of the developer, TDK Cos. Upon completion, The Reserve will feature 12 three-story walk-up buildings comprising one-, two- and three-bedroom apartments. Amenities will include a multi-level pool, outdoor kitchen with a gas fireplace, pet park, fitness center and a single-bay car wash and vacuum station.

January 16, 2025

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 412-Unit Hanover Tysons Apartments in Northern Virginia

by John Nelson January 16, 2025

TYSONS, VA. — Berkadia has brokered the sale of Hanover Tysons, a 412-unit multifamily community located at 1500 Westbranch Drive in Tysons, about 15 miles west of Washington, D.C. Chicago-based Mesirow Financial purchased the property from Hanover Co. and PCCP for an undisclosed price. The buyer has rebranded the community as The Jones at Tysons. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia represented the sellers in the transaction. Situated adjacent to Tysons Galleria and Tysons Corner Center, the apartment community features studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, greenspace courtyard, fitness center, resident clubhouse and a theater room.

January 16, 2025

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