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Multifamily

DevelopmentMidwestMinnesotaMultifamily

Trident Development to Break Ground on 135-Unit Orchard Place Apartments in Metro Twin Cities

by Kristin Harlow

APPLE VALLEY, MINN. — Trident Development is scheduled to break ground on Orchard Place Apartments, a 135-unit development in the Twin Cities suburb of Apple Valley, on Wednesday, Oct. 29. The four-story building will feature studio, one-, two- and three-bedroom options. Preleasing is set to begin in fall 2026 with units ready for occupancy by late 2026. Amenities will include a 24-hour fitness center and yoga studio, sport court, business center, rooftop patio, sky lounge, central courtyard, dog park, children’s play area and walking paths. Project partners include Lyon Contracting Inc., Cole Group Architects, Village Green and Orchard Place Partners LLC.

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The-Standard-Wilmington
DelawareDevelopmentMultifamilyNortheast

Buccini Pollin Begins Work on $110M Multifamily Redevelopment Project in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Regional developer Buccini Pollin Group has begun work on a $110 million multifamily redevelopment project in Wilmington. The project represents Phase III of The Standard, a 363-unit apartment complex that is an adaptive reuse of the former office building of chemical company DuPont. The Standard is located within the Market West mixed-use development and offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Amenities include a rooftop deck, dog washing station and package handling system. Phase I of The Standard is fully occupied, and Phase II is in lease-up. Apollo Global Management is the senior lender on Phase III, which is slated for a late summer 2026 completion, and Chicago-based Pearlmark is the mezzanine lender.

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AcquisitionsMultifamilyNew YorkNortheast

Partnership Acquires Manhattan Apartment Building for $30M

by Taylor Williams

NEW YORK CITY — A partnership between Slate Property Group and Avenue Realty Capital has acquired 81 Franklin, an 11-unit apartment building in Manhattan’s Tribeca neighborhood, for $30 million. The six-story, 32,70-square-foot building, which was originally constructed as an office building and converted to residential use in 2013, houses loft-style residences that come in one-, two-, three- and four-bedroom layouts. Guthrie Garvin of JLL represented the undisclosed seller in the transaction. The partnership was represented in-house. White Oak Real Estate Capital provided acquisition financing for the deal.

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ArizonaDevelopmentMixed-UseRestaurantRetailStudent HousingTop StoriesWestern

Core Spaces, Wexford Break Ground on 30-Story Student Housing Tower Near Arizona State University

by John Nelson

TEMPE, ARIZ. — A joint venture between Core Spaces and Wexford Developments has broken ground on Hub on Campus Tempe, a 30-story student housing tower located near the Arizona State University campus in downtown Tempe. The development, which will feature 1,957 student housing beds, a rooftop amenity deck and ground-level retail space, is scheduled for completion in summer 2028. Kennedy Wilson provided construction financing for the project, and TSB Capital Advisors consulted on the transaction. The development team includes general contractor Findorff and RSP Architects. Core Spaces will manage Hub on Campus Tempe upon completion and the firm’s in-house design team will design the interiors. The project site was formerly home to the historic Harry Walker House, also known as the House of Tricks restaurant, which was recently relocated next to Tempe City Hall on Fifth Street for future preservation and restoration. The development team is working to preserve the nearby First Congregational Church, which will be transferred to city ownership to ensure its continued protection. “This development will provide much-needed housing while also keeping the city’s historic landmarks part of the evolving landscaping,” says Doug Tichenor, senior director of entitlements at Core Spaces. “We see this project as a …

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LoansMultifamilyTexas

Gantry Arranges $9.3M Loan for Refinancing of Houston Apartment Building

by Taylor Williams

HOUSTON — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $9.3 million loan for the refinancing of a 112-unit apartment building located at 5400 Memorial Drive, just west of downtown Houston. Known as Memorial Tower, the nine-story building offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, speakeasy lounge, fitness center, pickle ball court and a dog park. A regional bank provided the 10-year loan to a private investor, with both parties requesting anonymity. Jeff Matlock and Claire Jones led the transaction for Gantry.

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LoansMassachusettsMultifamilyNortheast

MMCC Arranges $5M Bridge Loan for Metro Boston Apartment Building

by Taylor Williams

METHUEN, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million bridge loan for the acquisition of a 30-unit apartment building in Methuen, a northern suburb of Boston. The newly renovated building at 11 Ashton Place houses studio, one- and two-bedroom units. The nonrecourse loan carries a five-year term, a 70 percent loan-to-value ratio, a sub-6 percent interest rate and a 30-year amortization schedule. Robert Bhat of MMCC arranged the loan. The direct lender was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the $7.1 million sale.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Negotiates $2.9M Sale of Northern New Jersey Apartment Building

by Taylor Williams

WEST NEW YORK, N.J.  — CBRE has negotiated the $2.9 million sale of a 12-unit apartment building located in the Northern New Jersey community of West New York. The two-story building at 440 60th St. features two floors of commercial space and three floors that house two-bedroom units. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.

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Woodridge-Villas-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Arranges Sale of 164-Unit Woodridge Villas Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has brokered the sale of Woodridge Villas Apartments at 1591 Chartered Circle in Las Vegas. The asset traded for $17.7 million, or $108,232 per unit. Built in 1988, the property offers 164 apartments. Robin Willett, Devin Lee and Jerad Roberts of Northcap Commercial represented the seller and procured the buyer in the deal.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential to Develop 270-Unit Broadstone RTP Apartments in Durham

by John Nelson

DURHAM, N.C. — Arizona-based Alliance Residential Co. has acquired approximately 14 acres of land in Durham for Broadstone RTP, a 270-unit project about four miles north of Research Triangle Park. The site is located at 2610 S. Miami Blvd. The project’s Raleigh-based team includes McAdams Co. (civil engineering), Cline Design (architecture) and MAD Studio Interiors (interior design). Broadstone RTP will include one three-story residential building, three four-story residential buildings and a freestanding clubhouse. Units will feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and full-sized washers and dryers. Amenities include a clubhouse with a leasing center, private offices for residents, a 24-hour fitness center and a mailroom equipped with secure package lockers. Residents will also have access to a resort-style pool, an outdoor kitchen and grilling area and a dog park. Completion is slated for late 2026.

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AcquisitionsMultifamilyNorth CarolinaSeniors HousingSoutheast

Principal Asset Management Acquires Two Active Adult Communities in Raleigh-Durham Totaling 373 Units

by John Nelson

MORRISVILLE AND CHAPEL HILL, N.C. — Principal Asset Management has acquired two active adult communities in the Raleigh-Durham region totaling 373 units. The properties include Overture Cary, located at 1055 Hatches Pond Lane in Morrisville, and Overture Chapel Hill, situated near the Highway 54 and I-40 interchange and the University of North Carolina at Chapel Hill. The communities were developed in 2021 and 2020, respectively, and stand at five stories. The seller and sales price were not released.

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