Multifamily

Trilogy, Pinnacle Underway on Phase I of Build-to-Rent Development in Huntsville

by John Nelson September 22, 2025

HUNTSVILLE, ALA. — Trilogy Investment Co. and Pinnacle Partners have completed lot delivery and horizontal construction for Phase I of REV3 at The Celeste, a 172-unit build-to-rent (BTR) townhome community on Plummer Road in Huntsville. The development partnership plans to begin vertical construction in the fourth quarter. Trilogy is funding the project in part with its BTR Opportunity Zone fund, which is focused on developments in the Sun Belt region. REV3 at The Celeste will feature three-bedroom townhomes with 2.5 bathrooms, open-concept layouts, stainless steel appliances, LVP flooring, smart home technology and attached garages. Amenities will include a resort-style pool with a shaded cabana, clubhouse with gathering spaces, fitness center and outdoor grilling areas. Trilogy and Pinnacle plan to begin leasing in the second quarter of 2026 and deliver REV3 at The Celeste in third-quarter 2026.

September 22, 2025

Affordable Housing Development Loans Louisiana Multifamily Seniors Housing Southeast

Churchill Stateside Provides $11M Construction Loan for Seniors Housing Adaptive Reuse Project in New Orleans

by John Nelson September 22, 2025

NEW ORLEANS — Churchill Stateside Group LLC has closed an $11 million construction loan for Canal Crossing, a 49-unit affordable seniors housing development in New Orleans. Churchill Stateside provided the tax-exempt loan through Churchill Mortgage Construction LLC. The project, which is being financed in part with low-income housing tax credits (LIHTC), is an adaptive reuse of a historic building at 2640 Canal St. and will be reserved for households age 55 and older. Canal Crossing will feature three units reserved for households earning 30 percent of the area median income (AMI), eight units at 50 percent AMI, 24 units at 60 percent AMI and 14 units at 70 percent AMI. The developer and other details of Canal Crossing were not disclosed.

September 22, 2025

Acquisitions Multifamily Southeast Student Housing Top Stories

Kennedy Wilson Agrees to Acquire Toll Brothers’ Apartment Living Platform for $347M

by Abby Cox September 19, 2025

BEVERLY HILLS, CALIF. AND FORT WASHINGTON, PA. — Kennedy Wilson (NYSE: KW) has agreed to acquire the Toll Brothers Apartment Living platform from the national homebuilder for $347 million. The transaction is expected to close next month and will bring more than $5 billion of assets under management to Kennedy Wilson. The acquisition includes ownership of 18 apartment and student housing properties valued at $2.2 billion, as well as management contracts for an additional 20 properties totaling $3 billion in value. Kennedy Wilson will also take control of — and assume the construction management responsibilities for — 29 development sites worth an estimated $3.6 billion. Kennedy Wilson expects to make an initial investment of approximately $90 million in the acquired interests, which will be funded from existing Kennedy Wilson partners. “This purchase helps create an unparalleled national platform within the rental housing space that totals over 80,000 units we own, finance or manage,” says William McMorrow, chairman and CEO of Kennedy Wilson. As part of the transaction, Kennedy Wilson will acquire the Toll Brothers Apartment Living management team to oversee the existing portfolio, with plans to make offers to all current Toll Brothers’ employees. Meanwhile, Toll Brothers Inc. (NYSE: TOL) …

September 19, 2025

Acquisitions Multifamily Texas

Multifamily Group Arranges Sale of 168-Unit Complex in Lake Jackson, Texas

by Taylor Williams September 19, 2025

LAKE JACKSON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Shadow Park Apartments, a 168-unit complex located south of Houston in Lake Jackson. Built in 1980, Shadow Park Apartments offers a mix of one- and two-bedroom units that range in size from 536 to 960 square feet. Amenities include a pool, fitness center, business center and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Yonnic Land, also with TMG, represented the buyer. Both parties requested anonymity.

September 19, 2025

Development Multifamily Seniors Housing Texas

Carbon Shepherd Completes 78-Unit Seniors Housing Property in San Antonio

by Taylor Williams September 19, 2025

SAN ANTONIO — Dallas-based Carbon Shepherd Development has completed a 78-unit seniors housing property in the Westover Hills area of San Antonio. Woodland Cottages Westover Hills offers one- and two-bedroom cottages that are furnished with stainless steel appliances and full-size washers and dryers, with attached garages and fenced backyards available in select residences. Amenities include a pool, clubhouse with a game room and a fitness center. Leasing began in April.

September 19, 2025

Acquisitions Maryland Multifamily Southeast

Berkadia Brokers $73M Sale of Adjacent Apartment Buildings in South Baltimore

by John Nelson September 19, 2025

BALTIMORE — Berkadia has brokered the $73 million sale of 1901 South Charles, two apartment buildings located across the street from each other in south Baltimore. The property consists of The Lofts (193 units at 1901 S. Charles St.; built in 2012) and The Flats (152 units at 2 E. Wells St.; built in 2015). The properties were approximately 95 percent occupied at the time of sale and are certified LEED Gold. Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns of Berkadia represented the seller, New York-based Benefit Street Partners, in the transaction. The privately held buyer, San Francisco-based FPA Multifamily, assumed an existing HUD loan assumption as part of the transaction. The Lofts and The Flats comprise studio, one- and two-bedroom units that average 853 square feet in size and feature fully equipped kitchens with granite countertops, oversized windows, full-size washers and dryers, walk-in closets, 9-foot ceilings and patios/balconies in select units. Amenities include a 5,000-square-foot residential lounge, courtyard with grilling stations, 24-hour fitness center, rooftop deck with views of the Baltimore skyline and indoor parking with 534 spaces.

September 19, 2025

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

Jim Chapman Construction Breaks Ground on 304-Unit Build-to-Rent Project in Opelika, Alabama

by John Nelson September 19, 2025

OPELIKA, ALA. — Jim Chapman Construction Group has broken ground on Creekside Cottages, a 304-unit build-to-rent (BTR) project at the intersection of Society Hill Road and Gateway Drive in Opelika, about eight miles east of Auburn. The developer is an undisclosed, publicly traded REIT. The general contractor recently finished clearing and grading on the 67.6-acre site and will begin vertical construction in late December. Phase I of Creekside Cottages will comprise 225 attached townhomes, with leasing set to begin in spring or summer 2026. Units will range in size from 1,000 to 1,439 square feet and feature two- and three-bedroom configurations. Each home will include attached garages, vinyl plank flooring, granite countertops, stainless steel appliances and in-unit washers and dryers. Amenities will include gated access, a clubhouse, swimming pool, dog park, sidewalks, streetlights and onsite property management and maintenance teams.

September 19, 2025

Loans Maryland Multifamily Southeast

Newmark Provides Agency Refinancing for New 350-Unit Apartment Community in Frederick, Maryland

by John Nelson September 19, 2025

FREDERICK, MD. — Newmark has provided a Fannie Mae near-stabilization loan for the refinancing of EDE, a new 350-unit apartment community in Frederick. The amount of the fixed-rate loan was not disclosed. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, interest-only loan on behalf of the borrower, The Goldstar Group. Completed in 2024, EDE features a mix of studio, one-, two- and three-bedroom apartments, as well as a resort-style pool with a sun shelf and daybeds, clubroom, 24-hour fitness center, coworking spaces and a coffee bar.

September 19, 2025

Connecticut Development Loans Multifamily Northeast

3650 Capital Provides $32M Mezzanine Loan for Stamford Multifamily Project

by Taylor Williams September 19, 2025

STAMFORD, CONN. — Miami-based lender 3650 Capital has provided a $32 million mezzanine loan for The Coastline, a 198-unit multifamily project that will be located in the southern coastal Connecticut city of Stamford. The Coastline, which will be located in the city’s downtown area, will rise 13 stories and will include 17 units that will be subject to income restrictions, as well as 4,500 square feet of retail space. The amenity package will consist of a fourth-floor pool and outdoor lounge, a 14th-floor rooftop deck with a dog run, fitness center, a children’s play area, tenant lounge, multiple conference rooms and a bocce ball court. Perkins Eastman is the project architect, and KL Masters Construction Co. is the general contractor. Bank OZK is the senior lender. Newmark arranged the mezzanine loan on behalf of the developer, a partnership led by local developer F.D. Rich Co. Completion is slated for summer 2027.

September 19, 2025

Acquisitions Multifamily New York Northeast

Endeavor Arranges Sale of 328-Unit Apartment Community in Webster, New York

by Taylor Williams September 19, 2025

WEBSTER, N.Y. — Locally based brokerage firm Endeavor Real Estate Group has arranged the sale of the 328-unit Country Manor Apartments in Webster, located outside of Rochester in upstate New York. Built in phases between the late 1960s and early 1970s, the garden-style property offers one- and two-bedroom units and amenities such as a leasing office with a shared conference room, fitness center, pool, picnic areas, tennis courts and a dog park. Manhattan-based private equity firm PH Realty Capital sold Country Manor Apartments to metro Philadelphia-based multifamily owner-operator Morgan Properties for an undisclosed price. James Buckley and Patrick Salvato of Endeavor brokered the deal.

September 19, 2025

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