Wednesday, December 3, 2025
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Multifamily

U-19th-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Northmarq Brokers $36M Sale of Multifamily Community in Midtown Phoenix

by Amy Works

PHOENIX — Northmarq has arranged the sale of U@19th, a real estate owned (REO) multifamily property in midtown Phoenix. BrightSpire Capital sold the asset to The Eiders Co. for $36 million. Jesse Hudson, Trevor Koskovich, Ryan Boyle and Logan Baca of Northmarq represented the seller in the transaction. Built in 1973 and renovated in 2024, U@19th features 236 one-, two- and three-bedroom apartments averaging 875 square feet. The recent renovations include extensive exterior upgrades and partially completed interior updates, including stainless steel appliances, wood-inspired flooring, resurfaced quartz countertops, new white cabinet fronts with chrome pull handles, subway tile backsplash and upgraded hardware, lighting and paint.

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Cambridge-Apts-West-Covina-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates Sale of 76-Unit Cambridge Apartments in West Covina, California

by Amy Works

WEST COVINA, CALIF. — CBRE has directed the $26.3 million purchase of Cambridge Apartments, a multifamily property in West Covina. A multifamily investment group acquired the asset, which is located at 2601 E. Valley Blvd. Situated on 5.5 acres, Cambridge Apartments offers 76 one- and two-bedroom units. Eric Chen and Justino Fa’aola of CBRE represented the buyer in the transaction.

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DevelopmentIllinoisLoansMidwestMultifamilyOffice

Mavrek, ACRES Receive Financing for Conversion of Chicago Office Building into 252 Apartment Units

by Kristin Harlow

CHICAGO — Mavrek and ACRES Commercial Realty Corp. have received financing for the conversion of 65 E Wacker Place, an historic office building in Chicago, into apartments. The development will be named Wacker Place. With the issuance of the full building permit, interior construction is poised to begin. The property will be redeveloped into a 252-unit luxury apartment complex. The project team includes McHugh Construction and architect Pappageorge Haymes Partners. Chris Knight of JLL represented the development team in the placement of debt. The financing includes a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. The project’s capital stack includes more than $17 million in federal and Illinois state historic tax credits, which were monetized through PNC Bank. Wacker Place will offer a mix of studios, one- and two-bedroom units. Amenities will include a coworking lounge, fitness center and rooftop deck. Morton’s The Steakhouse will continue its tenancy on the ground floor. The property was originally constructed as the Millinery Mart Building and later served as the home of the Esquire offices.

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DevelopmentIndianaMidwestMultifamily

Flaherty & Collins Underway on Development of $38M Apartment Complex in Richmond, Indiana

by Kristin Harlow

RICHMOND, IND. — Flaherty & Collins is underway on the development of 6Main, a $38 million luxury apartment complex in Richmond, a city in eastern Indiana. The 150-unit project is being built on the site of the former Elder-Beerman department store and will include 3,000 square feet of first-floor retail space. Amenities will include a fitness center, pool, outdoor and indoor lounges, a pet spa and dog park. Leasing is anticipated to begin in late 2026 ahead of the grand opening in spring 2027.

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Bedford-Stuyvesant-North-&-Central-Brooklyn
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Completes 31-Unit Affordable Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between The Community Preservation Corp., Shelter Rock Builders and the New York City Department of Housing Preservation and Development has completed a 31-unit affordable housing project in Brooklyn. The project represents Phase I of the Bedford-Stuyvesant North & Central development and comprises nine three-family and two two-family buildings with 11 for-sale units and 20 rental units. Phase II of the project will add another 76 units.

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Market ReportsMultifamilyWashingtonWesternWestern Market Reports

Optimism Returns to Seattle’s Multifamily Market

by John Nelson

— Tim McKay of Cushman & Wakefield — Seattle’s multifamily market has faced challenges over the past few years. Rent growth has been flat as a significant number of new units were delivered in 2023 and 2024. This new supply also led to concessions and even rent declines in some markets.  Submarket supply issues and the new statewide rent control legislation have also contributed to market headwinds. However, 2025 has brought signs of recovery, and there’s optimism about the market’s trajectory over the next few years. It feels like Seattle has bounced off the bottom and is starting to climb back up, similar to the recovery seen in 2011 after the Global Financial Crisis. Rebounding Demand The multifamily market has seen a recent uptick in demand, which can be attributed to several factors. A key driver has been the return-to-office mandates from major employers like Amazon and Starbucks. Seattle’s population is also expected to grow again, and the supply of new units hitting the market has drastically declined. These factors are contributing to renewed growth after a four- to five-year stagnation. Stabilizing Rental Rates Owners are starting to put properties under contract again. Land prices haven’t returned to previous levels, …

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Ovation-at-Galatyn-Park-Richardson
AcquisitionsMultifamilyTexas

MG Properties Buys 361-Unit Ovation at Galatyn Park Apartments in Metro Dallas

by Taylor Williams

RICHARDSON, TEXAS — San Diego-based investment firm MG Properties has purchased Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various smart-home technologies. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Daniel Baker, Johnathan Makus, Kevin O’Boyle and Chandler Sims of CBRE represented the seller, a partnership between San Francisco-based Legacy Partners and Bridge Investment Group, which completed the project last spring, in the transaction.

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626-Newark-Jersey-City
LoansMultifamilyNew JerseyNortheastWalker & Dunlop

Walker & Dunlop Arranges $220M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams

JERSEY CITY, N.J. — Walker & Dunlop has arranged a $220 million bridge loan for the refinancing of 626 Newark, a 576-unit apartment building in Jersey City. The newly built, 27-story building is located in the city’s Jersey Square neighborhood and includes 27,662 square feet of commercial space. According to Apartments.com, units come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, arcade, bowling alley, music studio and a golf simulator. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer of Walker & Dunlop arranged the loan through TYKO Capital on behalf of the borrower, Namdar Group. SCALE Lending provided the original $160 million construction loan for the property in early 2024.

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AcquisitionsNorth CarolinaSoutheastStudent HousingWalker & Dunlop

Walker & Dunlop Arranges Sale of 576-Bed Student Housing Community Near Appalachian State University

by John Nelson

BOONE, N.C. — Walker & Dunlop has arranged the sale of Mountaineer Village, a 576-bed student housing community located near the Appalachian State University campus in Boone. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna, Sarah Foronda and Naomi Bludworth of Walker & Dunlop represented the seller, a joint venture between Coastal Ridge Real Estate and Heitman, in the disposition. The buyer and terms of the transaction were not released. Mountaineer Village offers three-bedroom units with bed-to-bath parity. Shared amenities include a study lounge, fitness center, resort-style pool, business center, basketball court, barbecue area, game room, sand volleyball court, pickleball courts and a fire pit.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

Middle Street, Singerman to Develop 71-Unit Build-to-Rent Community in Charleston

by John Nelson

CHARLESTON, S.C. — Locally based Middle Street Partners and Chicago-based Singerman Real Estate plan to develop Atlantic St. Thomas, a new 71-unit build-to-rent (BTR) residential community in Charleston. The townhome property will be located at 2815 Clements Ferry Road on Charleston’s Daniel Island. Atlantic St. Thomas will have an amenity package that includes a resort-style pool, clubhouse, fitness center, working space and a lounge. The property will include two- and three-bedroom, three-story townhomes ranging in size from 1,565 to 2,500 square feet. Units will include single and two-car garages, rooftop terraces and dens in select three-bedroom townhomes. The co-developers will welcome residents at Atlantic St. Thomas, which represents Middle Street’s first BTR community, in spring 2027. The project team includes general contractor Middle Street Construction, civil engineer Sitecast, land planner Cissell Design Studio, landscape architect Studioforme and architect Terminus Design Group.

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