Saturday, September 13, 2025
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Multifamily

Multifamily Rent Growth Hugh Cobb Asset Living
Content PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWestern

Asset Living: What’s Fueling Apartment Rent Growth?

by Sarah Daniels

As the commercial real estate market adjusts to how much of an effect higher interest rates will have on investment sales and property values, the rental housing sector continues to witness robust resident demand and rent growth as home ownership has become even more difficult for first-time buyers. According to a recent report by the National Multifamily Council (NMHC) and the National Apartment Association (NAA), by 2035 the U.S. needs to build 4.3 million new residential rentals to meet housing needs amid shifting demographics, the existing shortage and the loss of 4.7 million affordable units with monthly rental rates of $1,000 or less, the organizations report. “We’re just not seeing enough new apartments being built, and as a result, we’re seeing significant demand in the rental housing market,” says Hugh Cobb, a principal of Asset Living, one of the nation’s largest property managers of multifamily, affordable, student, active adult, single-family rentals and build-to-rent housing. “Because we’re seeing a decrease in demand in the single-family sales market due to higher mortgage rates, people are staying in apartments longer. And as their families grow, they’re looking for alternative rental housing, such as the build-to-rent space,” says Hugh Cobb. “Through our proprietary data …

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Market ReportsMidwestMidwest Market ReportsMissouriMultifamily

Metro St. Louis Multifamily Market Caters to Aging Population

by Kristin Harlow

By Dan Thies, Sansone Group We are more than halfway through the year and the multifamily market in the St. Louis metropolitan area continues to grow. As of the first quarter, there were 5,112 multifamily units under construction in the metropolitan area. So far, the rise in interest rates and the increase in construction costs has not dampened the enthusiasm of investors and developers for constructing new units in this market. Vacancy rates continue to stay low and lease rates continue to increase. As long as these market conditions continue, developers are going to bring new units to market. The new units being built will reflect new design features, which many developers are implementing in their communities.  One of the many design trends taking place across the country and in the St. Louis area addresses the rise in the older population becoming renters. Many members of the baby boomer generation are looking to sell their suburban homes to downsize into smaller, more practical spaces. Their children have moved out of the home, and they no longer need all the space or maintenance of a home. They want to pull the equity out of their home and place it in a …

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AcquisitionsMultifamilyWashingtonWestern

Newmark Arranges $65.5M Sale of BLIS Apartments in Bainbridge Island, Washington

by Amy Works

BAINBRIDGE ISLAND, WASH. — Newmark has negotiated the sale of BLIS Apartments, a multifamily property located on Bainbridge Island, just across Elliot Bay from Seattle. Sound West Group sold the asset to Cairn West for $65.5 million. Marty Leith of Newmark represented the seller in the deal. Located at 747 Hanami Lane LE, BLIS Apartments features 114 residences comprising 107 apartments and seven loft townhomes. Units offer large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Built in 2019 on 1.4 acres, the community features a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, electric vehicle charging stations, community spaces and a conference room.

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Arranges Sale of 336-Unit Multifamily Property in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of Island Villas, a 336-unit multifamily property in Corpus Christi. The property was built in 2008 and features a pool, billiards room, fitness center, package room and a pet play area. Moses Siller of Northmarq represented the buyer and seller, both of which requested anonymity, in the transaction. Bryan Mummaw, Brandon Harrington, Bryan Liu and Tyler Woodard, also with Northmarq, originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The financing was structured with a 10-year term and seven years of interest-only payments followed by a 30-year amortization schedule.

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LoansLumentMultifamilyTexas

Lument Provides $15.4M Acquisition Loan for Denton Apartment Complex

by Taylor Williams

DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.  

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540-DeGraw-St.-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

JLL Arranges $142M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged a $142 million construction loan for Majestic, a 255-unit multifamily project located within a Qualified Opportunity Zone in Brooklyn’s Gowanus neighborhood. Designed by Handel Architects, the 12-story building will include 18,000 square feet of commercial space, and 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through U.S. Bank on behalf of the borrower, a partnership led by Domain Cos.

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LoansMidwestMultifamilyNebraska

Grandbridge Arranges $6.9M Loan for Refinancing of Nebraska Multifamily Property

by Kristin Harlow

FREMONT, NEB. — Grandbridge Real Estate Capital has arranged a $6.9 million loan for the refinancing of a 72-unit multifamily property in Fremont, about 40 miles northwest of Omaha. Brett Olson and Jeff Witt of Grandbridge arranged the permanent, fixed-rate loan. The borrower and lender were not disclosed.

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AcquisitionsAffordable HousingFloridaMultifamilySoutheast

Marcus & Millichap Brokers $91.8M Sale of Affordable Housing Portfolio in Florida

by John Nelson

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of a four-property, 669-unit affordable housing portfolio located throughout Florida. The properties sold for a combined total of $91.8 million. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the private sellers, Benjamin Mallah and Benjamin Mallah II, as well as the buyer, a national owner and operator of affordable housing communities. The properties include The Overlook at Monroe in Sanford; Villas at Cove Crossing Apartments in Lake Worth; St. Luke’s Apartments in Lakeland; and Sonrise Villas Apartments in Fellsmere. Constructed between 1994 and 2007, the LIHTC properties range in size between 94 and 240 units. All were originally developed with affordable tax credits and have long-term income and rent restrictions, which Kristol says the new ownership will retain for “years to come.”

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FeaturesMultifamilySeniors HousingSoutheast Feature Archive

InterFace Keynote: Economist Expresses Optimism Amid Concerns Over Economy, Labor

by Jeff Shaw

ATLANTA — After a quarter characterized by rising costs of living and mounting inflation, “recession” is the word on everybody’s lips. But Roger Tutterow, professor of economics at Kennesaw State University in Georgia, states that “it is not a foregone conclusion that we’re in a recession today or that we’ll get there in the next several months.” The official definition of a recession is not two consecutive quarters of negative growth in gross domestic product (GDP). “Most of the time it works out that way,” Tutterow said, “but the technical definition of a recession is a period of diminishing activity in production, trade, employment and income.” Tutterow noted that looking at these four components of economic activity and comparing them to today indicates a softening economy and an elevated risk of recession, but he does not believe that the economy is necessarily contracting. He puts the risk of a recession in the next 12 months as roughly one chance in three. Tutterow’s assessment of the current state of the economy and his near-term outlook came during a keynote address Tutterow delivered at the ninth annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace Conference …

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AcquisitionsMultifamilyTexas

TerraCap Management Acquires 337-Unit Apartment Community in Metro Austin

by Taylor Williams

CEDAR PARK, TEXAS — Florida-based investment firm TerraCap Management has acquired Latitude at Presidio, a 337-unit apartment community located in the northern Austin suburb of Cedar Park. The property features one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, game room, outdoor grilling and dining stations, fitness center, coffee bar and a dog park. Matt Pohl and Kevin Dufour of Walker & Dunlop represented the undisclosed seller in the transaction.

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