BEVERLY, MASS. — New York City-based investment firm The Praedium Group has purchased a portfolio of four multifamily properties totaling 394 units the northeastern Boston suburb of Beverly. Known as The Beverly Crossing Portfolio, the quartet of properties includes The Block, Canvas, Link 480 and Flats at 131, all of which were built between 2017 and 2023. The portfolio offers a mix of studio, one- and two-bedroom units with an average unit size of 783 square feet, as well as 26,038 square feet of retail space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the transaction and procured Praedium Group as the buyer.
NASHVILLE, TENN. — Origin Investments has purchased Queens WeHo, a 221-unit apartment community located in downtown Nashville’s Wedgewood-Houston neighborhood. The sales price was not disclosed, but multiple media outlets report the property traded for $79.4 million. Queens WeHo represents the second acquisition of the Chicago-based buyer’s Origin Exchange Delaware Statutory Trust (DST) investment program that launched in June 2024. The seller, Proffitt Dixon, delivered Queens WeHo in 2023. The property was 94 percent occupied at the time of sale and features a mix of studio, one-, two- and three-bedroom apartments ranging in size from 559 to 1,120 square feet. The ground level features a 6,461-square-foot restaurant space fully occupied by Mercado by Butchertown. Russ Oldham led the Walker & Dunlop brokerage team in the sale. Jamie Butler, Cliff Ayers, Jason McFadden, Brett McGuire and Michael Bowles, also with Walker & Dunlop, arranged acquisition financing on behalf of Origin Investments.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.6 million sale of a 77-unit multifamily building located at 270 Saint Nicholas Ave. in East Harlem. According to StreetEasy, the six-story building was originally constructed in 1935. Victor Sozio, Remi Mandell and Jake Brody of Ariel represented the seller in the transaction. Amit Doshi and Shallini Mehra of Meridian Capital Group represented the buyer. Both parties requested anonymity.
FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.
HOUMA, LA. — Atlanta-based ECI Group has sold Houma Highlands, a 378-unit apartment community located at 461 S. Hollywood Road in Houma, about 57 miles southwest of New Orleans. Oakwood Capital purchased the 16-building property for an undisclosed price. Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield’s Atlanta office represented ECI Group in the disposition. Phase I of Houma Highlands was completed in 2004 by another developer. ECI Group purchased the first phase and then completed Phase II in 2012. The pet-friendly community features one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and green spaces.
VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:
SAN RAFAEL, CALIF. — CBRE has arranged the $5.6 million purchase of Pacifica Apartments, a market-rate multifamily asset in San Rafael. 55 Canal Street LLC acquired the asset from an undisclosed seller for $5.6 million. Ben Mollahan and Adam Foley of CBRE represented the buyer in the deal. Located at 55 Canal St., Pacific Apartments offers 20 two-bedroom units. Onsite amenities include a large community laundry facility, covered parking and storage for each tenant, an enclosed courtyard with kids play area and a large garden.
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a multifamily portfolio comprised of 112 units across four properties in Michigan’s “Thumb Region.” Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization. The portfolio features a mix of studio to three-bedroom units and is located near the Lake Huron shoreline.
By Joe Lutz, managing director at Leon Multifamily Group Market uncertainty has many real estate investors hesitating. Rising costs, high interest rates and shifting supply demand dynamics add to the caution. Yet Dallas-Fort Worth (DFW) remains a powerhouse in multifamily development, driven by strong demand and solid market fundamentals. For those willing to act, the opportunities are hard to ignore. Investor caution is evident, with a “stay alive through ’25” mentality reflecting economic pressures. Transaction volumes have dropped to historic lows. Newmark Capital Research (NCR) reports that 2023 and 2024 saw the weakest activity since 2013, with sales down 30 percent compared to the pre-COVID era. For the first time since 2008, 2023 ended without the usual year-end sales uptick, and 2024 data suggests a similar trend. While some feared a market collapse, conditions haven’t reached Great Financial Crisis levels. The multifamily sector faces supply imbalances and growing debt pressures. Construction starts hit their lowest levels since 2013, while completions exceeded new starts by over 200,000 units — a gap unseen since the 1970s, according to data from NCR. The surge in 2023 completions resulted from post-COVID low-interest-rate incentives, but now concerns over vacancies, concessions and stagnant rent growth linger. …
NEW YORK CITY — Merchants Capital has funded $316 million in financing for the second phase of Alafia, a project in the East New York area of Brooklyn that will add 634 affordable and supportive housing units to the local supply. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package, which includes both construction and permanent debt as well as equity, comprises: Phase II of Alafia will consist of two 14-story residential buildings that will house studio, one-, two- and three-bedroom apartments that will be restricted for households earning between 40 and 70 percent of the area median income. A portion of those residences will be specifically reserved for individuals who were either formerly incarcerated or homeless. Amenities will include a fitness center, children’s playroom, community rooms and outdoor courtyards. Phase II will also feature 22,000 square feet of community and retail space. Construction began in December and is expected to be complete in summer 2027.