Thursday, November 13, 2025
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Multifamily

The-Saint-George-Austin
DevelopmentLoansMultifamilyTexas

Stratus Properties Receives $56.8M Construction Loan for Multifamily Project Near UT Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based investment and development firm Stratus Properties (NASDAQ: STRS) has received a $56.8 million construction loan for The Saint George, a 316-unit multifamily project that will be located near the University of Texas at Austin. Comerica Bank provided the four-year loan, and an undisclosed equity partner is funding the majority of the remaining development costs. Ten percent of the units at The Saint George will be reserved as affordable housing. Amenities will include a pool, fitness center, rooftop deck and communal workspaces. Stratus expects to begin construction in the coming days and for the project to be substantially complete by mid-2024

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Southerly-at-Crossroads-Terrell
DevelopmentMultifamilyTexas

Ventures Development, BCDC Break Ground on 300-Unit Apartment Community in Terrell, Texas

by Taylor Williams

TERRELL, TEXAS — A partnership between multifamily development and management firm Ventures Development Group and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on The Southerly at Crossroads. The 300-unit apartment community will be located about 30 miles east of Dallas within the Terrell Market Center master-planned development. Amenities will include a pool, outdoor kitchen, fitness center, game room, dog park and a coworking lounge. Texas-based Arrive Architecture Group is designing the project, and Construction Enterprise Inc. is the general contractor. First Horizon Corp. provided senior construction financing. The first units are slated for a fourth-quarter 2023 delivery.

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AcquisitionsMultifamilyTexas

Capstone Arranges Sale of Two Manufactured Housing Properties Totaling 322 Sites in Houston Area

by Taylor Williams

HOUSTON — Capstone has arranged the sale of two manufactured housing properties totaling 322 sites in the Houston area. Anderson Oaks is a 177-site community on the city’s south side, and Chase Village is a 145-site property in the eastern suburb of Baytown. The properties had a combined occupancy rate of 97.5 percent at the time of sale. Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca of Capstone represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

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DevelopmentMidwestMultifamilyWisconsin

M&R Development Breaks Ground on 258-Unit Luxury Apartment Project Near Milwaukee

by Kristin Harlow

WAUWATOSA, WIS. — M&R Development has broken ground on 2929 on Mayfair, a 258-unit luxury apartment project in the Milwaukee suburb of Wauwatosa. M&R is co-developing the project with Campbell Capital Group. Completion is slated for August 2023. Located at 2929 N. Mayfair Road, the development will rise five stories with a variety of floor plans. The center of the community will be a three-story clubhouse and adjoining courtyard with an outdoor pool, grilling stations, pickleball court, fire pits and lounge seating. The clubhouse will feature an entertainment kitchen, coffee bar, lounge, clubroom, fitness center, yoga room, business center, pet washing station and package room. A three-level parking garage will include a car wash, electric vehicle charging stations, storage lockers and bike storage. Madison, Wis.-based Stevens Construction is the general contractor and Midlothian, Va.-based Poole & Poole Architecture is the architect. RMK Management will handle leasing and property management.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

TWG Begins Development of $59M Mixed-Income Apartment Community in Green Bay, Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — TWG has begun development of The Fort at the Railyard, a $59 million mixed-income apartment community in Green Bay. The project is a redevelopment of the historic Larsen Canning property. The 223-unit apartment community will rise five stories with 1,300 square feet of commercial space. Of the 233 units, 187 will be reserved for residents earning up to 60 percent of the area median income. Amenities will include a workout room, business center, coworking lounge, dog run and pet washing station. Merchants Bank served as the low-income housing tax credit investor and Western Alliance Bank provided construction financing. Completion is slated for the third quarter of 2024.

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The-Mark-Parsippany
AcquisitionsMultifamilyNew JerseyNortheast

JLL Arranges $82.5M Sale of The Mark Parsippany Apartments in Northern New Jersey

by Taylor Williams

PARSIPPANY, N.J. — JLL has negotiated the $82.5 million sale of The Mark Parsippany, a 212-unit apartment complex in Northern new Jersey. The property offers one- and two-bedroom units with an average size of 911 square feet that are furnished with stainless steel appliances, quartz countertops, kitchen islands and individual washers and dryers. According to Apartments.com, amenities include a pool, fitness center, clubhouse, resident lounge, conference room and a pet washing station. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo of JLL represented the seller, an affiliate of Harbor Group International, in the transaction. The buyer was an affiliate of The DSF Group, an investment firm with offices in Boston and Washington, D.C.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

TD Bank Provides $22M Construction Loan for Boston Affordable Housing Conversion Project

by Taylor Williams

BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.

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DevelopmentGeorgiaMultifamilySoutheast

Toro Development to Build 186-Unit Reid Apartments in Atlanta’s Reynoldstown District

by John Nelson

ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

CRC Acquires Apartment Community in Downtown Raleigh for $36.5M

by John Nelson

RALEIGH, N.C. — Continental Realty Corp. (CRC) has purchased 800 St. Marys Apartments, a 65-unit multifamily community located at 800 St. Marys St. in downtown Raleigh’s Glenwood South neighborhood. Built in 2020 by Selwyn Property Group and Southeast Apartment Investors, 800 St. Marys is a four-story elevator building with townhomes and attached garages. Units come in one-, two- and three-bedroom floor plans ranging from 963 to 1,666 square feet, with an average unit size of 1,224 square feet. The community was 95 percent occupied at the time of sale. Community amenities include an outdoor terrace with a kitchen, fire pit with seating, fitness center, clubhouse equipped with flat screen TVs, wine lockers, complimentary coffee bar, business lounge with private conference center and a controlled-access parking garage. Adam Randall and John Westby-Gibson of Newmark originated an undisclosed amount of Freddie Mac acquisition financing on behalf of CRC, which purchased the asset through its Core Multifamily Fund LP in partnership with Baltimore-based Brown Advisory in an off-market transaction.

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FeaturesMultifamily

Proptech Improves Employee, Asset Performance While Giving Residents the Autonomy They Demand

by Jeff Shaw

By Stacey Darden, senior director of innovation and compliance, New Standard Equities In the multifamily industry, we rely on technology to increase productivity and to help us make strategic decisions. Technology allows information and data from various sources to be collected and organized in a way that is easy to understand. Rather than looking at different reports to form an educated decision, technology can help synthesize data into predictive analytics based on historical activity and current trends.  Previously, decision makers, such as asset managers or investors, would review various reports only using one piece of information to try and compare findings across portfolios or regions.  The old-fashioned approach might include reviewing a box score report or resident activity detail to understand property operations for a given period. Or it may have involved reviewing a variance report to understand the financial activity for a given period.  An asset manager would then try to discover any correlation between the two sets of reporting. Technology can help display all given metrics in a digestible manner to easily identify if any patterns or relationships exist.  Selecting a technology provider who will partner with clients and help customize reporting based on the client’s needs will …

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