Tuesday, March 11, 2025
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Multifamily

55-Canal-St-San-Rafael-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Arranges Sale of 20-Unit Multifamily Property in San Rafael, California

by Amy Works

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.

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LoansMichiganMidwestMultifamily

MMCC Arranges $3.3M Loan for Refinancing of Michigan Multifamily Portfolio

by Kristin Harlow

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.

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The-Gin-Mill-Arlington
Market ReportsMultifamilyTexasTexas Market Reports

DFW Multifamily Market Defies Economic Headwinds — Here’s Why Smart Investors Are Paying Attention

by Taylor Williams

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. …

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Merchants Capital Funds $316M in Financing for Brooklyn Affordable Housing Project

by Taylor Williams

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.

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1200-Monticello-St.-Brockton
Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $29.7M in Financing for Affordable Housing Project in Brockton, Massachusetts

by Taylor Williams

BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.

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DevelopmentMixed-UseMultifamilyRetailSouth CarolinaSoutheast

Flournoy Breaks Ground on 365-Unit District South Apartment Property in Greenville

by John Nelson

GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.

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The-Crawford-Roseville-CA
CaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Begins Construction of 265-Unit Affordable Housing Project in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $4.6M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of a 10-unit apartment building in Queens. The elevator-served building at 18-10 Astoria Blvd. offers studio and one-bedroom units, as well as a landscaped rooftop terrace. Sean Fopeano, Shaun Riney, Louis Zarif and David Cornejo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

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1316-1328-26th-St-Denver-CO
AcquisitionsColoradoMultifamilyWestern

NorthPeak Commercial Brokers Sale of 23-Unit Multifamily Property in Denver

by Amy Works

DENVER — NorthPeak Commercial Advisors has arranged the sale of Brunetti Lofts, an apartment property located at 1316-1328 26th St. in Denver. The 23-unit asset traded for $3.1 million, or $135,652 per unit. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors worked with the seller in the transaction.

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