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Multifamily

DevelopmentMultifamilySoutheastTennessee

Hensler Development, Partners to Open 345-Unit Apartment Community in Nashville

by John Nelson

NASHVILLE, TENN. — A partnership between Hensler Development Group, Stiles and PGIM Real Estate will open Olive at Peabody Union, a 345-unit apartment community located between downtown Nashville and the Cumberland River. The community is situated in the center of the larger 125-acre mixed-use development of Peabody Union, which offers residents direct access to 50,000 square feet of combined retail and restaurant space, as well as 250,000 square feet of office space. Designed by Hastings Architecture, the 27-story tower will feature studios, one-, two- and three-bedroom penthouses — ranging from 1,179 to 2,585 square feet in size. Amenities will include a wellness center with a sauna and cold plunge, speakeasy sky lounge, pool deck and hot tub, coworking lounges and a gym. The development team, along with newly appointed property management firm Bozzuto Group, will begin preleasing begins in February, with initial move-ins slated for April of this year.

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DevelopmentGeorgiaMultifamilySoutheast

McShane Construction Completes 318-Unit Apartment Complex in Kennesaw, Georgia

by John Nelson

KENNESAW, GA — McShane Construction Co. has completed The Lacy at South Main, a 318-unit apartment complex located in downtown Kennesaw. The developer is Highpoint Development. Designed by Niles Bolton Associates, the four-story complex offers one-, two- and three-bedroom floor plans that range from 708 to 1,505 square feet in size, according to Apartments.com. Apartments are available for lease, with monthly rental rates beginning at $1,625. Amenities include a 24/7 fitness center, lounge, coffee bar, swimming pool, two courtyards, grilling stations, coworking spaces and a pet park. Additionally, the site offers controlled-access parking and electric vehicle charging stations. Situated on 19 acres, the complex is part of a larger mixed-use community that features 44 townhomes, a retail outparcel and a linear park space.

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Sweetwater-at-Buckingham-Richardson
AcquisitionsMultifamilyTexas

DVO Real Estate Buys 312-Unit Apartment Community in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-uit apartment community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.

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Baker-Chocolate-Factory-Boston
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 133-Unit Boston Apartment Complex

by Taylor Williams

BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created and operated by Makor Capital LLC, in the transaction. The team also procured the buyer, an affiliate of Wingate Multifamily LLC.

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AcquisitionsLoansMultifamilyNew JerseyNortheast

NewPoint Provides $17.7M in Acquisition Financing for Northern New Jersey Multifamily Property

by Taylor Williams

SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.

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IMT-Desert-Ridge-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

IMT Acquires 370-Unit Apartment Community in Phoenix

by Amy Works

PHOENIX — Los Angeles-based IMT Capital, along with its affiliated property management company IMT Residential, has purchased Marquis at Desert Ridge from a national multifamily investor and operator for an undisclosed price. IMT will rebrand the community as IMT Desert Ridge. Built in 2014, the community features 370 one- and two-bedroom units with select upgrades, including wood-style plank flooring, quartz countertops in the kitchen and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware, full-size washers/dryers, 9- to 14-foot ceilings, open-concept floor plans and private balconies or patios. Onsite amenities include a resort-style swimming pool and spa area with a sundeck lounge and cabanas, an outdoor kitchen and grill stations, a 24-hour fitness center, residential clubhouse with an entertaining kitchen, billiard room and a business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Green of CBRE represented the seller in the transaction.

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LoansMultifamilyWashingtonWestern

Gantry Secures $23M Loan for Multifamily Community in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Gantry has secured a $23 million permanent loan to refinance the Mission Hills Apartments located at 11900 NE 18th St. in Vancouver. Situated on 33 acres, the property includes 556 one-, two- and three-bedroom apartments in multiple buildings. Community amenities include a club house, pool, spa and other Class A amenities. Blake Hering and Abi Hunter of Gantry represented the borrower, a private real estate family. The 10-year, fixed-rate loan was secured through one of Gantry’s correspondent life company lenders and features nonrecourse terms and a 30-year amortization schedule. The loan retires two maturing loans placed on different phases of the property.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

Joint Venture Breaks Ground on 717-Bed Student Housing Development Near University of Wisconsin-Madison

by Kristin Harlow

MADISON, WIS.— A joint venture between Mortenson Development, Northwestern Mutual Real Estate and PeakMade Real Estate has broken ground on Theory Madison, a 717-bed student housing development located near the University of Wisconsin-Madison campus. The 12-story tower will offer 213 units in a variety of configurations. Shared amenities will include rooftop decks, a 24-hour fitness center, study rooms, a podcast room, pet spa and clubroom. The community is being developed through a public-private partnership with the city of Madison and will offer affordably priced units in collaboration with the University of Wisconsin’s department of financial aid. The property is targeting LEED Silver certification and is expected for completion in fall 2026. 

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AcquisitionsIndianaMidwestMultifamily

Standard, Arrow Street Sell 244-Unit Luxury Apartment Complex in Downtown Indianapolis

by Kristin Harlow

INDIANAPOLIS — Standard Real Estate Investments LP and Arrow Street Development have sold Wesley Place, a 244-unit luxury apartment complex in downtown Indianapolis. The complex marks the only luxury residential building in the Medical District and was built in 2023 as part of Standard’s strategic investment program with Belay Investment Group LLC. Situated on 2 acres, the community is within walking distance of Indiana University Health Campus, a $4.3 billion expansion and redevelopment project that broke ground in 2022. Wesley Place was 91 percent leased at the time of sale. Amenities include a game room, resident lounge, pet spa, fitness center, bike storage and an interior courtyard with a pool deck. Wesley Place also includes 3,000 square feet of street-level retail space and parking for 327 vehicles. Amanda Friant, Ken Martin, Mark Stern, Zach Kaufman and Sam Grohe of JLL represented the sellers. The buyer and sales price were undisclosed.

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The Emmet Building in New York City
DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastOfficeRetailTop Stories

NuVerse Advisors Receives $99M Construction Loan for Office-to-Residential Conversion Project in New York City

by Channing Hamilton

NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space. The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed. The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor. BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing. “BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing …

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