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Multifamily

The Ranch
ArizonaDevelopmentLeasing ActivityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Partnership Receives Final Approval for $1B Mixed-Use Development in Gilbert, Arizona

by Abby Cox

GILBERT, ARIZ. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert. Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction. “This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.” Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities. Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project. Phase I of The Ranch — which is set to break ground in the fall …

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AcquisitionsMultifamilySeniors HousingTexas

Capital Square Acquires 62-Unit Active Adult Community in Fredericksburg, Texas

by Taylor Williams

FREDERICKSBURG, TEXAS — Capital Square has acquired Woodland Cottages, a 62-unit active adult community located in the Central Texas city of Fredericksburg. Woodland Cottages offers 20 one-bedroom and 42 two-bedroom residences that have average sizes of 899 and 1,355 square feet, respectively. Amenities include a pool, fitness center, clubhouse and dedicated resident concierge services. The seller and sales price were not disclosed.

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139-Franklin-St.-Manhattan
DevelopmentIndustrialMultifamilyNew YorkNortheastSelf-Storage

Joint Venture Buys Manhattan Self-Storage Facility for $43.5M, Plans Multifamily Conversion

by Taylor Williams

NEW YORK CITY — A joint venture between Broad Street Development and TPG Angelo Gordon has purchased a 56,384-square-foot self-storage facility in Manhattan’s Tribeca neighborhood for $43.5 million with plans to undertake a multifamily conversion. The 10-story building at 139 Franklin St. was originally constructed in 1915 and houses 74 units. Brendan Maddigan, Andrew Scandalios, Ethan Stanton, Hall Oster, Michael Mazzara and Vickram Jambu of JLL represented the seller, the Sofia Family, in the transaction and procured the joint venture as the buyer. A construction timeline for the conversion was not announced.

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4909-W-Joshua-Rd-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

Colliers Arranges $109.5M Sale of Country Brook Apartments in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Colliers has arranged the $109.5 million sale of Country Brook Apartments, a multifamily property in Chandler. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers handled the sales transaction for the undisclosed seller and undisclosed buyer. Luke Donahue and Patrick O’Donnell of Colliers Mortgage coordinated acquisition financing. Located at 4909 W. Joshua Blvd., Country Brook Apartments offers 396 units, averaging 963 square feet, spread across 32 one- and two-story buildings. Community amenities include three resort-style pools, two spas, poolside ramadas, an alfresco kitchen with outdoor TVs, a 24-hour fitness center, 24/7 access package locker and covered parking.

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Charbern-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Brokers $35.2M Sale of Three-Property Multifamily Portfolio in Seattle

by Amy Works

SEATTLE — Kidder Mathews has brokered the sale of a three-property apartment portfolio in Seattle. Los Angeles-based Vista Investment Group acquired the asset from long-time private owner John Stephanus for a total of $35.2 million. The portfolio includes: – Charbern Apartments, a 67-unit property located at 1705 Belmont Ave. that sold for $12.3 million. – Stockbridge Apartments, a 76-unit asset at 1330 Boren Ave. that sold for $11.5 million. – Carolina Court Apartments, a 72-unit community at 527 Eastlake Ave. that sold for $11.3 million. Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of Simon | Anderson Multifamily at Kidder Mathews represented the seller and procured the buyer in the deal.

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Coronado-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

PSRS Secures $10M Refinancing for Los Angeles Apartment Building

by Amy Works

LOS ANGELES — PSRS has arranged $10 million in refinancing for Coronado Apartments, a multifamily property in Los Angeles. The apartment building offers 33 studio, one- and two-bedroom units, underground parking and a rooftop deck. Jonny Soleimani and George Gianoukakis of PSRS secured a five-year, full-term interest-only loan through a bank execution.

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DevelopmentMichiganMidwestMultifamilySeniors Housing

Lockwood Senior Living Opens $46M Community in Hartland, Michigan

by Kristin Harlow

HARTLAND, MICH. — Lockwood Cos. has opened Lockwood of Hartland, a 146-unit senior living community in Hartland, about 50 miles northwest of Detroit. The $46 million project offers one- and two-bedroom independent living apartments, all with private patios or balconies. Sixty-one of the units are designated as affordable housing. The property is situated on 17 wooded acres with nature trails. Amenities include chef-prepared meals, a fitness room, life enrichment programs, a barber shop, beauty salon and theater.

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AcquisitionsLoansMidwestMissouriMultifamily

Gantry Arranges $11.5M Acquisition Loan for Kansas City Multifamily Property

by Kristin Harlow

KANSAS CITY, MO. — Gantry has arranged an $11.5 million loan for the acquisition of The Life at Highland Village multifamily property in Kansas City’s Lewis Heights neighborhood. The 200-unit garden-style community includes 11 buildings with a mix of one- and two-bedroom floor plans. Most units feature recent appliance upgrades and new finishes. Amenities include a grass-covered open space, pool, playground and dog park. Mark Reichter and Alex Frook of Gantry arranged the financing on behalf of the borrower, a private real estate investor. An insurance company lender provided the three-year, fixed-rate loan, which features an upfront interest-only period followed by a 30-year amortization.

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Affordable HousingDevelopmentMidwestMissouriMultifamily

Guadalupe Centers Delivers 50-Unit Affordable Housing Community in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Guadalupe Centers Inc. (GCI) has opened Villa View Apartments, an affordable housing community designed for teachers and local families in Kansas City. Situated on the southeast corner of GCI’s Villa Guadalupe school campus at 1616 Hardesty Ave., the four-story development features 50 units, 42 of which are designated as affordable housing for households earning up to 60 percent of the area median income. The remaining apartments are offered at market rates. Community amenities include a business center, community room, courtyard, rooftop patio and picnic areas. Built in compliance with Enterprise Green Communities and the 2021 International Energy Conservation Code, the property is energy efficient and fully electric. Residents will benefit from services provided free of charge by GCI. These include youth education, after-school programs, financial literacy, tax preparation, health screening, cultural community events, mental health counseling, job training and food pantries. GCI partnered with Riverstone Platform Partners as co-developers. The project team included Altman-Charter Co. as general contractor, SLATTERY Design + Architecture as the architect of record and Beacon Management LLC as the property manager. The development was financed in part with $12.5 million in federal Low-Income Housing Tax Credits (LIHTC) syndicated by Hunt Capital Partners …

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Riverwalk-Elmwood-Park-New-Jersey
LoansMultifamilyNew JerseyNortheast

JLL Arranges $131.1M Bridge Loan for Northern New Jersey Multifamily Property

by Taylor Williams

ELMWOOD PARK, N.J. — JLL has arranged a $131.1 million bridge loan for a 390-unit multifamily property in the Northern New Jersey community of Elmwood Park. The financing covers Phases III and IV of a larger development known as Riverwalk. Units feature a mix of one-, two- and three-bedroom floor plans and range in size from 772 to 2,321 square feet. Riverwalk offers amenities such as a pool, fitness center, outdoor grilling and dining areas, a dog park, riverside nature path, multiple resident lounges and coworking space. Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato of JLL arranged the five-year, floating-rate loan through MF1 Capital. A private real estate company headed by Bernard Langan owns Riverwalk.

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