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Multifamily

Ardan-West-Village-Dallas
AcquisitionsLoansMultifamilyTexas

Knightvest Capital Acquires 389-Unit Apartment Building in Uptown Dallas

by Taylor Williams

DALLAS — Locally based investment firm Knightvest Capital has acquired Ardan West Village, a 389-unit apartment building in Uptown Dallas. Ardan West Village is a 23-story building that was constructed in 2018 and houses 284 one-bedroom units with an average size of 801 square feet and 105 two-bedroom apartments with an average size of 1,312 square feet. Residences are furnished with stainless steel appliances, quartz countertops, wood-style flooring, floor-to-ceiling windows and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, private conference room and a pet spa. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Cameron Purse of IPA represented the seller, Mill Creek Residential, which operated the property on behalf of institutional investors, in the transaction. The team also procured Knightvest as the buyer. Mark Brandenburg of JLL arranged an undisclosed amount of floating-rate acquisition financing for the deal through Blackstone Real Estate Debt Strategies.

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Ivy-Gates
AcquisitionsMultifamilySoutheastVirginia

Berkadia Negotiates $17.7M Sale of Ivy Gates Townhome Community in Petersburg, Virginia 

by Abby Cox

PETERSBURG, VA. — Berkadia has negotiated the $17.7 million sale of Ivy Gates, a 120-unit townhome community located in Petersburg, roughly 24 miles south of Richmond. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia represented the seller, Lakewood, N.J.-based Greencove Group, in the transaction. CCM, an investment company in Sterling, Va., acquired Ivy Gates. Herndon, Va.-based SYM Properties is managing the property. Built in 1973, Ivy Gates features two-and three-bedroom townhomes ranging in size from 1,369 to 1,677 square feet. Select townhomes feature finished basements with full bathrooms and wood-burning fireplaces. Community amenities include a swimming pool with a sundeck, community lawn, playground and pet-friendly outdoor areas. The property also benefits from proximity to major retail and entertainment destinations such as the 800,000-square-foot Southpark Mall in Colonial Heights and the 190-acre Old Towne Petersburg historic district. 

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LoansMultifamilySeniors HousingUtahWestern

Lument Provides $26.8M Freddie Mac Loan for Seniors Housing Community in Utah

by Amy Works

OGDEN, UTAH — Lument has provided a $26.8 million Freddie Mac loan for the refinancing of Treeo South Ogden, a senior living community located in Ogden, roughly 30 miles north of Salt Lake City. Leisure Care, which owns and operates the community, is the borrower. Opened in 2015, Treeo South Ogden features 143 independent living units. Tyler Armstrong, Chris Cain and Taylor Russ of Lument led the transaction. The loan, which features a 10-year term with five years of interest-only payments and a 30-year amortization period, is being used to refinance existing bank debt and provide cash-out proceeds for future development. 

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Negotiates $2.9M Sale of Apartment Complex in Tucson

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the sale of Victoria Arms Apartments, a multifamily property in Tucson. Christopher R. Cotter acquired the asset from G and B Holdings LLC for $2.9 million. Located at 1518 E. Hedrick Drive, the 19,250-square-foot property features 25 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.

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IndianaLoansMidwestMultifamilyStudent Housing

Knighthead Funding Provides $39.7M Refinancing for Student Housing Property Near Indiana University

by Kristin Harlow

BLOOMINGTON, IND. — Knighthead Funding has provided a $39.75 million first mortgage loan to refinance Stadium Crossing, a 226-unit, 734-bed student housing property in Bloomington located directly across from Indiana University Memorial Stadium. The borrower, Varsity Properties, has owned and operated the community for many years. Stadium Crossing was built in the 1980s.

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DevelopmentMultifamilySoutheastTennessee

Novare, BCDC Welcome Residents to 271-Unit Apartment Community in Knoxville

by John Nelson

KNOXVILLE, TENN. — A joint venture between Novare Group and Batson-Cook Development Co. (BCDC) has begun tenant move-ins at Elmstead West Knoxville, a 271-unit apartment community located at 962 Mabry Hood Road in Knoxville. The property features a mix of one-, two- and three-bedroom residences, as well as a resort-style pool, private garages, coworking lounge, fitness center, clubroom, grilling stations, fire pits, a dog park and pet spa. Monthly rental rates at Elmstead West Knoxville start at $1,557, according to the property website. The design-build team includes architect Dynamik Design and general contractor Summit Contracting Group. SouthState Bank provided construction financing to Novare and BCDC.

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AcquisitionsMidwestMissouriMultifamily

BAM Capital Acquires 328-Unit Kinsley Forest Apartments in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — BAM Capital has acquired Kinsley Forest Apartments, a 328-unit multifamily community in Kansas City. The property marks the second acquisition within the BAM Multifamily Growth Fund V and the third in the BAM Preferred Credit Fund. Built in 2018, Kinsley Forest is situated in the Clay County submarket and is roughly 97 percent occupied. BAM Capital will transition property operations to its vertically integrated platform, BAM Management.

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Twenty20-East-Cambridge-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

Mesirow Buys 20-Story Apartment Building in East Cambridge, Massachusetts

by Taylor Williams

EAST CAMBRIDGE, MASS. — Chicago-based financial services firm Mesirow has purchased a 20-story apartment building in East Cambridge, located across the Charles River from Boston. Built in 2015 within the 4.5 million-square-foot Cambridge Crossing mixed-use development, the building is known as Twenty20 and houses 355 units with an average size of 807 square feet, as well as 8,625 square feet of retail space. Residences come in studio, one-, two-, three- and four-bedroom floor plans. Amenities include a rooftop terrace, fitness center, yoga sundeck, a pet wash station, clubroom and a library. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction and procured Mesirow as the buyer.

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LoansMultifamilyNew YorkNortheast

CBRE Arranges $17.2M Acquisition Loan for Two Manhattan Apartment Buildings

by Taylor Williams

NEW YORK CITY — CBRE has arranged a $17.2 million acquisition loan for two apartment buildings located at 159 and 161 Prince St. in Manhattan’s SoHo neighborhood. Built in the early 1900s, the historic, five-story buildings consist of 37 residential units and two ground-floor retail spaces totaling approximately 20,000 square feet. Shamir Seidman of CBRE arranged the loan through Derby Copeland Capital on behalf of the borrowers, private investors Michael and Ed Ostad.

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AcquisitionsSeniors HousingSoutheastTennessee

NHI Agrees to Sell Skilled Nursing Portfolio to National HealthCare Corp. for $560M

by John Nelson

MURFREESBORO, TENN. — National Health Investors (NHI) has executed an agreement to sell a seniors housing portfolio to National HealthCare Corp. (NHC) for a total of $560 million. The portfolio includes 32 skilled nursing facilities and three independent living facilities. NHC currently operates the properties on behalf of NHI. In 2025, the portfolio generated cash lease revenue of roughly $39.7 million for NHI. According to NHI, the Murfreesboro-based company expects this move to increase its concentration in the category of private-pay seniors housing. Following the transaction, NHI’s senior housing operating portfolio segment will represent roughly 22 percent of its total investments, with skilled nursing exposure to represent 12.2 percent of total investments. In a statement, NHI also noted that this sale will “eliminate potential conflicts of interest between NHI and NHC.” Closing of the transaction is expected on July 1, subject to customary closing conditions. NHI expects to incur transaction costs between $6 million and $8 million. Blueprint Healthcare Real Estate Advisors is serving as the transaction advisor for NHI. Houlihan Lokey Capital is acting as financial advisor to a special committee of non-interested directors that was appointed to review the sale, and Venable LLP is serving as the committee’s …

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