Multifamily

Lakeview-at-Westpark-Richmond

RICHMOND, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $54 million HUD-insured loan for the refinancing of Lakeview at Westpark, a 298-unit apartment community in Richmond, located southwest of Houston in Fort Bend County. Built in 2021, Lakeview at Westpark offers one-, two- and three-bedroom units and amenities such as a pool with a tanning deck, fitness center with yoga and spin studios, outdoor kitchen and lounge, resident game room and a dog park. Brandon Brown of MMCC arranged the loan, which carried a fixed interest rate of 5.3 percent and a 35-year amortization schedule, through KeyBank on behalf of the borrower, Texas-based Rockstar Capital.

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PEMBROKE PINES, FLA. — Waterton has purchased The Landings at Pembroke Lakes, a 358-unit, garden-style apartment community located at 10650 Washington St. in Pembroke Pines, a city in South Florida’s Broward County. The Chicago-based owner-operator plans to invest in light capital improvements to the property’s interiors and common areas, including new equipment on its lakefront beaches. The seller and sales price were not disclosed, but South Florida Business Journal reports the property traded at $80.5 million. Walker & Dunlop represented both the buyer and seller in the transaction and also arranged acquisition financing. Built in 1989 around a 45-acre lake, The Landings at Pembroke Lakes is situated on a 27-acre site and offers a mix of one- and two-bedroom apartments. Amenities include a resort-style pool, clubhouse, fitness center, dog park, tennis courts and sand volleyball courts.

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NEWARK, DEL. — A public-private partnership between local developer Buccini Pollin Group and the University of Delaware has topped out The Asters, a $75 million multifamily project in Newark. The Asters is located within the university’s Science, Technology and Advanced Research (STAR) campus and will offer 229 one- and two-bedroom units across two seven-story buildings. Units will range in size from 600 to 1,100 square feet and will be furnished with quartz countertops, tile backsplashes and stainless steel appliances. Select residences will feature private balconies. Amenities will include a pool, outdoor grilling and dining areas, landscaped courtyard with pickleball court, indoor basketball court, fitness center with boxing and yoga spaces and a resident lounge with an entertainment kitchen and game room.

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Cartwright-Family-Apts-Irvine-CA

IRVINE, CALIF. — C&C Development, in partnership with Riverside Charitable Corp., has opened Cartwright Family Apartments, an affordable housing community in Irvine. Situated on 1.6 acres at 17861 Cartwright Road, the property features 60 apartments for households earning between 30 and 80 percent of the Orange County, Calif., area median income, with a portion of the units designated for veterans. Additionally, Cartwright Family Apartments includes a leasing presence for current Irvine residents or persons employed by the city. Designed by KTGY, Cartwright Family Apartments consists of four single-story residential buildings with 15 one-bedroom, 17 two-bedroom and 28 three-bedroom units with private balconies. Community amenities include a courtyard with pool, barbecue pavilion, tot lot, bike storage, community room with a kitchen, computer room, laundry room, leasing office and a supportive services manager office. At its opening, the property was 100 percent leased.

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NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development Co. and JASA has completed Linden Grove, a 153-unit affordable seniors housing project in the Bushwick neighborhood of Brooklyn. Residences at the 13-story building are reserved for renters earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities include a fitness room, arts and crafts area, laundry room, a rooftop terrace, outdoor dining areas and community gardens.

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GALLOWAY, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $16.5 million taxable construction loan, a $9.4 million federal Low Income Housing Tax Credit (LIHTC) equity investment and an $8.2 million state LIHTC investment for the construction of Clover Glen II in Galloway near Columbus. National Church Residences is developing the 96-unit affordable housing project for seniors age 55 and older. KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. KeyBanc Capital Markets served as bond underwriter and underwrote $13.8 million in tax-exempt bonds for the project. Clover Glen II will feature 15 units restricted to residents earning up to 50 percent of the area median income (AMI), 76 units restricted to 60 percent AMI and five units for 70 percent AMI. Amenities at the four-story property will include a clubhouse, fitness center, central laundry, onsite management, surface parking and picnic areas. David Lacki and Ryan Olman of KeyBank CDLI structured the financing, while Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. In October 2022, CDLI, through an investment with Ohio Capital Corp. for Housings, closed the Clover Glen I transaction.

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URBANDALE, IOWA — Associated Bank has originated a $17.7 million loan for Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights in Urbandale, a suburb of Des Moines. The 105 two-story townhome rental units are adjacent to the 240 for-sale, single-family and townhome community of Magnolia Heights. Elizabeth Hozian of Associated Bank managed the loan arrangements and closing. Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban markets.

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CHICAGO — Marcus & Millichap has arranged the $6.6 million sale of a multifamily and retail property located at 935-937 W. Armitage Ave. in Chicago’s Lincoln Park neighborhood. The asset features eight multifamily units and a retail space occupied by Wintrust Bank. The multifamily component includes a mix of one-, two- and three-bedroom units across 9,745 rentable square feet. Kyle Stengle of Marcus & Millichap represented the seller, 935 W. Armitage (Chicago) LLC, and procured the buyer, 935 Armitage LLC.

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Michael Glass, Marcus & Millichap

For much of the past several years, commercial real estate investors have navigated a market defined by uncertainty. Interest rate volatility, inflation concerns, geopolitical tensions and shifting workplace trends have all contributed to an environment where predicting the next move can feel increasingly difficult. Against that backdrop, the Midwest continues to stand out for a different reason: stability. Across many Midwest markets, commercial real estate fundamentals have remained relatively balanced compared with other regions of the country. While some markets have experienced dramatic swings in pricing, development activity and occupancy levels, much of the Midwest has maintained a steadier trajectory. That consistency allows investors and operators to focus on executing long-term business plans rather than constantly reacting to market volatility. Stability Remains the Midwest’s Competitive Advantage One of the region’s greatest strengths is the balance between supply and demand. Unlike certain Sun Belt markets that have experienced significant waves of new development, many Midwest metros have avoided substantial oversupply. As a result, property owners have been able to continue implementing value-add strategies, improving operations and generating steady rent growth. Commercial real estate success is rarely built overnight. In many Midwest markets, returns are generated through disciplined management, operational efficiencies and …

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NEW BRAUNFELS, TEXAS — Metro Denver-based investment firm Platte Canyon Capital (PCC) has acquired Northwood Apartments, a 252-unit multifamily complex located northeast of San Antonio in New Braunfels. Northwood Apartments was built in phases between 1998 and 2017 and offers one- and two-bedroom units. PCC plans to update and renovate amenity spaces, including the pool, fitness center, parking areas and clubhouse, as well as building exteriors. The property was 70 percent occupied at time of sale. The undisclosed seller was the property’s original developer.

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