Multifamily

Shopoff Realty Breaks Ground on Westminster Mall Redevelopment Project in Orange County

by Amy Works May 1, 2026

WESTMINSTER, CALIF. — Shopoff Realty Investment has broken ground on Bolsa Pacific at Westminster, a mixed-use redevelopment of the vacant Westminster Mall in Orange County. Designed by AO, the project will transform the former mall into a 83.3-acre downtown destination. Upon completion, Bolsa Pacific will feature 2,250 residential units, 220,000 square feet of retail and restaurant space, a 120-key hotel and more than 15 acres of publicly accessible open space. The residential component will include market-rate and affordable housing, as well as for-sale townhomes spread across five multifamily buildings. Demolition of the former Westminster Mall is underway. The existing Target will remain open during construction, with a new store planned and relocated within the overall development. The project is located along the 405 Freeway and 10 minutes from the Los Angeles County border. In 2024, the scope of the initial project expanded from a 25.8-acre assemblage to encompass the full 83.3-acre former mall site. The expansion enables a comprehensive reimagining of the property that will transform the single-use retail center into a connected mixed-use district.

May 1, 2026

Development Loans Multifamily Texas

Patterson Arranges Construction Loan for 165-Unit Multifamily Project in Sugar Land, Texas

by Taylor Williams May 1, 2026

SUGAR LAND, TEXAS — Patterson Real Estate Advisory Group, a regional financial intermediary has arranged a construction loan for The Westermark, a 165-unit multifamily project that will be located in the southwestern Houston suburb of Sugar Land. The amount was not disclosed. The Westermark will consist of two five-story buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, resident lounge and coworking space. Wintrust Commercial Real Estate provided the loan to the developer, Elm Real Estate Group, which is an affiliate of Indianapolis-based KCG Cos.

May 1, 2026

Acquisitions Arizona Multifamily Western

Stoneweg Sells 194-Unit Apartment Community in Mesa, Arizona to Rise48 Equity

by Amy Works May 1, 2026

MESA, ARIZ. — Stoneweg has completed the disposition of Avenue 8, a garden-style multifamily property in Mesa. Rise48 Equity acquired the asset for an undisclosed price. Brett Polachek, Chris Chanter and Brad Goff of Newmark represented the seller in the transaction. Located at 1050 W. 8th Ave., Avenue 8 features 194 open-concept, two-bedroom/two-bath apartments averaging 1,000 square feet in size. All units include in-unit washers/dryers, private patios or balconies and abundant storage. Community amenities include a resort-style swimming pool and spa, fitness center, pet park and covered parking.

May 1, 2026

Development Kentucky Southeast Student Housing

Western Kentucky University Board Approves Gilbane’s $350M Student Campus Housing Development Plan

by Abby Cox May 1, 2026

BOWLING GREEN, KY. — The Western Kentucky University (WKU) Board of Regents has approved the “Elevate WKU” development plan with Gilbane Development Co., a global real estate development firm, to launch the first phase of a multi-year student housing initiative on the WKU campus in Bowling Green. The Kentucky Capital Projects and Bond Oversight Committee also approved the partnership this week. The $350 million initiative is the largest residential investment in WKU’s history, according to Gilbane. Phase I of the development will replace Hugh Poland and Douglas Keen Halls with a new roughly 1,000-bed residential complex featuring suite-style options, community kitchens, collaborative lounges, expanded community spaces, tech-enabled learning environments and enhanced safety and accessibility features. The facility is expected to open in fall 2028. Gilbane is developing the Elevate WKU master plan in a public-private partnership with the university under a 50-year ground lease model. Under the structure, WKU will enter into a ground lease with the Collegiate Housing Foundation (CHF) — a national 501(c)(3) organization — which will serve as owner and borrower. Gilbane and WKU have selected Inwood Management to oversee the day-to-day operations and physical maintenance of the Elevate WKU portfolio alongside the university’s Residence Life team. Future phases will address renovations of existing …

May 1, 2026

Acquisitions Alabama Loans Multifamily Southeast

Greystone Provides $28.2M Agency Acquisition Loan for Apartment Community in Tuscaloosa

by Abby Cox May 1, 2026

TUSCALOOSA, ALA. — Greystone has provided a $28.2 million Freddie Mac loan to finance the purchase of Landmark Apartments, a 264-unit multifamily community located in Tuscaloosa. Elliott Mulkin of Greystone originated the five-year loan, which features a 30-year amortization schedule and interest-only payments. The borrower and seller were not disclosed. Andrew Brown and Craig Hey of Cushman & Wakefield represented the buyer in the sale. Built in 2007, Landmark Apartments spans 23 acres and comprises a mix of one-, two- and three-bedroom floorplans. Amenities at the garden-style community include a resort-style swimming pool, fitness center with yoga studio, resident clubhouse, business center and outdoor gathering spaces.

May 1, 2026

Campello-Apartments-Brockton-Massachusetts

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $50M in Financing for Affordable Housing Redevelopment in Brockton, Massachusetts

by Taylor Williams May 1, 2026

BROCKTON, MASS. — MassHousing has provided $50 million in financing for an affordable housing redevelopment project in Brockton, a southern suburb of Boston. The financing consists of $28.2 million in permanent debt, $20.7 million in tax credit bridge financing and $1 million in Capital Magnet Fund financing. Santander Bank is financing construction. The property in question is Campello Apartments, a distressed public housing project that was originally built in 1972, and the redevelopment will involve the demolition of a single-story building and two existing Campello high-rise buildings totaling 398 units. The first of the project’s three planned phases will feature a seven-story building with 144 units that will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a main lounge on the ground floor, as well as laundry, fitness and social gathering spaces. The Brockton Housing Authority and Cambridge Housing Authority are leading the redevelopment, with BWA Architecture handling design and Shawmut Construction serving as the general contractor. An expected completion date was not announced.

May 1, 2026

Acquisitions Multifamily New Jersey Northeast

Landmark Cos. Acquires Northern New Jersey Apartment Complex for $35M

by Taylor Williams May 1, 2026

PISCATAWAY, N.J. — Landmark Cos. has acquired The Grove at Piscataway, a 110-unit apartment complex in Northern New Jersey, for $35 million. Built in 2020, the property consists of three residential buildings that house one- and two-bedroom units with an average size of 978 square feet, as well as a clubhouse building. Twenty percent (22) of the units are subject to income restrictions. Other amenities include a pool, outdoor grilling and dining stations, a fitness center, social lounge with billiards and coworking space. Mike Oliver, Jose Cruz, Steve Simonelli, Elizabeth DeVesty, Ryan Robertson and Austin Pierce of JLL represented Landmark in the transaction. The seller was not disclosed.

May 1, 2026

Development Kansas Midwest Multifamily

AU Construction Breaks Ground on 10 Union Lofts in Eudora, Kansas

by Kristin Harlow May 1, 2026

EUDORA, KAN. — AU Construction has broken ground on 10 Union Lofts, a new 96-unit multifamily development in Eudora, a city in eastern Kansas. Developed by Alcove Development, the property will be situated along the K-10 corridor between Lawrence and metro Kansas City. Plans call for a mix of one-, two- and three-bedroom units. Leasing is anticipated to begin in 2027. Cornerstone Property Management will manage the community. Rosemann & Associates is the architect.

May 1, 2026

Market Reports Multifamily Utah Western Western Market Reports

Utah Multifamily Signals Return to Rent Growth as Supply Tightens

by John Nelson May 1, 2026

— By Patrick Bodnar of CBRE — Utah’s multifamily market remains one of the most resilient and compelling real estate environments in the country, supported by exceptional economic fundamentals and a steadily tightening development pipeline. Utah once again ranked No. 1 in the nation in 2025 in the American Legislative Exchange Council’s (ALEC) economic outlook index, marking its 18th consecutive year at the top and earning high marks for overall performance, labor participation and business affordability. These strengths, paired with ongoing population and job growth, continue to reinforce consistent long-term demand for rental housing across the Wasatch Front. Against this backdrop, rent trends are beginning to shift. After several years of rent stagnation driven by elevated supply, rent growth is positioned to rebound in the second half of 2026. The past three years were characterized by relatively flat asking rents, but CBRE’s analysis indicates that future rent growth is approaching as new deliveries decline and supply is absorbed. This shift is largely the result of two converging factors: a meaningful slowdown in new construction starts — driven by higher interest rates and sustained construction cost pressures — and persistently strong absorption, which places Utah among the top-performing absorption markets in …

May 1, 2026

Affordable Housing Development Florida Seniors Housing Southeast

McDowell Housing, Miami Jewish Health Open $139M Affordable Senior Living Community

by John Nelson April 30, 2026

PEMBROKE PINES, FLA. — McDowell Housing Partners and Miami Jewish Health have completed the development of Douglas Gardens Senior Health and Living, a new affordable seniors housing community located in Pembroke Pines, roughly 25 miles northwest of Miami. Now open, the community totals 410 units reserved for residents age 55 and older earning 30, 60 and 100 percent of the area median income. Amenities at the community include a pond with walking paths, theater room, business center and multiple indoor and outdoor gathering spaces. Development costs for the project totaled $139 million. This marks the third project completed in partnership by McDowell Housing and Miami Jewish Health. ANF Group served as the construction manager. The project team also included engineer and landscape designer Keith & Associates, REPRTWAR Architecture and Design and interior designer Jewel Toned Interiors.

April 30, 2026

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