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Multifamily

SKYE-of-Turtle-Creek-Dallas
AcquisitionsMultifamilyTexas

Knightvest Capital Acquires 331-Unit Apartment Building in Uptown Dallas

by Taylor Williams

DALLAS — Knightvest Capital, an investment firm with four offices across Sun Belt markets, has acquired SKYE of Turtle Creek, a 331-unit apartment building in Uptown Dallas that was completed in 1998. According to Apartments.com, SKYE of Turtle Creek offers one-, two- and three-bedroom units that range in size from 843 to 1,886 square feet, as well as a clubhouse, dog park and outdoor grilling and dining stations. The seller and sales price were not disclosed. Knightvest has since rebranded the property as Remi and plans to renovate select units and to upgrade building exteriors and common areas.

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AlabamaDevelopmentMultifamilySoutheast

Doster Construction Completes $90M Multifamily Development in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — Doster Construction Co. has completed Attain at Bradford Creek, a $90 million, Class A multifamily development in Huntsville. Alexandria, Va.-based Bonaventure is the developer and property manager for the project. Located at 556 Martin Road, Attain at Bradford Creek comprises 350 one-, two- and three-bedroom apartments ranging from 839 square feet to 1,375 square feet in size. Monthly rental rates begin at $1,134, according to Apartments.com. Amenities include a resort-style pool, fitness center, clubhouse, Amazon package lockers, dog park and a pond.

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Highridge-Apts-Rancho-Palos-Verdes-CA
AcquisitionsCaliforniaMultifamilyWestern

Bascom Group Buys Value-Add Apartment Community in Rancho Palos Verdes, California for $127M

by Amy Works

RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments, a value-add multifamily property in Ranchos Palos Verdes, for $127 million, or $494,163 per unit. Built in 1972, Highridge Apartments has undergone significant upgrades and renovations over the years, including the addition of in-unit washers/dryers and enhanced amenities. The community features 257 apartments, averaging 1,157 square feet, as well as 28 loft-style units with high ceilings. Property amenities include ample parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. Bascom plans to renovate unit interiors to a Class A standard and enhance amenities. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. Blake Rogers and Kevin Sheehan of JLL Investment Sales represented the undisclosed seller in the deal. AMC will provide property management services for the community and SD-Cap will manage planned property renovations.

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HERE-Reno-NV
LoansMultifamilyNevadaStudent HousingWestern

JLL Arranges Refinancing of 636-Bed Student Housing Property in Reno, Nevada

by Amy Works

RENO, NEV. — JLL Capital Markets has arranged refinancing for HERE Reno, a student housing community serving the University of Nevada, Reno. JLL represented the borrower, Article Student Living, in facilitating the three-year, floating-rate financing with PPM America Inc. Located at 920 Evans Ave., HERE Reno offers 636 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished apartments, a 24-hour fitness center, a study lounge with private rooms, hot tub and sundeck, coffee and breakfast bar, clubroom with kitchen and gaming zones and a club lounge. The asset was built in 2022.

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Woodland-Flats-Gresham-OR
DevelopmentLoansMultifamilyOregonWestern

PH Development Receives $15.9M Loan for Hotel-to-Multifamily Conversion Project in Gresham, Oregon

by Amy Works

GRESHAM, ORE. — PH Development has obtained $15.9 million in financing for Woodland Flats, a hotel-to-multifamily conversion project in Gresham. Tom Wilson, Steve Petrie and Jake Davidson of JLL Capital Markets Debt Advisory secured the two-year bridge loan through AGP Capital for the borrower. PH Development plans to convert an existing hotel, located at 2752 NE Hogan Drive, into Woodland Flats, a 120-unit multifamily property with 6,400 square feet of ground-floor retail space. The community will offer a mix of studios, one- and two-bedroom units, with rents ranging from $1,200 to $1,600 per month. Community amenities will include a swimming pool, fitness center and exterior courtyard. The project will require $6.1 million in capital improvements and is slated to take 10 months to complete.

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AcquisitionsFloridaMultifamilySoutheast

Carter Multifamily Acquires Apartment Community in Melbourne, Florida for $37.7M

by John Nelson

MELBOURNE, FLA. — Carter Multifamily, a Carter Funds company, has acquired Mode at Melbourne, a 166-unit garden-style multifamily community on Florida’s Space Coast, for $37.7 million. The seller was not disclosed. Originally built in 2020, Mode at Melbourne spans approximately 218,592 rentable square feet and was 94 percent occupied at the time of sale. The complex features one-, two- and three-bedroom floorplans ranging in size from 1,219 square feet to 1,853 square feet. Amenities include a resort-style pool and sundeck, fitness center, resident clubroom, playground, electric vehicle charging stations, car care center, dog park and select units with water views. Carter Multifamily plans to renovate the property with interior and exterior upgrades, operational efficiency improvements and a revitalization of branding. Allegiant-Carter Management, the in-house property manager of Carter Funds, will oversee day-to-day operations at Mode at Melbourne.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Community Builders Completes $44M Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — The Community Builders has completed development of Canvas at Leland Plaza, a $44 million affordable housing property in Chicago’s Lincoln Square neighborhood. The equitable transit-oriented development (ETOD) features 63 units with commercial space, outdoor seating and parking. The Chicago Housing Authority (CHA) is providing funding for 16 of the units through its project-based voucher program, representing an investment of more than $13.3 million over the next 30 years. Amenities at the property include package and bike rooms, storage space, a resident lounge and terrace. Financial partners include the City of Chicago, the CHA, CIBC, Stratford Capital Group, Benefit Chicago and ComEd. DesignBridge was the architect, and Leopardo Cos. and KMW Communities served as general contractors.

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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires Amber Crossing Apartment Homes in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Amber Crossing Apartment Homes in Fargo for an undisclosed price. The 117-unit multifamily community is situated at 5170 Amber Valley Parkway. Property Resources Group was the seller. The transaction marks Gindi’s third investment in the Fargo market. Gindi plans to make interior refurbishments, such as updating kitchen and bathroom features as well as revamping common spaces and outdoor amenities. Constructed in 2002, Amber Crossing features one- to three-bedroom units and is located just off I-29.

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AcquisitionsArkansasMultifamilySoutheast

Cushman & Wakefield Arranges $24.8M Sale of Benton Apartments in Pea Ridge, Arkansas

by John Nelson

PEA RIDGE, ARK. — Cushman & Wakefield has arranged the $24.8 million sale of The Benton, a 150-unit multifamily community in Pea Ridge, roughly 30 miles outside Fayetteville. Martin Bynum, Cole Herget and Craig Hey of Cushman & Wakefield represented the seller, an entity doing business as Aria Holdings LLC, in the transaction. The buyer was South Bend, Ind.-based HPP Equity. Built in 2024, The Benton features one- and two-bedroom floorplans ranging from 771 square feet to 1,020 square feet in size, according to Apartments.com. Amenities at the property include a 24/7 fitness center, lounge, clubhouse, grill, dog park and cabana.

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Loden-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Carmel Partners Begins Leasing 569-Unit Apartment Community in Brooklyn

by Taylor Williams

NEW YORK CITY — California-based investment firm Carmel Partners has begun leasing Loden, a 569-unit apartment community located in the Crown Heights area of Brooklyn. Designed by Hill West Architects, Loden offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and backsplashes and individual washers and dryers. Amenities include a fitness center, game room, lounge, children’s playroom, private dining room and outdoor grilling and dining stations. Rents start at $2,900 per month for a studio. Carmel Partners has hired MNS Real Estate to lease and market the property.

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