WACO, TEXAS — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of Boston-based investment firm RMR Group, has provided an $18.5 million bridge loan for the refinancing of LL Sams, a 271-bed student housing building that serves students at Baylor University in Waco. The building is adjacent to campus and houses one-, two-, three-, four- and five-bedroom floor plans. Amenities include a pool, fitness studio, resident clubhouse, package lockers and private study pods. JLL arranged the three-year loan on behalf of the borrower, California-based Shore to Shore Properties.
MERRIMACK, N.H. — CBRE has brokered the sale of Slate at Merrimack, a 224-unit apartment complex located near the Massachusetts-New Hampshire border. Built in 2023, the property houses one- and two-bedroom units with an average size of 943 square feet. Amenities include a pool, fitness center, coworking café and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, LeCesse Development Corp., in the transaction. The team also procured the undisclosed buyer.
KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.
BURLINGTON, N.C. — Berkadia has negotiated the sale of 198 Milltown Apartments, a 288-unit community located at 198 Milltown St. in Burlington, a city in North Carolina’s Piedmont Triad region. A fund sponsored by Birmingham, Ala.-based StoneRiver Co., StoneRiver Investment Fund III, purchased the Class A community from Wilmington, N.C.-based Zimmer Development Co. for an undisclosed price. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2020, 198 Milltown features one-, two- and three-bedroom apartments ranging in size from 700 to more than 1,200 square feet. Amenities include a 24-hour health club and resident lounge, pet spa and pet park, saltwater swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, a car care center and garages.
LOS ANGELES — R.D. Olson Construction, in partnership with Related California Properties and the Housing Authority of the City of Los Angeles, has started construction on Phase II of Rose Hill Courts. The $57.8 million project builds on the success of Phase I, which was completed in 2023. Located at 3521 N. McKenzie Ave., Phase II of Rose Hill Courts will feature seven apartment buildings ranging from two to three stories with basements, totaling 96 affordable housing units. Additionally, the new development will feature a community building dedicated to resident gatherings and events, an outdoor playground and a basketball court. The project will also offer tuck-under parking on five of residential buildings. The total development will space a total of 115,406 square feet of gross building area across a 150,400-square-foot site. Slated for completion in 2027, the project will generate more than 400 construction jobs. Partners on the project include the Housing Authority of the City of Los Angeles, Related California Properties, BSB Design (formerly Withee Malcolm Architects) and AMJ Construction Management.
MORENO VALLEY, CALIF. — Brixton Capital has completed the disposition of Elevate at Towngate, a multifamily property in Moreno Valley. San Francisco-based FPA Multifamily acquired the asset for $41 million. Brixton Capital originally acquired the property in December 2017 for $28 million, rebranded and renovated the asset. Built in 1973, Elevate at Towngate offers 227 units spread across seven residential buildings. The one-, two- and three-bedroom apartments range from 590 square feet to 1,224 square feet. Chelsea Jervis, CJ Angle and Blake Rodgers of JLL represented Brixton, while the buyer was self-represented in the deal.
BELLEVILLE, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $7.8 million sale of Twin River Gardens, a 60-unit apartment building in the Northern New Jersey community of Belleville. The property exclusively offers one-bedroom units with an average size of 825 square feet, and most residences include private balconies. Residents also have access to onsite laundry facilities. Kevin McCrann and James McConnell of Redwood represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — BWE has arranged $39 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul. The properties total 529 units, with 100 percent of the units reserved for tenants earning up to 60 percent of the area median income. Victor Agusta Jr. of BWE originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit that builds affordable housing. The communities include Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul.
By David Leopold, SVP, Head of Affordable Housing, Berkadia In today’s shifting real estate landscape, investors increasingly prioritize stability and long-term value. One sector that has consistently demonstrated stability is affordable housing — particularly Section 8 properties backed by the U.S. Department of Housing and Urban Development (HUD). With guaranteed rental income and high demand, Section 8 housing has become an attractive investment vehicle for those looking to diversify their portfolios while contributing to the critical need for affordable housing. As part of this trend, in 2024 Berkadia has financed $837 million and sold more than $172 million in Section 8 properties, including the sale and financing of Lauderhill Point, a Section 8 affordable housing community in Fort Lauderdale, Florida. This arrangement underpins the firm’s affordable housing expertise, employing production leaders with an average of 25 years in the sector. For investors exploring opportunities in affordable housing, success depends on understanding the unique benefits and requirements of Section 8 properties. Section 8 Housing as a Safe Haven The largest federal subsidized housing program in the United States, project-based Section 8 provides financial assistance to millions of households across the country, making it a steady source of demand that can …
CARLSBAD, CALIF. — Roseville, Calif.-based USA Properties Fund and Los Angeles-based The Pinyon Group have opened Vintage at Marja Acres, an affordable age-restricted community in Carlsbad. Located at 4660 Garden Hill Loop, Vintage at Marja Acres offers 47 apartments, a community room, wellness/health center and onsite laundry. The one-bedroom apartments feature energy-efficient appliances and light fixtures, and low-flow faucets, showers and toilets. The units are designated for residents at least 55 years old who earn 30 percent to 60 percent of the area median income for San Diego County, Calif. Vintage at Marja Acres is a public-private partnership that includes the City of Carlsbad, Riverside Charitable Corp. and WNC Inc. JPMorgan Chase is the construction and permanent lender for the $21 million project. IHP Capital Partners and KB Homes are also partners on the project, which is in infill community that is named after a former longtime nursery on the property.
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