Multifamily Archives - REBusinessOnline

Capital Square Sells 2000 West Creek Apartments in Richmond for $115M

John Nelson — Thu, 16 Jul 2026 15:11:59 +0000

RICHMOND, VA. — Capital Square has sold 2000 West Creek, a 373-unit apartment community in Richmond, for $115 million. The locally based company purchased the property in 2019 in a Delaware statutory trust program (DST) for $103 million, giving the trust’s 115 exchange investors a 137 percent total return and more than $17.5 million in distributions during Capital Square’s seven-year hold period. Will Mathews, Thomas Leachman and William Dickinson of Colliers represented the undisclosed seller in the transaction. 2000 West Creek sits on 23 acres and offers one- and two-bedroom apartments and townhomes ranging in size from 774 to 1,246 square feet. Amenities include reserved and garage parking, rentable storage units, bike storage, a coffee bar, conference and meeting rooms, a community lounge and clubhouse, heated saltwater swimming pool, firepit, grilling stations, package and storage system, gift wrapping station, fitness center, dog park and pet spa, media lounge, billiards/game room and a convenience center.

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Pennrose, HSTF Break Ground on 55-Unit Affordable Housing Redevelopment in Boston

Taylor Williams — Thu, 16 Jul 2026 14:40:25 +0000

BOSTON — A partnership between Pennrose and the Hyde Square Task Force (HSTF) has broken ground on a 55-unit affordable housing redevelopment in the Jamaica Plain area of Boston. Designed by DiMella Shaffer, the project will convert the former 71,000-square-foot Blessed Sacrament Church, which was built in 1913 and closed by the Catholic Church in 2004, into a complex with studio, one- and two-bedroom apartments that will be reserved for residents earning 30 to 80 percent of the area median income (AMI). Six residences will also be set aside for formerly homeless residents, and the church’s nave will be repurposed into a multipurpose performance and gathering space for the Afro-Latin community. Completion is slated for late 2027.

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Inland, Reuter Walton to Develop 342-Unit Citywalk Apartments in Rochester, Minnesota

Kristin Harlow — Thu, 16 Jul 2026 13:54:10 +0000

ROCHESTER, MINN. — Inland National Development Co. LLC, a member company of The Inland Real Estate Group of Cos. Inc., and Reuter Walton Development LLC will co-develop Citywalk Apartments, a 342-unit multifamily community in downtown Rochester directly across from Mayo Clinic’s campus. Construction is expected to begin this month, with completion anticipated in 2028. The project will include a mix of apartments and 90 short-term, fully furnished units designed to support the evolving needs of Rochester’s healthcare and business community. Plans call for more than 250 climate-controlled underground parking spaces complete with electric vehicle charging stations. Residents will have access to a clubroom, fitness center, indoor-outdoor rooftop sky terrace, pool, coworking and conference room, golf simulator and game lounge.

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Kiser Group Arranges $5.7M Sale of Chicago Apartment Building

Kristin Harlow — Thu, 16 Jul 2026 13:52:20 +0000

CHICAGO — Kiser Group has arranged the $5.7 million sale of a 43-unit apartment building located at 5123-31 S. University Ave. in Chicago’s Hyde Park neighborhood. Lee Kiser brokered the transaction. The Norm Levin Trust sold the property to Florin Pavel. Situated a few blocks from the University of Chicago, the asset was 97.7 percent occupied at the time of sale. The buyer completed a 1031 exchange and plans to renovate and reposition the asset to better serve student housing demand. The same family had owned the property since 1962.

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LTC Acquires Two Seniors Housing Communities in Colorado, New Mexico for $73M

Amy Works — Thu, 16 Jul 2026 13:28:13 +0000

WESTLAKE VILLAGE, CALIF. — LTC Properties has acquired two seniors housing communities in Colorado and New Mexico from Harbert Management Corp. for a combined purchase price of $73 million. Offering both assisted living and memory care, the properties are the 69-unit MorningStar of Albuquerque and the 64-unit MorningStar of Wheat Ridge in Denver. MorningStar Senior Living will continue to manage the properties on behalf of the new ownership. Berkadia brokered the sale of the properties. LTC will own the communities as a senior housing operating portfolio (SHOP) properties. Since launching its SHOP platform in May 2025, the portfolio has grown to 36 properties, representing 34 percent of the REIT’s total gross real estate investments.

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Winstar Properties Purchases 205-Unit Apartment Complex in Los Angeles

Amy Works — Thu, 16 Jul 2026 13:25:00 +0000

LOS ANGELES — Winstar Properties has purchased The Flat, a 205-unit apartment complex located in the City West neighborhood of Los Angeles. Terms of the transaction were not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the transaction. Built in 1968, The Flat features 205 apartments. The property features a controlled-access entry system, modernized resident lounge, upgraded laundry rooms, new windows and a package receiving systems. Renovated apartments include built-in kitchenettes with modern fixtures, new cabinetry, quartz countertops and new refrigerators. Additionally, six of the renovated studio units are furnished.

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Cushman & Wakefield Arranges $95.7M in Financing for Metro Houston, Dallas Affordable Housing Portfolio

Taylor Williams — Wed, 15 Jul 2026 15:10:06 +0000

HUMBLE AND ROWLETT, TEXAS — Cushman & Wakefield has arranged $95.7 million in financing for a portfolio of two affordable housing properties totaling 626 units. Grove East is a 324-unit, garden-style property located in the northern Houston suburb of Humble, and Rowlett Station is a 302-unit midrise building located northeast of Dallas. Both properties were built in 2021 and are subject to Housing Finance Corp. (HFC) income restrictions. The financing consists of $76.2 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan funded by CCL Capital. Chase Johnson and Caleb Riebe led the Cushman & Wakefield team that arranged the debt on behalf of the owner, Salt Lake City-based investment firm Sundance Bay.

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JLL Arranges $76.8M Construction Loan for Multifamily Development in Jacksonville Beach

John Nelson — Wed, 15 Jul 2026 14:27:23 +0000

JACKSONVILLE BEACH, FLA. — JLL has arranged a $76.8 million construction loan for a 415-unit multifamily development in Jacksonville Beach. Mark West led the JLL team in arranging the four-year, floating-rate loan through Ameris Bank on behalf of the borrower, Trevato Development Group. Located along Beach Boulevard, the community will feature a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size, as well as 1,800 square feet of retail space. Amenities will include multiple courtyards, a pool complex with cabanas and a sun shelf, fitness centers, coworking spaces, outdoor summer kitchens, bocce ball courts, hammock islands and a dog park with a washing station. Trevato broke ground on the property on July 1 and plans to deliver the first units by fourth-quarter 2028.

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CCI Real Estate Underway on 353-Bed Student Housing Development Near University of Georgia

John Nelson — Wed, 15 Jul 2026 14:25:02 +0000

ATHENS, GA. — CCI Real Estate has begun construction on 290 Lumpkin, a 353-bed student housing development located near the University of Georgia campus in Athens. The community is being developed in partnership with the Georgia Baptist Mission Board and will include ministry space for Baptist Collegiate Ministries. The development team for the project, which is scheduled for completion in summer 2027, includes New South Construction. The eight-story community will offer 243 fully furnished units in studio, one- and two-bedroom configurations. The property will also feature a Three Tree Coffee location on the ground floor and a 356-space parking deck. Shared amenities are set to include a fitness and wellness center; landscaped courtyards; study and lounge spaces; a rooftop deck with a living garden and pool; pickleball and basketball courts; and grilling stations. Preleasing for the property will begin this fall.

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HODC Opens 48-Unit Permanent Supportive Housing Community in Northbrook, Illinois

Kristin Harlow — Wed, 15 Jul 2026 13:56:06 +0000

NORTHBROOK, ILL. — Nonprofit developer Housing Opportunity Development Corp. (HODC) has opened Poupard Place, a permanent supportive housing community in Northbrook. The 48-unit, four-story community at 1593 Shermer Road provides affordable housing for individuals and families living with disabilities. The development was made possible through a collaborative partnership among HODC, Illinois Housing Development Authority, Cook County, National Equity Fund, Federal Home Loan Bank of Chicago, Village Bank & Trust and many other public and private partners. The Village of Northbrook unanimously approved the project and donated the land. The project team included architect Cordogan, Clark & Associates and general contractor Skender.

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Greenstone Partners Negotiates $4M Sale of Apartment, Retail Building in Chicago

Kristin Harlow — Wed, 15 Jul 2026 13:53:57 +0000

CHICAGO — Greenstone Partners has negotiated the $4 million sale of a fully leased property located along Restaurant Row in Chicago’s Fulton Market neighborhood. Located at 1012 W. Randolph St., the four-story asset totals 6,500 square feet and includes a ground-floor retail space leased to Rōti Modern Mediterranean and three loft-style apartments. At the time of sale, the property was fully occupied. Danny Spitz, Tom Galvin and Brewster Hague of Greenstone represented the seller. The buyer was Los Angeles-based Foundational Real Estate.

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CBRE Brokers $77.5M Sale of Apartment Community in Oceanside, California

Amy Works — Wed, 15 Jul 2026 13:46:09 +0000

OCEANSIDE, CALIF. — CBRE has brokered the $77.5 million sale of Sunterra, an apartment community located just north of Carlsbad in Southern California. An undisclosed buyer acquired the asset from 29th Street Capital. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the seller, while James Flinn and Justin Fitchett of CBRE Debt and Structured Finance provided debt and finance support for the transaction. Situated on 14.2 acres, Sunterra features 240 two-bedroom apartments with detached garages. Community amenities include a resort-style pool, fitness center, landscaped courtyards and outdoor gathering spaces. Approximately 70 percent of the units have been renovated. The property was built in 1975 and is located at 3851 Sherbourne Drive.

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Lincoln Acquires Spectrum, Doubling Down on Carolinas Region

Kristin Harlow — Wed, 15 Jul 2026 12:00:00 +0000

DALLAS AND CHARLOTTE, N.C. — Global real estate company Lincoln Property Co. has acquired The Spectrum Cos., a full-service real estate firm based in Charlotte. The acquisition enhances Lincoln’s platform in the Carolinas region. Johno Harris, senior executive vice president at Lincoln, and Stephen McClure, CEO of Spectrum, will be leading Lincoln’s Carolinas platform, which will now also include Spectrum’s Northern and Central Florida’s multifamily business. Since its inception in 1982, Spectrum has developed nearly 7,000 multifamily units and currently leases and manages a total of 4.4 million square feet of assets. With this new partnership and investment in the platform, the combined firm is poised to ramp up its development and acquisition pipeline across both multifamily and commercial real estate. “Our shared values are the foundation for seamless integration, and Lincoln’s full-service platform and national resources will only strengthen what we’ve already built,” says McClure. Darryl Dewberry, Spectrum’s executive chairman, will continue in his role to ensure continuity for the development and investment partnerships he has helped cultivate across the Carolinas. Lincoln says the acquisition broadens its product offerings in the region and deepens its capacity to serve clients, pursue opportunities and compete more effectively. Dallas-based Lincoln is one…

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Joint Venture Buys Two Student Housing Communities Totaling 1,128 Beds Near Texas A&M University

Taylor Williams — Tue, 14 Jul 2026 15:26:40 +0000

COLLEGE STATION, TEXAS — A joint venture between Los Angeles-based PCCP LLC and Houston-based The Dinerstein Cos. has acquired two adjacent student housing communities totaling 1,128 beds near the Texas A&M University campus in College Station. The properties — formerly dubbed 2818 Apartments and Parkway Place — have been combined and rebranded as one asset, Sterling College Station. The new community offers 350 garden- and cottage-style units in one-, two- and four-bedroom configurations. Shared amenities include a pool, fitness center, business center, with a cybercafé, private study rooms, basketball and beach volleyball courts, outdoor grilling stations and a clubhouse with a community kitchen, game lounge and pool tables.

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Haven Housing Acquires 309-Unit Apartment Community in Kyle, Texas

Taylor Williams — Tue, 14 Jul 2026 15:23:34 +0000

KYLE, TEXAS — California-based investment firm Haven Housing has acquired Hays Park Apartments, a 309-unit apartment community located south of Austin in Kyle. The garden-style property sits on 14.9 acres and features a mix of one- and two-bedroom units with an average size of 807 square feet. Amenities include a clubhouse, two pools, fitness center with yoga studios and a business center. Kevin Dufour, Matt Pohl, Spencer Roy and Forrest Bass of Walker and Dunlop brokered the sale of the property. The seller and sales price were not disclosed.

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Northmarq Arranges Refinancing of 199-Unit Apartment Complex in Corpus Christi

Taylor Williams — Tue, 14 Jul 2026 15:20:03 +0000

CORPUS CHRISTI, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of the 199-unit Wood River Apartments in Corpus Christi. Built in 1983, Wood River Apartments offers one-, two- and three-bedroom units across 17 two-story buildings, as well as a pool and pet facilities. Cheryl Higley and Ryan Shoars led the Northmarq team that arranged the nonrecourse loan, which carried a five-year term and a fixed interest rate. The direct lender and borrower were not disclosed.

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Avison Young Brokers $17.9M Sale of Apartment Building in Norwalk, Connecticut

Taylor Williams — Tue, 14 Jul 2026 15:13:54 +0000

NORWALK, CONN. — Avison Young has brokered the $17.9 million sale of The Stonefield, a 55-unit apartment building located in the southern coastal Connecticut city of Norwalk. According to LoopNet Inc., the four-story building was constructed on a 3-acre site at 587 Connecticut Ave. in 2016 and offers one- and two-bedroom units. Will Suarez of Avison Young represented the seller, developer EDG Properties, in the transaction and procured the buyer, a group of local investors completing a 1031 exchange.

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JLL Secures $332M Refinancing for Luxury Multifamily Tower in Chicago

Kristin Harlow — Tue, 14 Jul 2026 14:01:45 +0000

CHICAGO — JLL Capital Markets has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower. Standing 76 stories and 893 feet tall, the property is Chicago’s tallest rental tower, according to JLL. Located at 1210 S. Indiana Ave. along Grant Park, NEMA Chicago includes 800 units. Architect Rafael Viñoly designed the property, which was completed in 2019. David Rockwell designed the interiors. NEMA Chicago features 70,000 square feet of amenity spaces, including indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building features 764 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which comprise private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace. Danny Kaufman, Medina Spiodic and Youngsoo Yang of JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Co. JLL also arranged the mezzanine loan through PGIM’s real estate business.

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Bascom Group Acquires Value-Add Apartment Community in Buena Park, California for $53M

Amy Works — Tue, 14 Jul 2026 13:33:58 +0000

BUENA PARK, CALIF. — The Bascom Group has acquired Castlewood Park Apartments, a 183-unit value-add multifamily property in Buena Park, for $53 million, or $290,301 per unit. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged acquisition financing for the deal through Brightspire Capital. Kevin Green and Joe Grabiec of IPA represented the undisclosed seller in the deal. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations. Originally constructed in 1963, Castlewood Park Apartments features 183 two-, three- and four-bedroom apartments, averaging 1,028 square feet, with garages for each unit and private yards for approximately 60 percent of the residences. Situated on 8.7 acres, the community features 46 buildings, two pools and a leasing center. Bascom plans to renovate the property with interior renovations, amenity enhancements and the addition of full-time on-site management to further improve the resident experience.

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StreetLights Residential Sells 320-Unit Apartment Community in Gilbert, Arizona

Amy Works — Tue, 14 Jul 2026 13:32:00 +0000

GILBERT, ARIZ. — Dallas-based StreetLights Residential has sold The Tyler, a 320-unit apartment community in Gilbert, to Camden Property Trust for an undisclosed price. Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the deal. Situated within the Agritopia master-planned community, The Tyler features studio, one-, two- and three-bedroom units with stone countertops, custom cabinetry, wood-style flooring, 10-foot ceilings, dine-in kitchen islands, built-in desks, in-unit washers and dryers and private balconies. Community amenities include a resort-style pool with cabanas, spa and fireplaces, greenhouse-style coworking space and conference room, demonstration kitchen, outdoor entertainment paseo with grilling stations and media lounges, a fitness center, electric vehicle charging stations, bike storage and a pet wash station.

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