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Multifamily

Jefferson-Bonnie-Brae-Denton
DevelopmentMultifamilyTexas

JPI Breaks Ground on $132M Workforce Housing Project in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Locally based multifamily developer JPI has broken ground on Jefferson Bonnie Brae, a $132 million workforce housing project that will be located in the North Texas city of Denton. Jefferson Bonnie Brae will consist of five residential buildings and one leasing and amenity building. Of the development’s 461 units, 66 percent will be one-bedroom apartments, 30 percent will be two-bedroom residences and 4 percent will be three-bedroom units. Amenities will include a pool, fitness center, dog park, pickleball court and open green spaces. The first units are expected to be available for occupancy in the third quarter of next year, with full completion slated for 2027.

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AcquisitionsMultifamilyTexasWalker & Dunlop

Western Wealth Capital Buys 97-Unit Multifamily Property in Euless, Texas

by Taylor Williams

EULESS, TEXAS — Canadian investment firm Western Wealth Capital (WWC), which also has an office in Phoenix, has purchased Park Place Townhomes, a 97-unit multifamily asset located near DFW International Airport in Euless. The property was built in 1980 and has an average unit size of 1,116 square feet. WWC partnered with StepStone Group on the deal, which involved the assumption of the existing mortgage. Brian Murphy of Newmark brokered the sale. Katie Runyan of Walker & Dunlop handled the loan assumption.  

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The-Mill-Greenwich
AcquisitionsConnecticutMultifamilyNortheast

CBRE Negotiates $97.5M Sale of Apartment Complex in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — CBRE has negotiated the $97.5 million sale of The Mill, a 71-unit apartment complex located in the southern coastal Connecticut city of Greenwich. The Mill, which is a redevelopment of a 19th century riverfront industrial building, consists of five buildings that also house 28,653 square feet of retail space across them. The apartments consist of 59 units in the former mill (built in 1881) and a converted office building (built in 1981), plus 12 additional apartments located at 328 Pemberwick Road (built in 1983). Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

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AcquisitionsAlabamaSoutheastStudent Housing

Walker & Dunlop Negotiates Sale of 452-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Walker & Dunlop has negotiated the sale of The French Quarter, a 452-bed student housing community located near Auburn University in Alabama. Built in 1997 and renovated in 2023, the property features New Orleans-inspired architecture and offers 207 units in one-, two-, three- and five-bedroom configurations. Shared amenities include a pool, lounge, student center, café, dog park, community green space and a fitness center. Patrick Chisholm, Brian Malone and William Scott sold the property to Matt Genesio and Collegetown Communities for an undisclosed price. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna, Sarah Foronda and Naomi Bludworth of Walker & Dunlop represented the seller in the transaction. Will Baker, William Shell and Mike Shropshire, also with Walker & Dunlop, arranged acquisition financing on behalf of the buyer. The sales price and loan amount were not disclosed.

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DevelopmentIllinoisMidwestMultifamily

Continental Properties Completes 336-Unit Apartment Development in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Continental Properties has opened Authentix South Elgin, a 336-unit, garden-style apartment community in South Elgin. Located at 1300 N. Lancaster Road, the property features a mix of studio, one-, two- and three-bedroom units. Amenities include a resort-style pool, community clubhouse with a coffee bar, outdoor grill area, 24-hour fitness center, two pet playgrounds and a pet spa. Authentix Apartments, owned and operated by Continental Properties, is a national brand of garden-style communities.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Annex Group Breaks Ground on $25.8M Affordable Housing Community in Milwaukee

by Kristin Harlow

MILWAUKEE — The Annex Group has broken ground on Union at Rose Park, a $25.8 million affordable housing community in Milwaukee. The property will offer 75 one-, two- and three-bedroom units for households earning a range of income levels starting at 30 percent of the area median income to market rate. Nine units will be targeted to veterans. Amenities will include a community room, fitness center and business center. The development will include rooftop solar panels and is designed to meet Enterprise Green Community Standards. Project partners include Ware Malcomb, raSmith, Integrity Structural Corp., Latimer Sommers & Associates, Terracon, Heartland Energy Consultants, Baker Tilly, ACC Management Group and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. Impact Housing Indiana will have a dedicated onsite space within Union at Rose Park. Advantage Capital provided more than $9 million in federal equity and just under $3 million in state credit equity for the project. The Wisconsin Housing and Economic Development Authority allocated 4 percent tax credits, approximately $13.5 million in tax-exempt bonds and both a $1 million Vacancy-to-Vitality loan and a $125,000 Infrastructure Access Funding loan. Cedar Rapids Bank & Trust served as construction …

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Citrus-Place-Apts-Azusa-CA
AcquisitionsCaliforniaMultifamilyWestern

Legacy Partners, PGIM Acquire Student Housing Community in Azusa, California for $92M

by Amy Works

AZUSA, CALIF. — A joint venture between Legacy Partners and PGIM has purchased University Village, a student housing property in Azusa, from Azusa Pacific University for $92 million. The community will be rebranded as Citrus Place Apartments and will be available for leasing by the end of September. Built in 1985, the property was previously used as student housing by Azusa Pacific University until the end of spring semester 2025. Located at 801 E. Alosta Ave., the 14-acre property consists of 20 two-story garden-style residential buildings offering a mix of 320 one- and two-bedroom apartments. Units include washers/dryers, kitchen appliances, dishwashers, central heating, air conditioning and individual hot water heaters. Community amenities include two outdoor swimming pools, a hot tub, a recreational room, two tennis courts, a basketball court and 600 parking spaces. In addition to the rebranding, Legacy Partners and PGIM plan to create a new leasing office and fitness center and make value-add improvements such as interior renovations, exterior paint and landscaping upgrades.

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Garfield-Terrace-II-Phoenix-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Pennrose Underway on $57M Affordable Housing Development in Phoenix

by Amy Works

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.  Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.  Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services …

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Arranges $11.1M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Essex Realty Group LLC has arranged the $11.1 million sale of 2407 W. Eastwood Avenue, a 40-unit apartment building in Chicago’s Lincoln Square neighborhood. Completed in 2017, the property features ground-floor retail space and studio and one-bedroom apartments. Amenities include garage parking, bike storage and shared laundry facilities. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed seller.

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The-Vail-West-Caldwell
DevelopmentMultifamilyNew JerseyNortheast

Accordia Receives Approval for 92-Unit Multifamily Project in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — New Jersey-based developer Accordia has received final site plan approval for The Vail, a 92-unit multifamily project that will be located in West Caldwell, about 25 miles outside of New York City. Accordia has closed on the land at 780 Passaic Ave. and plans to break ground on the project in the first quarter of next year. Plans for The Vail call for a mix of studio, one- and two-bedroom units that will feature individual washers and dryers in all units and private balconies in select residences. Amenities will include a fitness center, community room and coworking spaces. Accordia tapped local firm Minno & Wasko Architects and Planners for the design of The Vail.

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