Multifamily

Dwight Mortgage Trust Provides $36M Loan for Refinancing of Corpus Christi Apartment Community

by Taylor Williams May 21, 2025

CORPUS CHRISTI, TEXAS — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $36 million bridge loan for the refinancing of La Joya by Azali, a 336-unit waterfront apartment community in Corpus Christi. The property comprises 14 three-story residential buildings that house 120 one-bedroom units, 192 two-bedroom residences and 24 three-bedroom apartments. Units feature granite countertops, stainless steel appliances and private patios/balconies. Amenities include a pool, fitness center, business center, clubhouse, dog park, playground, media/game room, demonstration kitchen, conference room, billiards lounge and outdoor grilling and dining stations. The borrower was Azali Homes.

May 21, 2025

Acquisitions Multifamily Washington Western

Equity Residential Divests of 289-Unit Urbana Multifamily Community in Seattle

by Amy Works May 21, 2025

SEATTLE — Equity Residential has completed the disposition of Urbana, a seven-story multifamily property in Seattle. Carmel Partners acquired the property. The sales price was nearly $121 million, according to local media reports. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Built in 2014, Urbana offers 289 apartments, two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage and a gated parking garage, as well as 29,884 square feet of street-level retail space occupied by Verizon Wireless, Papa John’s, Five Guys and Planet Fitness.

May 21, 2025

Acquisitions Multifamily Texas

IPA Brokers Sale of 284-Unit Harbor Shores Apartments in Montgomery, Texas

by Taylor Williams May 21, 2025

MONTGOMERY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Harbor Shores, a 284-unit apartment community located north of Houston in Montgomery. The property, which was built in phases between 2016 and 2023, is located on the shores of Lake Conroe and offers one-, two- and three-bedroom units. Amenities include two pools, pickleball courts, a fitness center, clubhouse, and business center. Greg Austin, Travis Austin, Jackson Hart and Will Balthrope of IPA, along with Kyle Devillier of Marcus & Millichap, represented the seller, an entity doing business as NRG Conroe Villas LP, in the transaction. The quintet also procured the buyer, CEG Multifamily.

May 21, 2025

Colorado Development Multifamily Western

The Garrett Companies to Develop Two Multifamily Communities in Metro Denver

by Amy Works May 21, 2025

LONGMONT AND COLORADO SPRINGS, COLO. — The Garrett Companies is developing two apartment communities in Longmont and Colorado Springs. The combined development value of the two properties is $145 million. Wintrust provided a construction loan for the Longmont property, while National Bank of Indianapolis provided a construction loan for the Colorado Springs asset. Located at 245 Bountiful Ave. in Longmont, the garden-style project will offer 224 one-, two- and three-bedroom apartments, with 12 percent of the units income restricted. The asset will include one four-story and 10 two-story buildings, a resort-style pool and spa with cabanas, a fitness center, TV lounges, pickleball courts and a dog park. Construction for the $90 million project is slated for completion in early 2027. Humphreys & Partners is serving as architect for the development. Situated on the southwest corner of Rio Vista Drive and Barnes Road in Colorado Springs, the garden-style property includes four four-story buildings with a mix of 41 percent one bedrooms, 41 percent two bedrooms and 18 percent three bedrooms. Each of the 163 units will have a full-sized washer/dryer. Community amenities will include a resort-style pool and spa and cabanas, a fitness center, dog park, clubhouse with lounge, billiards and arcade …

May 21, 2025

Acquisitions Arizona Multifamily Western

Northmarq Negotiates $8.2M Sale of Apartment Community in Phoenix

by Amy Works May 21, 2025

PHOENIX — Northmarq has arranged the sale of The Retro on 32nd Street, a garden-style multifamily property in Phoenix. Goodyear, Ariz.-based Belbrook 32 LLC sold the asset to La Jolla, Calif.-based Cane Capital for $8.2 million. Built in 1968 and renovated in 2002, The Retro at 32nd Street offers 62 studio, one- and two-bedroom units. Apartments feature stainless steel appliances, high-speed internet, vinyl plank flooring, oversized closets, open kitchens and ceiling fans. The pet-friendly community includes a swimming pool, leasing office and onsite management, laundry facility, an outdoor grilling space, onsite patrol and gated access. The property is located at 3025 N. 32nd St. Ryan Boyle, Trevor Koskovich, Jesse Hudson and Logan Baca of Northmarq’s Phoenix Multifamily Investment Sales represented the seller in the deal.

May 21, 2025

Loans Midwest Minnesota Multifamily

Dwight Mortgage Trust Provides $49.2M Bridge Loan for Moment Apartments in Minneapolis

by Kristin Harlow May 21, 2025

MINNEAPOLIS — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $49.2 million bridge loan to refinance Moment Apartments in downtown Minneapolis. The 222-unit luxury apartment complex rises 10 stories with 14,713 square feet of ground-floor retail space that is leased to Starbucks and New Horizon Academy. There are seven studios, 159 one-bedroom units and 56 two-bedroom apartments. Amenities include a fitness center, pet play area, business center, golf simulator, coworking space, sauna, pet spa, swimming pool, conference rooms, grilling stations and outdoor terraces. Loan proceeds will be used to retire existing debt, fund reserves and cover transaction-related costs. Daniel Malka and Jonathan Pomper of Dwight originated the financing on behalf of the borrower, Sherman Associates.

May 21, 2025

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $3.9M Bulk Condo Sale in Rosemont, Illinois

by Kristin Harlow May 21, 2025

ROSEMONT, ILL. — Kiser Group has brokered the $3.9 million sale of 35 condominium units in a bulk transaction in Rosemount, a suburb of Chicago. The value-add asset was 97 percent occupied at the time of sale and provides convenient access to Chicago O’Hare International Airport, Rivers Casino and the Rosemont Fashion Outlets. Andy Friedman and Jake Parker of Kiser brokered the sale, which involved multiple sellers. The buyer was a local investor.

May 21, 2025

Development Multifamily New York Northeast

BRP Cos. Completes 292-Unit Multifamily Project in Farmingville, New York

by Taylor Williams May 21, 2025

FARMINGVILLE, N.Y. — BRP Cos. has completed Arboretum at Farmingville, a 292-unit multifamily project on Long Island. The 62-acre site at 20 Maple Lane is located within the Town of Brookhaven and includes a public park with walking trails and picnic areas. The development consists of 82 two-bedroom flats, 82 lofts, 63 two-bedroom townhomes, 14 three-bedroom townhomes and 51 three-bedroom single-family houses, with 30 units reserved for workforce housing. The amenity package comprises a fitness center with a yoga room, pool and cabana area, clubhouse with an entertainment kitchen, courts for tennis, pickleball and bocce ball, a putting green, playground, dog run and a business center with conference rooms. Santander Bank financed construction of the project, which began in summer 2022, and Basis Investment Group was the preferred equity investor. Rents start at $3,495 per month for a two-bedroom, market-rate apartment.

May 21, 2025

Acquisitions Development Multifamily New York Northeast

CBRE Brokers $27M Sale of Multifamily Development Site in White Plains, New York

by Taylor Williams May 21, 2025

WHITE PLAINS, N.Y. — CBRE has brokered the $27 million sale of a multifamily development site in White Plains, located north of New York City. The site at 60 S. Broadway spans 3.6 acres on the eastern edge of the downtown area and is approved for the development of two high-rise buildings totaling 814 units. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE represented the seller, Quarterra Multifamily Communities, in the transaction. The buyer was an affiliate of New York-based investment and development firm Stagg Group. A construction timeline was not disclosed.

May 21, 2025

Loans Multifamily Northeast Pennsylvania

Red Oak Capital Provides $9.2M Bridge Loan for Philadelphia Multifamily Project

by Taylor Williams May 21, 2025

PHILADELPHIA — Red Oak Capital Holdings has provided a $9.2 million bridge loan for Ridge Avenue Apartments, a 32-unit multifamily project in Philadelphia. The five-story building includes 8,000 square feet of ground-floor retail space and offers amenities such as a fitness center and a rooftop terrace, as well as off-street parking. The borrower, an affiliate of local development and management firm Vich Properties LLC, will use the proceeds from the two-year, interest-only loan to retire existing debt and complete construction of the project.

May 21, 2025

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