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Multifamily

AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $12M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $12 million sale of The Bel in Chicago’s Lakeview neighborhood. The property at 937-41 W. Belmont Ave. comprises 37 apartment units and two ground-floor commercial spaces. Built in 2019, the transit-oriented development consists of eight studios, 27 one bedrooms and two two-bedroom layouts along with two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs. Joe Smazal and Mark Dykstra of Interra represented the local private buyer. The duo represented the seller, a local private developer, along with colleague Lucas Fryman.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Begins Leasing 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams

MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Completes 32-Unit Multifamily Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has completed Hamilton Passive House, a 32-unit multifamily project in Exton, a western suburb of Philadelphia. The four-story building offers one-, two- and three-bedroom units and represents the first phase of a larger, 156-unit development known as Hamilton at Eagleview. Amenities include a pool, golf and multisport simulator, fitness center, bark park, coffee bar, electric vehicle charging stations, business center with private workspaces and a clubhouse with an entertainment kitchen. Rents start at approximately $2,300 per month for a one-bedroom apartment. Hamilton Passive House will be the first apartment complex in Pennsylvania to have a Phius ZERO designation — a standard for net-zero energy design and the highest certification from Phius, an organization that certifies passive house projects in North America.

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Affordable HousingBuild-to-RentCivicData CentersFeaturesHealthcareHospitalityIndustrialLife SciencesMixed-UseMultifamilyNet LeaseNevadaOfficeRestaurantRetailSelf-StorageSeniors HousingSingle-Family RentalStudent HousingWesternWestern Feature Archive

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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DevelopmentGeorgiaMixed-UseMultifamilySoutheast

Crescent Communities to Develop 300-Unit Apartment Property in Douglasville, Georgia

by John Nelson

DOUGLASVILLE, GA. — Crescent Communities has announced plans for RENDER Douglasville, a new, 300-unit apartment community in Douglasville, approximately 20 miles west of Atlanta. Situated within The Foxfield Cos.’  The Trails mixed-use development, the multifamily development is scheduled for completion in early 2026. RENDER Douglasville will feature amenities including a swimming pool, clubhouse, outdoor spaces and entertainment programming. Project partners include CIBC, Great Southern Bank and Crescent Communities Construction. Phoenix Capital Management is providing financing. In addition to RENDER Douglasville, The Trails also features 60,000 square feet of townhome, hospitality and office space.

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DevelopmentGeorgiaMultifamilySoutheast

Joint Venture Delivers 226-Unit Springside Multifamily Community in Metro Atlanta

by John Nelson

POWDER SPRINGS, GA. — A joint venture between Novare Group, BCDC and PointOne Holdings has delivered Springside, a 226-unit multifamily community in Powder Springs, roughly 20 miles northwest of Atlanta. Situated directly across from Thurman Springs Park, Springside offers apartments in studio, one- and two-bedroom layouts. Amenities at the community include a fitness center, swimming pool and sundeck, pet park, outdoor entertainment areas, dog spa and outdoor grilling stations. Select units also feature private garages. RAM Partners will manage and lease the property on behalf of the owners. Monthly rental rates at Springside range from $1,429 to $3,102, according to Apartments.com.

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LoansMultifamilyTexas

JLL Arranges $55.5M Loan for Refinancing of Urban East Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has arranged a $55.5 million loan for the refinancing of Urban East, a 381-unit apartment community in Austin. The newly built property, which includes an affordable housing component, is located southeast of the downtown area near Austin-Bergstrom International Airport. Urban East offers studio, one-, two- and three-bedroom residences that are furnished with stainless steel appliances, tile backsplashes, granite countertops, walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, a fitness center, private conference rooms, a rooftop lounge, resident clubhouse and kitchen, dog park and a game room with a bowling alley. JLL arranged the floating-rate debt on behalf of the owner, a partnership between Battery Global Advisors, the Housing Authority of the City of Austin, River City Capital Partners and LDG Development. The direct lender was Goldman Sachs Alternatives.

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AcquisitionsMidwestMultifamilyWisconsin

Midloch, Hempel Purchase 240-Unit Oscar Apartments in Sheboygan, Wisconsin

by Kristin Harlow

SHEBOYGAN, WIS. — Midloch Investment Partners and Hempel Real Estate have acquired The Oscar Apartments, a 240-unit Class A multifamily community in Sheboygan near Milwaukee. The purchase price was undisclosed. The property has a new mortgage loan from Bridgewater Bank of Minneapolis. Completed in 2021, The Oscar is comprised of three buildings. Amenities include a fitness center, community room, bike storage, pet spa and outdoor grilling area. The asset was 70 percent leased at the time of sale. Milwaukee-based Harmoniq Residential will handle leasing and management. The new ownership plans to make amenity upgrades.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Gorman & Co. Completes 48-Unit Affordable Housing Community in Green Bay, Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — Gorman & Co., in partnership with Lutheran Social Services of Wisconsin and Upper Michigan (LSS), has completed Bay City Lofts in Green Bay. The 48-unit affordable and supportive housing community is located at 2510 University Ave. Of the 48 units, 40 are reserved for households earning between 30 and 60 percent of the area median income. The remaining eight units are market rate. Amenities include a community room, fitness center and onsite offices for LSS, which will provide supportive services for residents.

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