GRAND PRAIRIE, TEXAS — JPI has received construction financing for Jefferson Southwest Parkway, a multifamily project in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will add 439 units to the local supply. The loan amount(s) was not disclosed, but the project is valued at roughly $114 million. Jefferson Southwest Parkway will offer studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a clubhouse. Anchor Loans, a private lending platform backed by New York City-based alternative investment management firm Pretium, provided the financing. Construction is slated for a 2027 delivery.
DALLAS —Locally based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Lake Lofts, a 386-unit apartment community in northeast Dallas. Built between 1965 and 1969, the property offers studio, one-, two- and three-bedroom units and amenities such as two pools, two children’s play areas, a soccer field, picnic stations and a dog run. Guillermo Gameros of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7 million sale of a 9,500-square-foot multifamily development site in The Bronx. The site at 114 Bruckner Ave. is located in the borough’s Mott Haven neighborhood and can support 68,400 buildable square feet of new development via eligibility for the City of Yes program. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
MOUNT PROSPECT, ILL. — Eastham Capital and Bender Cos. have acquired The Element, a 509-unit, garden-style multifamily community in the Chicago suburb of Mount Prospect, for $75.3 million. To date, Eastham and Bender have co-invested in 10 properties. The Element is currently at 95 percent occupancy with average rents of $1,590 per month. The renovation plan for the value-add asset includes roughly $5 million to upgrade unit interiors, building systems and exterior areas. These improvements will build on significant upgrades completed by prior ownership. Built in 1968, the property is situated on more than 10 acres. The Element offers a mix of floor plans ranging from 850 to 1,800 square feet. Amenities include a fitness center, pool, yoga studio, business center, game room and laundry facilities.
OMAHA, NEB. — The Annex Group has broken ground on Central at Columbus Park, a 156-unit affordable housing community in Omaha. The nearly $60 million property will feature one-, two-, three- and four-bedroom units for households earning a range of income levels starting at 30 percent of the area median income. Amenities will include a parking garage, community room, computer room, fitness room, storm shelter and bike storage. Project partners include BVH Architecture, Lange Structural Group, Engineering Technologies Inc., REGA Engineering, Terracon, RMD Group, Wells Fargo, NP Dodge, Nebraska Investment Finance Authority (NIFA), Front Porch Investments and the City of Omaha. Wells Fargo provided more than $24 million in federal equity, and the bank’s debt team served as construction lender and senior permanent lender, contributing over $42 million and $24 million, respectively. NIFA allocated 4 percent tax credits and issued $28 million in tax-exempt bonds. The City of Omaha issued tax-exempt bonds and awarded a 20-year tax-increment financing package, which is intended to offset property taxes throughout the compliance period. Front Porch Investments and the State of Nebraska, Department of Economic Development Housing Trust Fund provided soft funding, contributing $3 million and $1.8 million in proceeds, respectively. The project marks …
KNOXVILLE, TENN. — Walker & Dunlop has arranged the $39 million sale of Retreat at West Hills, a 256-unit, garden-style apartment community located at 3399 Lake Brook Blvd. in Knoxville. The buyer, an undisclosed institutional investor, has rebranded the property as Vetra West Hills. Brad Boston, Brett Kingman, Robbie O’Bryan and Russ Oldham of Walker & Dunlop represented the seller, Abiete Real Estate, in the transaction. Kevin Walsh, Craig West and Griffin Delgado of Walker & Dunlop originated a $29 million Fannie Mae acquisition loan on behalf of the buyer. Vetra West Hills offers one-, two- and three-bedroom floorplans ranging in size from 576 to 1,190 square feet. Amenities at the complex include a fitness center, clubhouse, resort-style swimming pool with a sundeck, business center, grilling and picnic area, tennis courts and onsite laundry facilities.
MOUNTAIN VIEW, REDWOOD CITY AND SUNNYVALE, CALIF., AND SEATTLE — Interstate Equities Corp. (IEC), in partnership with PGIM, has acquired a portfolio of four multifamily properties totaling 574 units in Silicon Valley and Seattle. The sales price was $272 million. The seller was not disclosed. The properties, all of which were built between 1987 and 2015 and offer amenities such as fitness centers, pools, dog parks, business centers and outdoor grilling and dining stations, are collectively known as the mResidences Portfolio. They include: IEC plans to implement strategic value-add improvements and amenity enhancements designed to optimize operations and improve net operating income across the assets. The deal is structured with PGIM holding a majority of the equity interest, while IEC retains a minority. “This acquisition reflects a disciplined, risk-aware approach to capital deployment, with a focus on assets positioned to perform through the full hold period,” says Brendan Gibney, director of investments at IEC. “In Silicon Valley and South Lake Union, structural supply constraints, elevated replacement costs and durable employment fundamentals provide meaningful downside protection for occupancy, while strong rent momentum in the Bay Area supports continued rent growth across the cycle.” — Amy Works and Taylor Williams
NEWPORT NEWS, VA. — Berkadia has arranged the sale of Compass at City Center, a 396-unit, garden-style apartment community located in Newport News. Drew White, Carter Wood and Cole Carns of Berkadia represented the sellers, C-III Capital Partners and Drucker + Falk, in the transaction. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey, also with Berkadia, secured an acquisition loan on behalf of the buyer, a joint venture between Penzance and Kettler. The sales price and loan amount were not disclosed. Originally built in 1985, Compass at City Center comprises 33 three-story buildings across a 25-acre site. The complex offers a mix of one-, two- and three-bedroom floorplans, averaging about 1,000 square feet in size. Amenities include a resident lounge and clubhouse, sun deck and fire pits, fitness center, swimming pool, playground, barbecue and outdoor dining areas and a dog park.
COLUMBIA, S.C. — A joint venture between Landmark Properties and Silverpeak Real Estate Partners has acquired a 22.4-acre development site at 1401 Shop Road near the University of South Carolina campus in Columbia. The property will be home to The Walk on Shop Road, an 825-bed student housing community. The development will offer 196 fully furnished townhomes in two- through six-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style pool, Jumbotron, fitness center, sports simulator, wellness suite, lawn games, cabanas and hammocks, fire pits and grilling areas and shuttle service to campus. The development team for the project — which is scheduled for completion ahead of the 2027-2028 academic year — includes Landmark Construction and Niles Bolton Associates.
WACO, TEXAS — A partnership between Inland Real Estate Acquisitions LLC and The Scion Group has acquired View on 10th, a 718-bed student housing property located near Baylor University in Waco. View on 10th features 257 units and amenities such as a pool and hot tub, fitness center, business center with private study rooms, clubhouse and lounge and outdoor grilling and dining stations. The partnership acquired the property as part of a larger student housing portfolio deal that included a 622-bed complex in Charlottesville, Va., and a 489-bed property in West Lafayette, Ind. TSB Capital Advisors consulted for the buyers, and TSB Realty represented the undisclosed seller in the portfolio transaction. Walker & Dunlop originated fixed-rate loans for the portfolio through Freddie Mac.