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Multifamily

DevelopmentMultifamilySoutheastTennessee

Kolter Multifamily Breaks Ground on 300-Unit Alton Nexus Apartments in Gallatin, Tennessee

by John Nelson

GALLATIN, TENN. — Kolter Multifamily LLC, along with its affiliates, has broken ground on Alton Nexus, a 300-unit apartment community in Gallatin, a Middle Tennessee city approximately 30 miles northeast of Nashville. The project represents the first apartment development outside of Florida for Kolter Multifamily, a subsidiary of Delray Beach, Fla.-based The Kolter Group. Alton Nexus will feature a mix of one-, two- and three-bedroom apartments, as well as a resort-style swimming pool with outdoor firepits, clubroom with a bar, coworking spaces and a fitness center with a yoga studio. The project is part of the Nexus master-planned development that features a business park, shops and restaurants. Kolter Multifamily expects to deliver Alton Nexus in winter 2026.

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AcquisitionsKansasMidwestMultifamily

Berkadia Arranges Sale of 448-Unit Multifamily Property in Suburban Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — Berkadia has arranged the sale of The Highlands, a 448-unit multifamily property in the Kansas City suburb of Overland Park. The community features one-, two- and three-bedroom units with two saltwater pools, a fitness center, renovated clubhouse and business center. Jason Parr, Scott MacDonald, John Hansen, Michael Spero and Niko Vrentas of Berkadia represented the seller, California-based St. Regis Properties LLC, and the buyer group, which acquired the property through San Francisco-based sponsor Hamilton Zanze & Co. Clay Akiwenzie of Berkadia arranged $53.3 million in permanent acquisition financing on behalf of the buyer. Fannie Mae provided the 10-year loan.

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AcquisitionsMidwestMinnesotaMultifamily

Colliers Brokers Sale of Two Multifamily Properties in Metro Minneapolis for $15.9M

by Kristin Harlow

ANOKA AND CRYSTAL, MINN. — Colliers has brokered the sale of two multifamily properties in Minnesota for $15.9 million. Meadowview totals 60 units and is located in Anoka, a northern suburb of Minneapolis. Valley Place Apartments totals 71 units and is located in Crystal, about five miles north of downtown Minneapolis. Devon Dvorak, Mox Gunderson, Dan Linnell and Adam Haydon of Colliers represented the seller, Bader Management Inc. Los Angeles-based Coast View Strategies was the buyer. Since 2015, ownership has invested more than $2 million renovating most of the units. At the time of sale, both properties were more than 95 percent leased.

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Millennium-Village-Garland
DevelopmentLoansMultifamilyTexas

Dwight Capital Provides $35.2M HUD-Insured Construction Loan for Metro Dallas Multifamily Project

by Taylor Williams

GARLAND, TEXAS — New York City-based Dwight Capital has provided a $35.2 million HUD-insured construction loan for Millennium Village, a 199-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The market-rate property will consist of four residential buildings and a parking garage on a 4.5-acre site. Residences will comprise 17 studios, 132 one-bedroom units, 35 two-bedroom apartments and 15 two-bedroom townhome residences, each with private two-car garages. Amenities will include a clubhouse, fitness center, pool, rooftop lounge with an outdoor deck, electric vehicle charging stations and a dog park. Brandon Baksh and Brian Yee of Dwight originated the debt through HUD’s 221(d)(4) program on behalf of the local developer, Pinnacle Facility Engineering.

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Mi-Place-@-West-Rancocas
AcquisitionsMultifamilyNew JerseyNortheast

Marcus & Millichap Brokers $33.6M Sale of Southern New Jersey Apartment Complex

by Taylor Williams

MOUNT HOLLY, N.J. — Marcus & Millichap has brokered the $33.6 million sale of Mi-Place @ West Rancocas, a 108-unit apartment complex in the Southern New Jersey community of Mount Holly. The property comprises 96 apartments and 12 two-story townhouses, each with an attached garage. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and a dog park. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Fernmoor Homes, in the transaction. The buyer was Universe Holdings.

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7833-Ventura-Canyon-Ave-Panorama-City-CA
CaliforniaLoansMultifamilyWestern

MMCC Arranges $13.5M in Refinancing for Two Multifamily Properties Near Los Angeles

by Amy Works

PANORAMA CITY AND HAWTHORNE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $13.5 million in refinancing for two multifamily properties in Panorama City and Hawthorne. Michael Derk of MMCC secured the agency financings on behalf of a private client. MMCC secured a 10-year, $7 million loan with full-term interest-only payments at 5.67 percent and a loan-to-value ratio of 50 percent for Canyon Crest Apartments. Located at 7833 Ventura Canyon Ave. in Panorama City, Canyon Crest features a mix of one-, two- and three-bedroom units, a spa, swimming pool, fitness center, parking garages, a dog park and picnic area. MMCC arranged a 10-year, $6.5 million loan with full-term interest-only payments at a rate of 5.9 percent and a loan-to-value ratio of 65 percent for Hawthorne Chateau Apartments. Located at 3505 W. 139th St. in Hawthorne, the property offers a mix of one- and two-bedroom apartments, laundry facilities, a fitness center and an underground gated parking garage.

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AcquisitionsArizonaMultifamilyWestern

Highstreet Ventures Buys 17.8-Acre Multifamily Development Site in Buckeye, Arizona

by Amy Works

BUCKEYE, ARIZ. — Canada-based Highstreet Ventures has acquired a 17.8-acre parcel adjacent to Summit Community Church, which is located at 20555 W. Roosevelt St. in Buckeye, for $9.3 million. Highstreet Ventures plans to develop a 510-unit multifamily property on the site. The proposed three-story community will offer 144 studio units, 150 one-bedroom units and 216 two-bedroom layouts, as well as a clubhouse and pool. Michael Farrar and Art Rullo of Marcus & Millichap’s Phoenix office represented the buyer, while Bret Rinehart and Wesley Campbell of Land Advisors Organization represented the seller, Summit Community Lutheran Church, in the transaction.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Skender Completes Major Renovation of Two Senior Living Towers on Chicago’s West Side

by Kristin Harlow

CHICAGO — Skender and its joint venture partner Blackwood Group have completed extensive renovations of two senior living apartment towers in partnership with the Chicago Housing Authority and Michaels Development. Canopy Architecture designed the 400,000-square-foot renovation project. Located at 3700 W. Congress Parkway in the East Garfield Park neighborhood, Irene McCoy Gaines Apartments rises 17 stories with 150 units. The property was built in 1964. All units underwent substantial renovations, including updated HVAC, electrical and plumbing systems. Skender added new amenity spaces such as a redesigned dining and community room, exterior courtyard and upgraded laundry spaces. Albany Terrace Apartments, located at 3030 W. 21st Place in the South Lawndale neighborhood, rises 17 stories with 350 units. The property was built in 1974. The building received upgrades to resident units, common spaces and HVAC systems, including electrical and plumbing systems. Skender also installed a new elevator. Each unit in both buildings received new flooring, paint, LED lights, kitchens and baths, and air conditioning and thermostats. Common areas and units received upgraded internet connectivity and Wi-Fi.

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AcquisitionsFloridaMultifamilySoutheast

Continental Realty Corp. Acquires Henley Tampa Palms Apartments for $82M

by John Nelson

TAMPA, FLA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Henley Tampa Palms, a 315-unit apartment community located at 15350 Amberly Drive in Tampa. 29th Street Capital sold the asset to CRC for $82 million. Berkadia represented the seller in the transaction. CRC purchased the community on behalf of one of its sponsored private equity funds called Value-Add Multifamily I LP. Built in 1997, Henley Tampa Palms was 94 percent occupied at the time of sale. The property features a mix of one-, two- and three-bedroom apartments averaging 1,375 square feet in size, as well as a large clubhouse and fitness center with an indoor racquetball court, conference room, laundry room, package retrieval system, a resort-style swimming pool, picnic area, dog park and a car wash. CRC intends to implement a multi-year property improvement strategy at Henley Tampa Palms to enhance the exterior curb appeal, address exterior deferred maintenance and upgrade common area amenities as well as unit interiors. The previous owner recently completed interior upgrades to approximately 25 percent of the units.

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LoansMississippiSoutheastStudent Housing

Seven Hills Realty Trust Provides $42M Refinancing for Student Housing Property Near Ole Miss

by John Nelson

OXFORD, MISS. — Seven Hills Realty Trust has provided a $42 million bridge loan for the refinancing of The Domain at Oxford, a 642-bed student housing property located near the University of Mississippi. Newmark arranged the three-year loan on behalf of the borrower, Sausalito, Calif.-based Shore to Shore Properties Inc. The loan features two one-year extension options. Located at 2002 Oxford Way, The Domain features 216 one-, two- and four-bedroom apartments, each furnished with a 43-inch TV. According to Apartments.com, the gated community was built in 2016 and features an onsite property manager and maintenance team, valet trash pickup, package retrieval services, campus shuttle and community-wide Wi-Fi. Community amenities include a resort-style pool, business center, clubhouse, fitness center, conference rooms, a tanning salon, movie theater, basketball and volleyball court and a game room. Tremont Realty Capital manages Seven Hills Realty Trust.

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