Sunday, July 27, 2025
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LoansMarylandMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Provides $84.4M Refinancing Loan for Multifamily Community in Suburban Baltimore

by Alex Tostado

ANNAPOLIS JUNCTION, MD. — Walker & Dunlop has provided an $84.4 million Freddie Mac refinancing loan for The Residences at Annapolis Junction. Armada Hoffler, which delivered the asset in 2017, received the 10-year, non-recourse loan with three years of interest-only payments. Proceeds will replace existing construction debt that Walker & Dunlop also provided in 2018. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a saltwater pool, sundeck, fitness center, movie theater, 24-hour business center and car charging stations. The complex is situated at 10125 Junction Drive in Annapolis Junction, 18 miles southwest of downtown Baltimore. Dee McClure and Katie Runyan of Walker & Dunlop originated the loan on behalf of the Virginia Beach, Va.-based borrower.

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AcquisitionsArizonaMultifamilyWestern

IPA Brokers $30M Sale of Port Royale Multifamily Community in Sierra Vista, Arizona

by Amy Works

SIERRA VISTA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Port Royale, an apartment property in Sierra Vista, southeast of Tucson near the Mexico border. Element Property Co. acquired the asset from Bascom Arizona Ventures for $30 million, or $119,048 per unit. Built in 2004 on 13 acres, the 18-building community features 252 apartments and is in close proximity to Arizona State Route 90, University of Arizona South, Cochise College and Kartchner Caverns. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

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AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Positive Investments Inc. Buys Mountain View Manor Affordable Housing Complex Near Los Angeles for $29.4M

by Amy Works

SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.

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AcquisitionsIndianaMidwestMultifamily

384-Unit Solana Apartments Trades Hands in Indianapolis

by Kristin Harlow

INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.

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AcquisitionsMichiganMidwestMultifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Suburban Detroit

by Kristin Harlow

HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

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DevelopmentMultifamilyTexas

KWA Tops Out $46M Apartment Project in Irving’s Las Colinas District

by Taylor Williams

IRVING, TEXAS — Locally based general contractor KWA Construction has topped out 880 LYN, a $46 million apartment project located on 3.4 acres in Irving’s Las Colinas district. Designed by REES Associates and developed by Legacy Partners and HGC Investment Management, 880 LYN will feature 293 units ranging in size from 580-square-foot studio apartments to 1,945-square-foot two-bedroom units. Amenities will include a pool, spa, fitness center, demonstration kitchen, wine grotto, sports lounge, business center, video conferencing facility and a private party suite. Residents will also have access to water taxi services, as well as paddleboards and kayaks, on Lake Carolyn. Completion is slated for October 2021.

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LoansMultifamilyNew YorkNortheast

Black Bear Capital Arranges $186.4M for Refinancing of Multifamily Portfolio in The Bronx

by Taylor Williams

NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged $186.4 million for the refinancing of a portfolio of 16 multifamily properties totaling 1,126 units in The Bronx. Bryan Manz, Emil DePasquale, Phil Bowman and Jack Cohen of BBCP arranged 16 separate loans through Fannie Mae’s Green Rewards program, which provides savings to apartment owners that commit to reducing annual water and/or energy usage by at least 30 percent. The borrower was locally based owner-operator Finkelstein Timberger East Real Estate. The loans were structured with an averaged fixed interest rate of 2.98 percent for 12 years with partial interest-only payments, followed by 30-year amortization schedules. 

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DevelopmentMultifamilyNew JerseyNortheast

Larken Receives Approval for 254-Unit Multifamily Redevelopment Project in Readington, New Jersey

by Taylor Williams

READINGTON, N.J. — New Jersey-based developer Larken Associates has received approval for The Ridge at Readington, a 254-unit multifamily redevelopment in Readington, about 50 miles west of New York City. The 17.2-acre site was originally intended to house an eight-building office campus that was branded Readington Commons. The new multifamily community will consist of 10 buildings featuring one- and two-bedroom units across 21 different floor plans. Amenities will include a pool, fitness center, resident clubhouse, outdoor lounge area, children’s play area and a dog park. Completion is scheduled for spring/summer 2022.

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ColoradoMultifamilyVideoWebinarWestern

Webinar: What Will Denver Multifamily Activity Look Like in 2021?

by Sarah Daniels

    The recent webinar “What Will Denver Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, brought together industry leaders to discuss how the area’s apartment sector can continue to operate successfully. What can investors and developers expect in 2021? Tune in to this two-part presentation for an in-depth discussion of investor insights, followed by an analysis from developers. See below for a list of some important topics covered, including rent collection, occupancy levels, investment activity, cap rates and much more. Panel One: Investment Managing uncertainty in acquisitions ​Work-from-home considerations Valuations and how they have been impacted Tenants and collections Interest rates and debt markets Cap rates Panel Two: Development Rising costs for building ​Rent relief and delinquency Asset returns and equity Leverage, capital stacks and acquisitions Impact of COVID-19 protocols on leasing, renewals and evictions 2021 multifamily revenue predictions Development Panel: Craig Stack, Colliers International (moderator) Bobby Khorshidi, Archway Capital Phillip Gause, Marcus & Millichap David Moghaven, Trion Properties Jason Wine, Avanti Enrique Huerta of Clear Capital Investment Panel: Mike McKenzie, Dwight Capital (moderator); Lane Cutter, Legacy Partners Cory Palmeiro, MPC. Christopher Gillies, LMC – A Lennar Company Emilie Baratta, Turnbuckle Development Doug Elenowitz, Trailbreak Partners Webinar sponsors: Archway …

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