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Multifamily

1800-Broadway-San-Antonio
AcquisitionsLoansMultifamilyTexas

IPA Brokers Sale of 230-Unit Multifamily Property in San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 230-unit multifamily property located in San Antonio’s Lower Broadway area. Built in 2013, 1800 Broadway offers studio, one- and two-bedroom units with an average size of 897 square feet. Residences are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, coffee bar and outdoor grilling and dining stations. Drew Garza and Will Balthrope of IPA represented the undisclosed seller in the transaction. Marko Kazanjian and Andrew Cohen, also with IPA, arranged $31.8 million in acquisition financing through Prime Finance on behalf of the buyer, a joint venture between Austin-based OTH Capital and Chicago-based Pearlmark.

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AlabamaDevelopmentMixed-UseMultifamilyRestaurantRetailSoutheast

WSS Development Delivers $100M Mixed-Use Community in Huntsville, Alabama

by John Nelson

HUNTSVILLE, ALA. — WSS Development has delivered 2020 at Providence, a $100 million mixed-use community in Huntsville. The property features 360 upscale apartments with 12 different floor plans with monthly rental rates ranging from $1,530 to $4,890, according to Apartments.com. Amenities include a rooftop pool and lounge, fitness center, sky room, onsite coworking and conference rooms, resident courtyard and a game room with a golf simulator. Additionally, 2020 at Providence features approximately 23,000 square feet of retail space leased to tenants including Starbucks, Society Salon, Providence Wine Bar, Dolce Amore Italian Restaurant, Whitt’s Frozen Custard, Cajun Roux and Loona’s Breakfast & Lunch Café.

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FloridaLoansSeniors HousingSoutheast

BWE Secures $76M Refinancing for Carlisle Naples Seniors Housing Community in Southwest Florida

by John Nelson

NAPLES, FLA. — BWE has secured a $76 million loan for the refinancing of The Carlisle Naples, a Class A seniors housing community in Naples. Operated by Senior Resource Group (SRG), the 18-acre community features 257 independent living apartments and 93 assisted living units. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of the borrower, a joint venture between Harbert Management Co. and SRG. The sponsors recently completed a capital improvement program at The Carlisle Naples.

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GeorgiaLoansMixed-UseMultifamilySoutheast

CBRE Arranges Refinancing Loan for 370-Unit Luxury Multifamily Complex in Midtown Atlanta

by John Nelson

ATLANTA — CBRE has arranged a fixed-rate loan for the refinancing of Sora at Spring Quarter, a newly built, 370-unit luxury multifamily complex in Midtown Atlanta. Mike Ryan, Blake Cohen and Taylor Crowder of CBRE arranged the financing on behalf of the borrowers, Portman Residential and National Real Estate Advisors. Apollo provided the five-year loan, the amount of which was not disclosed. The NGBS Silver-certified property was completed in January 2024 and is part of Portman’s Spring Quarter mixed-use campus, which includes the recently completed Ten Twenty Spring office tower and the historic H.M. Patterson Home and Gardens funeral home. Located at 1000 Spring St., the 29-story multifamily tower features various floor plans ranging from 659 to 1,680 square feet, including studios, one-, two- and three-bedroom units, two-story townhomes and two- and three-bedroom penthouse units. According to Apartments.com, monthly rental rates begin at $2,195.  Unit amenities comprise condo-style finishes with plank flooring, 10- to-12-foot ceilings, quartz countertops, gas range cooktops, stainless steel appliances and porcelain tile bathrooms. Residents have access to a 10th-floor pool and terrace, 24-hour gym with fitness studios, infrared sauna, rock-climbing wall, sports simulator, gaming lounge, 29th-floor rooftop lounge and observation deck and nearly 13,000 square feet …

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Maxwell-Everett-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Greystar Welcomes First Residents to 384-Unit Apartment Community in Everett, Massachusetts

by Taylor Williams

EVERETT, MASS. — South Carolina-based developer Greystar has begun welcoming residents to  Maxwell, a 384-unit apartment community in Everett, a northeastern suburb of Boston. Designed by CBT, Maxwell represents the second phase of a larger development at 85 Boston St. and consists of 355 market-rate apartments, 29 affordable housing units, a 460-space parking garage and 6,450 square feet of ground-floor retail space. Floor plans feature studio, one- and two-bedroom layouts. Amenities include a pool, gym, lounges, coworking spaces and outdoor grilling stations. Rents start at $2,300 per month for a studio apartment. Construction began in late 2022.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $85M Sale of Multifamily Portfolio in San Fernando Valley

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the sale of a multifamily portfolio in San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio to Florida-based Material Comforts Inc. for $85 million, or $142,617 per unit. Totaling 596 units, the portfolio consists of 16 parcels in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. The portfolio offers gross building areas ranging from 6,030 square feet to 160,858 square feet. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.

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Woodside-Terrace-Alhambra-CA
AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Buys Woodside Terrace Apartment Property in Alhambra, California for $26.2M

by Amy Works

ALHAMBRA, CALIF. — Raintree Partners has acquired Woodside Terrace, an apartment property in Alhambra, for $26.2 million, or $312,500 per unit. Built in 1972, Woodside Terrace features 85 apartments, a swimming pool, lounge deck, laundry facilitates and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries and private balconies or patios. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

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ColoradoDevelopmentMultifamilyWestern

Thompson Thrift to Develop 324-Unit Multifamily Community in Longmont, Colorado

by Amy Works

LONGMONT, COLO. — Thompson Thrift plans to develop Heritage on Hoover, a Class A apartment property in Longmont, a suburb of Boulder. Construction of the 324-unit community is slated for completion in winter 2026. Located near the intersection of Mountain Brook Drive and South Hover Street, Heritage on Hover will feature three-story buildings with one-, two- and three-bedroom layouts averaging nearly 1,000 square feet. Apartments will include quartz countertops, stainless steel appliances, side-by-side refrigerators, full-size washers and dryers, large walk-in closets and multiple smart home capabilities. Additionally, select residences will feature cabinetry with soft-close doors, deluxe closet systems with shelving, premium lighting, dry bars and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a fully equipped 24-hour fitness center, resort-style heated swimming pool and spa, electric firepits with seating areas, a billiards and shuffleboard area, a dog park, bike storage and a Starbucks Coffee bar. Additionally, the community will include focus suites and community-wide Wi-Fi, as well as an on-site service team, valet trash service and a user-friendly mobile app. Thompson Thrift 2024 Multifamily Development Fund LP provided equity for the development.

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AcquisitionsIndustrialMidwestMultifamilyWisconsin

Barry Co. Brokers Sale of 56,000 SF Industrial Building in Milwaukee Slated for Apartment Conversion

by Kristin Harlow

MILWAUKEE — The Barry Company has brokered the sale of a 129-year-old industrial building in Milwaukee’s Menomonee Valley neighborhood for an undisclosed price. The 56,000-square-foot property will be transformed into an apartment development. The four-story building was listed on the market for more than 20 years, and the site’s redevelopment was made possible after an extensive re-zoning process. Kurt Van Dyke and Jim Barry III of Barry Co. brokered the transaction. Kendall Breunig of Sunset Investors purchased the property from an affiliate of the Read family.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $2.5M Loan for Refinancing of Michigan Multifamily Community

by Kristin Harlow

CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.

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