STATE COLLEGE, PA. — Franklin Street has brokered the $30 million sale of The Villas at Happy Valley, a 435-bed student housing property located near the Penn State University campus in State College. Developed in 2013, the community offers 145 three-bedroom units. Franklin Street represented the seller, Keystone Real Estate Group, in the sale of the property to Reliant Group Management. The new ownership plans to begin renovations imminently on the community’s fitness center, clubhouse and unit interiors. Additional shared amenities include a pool, study room, sand volleyball court, game tables, outdoor grills and a fire pit. The Villas at Happy Valley was 93 percent leased at the time of sale.
WAREHAM, MASS. — A partnership between Pennrose and the Wareham Redevelopment Authority (WRA) has opened Swifts Landing, a 93-unit affordable housing complex located near Cape Cod in the southern part of The Bay State. Swifts Landing comprises a 49-unit building with a mix of workforce and affordable apartments and a 44-unit building for renters aged 62 and older. Units come in one-, two- and three-bedroom floor plans and are subject to a range of income restrictions. Amenities include a clubhouse with an outdoor patio, fitness center, community garden and open green space, a playground and wooded walking paths. MassDevelopment provided $16.3 million in financing for the project.
KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.
LAKE WORTH, FLA. — The Milestone Group has acquired Casa Brera at Toscana Isles, a 206-unit apartment complex located in Lake Worth, approximately 35 miles north of Fort Lauderdale. The purchase price was not disclosed. Hampton Beebe and Avery Klann of Newmark marketed the property on behalf of the undisclosed seller. Casa Brera at Toscana Isles offers one-, two- and three-bedroom floorplans, ranging in size from 870 square feet to 1,430 square feet, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, clubhouse, social lounge, private movie theater, entertainment bar, multi-purpose sports court and a dog park.
CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …
ATLANTA — A joint venture between Core Spaces and Capstone Communities is set to break ground on a multi-phase mixed-use project located near the Georgia Tech campus in Midtown Atlanta. The first phase of the development — which is being led by Core Spaces — will include 1,600 beds of student housing and 5,000 square feet of ground floor retail. The community will also feature a third-floor amenity deck. Dwell Design Studio has been selected as the architect for Phase I, which is scheduled for completion in 2029. Capstone Communities will lead Phase II of the project, a timeline for which was not released.
MARINA DEL RAY, CALIF. — BWE has secured $43.4 million in acquisition financing for Villa Del Mar, a multifamily property in Marina del Ray. Initially constructed in 1872, Villa Del Mar consists of four three-story apartment buildings over at-garage parking, a five-story parking structure and a 209-slip marina. The property offers 198 one- and two-bedroom apartments with hardwood-style flooring, marina-view balconies and in-unit washers/dryers. Community amenities include a clubhouse, fitness center, pool and spa, basketball and tennis courts and barbecue areas. Mike Guterman of BWE arranged the acquisition financing from a life company on behalf of VDM Partners. The loan features a five-year, fixed-rate term with prepayment flexibility and two years of interest-only payments.
SAN MARCOS, TEXAS — Walker & Dunlop has brokered the sale of The Edge, a 553-bed student housing property located near the Texas State University campus in San Marcos. The community offers 173 units in a mix of one-, two-, three-, four- and five-bedroom configurations. Shared amenities include a 24-hour fitness center, study rooms, a gaming room, resort-style pool, basketball and volleyball courts and a dog park. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna and Sarah Foronda of Walker & Dunlop represented the seller, 29th Street Capital, in the transaction. Campus Realty Advisors acquired the property for an undisclosed price. BWE arranged acquisition financing for the deal.
FORT WORTH, TEXAS — PGIM Real Estate has provided a $24 million mezzanine loan for a 464-unit multifamily project that will be located in North Fort Worth. The name and address of the project were not disclosed, but the development will consist of two buildings on an 8.5-acre site. Units will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private patios. Amenities will include a pool, fitness center and a resident clubhouse. Jesse Wright of JLL arranged the loan on behalf of the borrower, Miami-based developer Resia (formerly known as AHS Residential). Bank OZK provided a $58 million senior loan for the project.
WEST LAFAYETTE, IND. — Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community located steps from Purdue University. The project at 147 W. Wood St. marks Subtext’s second development in West Lafayette and the first to launch under its new EVER brand. The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes. Amenities include a resort-style courtyard with a pool, hot tub and jumbotron, along with a fitness center, yoga studio, coffee bar, open study lounges, outdoor kitchen, pet spa and bike storage. Subtext developed the project in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust provided financing. ESG Architecture & Design served as architect and interior designer, and Brinkmann Constructors was the general contractor.