Multifamily

CHICAGO — Skender has broken ground on Jigzibik, a seven-story development that marks Chicago’s first affordable housing project centered on serving Native American communities. Located at 2907 W. Irving Park Road in the Irving Park neighborhood, the 45-unit building will provide Native-inclusive affordable housing, dedicated nonprofit space and a rooftop community gathering area. Jigzibik will offer units for those earning between 15 and 60 percent of the area median income. The development was conceived by Visionary Ventures, a Native-led nonprofit, and co-led by Full Circle Communities, with Canopy Architecture + Design as architect. The project’s name is a Potawatomi word meaning “at the river’s edge.” The building was titled by the project’s Native American Advisory Council and pays homage to the Great Lakes Indigenous nations. A custom masonry façade is accented by a flowing river motif rendered in white and blue brick. Completion is slated for the second half of 2026.

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IRVING, TEXAS — Boston Capital Real Estate Partners (BCRE) has acquired Camden Cimarron, a 286-unit apartment complex in Irving. Built in 1992, the garden-style property features two- and three-story buildings on an 11-acre site. Units have an average size of 772 square feet and are equipped with individual washers and dryers and private balconies/patios. Amenities include a pool and a fitness center. Joey Tumminello, Michael Ware, Drew Kile, Taylor Hill and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Houston-based REIT Camden Property Trust,  in the transaction. The team also procured BCRE as the buyer.

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VALLEJO, CALIF. — Walker & Dunlop has arranged $91.4 million in loan proceeds for the refinancing of Blue Rock Village, a Class B apartment property located at 2000 Ascot Parkway in Vallejo. Bryan Frazier and Blake Hockenbury of Walker & Dunlop Multifamily Finance secured a 10-year, full-term interest-only loan at a fixed rate from Freddie Mac for the borrower, Prime Residential. Situated on 35.7 acres, Blue Rock Village features 41 buildings, including 38 garden-style residential buildings offering a total of 560 units, as well as a leasing office, fitness center and maintenance building. Additional amenities include a spa, swimming pools and dog parks.

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COLORADO SPRINGS, COLO. — Formativ Real Estate Group has opened The Hunter, its first apartment property in Colorado Springs located at 225 E. Cimarron St. Project partners include Bryan Construction, Griffis/Blessing and Davis Partnership Architects. Located in the New South End neighborhood, The Hunter features 214 studio, one- and two-bedroom apartments, as well as eight townhomes. Community amenities include a year-round pool and deck, outdoor dining and grill stations, fire pits, poolside cabanas and a recreation area. The Hunter’s two-level clubhouse features an oversized kitchen, private dining room, sunset lounge and game room. Additional amenities include dedicated coworking spaces and technology-enhanced Zoom rooms and a fitness center with a movement studio for individual and mat-based workouts.

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‘AIEA, HAWAII — EAH Housing has started leasing at Aloha lā Halewilikō, a $62 million affordable rental community for older adults in ‘Aiea. Located at the former site of the ‘Aiea Sugar Mill at 99-385 Pōhai Place, Aloha lā Halewilikō offers 83 studio apartments, 56 one-bedroom apartments and a manager’s unit. The rents are set at affordable rates for households earning 30 percent, 50 percent and 60 percent of the area median income. The community features a multipurpose room, walking paths, fitness facilities, community gardens and digital literacy programs. Lanakila Pacific, a local nonprofit partner, will provide onsite services, including Meals on Wheels and wellness programming to support aging in place.

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Prosper-Brooklyn

NEW YORK CITY — Locally based developer EMP Capital Group has begun leasing a 259-unit apartment complex in Brooklyn. Designed by Isaac & Stern Architects and located at the nexus of the Clinton Hill and Prospect Heights neighborhoods, Prosper Brooklyn offers studio, one- and two-bedroom units, many of which include dedicated work-from-home spaces. Amenities include a fitness center with a sauna, pickleball court, media lounge, screening room, game room, pet spa, children’s playroom, business center and a rooftop terrace with grilling and dining stations. Ownership has tapped MNS Real Estate to market and lease Prosper Brooklyn. Rents start at $3,250 per month for a studio apartment.

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WHEATON, ILL. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $124 million for The Faywell, a 334-unit luxury apartment project in downtown Wheaton. Matthew Schoenfeldt and Mary Dooley of JLL worked on behalf of Banner Real Estate Group to identify an institutional joint venture partner and also arranged $84 million in construction financing through PNC Bank. The transit-oriented development will offer access to the Wheaton Metra station. The project site was an assemblage of 13 parcels from seven sellers. The Faywell will rise seven stories and units will average 956 square feet. There will be a mix of studios, one- and two-bedroom apartments along with direct-entry townhomes. The property will include 4,504 square feet of ground-floor retail space fully leased to Egg Harbor Café, which had an existing location on the site and signed a new long-term lease. Amenities will include three courtyards, a resort-style pool, hot tub, rooftop decks, a fitness center, coworking space and 438 parking spaces. Construction is slated for completion in the first quarter of 2027.

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BETTENDORF, IOWA, AND ST. PAUL, MINN. — Dwight Capital has provided two HUD 223(f) loans totaling $61.9 million for Springs at Bettendorf in Bettendorf, Iowa, and The Grove in St. Paul. Menomonee Falls, Wis.-based Continental Properties was the borrower. Springs at Bettendorf is a townhome-style community with 15 two-story buildings totaling 316 units. There are studio, one-, two- and three-bedroom layouts, and 75 units feature attached garages. Residents have access to a fitness center, pool, dog park and car wash station.   The Grove is a six-story community with 118 units across studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, rooftop sky lounge, community room and storage units. The property also features 4,300 square feet of ground-floor commercial space across two retail suites. The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs and establish funds for future capital expenditures.

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MADISON, WIS. — Volker Development has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing community in Madison. The project marks Fond Du Lac, Wis.-based Volker’s first in Dane County and its 27th development in Wisconsin. Kelly Station will feature a five-story, podium-style building with four stories of wood framing atop an above-grade precast parking garage. Amenities will include a second-floor roof amenity plaza, fifth-floor clubroom and rooftop deck, a fitness center, community room and local community service organization suite. The property will also feature an onsite Madison BCycle station. The project was designed to achieve Wisconsin Green Built Homes certification. A rooftop solar array will help offset electricity usage in the building’s common area and a “blue roof” system, an advanced stormwater management solution, will help reduce runoff. Completion is slated for October 2026. Knothe & Bruce Architects is the architect of record.

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DANBURY, CONN. — JLL has brokered the sale of a 192-unit apartment complex in Danbury, located along the Connecticut-New York border. Built in 1971, ReNew Danbury is a garden-style complex that offers studios, one-, two- and three-bedroom units with an average size of 988 square feet. Amenities include a pool, playground, clubhouse with a theater, game room, coffee bar and a fitness center. Steve Simonelli, Jose Cruz, Michael Oliver, Elizabeth DeVesty, Ryan Roberston, Austin Pierce and Jeremy Weinstock of JLL represented the seller, San Francisco-based investment firm FPA Multifamily, in the transaction. The buyer was private equity real estate firm Jones Street Investment Partners.

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