Multifamily

Centurion Property Group Acquires 770-Bed Student Housing Community Near University of Florida

by John Nelson March 17, 2025

GAINESVILLE, FLA. — Centurion Property Group has acquired CANOPY, a 770-bed student housing community located near the University of Florida campus in Gainesville. Originally built in 2008, the property offers a mix of two-, three- and four-bedroom floorplans. Amenities include a resort-style swimming pool, fitness center, study lounge, dog park, clubhouse, business center and a sand volleyball court. The new ownership plans to immediately begin making improvements to CANOPY. Newmark brokered the transaction. The seller and additional terms of the deal were not disclosed.

March 17, 2025

Development Multifamily North Carolina Southeast

Crescent Communities, GID Open 336-Unit Multifamily Property in Morrisville, North Carolina

by John Nelson March 17, 2025

MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.

March 17, 2025

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Negotiates $4.2M Sale of Apartment Building in Englishtown, New Jersey

by Taylor Williams March 17, 2025

ENGLISHTOWN, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $4.2 million sale of an 18-unit apartment building in Englishtown, an eastern suburb of Trenton. According to LoopNet Inc., Englishtown Village Gardens was originally built in 1945 and was fully occupied at the time of sale. Dante Fusaro of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.

March 17, 2025

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. to Develop 229-Unit Attainable Housing Community in Tempe, Arizona

by Amy Works March 17, 2025

TEMPE, ARIZ. — Greenlight Communities, in partnership with Holualoa Cos., will break ground on Cabana Kyrene, a 229-unit attainable rental housing property in Tempe, on March 20. Located at 515 W. Guadalupe Road, Cabana Kyrene will offer 90 studio apartments, 93 one-bedroom units and 46 two-bedroom units.

March 17, 2025

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Arranges $10.8M Sale of Multifamily Property in Denver

by Amy Works March 17, 2025

DENVER — NorthPeak Commercial Advisors has directed the sale of The Patrician, an apartment property at 1075 Corona St. in Denver. The asset traded for $10.8 million. Built in 1955, The Patrician offers 36 over-sized apartments, a 23-car underground garage and a landscaped courtyard. Greg Johnson and Conner Piretti of NorthPeak Commercial handled the transaction on behalf of the undisclosed buyer and seller.

March 17, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $24M HUD-Insured Loan for Refinancing of Minnesota Senior Living Community

by Kristin Harlow March 17, 2025

MANKATO, MINN. — Colliers Mortgage has provided a $24 million HUD-insured loan for the refinancing of The Pillars of Mankato, a 118-unit senior living community in southern Minnesota’s Mankato. The property, situated on nearly 4 acres, provides assisted living and memory care. Amenities and services include 24-hour care, full-service dining, housekeeping, community and activity rooms, a library, beauty salon and fully landscaped outdoor space with putting green. Sam Butler of Colliers Mortgage originated the 35-year loan on behalf of the borrower, Tunbridge Peak LLC.

March 17, 2025

Acquisitions Midwest Multifamily Wisconsin

Kiser Group Negotiates $1.7M Sale of Multifamily Property in Milwaukee

by Kristin Harlow March 17, 2025

MILWAUKEE — Kiser Group has negotiated the $1.7 million sale of a multifamily property located at 2820 W. Kilbourn Ave. in a historic neighborhood of Milwaukee. The asset was 94 percent occupied at the time of sale. Luis Robles of Kiser brokered the transaction. The buyer owns multiple buildings in the area.

March 17, 2025

Development Multifamily North Carolina Southeast

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson March 14, 2025

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet. The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.

March 14, 2025

Development Multifamily Retail Texas

XAG Group Begins Construction on 326-Unit Multifamily Project in Magnolia, Texas

by Taylor Williams March 14, 2025

MAGNOLIA, TEXAS — Locally based developer XAG Group has broken ground on RASHA at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The 20-acre site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. XAG Group will also develop 30,000 square feet of retail space as part of the project, partners on which include The Gonzalez Group, Anchor Construction, Investwell Architects and Identity Architecture. Hall Structured Finance provided the loan for construction of the project, the retail component of which is slated for a fourth-quarter completion. The apartments are expected be complete in late 2026.

March 14, 2025

Acquisitions California Multifamily Western

American Assets Trust Acquires 192-Unit Multifamily Property in San Diego

by Amy Works March 14, 2025

SAN DIEGO — American Assets Trust has purchased Genesee Park, an apartment community located at 3625 Earnscliff Place in San Diego, from Hess Genesee Park LLC for an undisclosed price. Rachel Parsons, Derreck Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas of CBRE represented the seller in the transaction. Built in 1985, Genesee Park consists of six buildings, each configured with three stories of residential space over one level of gated on-grade garage parking. The community features 192 one-, two- and three-bedroom floor plans, each averaging 1,051 square feet. Units offer an outdoor balcony, oversized windows and ample storage closets. Genesee Park also features a deck area with a pool, spa, lounge seating and outdoor dining tables.

March 14, 2025

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