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Multifamily

AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers Sale of Four-Property Multifamily Portfolio in Milwaukee for $29.7M

by Kristin Harlow

MILWAUKEE — CBRE has arranged the sale of a four-property, 358-unit multifamily portfolio in Milwaukee for $29.7 million. The portfolio includes Parkview Apartments, Lisbon Court, Hampton Gardens and Grantosa Apartments. The garden-style properties include parking, laundry facilities, community spaces and patios or balconies for most units. CBRE’s Matson Holbrook, Gretchen Richards, Sean Beuche and Patrick Gallagher represented the seller, Milwaukee-based Metropolitan Associates. Brookfield, Wis.-based Coachlight Communities LLC was the buyer.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Marcus & Millichap Negotiates $6.5M Sale of Seniors Housing Community in Faribault, Minnesota

by Kristin Harlow

FARIBAULT, MINN. — Marcus & Millichap has negotiated the $6.5 million sale of Pleasant View Estates, a 36-unit assisted living and memory care facility in Faribault, about 50 miles south of Minneapolis. Built in 1998, the property sits on 4.8 acres at 41 Brand Ave. The 44,300-square-foot facility includes 24 one-bedroom units and 12 two-bedroom units. Approximately 75 percent of the residents are Medicaid assisted living facility occupants. The building is connected to a vacant skilled nursing home formerly known as Pleasant Manor. Ray Giannini of Marcus & Millichap represented the seller, Monarch Healthcare Management, and procured the buyer, a regional private investor.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Sales of Two Chicago Multifamily Properties Totaling $6.5M

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of two vintage multifamily properties in Chicago. An eight-unit building at 10-12 W. Chestnut St. in the Gold Coast neighborhood sold for $3.4 million, and a two-building, 12-unit property at 1754-1756 W. 21st Place in the Pilsen neighborhood traded for $3.1 million. Jeremy Morton of Interra represented the confidential buyer of the Gold Coast building, while Steven Rapoport of Chicago Real Estate Resources Inc. represented the unnamed seller. Morton and colleague Harrison Pinkus brokered the Pilsen deal on behalf of the private seller, with Denise Reynes of HomeSmart Connect LLC representing the confidential buyer. All buildings were fully occupied at the time of sale and were constructed in the late 1800s.

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Deven-Parallel-Waco
DevelopmentMultifamilyStudent HousingTexas

Deven Group, Parallel to Develop 631-Bed Student Housing Project Near Baylor University

by Taylor Williams

WACO, TEXAS — Development Ventures Group, known as Deven Group, and Austin-based owner-operator Parallel will develop a 631-bed student housing project near Baylor University in Waco. The site at the corner of James Avenue and 5th Street will house a seven-story building with 265 units in studio through five-bedroom configurations. Amenities will include a resort-style pool and a sky lounge. The groundbreaking for the project is scheduled for April 2026, with completion planned for summer 2028. Teddy Leatherman of JLL and Ryan Lang of Newmark structured the partnership between the two groups.

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Lakeside-Houston
AcquisitionsMultifamilyTexas

Knightvest Capital Sells 296-Unit Lakeside Apartments in Southwest Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Knightvest Capital has sold Lakeside, a 296-unit apartment community in southwest Houston. Built in 2001, Lakeside offers one-, two- and three-bedroom units with an average size of approximately 1,000 square feet. Newly added or upgraded amenities at Lakeside include a clubhouse, pool, fitness center and a dog park. David Mitchell of Newmark represented Knightvest in the transaction. Colin Cross, also with Newmark, arranged financing on behalf of the buyer, Pegasus Real Estate.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 76-Unit Apartment Complex in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Clearleaf Crossing, a 76-unit complex located in the Central Texas city of Bryan. Built in 1983, the property exclusively offers three-bedroom units with an average size of 1,400 square feet. Yonnic Land of TMG represented the seller in the transaction. Dylan Tomor, also with TMG, represented the buyer, which plans to implement capital improvements. Both parties requested anonymity.

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200-Douglass-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Affinius Capital Provides $200M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $11M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

BLOOMFIELD, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $11 million sale of Franklin Towers, a 63-unit apartment complex located in the Northern New Jersey community of Bloomfield. The six-story historic building was originally constructed in 1928 and offers 56 one-bedroom units, five two-bedroom apartments and two three-bedroom residences. Robert Holland and Tom Scatuorchio of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Prestige, Brunetti Deliver 341-Unit Apartment Community at Hialeah Park Race Track & Casino in Metro Miami

by John Nelson

HIALEAH, FLA. —  A partnership between Prestige Cos. and Brunetti Organization has completed Flamingo Village, a 341-unit apartment community located at 2200 E. Fourth Ave. within the 200-acre Hialeah Park Race Track & Casino campus. The community is situated on 13 acres and represents the largest development on the site since the casino opened in 2013. Brunneti is the master developer of Hialeah Park, which is located about 11.5 miles northwest of Miami. Centennial Bank provided a $60.7 million construction loan to the co-developers for Flamingo Village, which features floorplans ranging in size from 890 to 1,375 square feet in garden-style and townhome layouts. Monthly rental rates range from $2,600 to $3,375, according to Apartments.com. Amenities include two clubhouses, swimming pools, wide landscaped walkways, a fitness center with a yoga and meditation studio, business center, pet play area, a park and tanning deck. Flamingo Village is situated within walking distance of the Hialeah Metrorail station.

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Affordable HousingLoansMultifamilySouth CarolinaSoutheast

JLL Arranges $59M Loan for Refinancing of Affordable Housing Portfolio in Upstate South Carolina

by John Nelson

GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).

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