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Multifamily

Heron-View-Apts-Kenmore-WA
AcquisitionsMultifamilyWashingtonWestern

Weidner Apartment Homes Sells Heron View Multifamily Community in Kenmore, Washington for $19.9M

by Amy Works

KENMORE, WASH. — Weidner Apartment Homes has completed the sale of Heron View, a multifamily property in Kenmore, to Wright Investment Properties for $19.9 million, or $276,042 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1987, Heron View features three residential buildings and a leasing office surrounding a central parking lot. The community offers 72 one- and two-bedroom apartments, averaging 797 square feet, with white appliances, laminate countertops, washers/dryers and wood-burning fireplaces.

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailSoutheast

Emergent Properties, RNGD Break Ground on $50M Adaptive Reuse Project in Downtown Huntsville

by John Nelson

HUNTSVILLE, ALA. — Emergent Properties and RNGD have broken ground on The Lewter District, a $50 million adaptive reuse project in downtown Huntsville. Situated on 1.5 acres, the mixed-use development is a conversion and restoration of the historic Lewter Hardware Co. store that closed in 2022 after nearly a century of operation. Phase I of the development will feature 14 luxury residences along Washington Street called Lewter District Townhomes. Sanders Pace Architecture designed the residential community, which is expected to be completed by late 2025. Phase II comprises a renovation of the original hardware store building. The restored building will house farm-to-table restaurant Brick & Tin on the ground level and outdoor patio spaces as well as offices for RNGD on the second floor. Phase III calls for a ground-up, five-story office building. National law firm Maybard Nexsen has committed to occupying the top two floors of the office building, which will also feature ground-level retail space. EskewDumezRipple is the architect for the second and third phases of The Lewter District. Phases I and II are underway and Phase III is slated to break ground before the end of the year.

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AcquisitionsGeorgiaMultifamilySoutheast

FCP Sells Atlanta Apartment Community to Monday Properties, RSN Property Group for $36.8M

by John Nelson

ATLANTA — FCP has sold Villas at Princeton Lakes, a 210-unit apartment community located at 751 Fairburn Road SW in west Atlanta. A partnership between Monday Properties and RSN Property Group purchased the garden-style complex for $36.8 million. Travis Presnell and James Wilber of Cushman & Wakefield represented FCP in the transaction. Built in 2004, Villas at Princeton Lakes offers a mix of one-, two- and three-bedroom floor plans. FCP had originally purchased the community in late 2020 for $30 million, including the assumption of an existing mortgage, and implemented upgrades to the property’s common areas and exteriors.

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Theatre-District-Living-UCSD-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

University of California San Diego Completes 2,000-Bed Residence Hall Project

by Amy Works

SAN DIEGO — The University of California San Diego has completed the Theatre District Living and Learning Neighborhood, a 1.4 million-square-foot development offering 2,000 beds of housing for undergraduate students. The project, which comprises five buildings, was developed on a site formerly occupied by a surface parking lot. Units, including 48 beds reserved for resident advisors, are offered at below market-rate rents. Shared amenities include a 490-seat auditorium; large community areas, including retail and dining space; a food hall; conference center with four hotel rooms; fitness center; meditation pavilion; tea house; and academic and administration space. The property also features terraced parking gardens offering 1,200 spaces for residents, faculty and daily visitors. The project’s design-build team included architect HKS, design-builder Kitchell, associate architect EYRC and landscape architect SWA.

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Monterra-Apts-Tacoma-WA
AcquisitionsMultifamilyWashingtonWestern

Goodman Real Estate Sells Three Multifamily Properties in Tacoma, Washington for $102.6M

by Amy Works

TACOMA, WASH. — Goodman Real Estate has completed the disposition of three multifamily assets in Tacoma to American Capital Group for $102.6 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Totaling 557 units, the properties are situated within Tacoma’s Parkland neighborhood, which is accessible from Interstate 5 and Washington State Routes 512 and 7. The properties include:

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Centro35-San-Marcos
Affordable HousingDevelopmentMultifamilyTexas

NRP Group Delivers 330-Unit Affordable Housing Community in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Cleveland-based multifamily developer The NRP Group has delivered Centro35, a 330-unit affordable housing community in San Marcos, located roughly midway between Austin and San Antonio. Centro35 offers one-, two-, three- and four-bedroom units that are reserved for households earning 60 percent or less of the area median income. The amenity package comprises a pool, fitness center, conference center with individual work pods, children’s activity room and a game room. NRP Group developed the property in partnership with Capital Area Housing Finance Corp.

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AcquisitionsKansasLoansMidwestMultifamily

Northmarq Provides $42M Acquisition Loan for Apartment Complex in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Northmarq has provided a $42 million Freddie Mac loan for the acquisition of The Sovereign at Overland Park, a 250-unit apartment complex in the Kansas City suburb of Overland Park. Built in 2013 and located at 13310 Melrose Lane, the property offers one-, two- and three-bedroom units. Amenities include private garages, a resort-style pool, gated pet park and 24-hour fitness center. Greg Duvall of Northmarq originated the loan on behalf of the borrower, Sovereign Apartments LLC. The 10-year loan features a fixed interest rate.

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AcquisitionsMidwestMultifamilyOhio

Clear Investment Group Acquires 70-Unit Multifamily Portfolio in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Clear Investment Group has acquired a 70-unit, value-add multifamily portfolio in Columbus for an undisclosed price. With this addition, Chicago-based Clear expands its presence in the Midwest to more than 450 units, when combined with a larger portfolio purchased in December 2023. CEO Amy Rubenstein says the acquisition aligns with the company’s growth strategy of finding distressed assets in the workforce housing sector.

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75-Canal-St.-Manchester-New-Hampshire
DevelopmentMultifamilyNew HampshireNortheast

Jones Street Completes 250-Unit Multifamily Project in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — Private equity real estate firm Jones Street Investment Partners has completed a 250-unit multifamily project in Manchester, located near the New Hampshire-Massachusetts border. Located at 75 Canal St. in the downtown area, the property houses studio, one-, two- and three-bedroom units and 2,000 square feet of retail space. Amenities include a fireside lounge, rooftop terrace, work pods, social lounge and TV parlor, game room, fitness center, outdoor courtyards and a pet spa. Construction began in late 2022. Rents start at approximately $1,800 per month for a studio apartment.

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LoansMultifamilyNew YorkNortheast

Cronheim Mortgage Arranges $12.5M Permanent Loan for Queens Apartment Building

by Taylor Williams

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $12.5 million permanent loan for The Jackson, a 40-unit apartment building located in the Jackson Heights area of Queens. The newly built property houses studio, one- and two-bedroom units with an average size of about 600 square feet, as well as ground-floor retail space that is leased to T-Swirl Crepe, Pizza Hut, Alta Aesthetics and a law firm. Amenities include a fitness center and a rooftop terrace. Andrew Stewart and Allison Villamagna of Cronheim originated the debt. The direct lender and borrower were not disclosed.

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