Multifamily

CBRE Arranges Sale of 222-Unit Federal Hill Apartments in Noblesville, Indiana

by Kristin Harlow January 21, 2025

NOBLESVILLE, IND. — CBRE has arranged the sale of Federal Hill Apartments, a 222-unit multifamily property in the Indianapolis suburb of Noblesville. The sales price was undisclosed. Built in 2024, the asset features a range of studio, one- and two-bedroom floor plans averaging 863 square feet. Amenities include a fitness center, pool, indoor pet grooming spa, electric vehicle charging stations and an outdoor grilling area. There are three onsite retailers — Indie Coffee Roasters, Café Noricha and Bocado. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, Old Town Cos. Summit Equity Investments was the buyer.

January 21, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $23M in Construction Financing for Affordable Housing Property in Trotwood, Ohio

by Kristin Harlow January 21, 2025

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.

January 21, 2025

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Negotiates $4.5M Sale of Central Park Apartments in Racine, Wisconsin

by Kristin Harlow January 21, 2025

RACINE, WIS. — Marcus & Millichap has negotiated the $4.5 million sale of Central Park Apartments in Racine. The 48-unit multifamily property is a low-income housing tax credit community that was built in 1967 and renovated from 2013 to 2015. There are 48 two-bedroom units across 45,600 rentable square feet. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller, a private investor group, and procured the buyer, a private investor. The buyer assumed the in-place Freddie Mac loan, which features an interest rate of 3.07 percent.

January 21, 2025

Affordable Housing Features Heartland Feature Archive Multifamily

Affordable Housing Creativity Born Out of Necessity

by Kristin Harlow January 21, 2025

Housing affordability continues to be a pressing issue across the country. According to the National Low Income Housing Coalition, the U.S. has a shortage of 7.3 million rental homes affordable and available to renters with extremely low incomes. There are 34 affordable and available rental homes for every 100 extremely low-income renter households, which are defined as households either at or below the federal poverty guideline or 30 percent of the area median income (AMI), whichever is higher. “The country is facing a severe shortage of high-quality affordable housing, with demand far exceeding supply in the Midwest and every market we serve across the country,” says Geoff Milz, director of development for Ohio with Pennrose, which maintains eight offices across the U.S. “The housing crisis, compounded further by inflation and the rising cost of living, spans all demographics, geographies and family types.” In short, the need for affordable housing “has never been more critical,” adds Milz. Affordable housing developers are eager to build, but they must get creative to obtain the necessary financing for new projects. Due to the restricted rents, affordable housing properties are unable to generate as much income as market-rate assets. “The primary tool that we use …

January 21, 2025

Acquisitions Multifamily Texas

IPA Brokers Sale of 550-Unit Monterra Village Apartments in North Fort Worth

by Taylor Williams January 20, 2025

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Monterra Village, a 550-unit apartment community in North Fort Worth. The property was built in phases between 2008 and 2013 on a 35-acre site within the 900-acre Alliance Town Center master-planned development. Units come in one-, two- and three-bedroom formats and have an average size of 985 square feet. Amenities include a pool, outdoor grilling and dining stations, business center and a pet park. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse and William Hubbard of IPA represented the seller, Hillwood Multifamily, in the transaction and procured the buyer, Weidner Apartment Homes.

January 20, 2025

Development Loans Multifamily Texas

David B. Norton Arranges $35.4M in Construction Financing for Multifamily Project Near San Antonio

by Taylor Williams January 20, 2025

UNIVERSAL CITY, TEXAS — Capital advisory firm David B. Norton Inc. has arranged $35.4 million in construction financing for a 268-unit multifamily project in Universal City, a northeastern suburb of San Antonio. The development will consist of 10 buildings on a 14-acre site. The financing, which represents about 77 percent of the total project capitalization, includes both debt from an undisclosed regional bank and preferred equity from an undisclosed institutional investor. The name of the developer was also not released.

January 20, 2025

California Loans Multifamily Western

Gantry Secures $27.8M in Acquisition Financing for Multifamily Portfolio in Oakland, California

by Amy Works January 20, 2025

OAKLAND, CALIF. — Gantry has secured $27.8 million in financing on behalf of a private real estate investor for the purchase of a portfolio of eight multifamily properties in Oakland. The portfolio includes 225 apartments and three commercial units at one of the properties. Jeff Wilcox and Erinn Cooke of Gantry represented the borrower. The financing was structured as a three-year, variable rate acquisition loan provided by a single institutional debt fund. The instrument included prepayment flexibility and extension options.

January 20, 2025

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers Sale of 116-Unit Historic Apartment Building in Minneapolis

by Kristin Harlow January 20, 2025

MINNEAPOLIS — Colliers has brokered the sale of ElseWarehouse, a 116-unit apartment building in the North Loop of Minneapolis. The sales price was undisclosed. The transaction marks the first time the historic warehouse apartments have hit the market. Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon of Colliers represented the seller, Greco. North Dakota-based Great States Development was the buyer. Greco converted the 1920s warehouse into apartments in 2012. Located at 730 N. Washington Ave., the property features a variety of one-, two- and three-bedroom units averaging 907 square feet. Amenities include a fitness center, rooftop clubrooms and retail space on the ground floor.

January 20, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow January 20, 2025

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

January 20, 2025

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer Breaks Ground on 339-Unit Affordable Housing Project in The Bronx

by Taylor Williams January 20, 2025

NEW YORK CITY — Tishman Speyer has broken ground on a 339-unit affordable housing residential project in The Bronx. The eight-story building will be located at the former site of the Visitation Church and School in the Kingsbridge neighborhood and will house studio, one-, two- and three-bedroom units. The majority (285) of residences will be reserved for renters earning between 40 and 105 percent of the area median income, and the remaining apartments will provide supportive housing for formerly homeless individuals. Amenities will include two recreation rooms, a fitness center and a rooftop terrace. Completion is slated for 2027.

January 20, 2025

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