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DevelopmentIllinoisMidwestMultifamilyTop Stories

High Street Residential Completes 34-Story Flora Multifamily Tower in Chicago’s Fulton Market 

by Katie Sloan

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a multifamily tower rising 34 stories in Chicago’s Fulton Market neighborhood.  The community offers 368 luxury units in a mix of studio, one-, two- and three-bedroom configurations alongside penthouse units with condominium-like finishes. Interior amenities include a clubroom, golf and game simulator room, fitness center and yoga studio, private dining space with a chef’s kitchen, dedicated work-from-home areas and a sound recording booth.  Flora also features an outdoor amenity deck on the second floor with grilling stations, outdoor televisions and fire pits; a rooftop swimming pool with cabanas; and a dog run and pet washing station.  The ground floor is home to 5,118 square feet of retail space, which will be occupied by a restaurant concept by celebrity chef Joe Flamm via local restaurant group Day Off Group. Slated to open in 2025, the restaurant’s name and concept will be announced at a later date. Andrew Becker of Canvas represented High Street Residential in leasing negotiations.  The community is part of Trammell Crow’s larger Fulton Park Campus, which includes two existing research and development properties at 400 N. Aberdeen St. and 1375 W. Fulton Market.  …

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AcquisitionsAlabamaSoutheastStudent Housing

Preiss, Crow Holdings Acquire 440-Bed Student Housing Community Near University of Alabama

by John Nelson

TUSCALOOSA, ALA. — The Preiss Co. has acquired Riverfront Village, a 440-bed student housing community located near the University of Alabama campus in Tuscaloosa. Preiss purchased the 92-unit community in partnership with Crow Holdings Capital. The buyers are planning capital improvements, including renovations to select units, a clubhouse redesign, upgrades to the swimming pool and comprehensive technological updates. The seller and sales price were not disclosed.

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Ventura-Ridge-Apartments-San-Antonio
LoansMultifamilyTexas

Rosewood Property Refinances 482-Unit Ventura Ridge Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based Rosewood Property Co. has refinanced Ventura Ridge, a 482-unit apartment community in San Antonio. The loan amount was not disclosed. Built in 2015 on the city’s northwest side, the property offers studio, one- and two-bedroom units with an average size of 844 square feet. Amenities include a pool, dog park, fitness center and a clubhouse. John Brownlee, John Bauman, Chad Lisbeth and Scott Cole of JLL arranged the loan through New York Life Co. on behalf of Rosewood.

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Market-Street-Village-Apartments-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Colliers Arranges $82.2M Sale of Market Street Village Apartments in San Diego’s East Village

by Amy Works

SAN DIEGO — Colliers has arranged the sale of Market Street Village Apartments, a multifamily community in downtown San Diego’s East Village. A private buyer acquired the asset from Equity Residential for $82.2 million, or $359,000 per unit. Located at 699 14th St., Market Street Village Apartments offers 229 market-rate and affordable apartments with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry and vinyl flooring. Onsite amenities include a fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces and a clubhouse with a pool and spa. Additionally, the property offers ground-floor retail space anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks Coffee. Kitty Wallace and Anna Kampling of Colliers represented the buyer and seller in the deal.

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AcquisitionsCaliforniaMultifamilyRetailWestern

EK Apartments Sells Nine-Property Multifamily, Retail Portfolio in Fontana, California for $25.5M

by Amy Works

FONTANA, CALIF. — EK Apartments has completed the disposition of a nine-property multifamily and retail portfolio in Fontana to undisclosed buyers for $25.5 million. The portfolio includes eight apartment buildings and a four-tenant retail center. The multifamily properties, which were constructed mostly in the 1980s, offer a total of 108 apartments with 70 percent below market rents. The 10,627-square-foot retail center is fully occupied by a mini mart, laundromat, restaurant and dessert shop. Douglas McCauley, David Covarrubias and Bruce Rajaee of Marcus & Millichap represented the seller and procured the buyers in the deal.

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AcquisitionsMultifamilyOregonWestern

Compass Commercial Brokers Sale of Multifamily Complex in Redmond, Oregon

by Amy Works

REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of a multifamily property located at 2002 SW Canyon Drive in Redmond. HLM Inc. sold the asset to Toney Properties LLC for $4.3 million. Situated on 1.4 acres, the 29,600-square-foot property offers 20 townhome-style apartments. Dan Kemp of Compass Commercial Real Estate Services and Adam Bledsoe of TOK Commercial represented the seller. Kemp also represented the buyer in the deal.  

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LoansMidwestMissouriMultifamily

Dwight Mortgage Trust Provides $56M Bridge Loan for Willow Creek Apartments in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $56 million bridge loan for Willow Creek Apartments in Kansas City. The 998-unit, garden-style multifamily property spans nearly 70 acres and includes 43 buildings housing one-, two- and three-bedroom units. Amenities include two pools, a fitness center, racquetball and tennis courts, garage parking and a clubhouse with business center. Loan proceeds will be utilized to refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows. David Scheer of Dwight originated the loan on behalf of the borrower, KC Willow Creek LLC.

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Market ReportsMultifamilyNevadaWesternWestern Market Reports

Navigating Reno’s Evolving Office Landscape

by John Nelson

— Jason Hallahan, associate of Colliers Reno — Northern Nevada’s office market has shown continued resilience in 2024 as the region has seen robust tenant demand, fewer sublease availabilities and evolving market trends. Though Northern Nevada experienced an influx of vacant space that hit the market in the middle of the year, year-to-date tenant demand has been largely positive. Robust absorption in the first and third quarters of 2024 has driven annual net absorption to more than 77,500 square feet. While many larger office markets felt an immediate impact at the onset of the pandemic, Reno’s office market began to see the wave of sublease space hit the market at the start of 2022 — nearly two years later. At its peak in the first quarter of 2023, available sublease space accounted for 28.2 percent of all available space on the market. Northern Nevada’s sublease market has continued to shrink over the past two years as the total square footage recently dropped below 90,000 square feet. This is less than one-third of the 2023 peak, which was 303,000 square feet of available sublease space. This loss of sublease space is due to large sublease suites being occupied by new subtenants, …

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $31.5M Sale of Harlem Affordable Housing Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $31.5 million sale of a 127-unit affordable housing building in Harlem. The building at 34 W. 139th St. was originally constructed in 2007. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. Information on floor plans and income restrictions, as well as the buyer, was also not disclosed.

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DevelopmentMultifamilyNew YorkNortheast

Baron Property Group Completes 92-Unit Multifamily Project in Manhattan

by Taylor Williams

NEW YORK CITY — New York-based developer Baron Property Group has completed The Park Overture, a 92-unit multifamily project in Manhattan’s Washington Heights neighborhood. The property offers one- and two-bedroom units that include individual washers and dryers and amenities such as a fitness center, courtyard, dog run and indoor bike storage space. Rents start at $2,950 per month for a one-bedroom apartment. Baron delivered the property 35 percent preleased.

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