Multifamily

C&C Development Breaks Ground on 54-Unit Affordable Housing Complex in Buena Park, California

by Amy Works February 24, 2025

BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing community in Buena Park. Consisting of four three-story buildings, Lincoln Avenue Apartments will offer 54 apartments for families and veterans in need. The project will include five units for student families, 11 units for veterans and 13 permanent supportive housing units for families and individuals with special needs. Units will range in size from approximately 500 square feet to 900 square feet and will be both ADA-accessible and adaptable. Additionally, units will incorporate sustainable design elements and practices, such as drought-tolerant landscaping and the installation of energy-efficient HVAC systems, water heaters and appliances. Onsite amenities will include a community room, laundry room, children’s tot lot, teen outdoor fitness area and a barbecue pavilion. Additionally, LifeSTEPS will offer onsite programming for adult education and after-school activities for children. Funding for the project was provided by several entities, including the City of Buena Park and CalOptima Health, which is providing an $8 million grant to support housing for Medi-Cal members.

February 24, 2025

Development Georgia Loans Multifamily Southeast

CBRE Arranges $42.7M Construction Loan for Jax Apartment Development in Monroe, Georgia

by John Nelson February 24, 2025

MONROE, GA. — CBRE has arranged a $42.7 million construction loan for The Jax, a 282-unit, garden-style apartment development located at 200 Aycock Ave. in Monroe, about 40 miles east of downtown Atlanta. Blake Cohen and Charlie Clark of CBRE’s Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, a joint venture between Green River Builders and ARC Multifamily Group. Atlanta-based Peachtree Group provided the 2.5-year, interest-only loan at approximately 74 percent loan-to-cost. The Jax will comprise seven three-story residential buildings housing one-, two- and three-bedroom apartments averaging 1,117 square feet in size. Amenities will include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging stations and a breakfast/coffee concierge. The construction timeline was not released.

February 24, 2025

Acquisitions Georgia Southeast Student Housing

Cushman & Wakefield Negotiates Sale of Cottage-Style Student Housing Community in Milledgeville, Georgia

by John Nelson February 24, 2025

MILLEDGEVILLE, GA. — Cushman & Wakefield has negotiated the sale of Arcadia on the River, a cottage-style student housing community located near the Georgia College campus in Milledgeville. Built in 2017 at 120 Pumping Station Road, the property offers 510 beds across 123 units. Shared amenities include a pool, tanning ledge, fitness center, yoga studio, sauna, volleyball court, shuttle service to campus, outdoor games and billiards, foosball and table tennis. Travis Prince, Victoria Marks, Shawn Lubic, Taylor Bird and Nelson Abels of Cushman & Wakefield represented the seller, Sanctuary Cos., in the disposition of the property to Time Equities Inc. Terms of the transaction were not released.

February 24, 2025

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $57M Sale of Northern New Jersey Apartment Complex

by Taylor Williams February 24, 2025

ABERDEEN, N.J. — JLL has brokered the $57 million sale of The Forge at Glassworks, a 170-unit apartment complex located in the Northern New Jersey community of Aberdeen, for $57 million. Built in 2017, the garden-style, market-rate property offers one- and two-bedroom apartments as well as three-bedroom townhomes. The average unit size is 1,077 square feet. Amenities include a resident clubroom, pool, fitness center with yoga studios, game room and multiple outdoor gathering spaces. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Ingerman Group, in the transaction and procured the buyer, multifamily development and investment firm Beachwold Residential.

February 24, 2025

Illinois Loans Lument Midwest Multifamily

Lument Provides $110.8M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow February 24, 2025

CHICAGO — Lument has provided $110.8 million in Fannie Mae loans for the refinancing of a six-property multifamily portfolio in Chicago. The loans refinance existing bank debt for the borrower, BJB Properties, a Chicago-based owner-operator that owns and manages over 70 communities. Evan Hom of Lument led the transaction. All loans feature fixed interest rates, 10-year terms and 35-year amortization schedules. The properties total 769 units and are located in the Near North Side, the Loop, Rogers Park and Lincoln Park. Approximately half of the units are affordable to renters earning up to 80 percent of the area median income. All of the communities average nearly 100 percent occupancy.

February 24, 2025

Acquisitions Midwest Multifamily Ohio

Reynolds Asset Management Acquires 432-Unit Multifamily Property in Columbus, Ohio

by Kristin Harlow February 24, 2025

COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.

February 24, 2025

Development Illinois Midwest Multifamily

McShane Construction Completes 124-Unit Apartment Community in Crystal Lake, Illinois

by Kristin Harlow February 24, 2025

CRYSTAL LAKE, ILL. — McShane Construction Co. has completed Redwood Crystal Lake, a 124-unit, single-story apartment property in the Chicago suburb of Crystal Lake. Redwood Living Inc. is the developer. Designed by Mann Parsons Gray Architects, the community integrates 25 townhome-style buildings with four to six units each. Each of the two-bedroom units feature an attached two-car garage and patio. Amenities include designated green spaces, pet waste stations and designated guest parking.

February 24, 2025

Acquisitions Multifamily New Jersey Northeast

Inland Acquisitions Buys Northern New Jersey Apartment Community for $131.5M

by Taylor Williams February 21, 2025

UNION, N.J. — Inland Acquisitions, a division of Chicago-based investment firm The Inland Real Estate Group of Cos., has purchased Summit Court, a 393-unit apartment community located in the Northern New Jersey township of Union. The sales price was $131.5 million. Built in phases between 2018 and 2023, Summit Court comprises 210 one-bedroom units and 183 two-bedroom apartments that feature stainless steel appliances and private washers and dryers. Amenities include a pool, fitness center, outdoor lounge, game room with a billiards table, pet grooming room and outdoor grilling and dining stations. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties, in the transaction. Mark Cosenza negotiated the deal for Inland on an internal basis. M&T Realty Capital provided a $65.7 million Fannie Mae acquisition loan for the deal.

February 21, 2025

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8.5M Sale of Brooklyn Apartment Building

by Taylor Williams February 21, 2025

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit apartment building in the Williamsburg neighborhood of Brooklyn. According to LoopNet Inc., the building at 150 N. Ninth St. rises four stories and was originally constructed in 1910. Units at the property also recently underwent gut renovations and now feature modern finishes. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

February 21, 2025

California Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $81M Refinancing for Enclave Heritage Flats in Chula Vista, California

by Amy Works February 21, 2025

CHULA VISTA, CALIF. — Walker & Dunlop has arranged an $81 million loan for the refinancing of Enclave Heritage Flats, a low-rise apartment complex in Chula Vista. Located at 1800 Santa Carolina Road, Enclave Heritage Flats offers 312 one-, two- and three-bedroom floor plans. Amenities at the pet-friendly community include a fitness center, resort-style swimming pool and movie screening theater. Gregory Richardson of Walker & Dunlop Capital Markets, along with Andrew Yaroma, Kimberly Schmitz and Terri Magnani of Walker & Dunlop Investment Partners, arranged the loan for the borrower, Baldwin and Sons LLC.

February 21, 2025

Newer Posts

Older Posts