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Multifamily

Viridian-Arlington
DevelopmentMultifamilyTexas

StreetLights Residential Breaks Ground on 410-Unit Phase III of Viridian Apartments in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Dallas-based StreetLights Residential has broken ground on Phase III of Viridian, a multifamily project in Arlington that will add 410 units to the local supply. Apartments will feature studio, one- and two-bedroom floor plans, and this phase will also include 68 townhomes. The amenity package will comprise a central pool courtyard; fitness center with outdoor exercise space; a coworking lounge with private work suites; an outdoor event space with grilling and dining stations; and a clubhouse with a billiards room and card lounge. StreetLights Creative Studio is the architect of record for the project, and SLR Construction LLC is the general contractor. Both companies are affiliates of the owner. A tentative completion date was not announced. StreetLights completed The Louise, a 343-unit development that marked Phase II of Viridian, in late 2022. Phase I, a 340-unit community known as The Jackson, opened in early 2021.

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LoansMultifamilyTexas

JLL Provides Agency Financing for 382-Unit Apartment Community in Katy, Texas

by Taylor Williams

KATY, TEXAS — JLL has provided an undisclosed amount of Freddie Mac financing for The Reserve on Kingsland, a 382-unit apartment community in the western Houston suburb of Katy. Built in 2020 and formerly known as Lenox Reserve, the property features 11 three-story buildings with one-, two- and three-bedroom units that have an average size of 882 square feet. Amenities include pools, a fitness center, package lockers, a dog park, business center, demonstration kitchen and a game room. Andy Scott, Michael Cosby, Bo Beidleman, Blake Morrison and Aaron Craig of JLL originated the seven-year, fixed-rate loan on behalf of the owner, Price Realty Corp.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 94-Unit Apartment Complex in West Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of Hart House, a 94-unit apartment complex in West Dallas. Built in the early 1960s, Hart House is a newly renovated property that consists of two buildings that house one- and two-bedroom units. Amenities include a pool, courtyards and onsite laundry facilities. Ford Braly and Al Silva of Marcus & Millichap represented the seller, a private out-of-state investor, in the transaction and procured the buyer, a local operator. Both parties requested anonymity

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1617-N-Virginia-St-Reno-NV
AcquisitionsMultifamilyNevadaStudent HousingWestern

Kidder Mathews Arranges $14M Sale of LEV Apartments in Reno, Nevada

by Amy Works

RENO, NEV. — Kidder Mathews has arranged the sale of LEV Apartments, a multifamily property located at 1617 N. Virginia St. in Reno. A Sacramento, Calif.-based private real estate investment firm acquired the asset from a student housing developer for $14 million. Situated adjacent to the University of Nevada, Reno, LEV Apartments features 128 studio/one-bath units and a one-bedroom/one-bath unit all with shared kitchen areas. At the time of sale, the property was 98 percent occupied. The asset was originally built in 1980 by the Saltern family. Ben Nelson of Kidder Mathews represented the seller and buyer in the transaction.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 96-Unit Mixed-Income Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — McShane Construction Co. and Ashlaur Construction have completed Westhaven Park Station, a 96-unit mixed-income apartment complex located on Chicago’s Near West Side. Brinshore Development and The Michaels Organization developed the 12-story property. The project marks the final phase of redevelopment of the former Henry Horner Homes complex and satisfies the requirement to replace all affordable units that were lost when the homes were demolished. McShane built a 113-unit condominium building as part of Phase I of the Westhaven Park development in 2006. Westhaven Park Station features three retail spaces on the ground floor. Units are offered in one- and two-bedroom layouts. Sixty-six percent of the units are affordable, while the remainder are market rate. Amenities include a fitness room, rooftop deck, parking, package room and conference room. LBBA provided architectural services.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $6M Sale of Multifamily Property in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $6 million sale of a multifamily property located at 1132-1140 W. Wilson Ave. in Chicago’s Uptown neighborhood. Originally completed as an adaptive reuse project in 2015, the asset was fully occupied at the time of sale. The building is located one block from the Chicago Transit Authority and across the street from Truman College. CedarSt sold the property to J&J Equities. Katie LeGrand and Jacob Price of Kiser Group brokered the transaction, which closed two months after the property was brought to market.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $9M Sale of Brooklyn Multifamily Development Site

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $9 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site totals 21,600 buildable square feet across two lots at 554-550 Union St., which currently house three structures with commercial and residential space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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Company NewsGeorgiaMixed-UseMultifamilySoutheast

Hunt Cos. Acquires Majority Interest in Carter

by John Nelson

EL PASO, TEXAS AND ATLANTA — Hunts Cos. Inc. has acquired a controlling interest in Carter, a mixed-use and residential real estate investment and development firm based in Atlanta. The El Paso-based firm is acquiring the majority stake in Carter and buying out longtime CEO and chairman Bob Peterson, who has subsequently announced his retirement. Current CEO and president Scott Taylor will continue to oversee the day-to-day operations at Carter post-acquisition. Terms of the transaction were not released. The partnership aims to grow Carter’s banking relationships, expand the company’s mixed-use development platform and secure additional investment opportunities in key markets. Hunt Cos. and Carter have previously collaborated on Prospect Lake Wire, a 22-acre mixed-use development underway in Lakeland, Fla., and for The DeSOTA, a luxury apartment development in Sarasota, Fla.

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DevelopmentMarylandMultifamilySeniors HousingSoutheast

Greystar to Develop 175-Unit Active Adult Project at Annapolis Town Center in Maryland

by John Nelson

ANNAPOLIS, MD. — Greystar has announced plans to develop a new active adult project in Annapolis. Upon completion, the unnamed community will total 175 units, with a mix of one-, two- and three-bedroom residences. Amenities at the five-story development will include a library, club room, kitchen, fitness studio, pet spa, swimming pool and an exterior courtyard. Greystar recently acquired a 2.2-acre development site within Annapolis Town Center for the project. Construction is currently underway, and leasing is scheduled to begin in spring 2026. Annapolis Town Center features more than 50 retail stores and restaurants. The new community’s location will provide access to more than 557,000 square feet of retail, as well as connectivity to Washington, D.C., downtown Baltimore and Bethesda, Md.

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DevelopmentMultifamilyOfficeSoutheastVirginia

Penzance Receives Approval for Office-to-Residential Conversion Project in Northern Virginia

by John Nelson

ARLINGTON, VA. — Penzance has received approval from Arlington County for the proposed redevelopment of Ballston One, an office building located at 4601 N. Fairfax Drive in Arlington’s Ballston neighborhood. The approved plan will convert the existing seven-story office building into a new residential community totaling 328 multifamily units comprising studio, one- and two-bedroom apartments, as well as 13 two-story loft homes. The project will include the adaptive reuse of Ballston One’s underground parking garage. Penzance is targeting LEED Gold certification for the redevelopment, which will include new bird-friendly glass, dark-sky compliant lighting and a green roof, as well as 130 bicycle parking spaces and 65 electric vehicle-ready parking spaces. Planned amenities will include a landscaped courtyard with a pool, outdoor kitchen and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities will include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom and 24/7 concierge service. As part of the agreement with Arlington County, Penzance is contributing approximately $3.2 million toward the county’s affordable housing program.

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