Multifamily

Joint Venture Breaks Ground on 265-Unit Apartment Community in Wilmington, North Carolina

by John Nelson March 14, 2025

WILMINGTON, N.C. — A joint venture between The Beach Co., Swain & Associates and Larson Capital Management has broken ground on The Sterling, a 265-unit apartment community located within the larger mixed-use development of Center Point in Wilmington. Clancy & Theys Construction Co. is the general contractor for the project, which will feature a four-story building that totals 326,384 square feet. The luxury apartment complex will offer studios, one-, two- and three-bedroom apartments, as well as a swimming pool, courtyard, fitness center, billiards and game rooms, golf simulator, business and outdoor lounges, electric vehicle charging stations, a dog park and grilling areas. The Sterling is slated to open in August 2026, with preleasing beginning in May 2026.

March 14, 2025

Development Multifamily Retail Texas

XAG Group Begins Construction on 326-Unit Multifamily Project in Magnolia, Texas

by Taylor Williams March 14, 2025

MAGNOLIA, TEXAS — Locally based developer XAG Group has broken ground on RASHA at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The 20-acre site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. XAG Group will also develop 30,000 square feet of retail space as part of the project, partners on which include The Gonzalez Group, Anchor Construction, Investwell Architects and Identity Architecture. Hall Structured Finance provided the loan for construction of the project, the retail component of which is slated for a fourth-quarter completion. The apartments are expected be complete in late 2026.

March 14, 2025

Acquisitions California Multifamily Western

American Assets Trust Acquires 192-Unit Multifamily Property in San Diego

by Amy Works March 14, 2025

SAN DIEGO — American Assets Trust has purchased Genesee Park, an apartment community located at 3625 Earnscliff Place in San Diego, from Hess Genesee Park LLC for an undisclosed price. Rachel Parsons, Derreck Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas of CBRE represented the seller in the transaction. Built in 1985, Genesee Park consists of six buildings, each configured with three stories of residential space over one level of gated on-grade garage parking. The community features 192 one-, two- and three-bedroom floor plans, each averaging 1,051 square feet. Units offer an outdoor balcony, oversized windows and ample storage closets. Genesee Park also features a deck area with a pool, spa, lounge seating and outdoor dining tables.

March 14, 2025

Acquisitions Illinois Midwest Multifamily

Eastham Capital Sells Ridgeland Station Apartment Community in Chicago Ridge for $10M

by Kristin Harlow March 14, 2025

CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit apartment community in Chicago Ridge, for $10 million. Eastham acquired the property for the portfolio of Eastham Capital Fund V LP in partnership with Bender Cos. in February 2019. Ridgeland Station marked the first collaboration between Eastham and Bender. To date, the partners have co-invested in nine projects with a 10th in the pipeline. Under Bender’s management, Ridgeland Station maintained strong occupancy levels and was 95 percent leased at the time of disposition. Average rents increased 9.7 percent year over year. The community consists of a mix of one- and two-bedroom units.

March 14, 2025

Loans Multifamily New Jersey Northeast

JLL Provides Two Agency Loans Totaling $81.2M for Refinancing of Jersey City Apartment Complexes

by Taylor Williams March 14, 2025

JERSEY CITY, N.J. — JLL has provided two Freddie Mac loans totaling $81.2 million for the refinancing of Atlas and Starling, two newly constructed apartment complexes totaling 208 units in the Bergen-Lafayette section of Jersey City. Located at 270 Johnston St., Atlas comprises 169 apartments, including 11 affordable units. Starling is located at 66 Monitor St. and offers 39 apartments with three affordable units. Income restrictions for the affordable units were not disclosed. Each property also features two commercial spaces. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL originated the loans, both of which carry five-year terms and fixed interest rates. The borrower is New York City-based Alpine Residential, which developed the properties in partnership with local firm Fields Grade.

March 14, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $13.8M Sale of Midtown Manhattan Apartment Complex

by Taylor Williams March 14, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $13.8 million sale of a 24-unit apartment complex located in Midtown Manhattan. The property at 640-644 10th Ave. spans 17,932 square feet across three contiguous buildings and includes three commercial spaces. Christopher Dintrone, Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the local buyer, both of which requested anonymity, in the transaction.

March 14, 2025

Multifamily New York Northeast Top Stories

Walker & Dunlop Arranges Recapitalization for $420M Multifamily Tower in Brooklyn

by Hayden Spiess March 14, 2025

NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story multifamily tower located at 333 Schermerhorn St. in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not released, but Walker & Dunlop disclosed the transaction was done at a valuation of $420 million for the tower. Developed by locally based Steiner, the building totals 750 units, with studio, one- and two-bedroom floor plans. Upon its completion in 2018, Hub was the tallest building in Brooklyn. Walker & Dunlop advised Steiner on the recapitalization and secured $62.5 million in preferred equity from Meadow Partners to facilitate the purchase. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop represented Steiner NYC in the financing. “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction,” says Appel. Walker & Dunlop previously arranged construction financing, JPAMM’s equity investment and institutional permanent financing for Hub back in 2019 for …

March 14, 2025

Acquisitions Multifamily Texas

JLL Brokers Sale of 412-Unit Nova Apartments in Northwest San Antonio

by Taylor Williams March 13, 2025

SAN ANTONIO — JLL has brokered the sale of Nova Apartments, a 412-unit multifamily community in northwest San Antonio. The property was built on 31 acres in 2009 and offers one-, two- and three-bedroom units. Amenities include multiple pools and dog parks, as well as a fitness center, business center, coffee bar, game room and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Metlife Investment Management, in the transaction. The buyer and sales price were not disclosed.

March 13, 2025

Development North Carolina Southeast Student Housing Tennessee

Preiss, FD Stonewater to Break Ground on Two Student Housing Developments Near NC State and University of Tennessee

by John Nelson March 13, 2025

RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.

March 13, 2025

California Loans Multifamily Western

MMCC Arranges $16.8M in Refinancing for Le Noble Apartments in Los Angeles

by Amy Works March 13, 2025

LOS ANGELES — Marcus & Millichap Capital Corp. (MMCC) has secured $16.8 million for the refinancing of Le Noble Apartments in Los Angeles. Terms of the 30-year loan include three years of interest-only payments at a 6.19 percent rate followed by a 30-year amortization and a 65 percent loan-to-value ratio. Dan Litman of MMCC secured the financing with a national bank on behalf of a local commercial brokerage firm that specializes in sales, leasing and management of multifamily and commercial properties located in Los Angeles County, Calif. Located at 5768 W. 3rd St., Le Noble Apartments offers 46 residences with in-unit washers/dryers. The property features elevators, balconies, a dog park, courtyard and fitness center that is currently under construction.

March 13, 2025

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