UPLAND, CALIF. — MJW Investments has purchased Coventry Square Apartments, located at 1012 W. Arrow Highway in Upland, from the Tsang & Chan family for $21 million. Endri Hoxha of Coldwell Banker Commercial Realty and Philip Batlin of Marcus & Millichap represented the buyer, while Sarah Hillhouse of Coldwell Banker Commercial Realty represented the seller in the deal. Constructed in 1990, Coventry Square includes 92 two-bedroom/two-bath apartments with enclosed patios and in-unit washers/dryers. The approximately 1,178-square-foot apartments are spread across 46 single-story buildings, totaling 68,400 square feet. The community features 92 carport parking spaces, a central pool with community activities and park-like grounds with mature trees and landscapes.
DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.
ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
SAN ANTONIO, FLA. — Coastal Ridge has broken ground on Stillwell Pasco Station, a 277-unit build-to-rent community located in San Antonio, about 30 miles north of Tampa. The development will feature a mix of one-, two and three-bedroom homes measuring up to 1,300 square feet. The single-bedroom units will be designed as attached duplex-style homes, while the two- and three-bedroom houses will be detached. The carriage-style units will feature private one-car garages. Amenities will include a 5,000-square-foot clubhouse and fitness center, lounge, game room, resort-style pool, fire pits, grilling areas, outdoor walking trails and dog parks. BBL is serving as the general contractor, the project architect is KTGY, the engineering and landscape architect is Kimley-Horn and the interior designer is HPA. The first homes are slated for completion in early 2026.
ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.
TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.8 million sale of Belleview Commons, a 24-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners is underway on The Juniper and The Reserve at Juniper, a two-tower multifamily project totaling 487 apartment units. The development is located at 1081 Juniper St., a block from Piedmont Park in Midtown Atlanta. The Juniper will feature 320 units across 37 stories. The top floor will be dedicated to amenity space, including coworking suites, a fitness center and a hot yoga studio. Adjacent to The Juniper, The Reserve at Juniper will comprise 167 apartments across 34 stories. The building will offer amenities such as infrared and salt saunas, a cold plunge and rooftop pool. Each tower will also feature an undisclosed amount of ground-floor retail space. The development team broke ground on the project in mid-2022, and the towers were topped out in July 2024. Leasing is slated to begin in the spring. “We believe Midtown Atlanta, specifically the area adjacent to Piedmont Park, is the most dynamic submarket in the Southeast,” says Ed Alexander, development partner for Middle Street. “We set out to create a residential destination befitting the neighborhood and an addition to the skyline that will stand the test of time.” The joint venture secured …
LAKELAND, FLA. — Alliance Residential Co. has opened Prose Lakeside, a 391-unit apartment community located at 1320 Caprice Drive in Lakeland. Situated one mile from Lakeland Linder Airport and near I-4, the property features one- and two-bedroom apartments, as well as three-bedroom townhomes that come with private two-car garages. Monthly rental rates range from $1,664 to $2,914, according to Apartments.com. Amenities include a 24-hour fitness center, lounge space featuring an entertainment island and kitchen, mailroom, coworking space, pool with two in-pool sun shelves and a fenced dog park.
LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Avenue in the Highlands, a 128-unit apartment community in Louisville’s Highlands neighborhood. Brandon Wilson, Brian Devlin and John Seale of Kirkland brokered the transaction. The buyer, seller and sales price were not disclosed, but The Lane Report reported that the property traded hands for $18 million. Built in 1966, The Avenue in the Highlands features a mix of studio, one- and two-bedroom apartments, as well as a resort-style swimming pool, dog park, coffee bar and a grilling area.