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Multifamily

AcquisitionsLoansMichiganMidwestMultifamilyStudent Housing

ACRES Capital Provides $30.5M Acquisition Loan for Multifamily Community in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — ACRES Capital has provided a $30.5 million first mortgage to finance the acquisition of Gateway Lofts, a student-oriented multifamily community in Lansing. Built in 2021, the property features 181 units across a five-story building. In addition to 9,334 square feet of ground-floor retail space, the community features a fitness center, clubhouse, game room, coffee bar, bike storage, conference room and 204 surface parking spaces. The property is located 0.7 miles from Michigan State University. Vesper was the borrower.

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The-Perennial-Queens
Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Foxy Development, Selfhelp Realty Break Ground on $150M Affordable Housing Project in Queens

by Taylor Williams

NEW YORK CITY — A partnership between two local owner-operators, Foxy Development and Selfhelp Realty Group, has broken ground on The Perennial, a $150 million affordable housing project that will be located in the Forest Hills neighborhood of Queens. The project is a conversion of the former Parkway Hospital building, which has been shuttered since 2008. Of the 145 total units, 124 will be senior units, 44 residences within which will be reserved for formerly homeless individuals. The remaining apartments will be family units. All residences will be reserved for households earning 50 percent or less of the area median income. Project partners include architect Newman Design, Cityscape Engineering, Suffolk Construction and MEP engineer Mottola Rini. TD Bank provided construction financing for the project, and The Community Preservation Corp. will provide permanent financing. Construction is expected to be complete in late 2027.

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AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Buys Flats at East Bay Apartments in Fairhope, Alabama for $49.8M

by John Nelson

FAIRHOPE, ALA. — Birmingham, Ala.-based Oakley Group has acquired Flats at East Bay in Fairhope for $49.8 million. Stoa Group was the seller. Craig Hey of Cushman & Wakefield arranged the sale. Oakley has appointed Arlington Properties to manage the 240-unit community, which is located at 9376 Twin Beech Road on the eastern shoreline of Mobile Bay, about 26 miles south of Mobile. Flats at East Bay was completed in 2024 and features 10 three-story buildings with one-, two- and three-bedroom units and amenities such as a resort-style pool with cabanas, a fitness center, dog park, walking trails, grills, coworking space with conference rooms, fire pit and electric vehicle charging stations.

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Hanover-Crossing-Residences
AcquisitionsMassachusettsMultifamilyNortheast

Hanover Co. Sells 297-Unit Apartment Complex in Hanover, Massachusetts

by Taylor Williams

HANOVER, MASS. — Houston-based owner-operator The Hanover Co. has sold a 297-unit apartment complex in Hanover, located southeast of Boston. Hanover Crossing Residences was built in 2023 and comprises four four-story buildings that house one-, two- and three-bedroom units with an average size of 934 square feet. Amenities include a pool, entertainment kitchen and social lounge, fitness center, coworking space and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the transaction. The buyer was an affiliate of AEW Capital Management. The sales price was not disclosed.

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Affordable HousingDevelopmentGeorgiaSeniors HousingSoutheast

Columbia Residential Completes $35M Redevelopment of Affordable Seniors Housing Community in Atlanta

by John Nelson

ATLANTA — Locally based Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta. Originally built in the 1970s, the newly reopened property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income (AMI). Rents are capped at 30 percent of household income through project-based vouchers. Financing for the redevelopment included $12.4 million in equity from Truist Community Capital via 9 percent low-income housing tax credits (LIHTC) allocated by the Georgia Department of Community Affairs; a $10.5 million construction-to-permanent loan from Atlanta Housing; an $8 million construction loan and $5.6 million permanent mortgage from Truist Bank; $4 million in National Housing Trust Funds from the Georgia Department of Community Affairs; $1 million in housing opportunity bond financing from Invest Atlanta, the City of Atlanta’s economic development agency; a $1 million seller note from Atlanta Housing; and $400,000 in deferred developer fees by Columbia Residential. Dash & Dwell coordinated resident relocations during construction, and a partnership with Matter Health now provides …

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $3.4M Sale of Metro Boston Apartment Building

by Taylor Williams

WALTHAM, MASS. — Marcus & Millichap has brokered the $3.4 million sale of a nine-unit apartment building located in the western Boston suburb of Waltham. The building at 9-19 Brown St. houses a mix of one- and two-bedroom apartments and three-bedroom townhouses, as well as six rentable garages. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Alta-87-Gilbert-AZ
ArizonaDevelopmentMultifamilyWestern

Wood Partners Opens Alta 87 Apartment Complex in Metro Phoenix

by Amy Works

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Pearl-St-Rose-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

MG Properties Acquires 270-Unit Multifamily Property in Las Vegas for $64M

by Amy Works

LAS VEGAS — MG Properties has acquired The Pearl at St. Rose, a multifamily community in Las Vegas’ Silverado Rancho master-planned community, from an affiliate of The CONAM Group for $64 million. Charles Steele, John Cunningham and Jared Glover of Berkadia represented the seller. Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach of Berkadia arranged financing through Freddie Mac. Situated along the St. Rose Corridor in South Las Vegas, The Pearl at St. Rose offers 270 apartments with spacious floor plans and modern interior finishes. Community amenities include a pool and spa, fitness center, dog park and resident clubhouse. The property was built in 2000.

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Alvera-Meadows-American-Fork-UT
AcquisitionsMultifamilyUtahWestern

Gelt Venture Partners Buys 142-Unit Apartment Community in American Fork, Utah

by Amy Works

AMERICAN FORK, UTAH — Gelt Venture Partners has acquired Alvera at the Meadows, an apartment property in American Fork, from a joint venture between Woodbury Corp., Garbett Homes and Cirrus Group for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer. Completed in 2021, Alvera at the Meadows features 142 apartments, a resort-style swimming pool with lazy river, a 24-hour workout facility, sauna, steam room and game room. Apartments offer keyless entry, vaulted or nine-foot ceilings, washers/dryers and private balconies or patios.

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Walker-Pulte-Photo-2
FeaturesSeniors Housing

PulteGroup CEO Emphasizes Importance of Innovation in Active Adult Sector at NIC Conference

by Hayden Spiess

AUSTIN, TEXAS — The Del Webb active adult brand, long associated with Sun Belt markets, is gaining traction in the Midwest, says Ryan Marshall, president and CEO of Atlanta-based PulteGroup Inc. (NYSE: PHM), parent company of Del Webb. But unlike Sun City, Arizona — the pioneering planned retirement community developed by Del Webb starting in 1960 — today’s developments are much smaller in scale. Del Webb Hickory Greens, located about 25 miles southwest of Cleveland in Columbia Township, Ohio, officially opened in March of this year. The 622-home community is spread across 325 acres, where residents age 55 and older can enjoy a variety of resort-style amenities designed to foster an active and social lifestyle.  The centerpiece of the community is a 14,000-square-foot amenity center featuring indoor and outdoor pools, outdoor pickleball courts and a fitness center. Del Webb Hickory Greens also offers year-round social events, walking trails, over 170 acres of green space, a dog park and a community garden. “It’s one of our best-selling active adult Del Webb communities year to date,” says Marshall, noting that the Cleveland market is not traditionally known as a hotspot for retirees. “We’ve probably sold 110 homes [at Del Webb Hickory Greens] since February, which is …

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