Wednesday, May 14, 2025
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Multifamily

The-Hartby-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Property Resources Corp. Begins Leasing 205-Unit Multifamily Adaptive Reuse Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and are now being leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Leasing of market-rate units will begin later this summer, and move-ins will commence this fall.

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DevelopmentSouth CarolinaSoutheastStudent Housing

Holder Properties, USC Foundations to Begin Leasing 940-Bed Student Housing Community in Columbia

by John Nelson

COLUMBIA, S.C. — Construction is underway and leasing will begin next month on Gateway 737, a 940-bed student housing development located on the University of South Carolina campus in Columbia. The project is being developed by a public-private partnership between Holder Properties and the University of South Carolina Foundations and is expected for completion in August 2025. Gateway 737 is the second community developed by the partnership. The community will include 12,500 square feet of retail space, a three-story meeting and event space and dedicated parking spaces. Shared amenities will include a rooftop lounge, two-story fitness center, resort-style swimming pool, tech lounge and a game room. The community will offer fully furnished units in studio, two-, three- and four-bedroom configurations.

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LoansMultifamilySoutheastTennessee

BWE Provides $34.1M Agency Refinancing for Apartment Community in Metro Nashville

by John Nelson

MADISON, TENN. — BWE has provided a $34.1 million Fannie Mae loan for the refinancing of Bristol Park at Riverchase, a 300-unit apartment community located at 100 Riverchase Blvd. in Madison, roughly 10 miles northeast of Nashville. Charles DuBose and David Foulk of BWE originated the financing on behalf of the borrower, GrayCo. The loan has a seven-year term and interest-only payments for the life of the loan. Bristol Park at Riverchase features a mix of one-, two- and three-bedroom apartments, as well as a fitness center, sand volleyball court, swimming pool, business center and a pet play area.

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AcquisitionsMultifamilyNortheastNorthmarqPennsylvania

Northmarq Brokers Sale of Two Lehigh Valley Manufactured Housing Properties Totaling 163 Sites

by Taylor Williams

HAZLETON AND CENTER VALLEY, PA. — Northmarq has brokered the sale of two manufactured housing properties totaling 163 sites in the Lehigh Valley region. Birch Knoll is a 92-site property in Hazleton that was built in 1989. Saucon Valley Crossing in Center Valley totals 71 lots in both single and double formats and was originally constructed in 1947. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based ME Management, in the transaction. The buyer(s) and sales price(s) were not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $4.3M Sale of Multifamily Portfolio in Suburban Chicago

by Kristin Harlow

MOUNT PROSPECT, ILL. — Interra Realty has negotiated the sale of a five-building, 30-unit multifamily portfolio in the Chicago suburb of Mount Prospect for $4.3 million. The properties sold to local buyers in two separate deals. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the undisclosed seller. Hubert Cioromski of Troy Realty represented the buyer of three buildings, while Nader Shahat of Green Equities LLC represented the buyer of the other two buildings. Constructed in 1978, the three-story buildings each contain six units in a mix of one- and two-bedroom layouts. Most of the units include individual balconies and were recently renovated with updated kitchens and baths. They were fully occupied at the time of sale.

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Build-to-RentConference CoverageFeaturesMultifamilyNorth CarolinaSingle-Family RentalSouth CarolinaSoutheastSoutheast Feature Archive

Build-to-Rent Sector Remains in a Sweet Spot, Say InterFace Panelists

by John Nelson

CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability of more private space including garages and backyards — led to a sharp increase in demand for single-family rental (SFR) homes. Underpinning the increased demand for BTR living is the unaffordability of homeownership for a large swath of Americans. As of mid-year, home prices are now 47 percent higher than they were in early 2020, according to Harvard’s Joint Center for Housing Studies. Home insurance premiums have also risen aggressively in the recent past — up 21 percent between 2022 and 2023, according to the study. Meanwhile, mortgage payments are increasingly untenable as interest rates have also risen dramatically in recent years. For these reasons, institutional investors are actively participating …

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Palladium-San-Antonio
DevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $75M Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $75 million multifamily project in San Antonio. The development will be situated on an 18-acre site on the city’s south side and will feature 288 units in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubroom with a mini kitchen. Cross Architects designed the community, and Brownstone Group is the general contractor. Palladium has partnered with the San Antonio Housing Trust Public Facility Corp. (SAHTPFC), which issued $35 million in tax-exempt bonds to finance the project. PNC Bank provided $33 million in equity and more than $30 million in long-term debt. The Texas Department of Housing and Community Affairs provided $36 million of 4 percent Low-Income Housing Tax Credits. Preleasing is set to begin in winter 2025.

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The-Valencia-Vallejo-CA
AcquisitionsCaliforniaMultifamilyWestern

Northmarq Brokers $27.5M Sale of Apartment Portfolio in Vallejo, California

by Amy Works

VALLEJO, CALIF. — Northmarq has facilitated the sale of a two-property multifamily portfolio in Vallejo, across San Pablo Bay from San Francisco. Reliant Group Management sold the portfolio to Abacus Capital Group for $27.5 million. The portfolio includes the 80-unit The Valencia, located at 1101 N. Camino Alto, and the 64-unit Valencia Terrace, located at 154 Richardson Drive. The Valencia was built in 1986 and Valencia Terrace was built in 1982.   Zachary LeBeouf and Anthony Pappageorge of Northmarq’s Northern California multifamily investment sales team represented the seller in the transaction.

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DevelopmentMultifamilyTexas

Pacific Elm, Mintwood Near Completion of 291-Unit Peridot Apartments in Downtown Dallas

by Taylor Williams

DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate is nearing completion of Peridot, a 291-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, game lounge and a pickleball court. Santander Tower also houses a boutique hotel and Class A offices. Rents start at roughly $2,400 per month, according to Apartments.com.

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AcquisitionsMultifamilyTexas

Younger Partners Arranges Sale of 32-Acre Multifamily Development Site in Grand Prairie

by Taylor Williams

GRAND PRAIRIE, TEXAS — Younger Partners has arranged the sale of a 32-acre multifamily development site in Grand Prairie, located roughly midway between Dallas and Fort Worth. The site is located at the northwest corner of Lake Ridge and Great Southwest parkways. John St. Clair and Davis Willoughby of Younger Partners represented the undisclosed seller in the transaction. The buyer was multifamily developer JPI.

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