Multifamily

IPA Negotiates Sale of 274-Unit Apartment Community in Fort Worth

by Taylor Williams February 13, 2025

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a Rocklyn at Samuels Ave., a 274-unit apartment community in Fort Worth. Built in 2018, the property offers studio, one-, two- and three-bedroom units with an average size of 885 square feet. Amenities include a pool, entertainment room, dog park, fitness center and outdoor grilling and dining stations. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Clark of IPA represented the seller, Dallas-based Carleton Cos., in the transaction and procured the buyer, EPH Properties.

February 13, 2025

CalPoly-FullStack-Apts-San-Luis-Obispo-CA

California Development Multifamily Student Housing Western

California Polytechnic State University to Begin 4,200-Bed Residence Hall Project

by Amy Works February 13, 2025

SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”

February 13, 2025

Colorado Loans Multifamily Western

JLL Provides $18.7M Loan for Red Table Apartments in Gypsum, Colorado

by Amy Works February 13, 2025

GYPSUM, COLO. — JLL Capital Markets has provided an $18.7 million Freddie Mac loan for Red Table Apartments, a multifamily property in Gypsum. Tony Nargi of JLL Capital Market’s Debt Advisory led the team that arranged the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Located at 765 Red Table Drive, Red Table Apartments offers 77 studio, one- and two-bedroom units in a three-story building. Units feature hard surface LVP flooring, stainless steel appliances and butcher box countertops. Situated on 3.5 acres, the community offers commercial laundry facilities, a basketball court, community grills, a picnic patio area and 45 attached and detached garages. The property was built in 2009 and expanded in 2018.

February 13, 2025

Acquisitions Arizona Multifamily Western

Goodegg Investments Acquires 71-Unit North Edge Apartments in Phoenix

by Amy Works February 13, 2025

PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix. Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.

February 13, 2025

J-Veridian-at-Upper-Dublin-Fort-Washington

Development Multifamily Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Deliver 310-Unit Project in Metro Philadelphia

by Taylor Williams February 13, 2025

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.

February 13, 2025

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Pair of Multifamily Sales in Wheaton, Illinois, Totaling Over $15M

by Kristin Harlow February 13, 2025

WHEATON, ILL. — Interra Realty has brokered the sale of two multifamily buildings in the Chicago suburb of Wheaton. The 18-unit Liberty Square Flats sold for $8.4 million, while the 44-unit Lorraine Court Apartments traded for nearly $7 million. Nathan Zito, Patrick Kennelly and Paul Waterloo of Interra represented seller Liberty Square Flats LLC as well as the buyer, a confidential local investor. The trio also represented LCA LLC in the sale of Lorraine Court Apartments, as well as the buyer, one of the largest owners of middle-market apartment properties in DuPage County. Both properties were sold as part of 1031 exchange transactions. Situated at 302 W. Liberty Drive, Liberty Square Flats was built in 2024. Amenities include a rooftop deck, dog washing station, outdoor patio, storage closets, heated garage parking, electric vehicle chargers, surface parking and keyless access. Lorraine Court Apartments, located on South Lorraine Road, was constructed in 1972.

February 13, 2025

Affordable Housing Development Florida Multifamily Southeast Top Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan February 13, 2025

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami. Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces. Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group. “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group. Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

February 13, 2025

Development Features Seniors Housing

Engaged by Design: Outdoor, Community Amenities Help Seniors Housing Residents Thrive

by Hayden Spiess February 13, 2025

By Shawn Reed of FK Architecture A focus on wellness and lifestyle is among the top 10 senior housing trends for 2025, according to the Seniors Blue Book. With an increased focus on wellness spaces, community gardens and outdoor areas that can be utilized for different activities, seniors now have more opportunities to live healthier, more satisfying lives. Landscape architects are uniquely suited to provide ways for seniors to experience the outdoors in a safe, accessible way. Ideally, this involves targeted, evidence-based design that emphasizes connection to nature while meeting seniors’ preferences for where they prefer to be and interact with others. Focusing on the important aspects of amenity design can improve health, foster a broader sense of community and increase positive interactions among seniors of all ages. Strategic Amenity Location The “attention restoration theory” research conducted by Stephen and Rachel Kaplan shows the benefits humans get from being more in touch with nature. In seniors, increased time outdoors can result in health benefits such as better sleep, decreased incontinence, pain reduction and longevity. Granting residents proper amenity access to the outdoors also promotes mental acuity and psychological wellbeing. Landscape architects have the opportunity to create amenities such as onsite …

February 13, 2025

Acquisitions Arizona Multifamily Western

Rockpoint, Related Sell Town Deer Valley Apartments in Phoenix for $131.1M

by Amy Works February 12, 2025

PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.

February 12, 2025

Affordable Housing Loans Multifamily Northeast Pennsylvania

Lument Provides $24.8M Agency Acquisition Loan for Metro Philadelphia Affordable Housing Complex

by Taylor Williams February 12, 2025

LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.

February 12, 2025

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