Multifamily

Inland Acquisitions Buys Northern New Jersey Apartment Community for $131.5M

by Taylor Williams February 21, 2025

UNION, N.J. — Inland Acquisitions, a division of Chicago-based investment firm The Inland Real Estate Group of Cos., has purchased Summit Court, a 393-unit apartment community located in the Northern New Jersey township of Union. The sales price was $131.5 million. Built in phases between 2018 and 2023, Summit Court comprises 210 one-bedroom units and 183 two-bedroom apartments that feature stainless steel appliances and private washers and dryers. Amenities include a pool, fitness center, outdoor lounge, game room with a billiards table, pet grooming room and outdoor grilling and dining stations. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties, in the transaction. Mark Cosenza negotiated the deal for Inland on an internal basis. M&T Realty Capital provided a $65.7 million Fannie Mae acquisition loan for the deal.

February 21, 2025

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8.5M Sale of Brooklyn Apartment Building

by Taylor Williams February 21, 2025

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit apartment building in the Williamsburg neighborhood of Brooklyn. According to LoopNet Inc., the building at 150 N. Ninth St. rises four stories and was originally constructed in 1910. Units at the property also recently underwent gut renovations and now feature modern finishes. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

February 21, 2025

California Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $81M Refinancing for Enclave Heritage Flats in Chula Vista, California

by Amy Works February 21, 2025

CHULA VISTA, CALIF. — Walker & Dunlop has arranged an $81 million loan for the refinancing of Enclave Heritage Flats, a low-rise apartment complex in Chula Vista. Located at 1800 Santa Carolina Road, Enclave Heritage Flats offers 312 one-, two- and three-bedroom floor plans. Amenities at the pet-friendly community include a fitness center, resort-style swimming pool and movie screening theater. Gregory Richardson of Walker & Dunlop Capital Markets, along with Andrew Yaroma, Kimberly Schmitz and Terri Magnani of Walker & Dunlop Investment Partners, arranged the loan for the borrower, Baldwin and Sons LLC.

February 21, 2025

Colorado Loans Multifamily Western

Inland Mortgage Capital Originates $18.3M Bridge Loan for Multifamily Property in Colorado

by Amy Works February 21, 2025

EVANS, COLO. — Inland Mortgage Capital has originated and closed an $18.3 million nonrecourse bridge loan for a multifamily community in Evans. Located two miles from the University of Northern Colorado, the 192-unit property primarily serves as a student housing community. At the time of financing, the community was 86 percent leased. The undisclosed borrower plans to use the capital for interior and exterior renovations, including upgraded flooring, cabinets and appliances in each unit. All common area amenities will also be updated, including a new clubhouse, resort-style pool, pickleball court, 24-hour fitness center, an outdoor gaming area, two dog parks and a pet spa.

February 21, 2025

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $42.6M Sale of Metro on First Apartments in Seattle

by Amy Works February 21, 2025

SEATTLE — Kidder Mathews has arranged the $42.6 million sale of Metro on First, a multifamily property in Seattle’s Queen Anne neighborhood. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily team represented the seller, a large institutional owner, and sourced the undisclosed buyer in the deal. Located at 215 First Ave. W., Metro on First offers 106 studio, one- and two-bedroom units. Originally built in 2001, the 72,194-square-foot property has undergone substantial interior renovations in recent years.

February 21, 2025

Loans Multifamily Nevada Student Housing Western

Northmarq Arranges $78.5M Refinancing for 773-Bed Student Housing Community in Reno, Nevada

by Amy Works February 21, 2025

RENO, NEV. — Northmarq has arranged a $78.5 million refinancing for The Dean Reno, a 773-bed student housing property located near the University of Nevada, Reno. Built in 2023, the community offers fully furnished units alongside shared amenities including a cyber lounge, fitness center, yoga studio and grilling stations. Justin Glasgow of Northmarq secured the financing through Heitman on behalf of the borrowers, GMH Communities and CRG. Terms of the financing were not released.

February 21, 2025

Georgia Loans Multifamily Southeast

AEW Provides $75M Loan to Refinance High-Rise Multifamily Complex in Midtown Atlanta

by John Nelson February 21, 2025

ATLANTA — AEW Capital Management has provided a $75 million loan to refinance the construction loan for The Hadley, a 300-unit, high-rise multifamily complex located in Midtown Atlanta. The borrower was not disclosed, but a joint venture between StreetLights Residential and PGIM Real Estate completed the project in 2023. Situated at 770 Juniper St. NE, The Hadley features studios, one-, two- and three bedrooms ranging from 534 square feet to 1,716 square feet, according to Apartments.com. Amenities at the property include a fitness center, private resident bar, onsite coffee lounge and coworking space, dog park and spa, gated parking garage and a rooftop swimming pool with cabanas. The property was nearly fully occupied at the time of financing.

February 21, 2025

Acquisitions Kentucky Southeast Student Housing

GMH Communities Acquires 533-Bed Student Housing Property Near University of Kentucky

by John Nelson February 21, 2025

LEXINGTON, KY. — GMH Communities has acquired The Stretch, a 533-bed student housing community located near the University of Kentucky campus in Lexington. A joint venture between Campus Advantage and Tramview Capital Management sold the property for an undisclosed price. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller in the transaction. Built in 2009 at 1051 Red Mile Road, the community offers a mix of two-, three- and four-bedroom units. Shared amenities include a clubhouse; pool and hot tub; fitness center; basketball, pickleball and volleyball courts; study rooms; a tanning salon; and outdoor grilling areas. The property was 96 percent leased at the time of sale.

February 21, 2025

Acquisitions Illinois Midwest Multifamily Seniors Housing

Tutera Acquires 75-Unit Seniors Housing Community in Suburban Chicago, Plans Reopening

by Kristin Harlow February 21, 2025

MATTESON, ILL. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community in Matteson, about 30 miles south of Chicago, for an undisclosed price. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living units and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and art studio; barbershop, beauty salon and spa; therapy room and gym; movie theater, library and chapel; bistro; courtyard with walking paths; and common areas. The acquisition brings Tutera’s portfolio to 77 communities operated across 10 states.

February 21, 2025

Acquisitions Alabama Multifamily Southeast

Matthews Real Estate Facilitates Sale of Two Multifamily Properties in Alabama

by John Nelson February 21, 2025

MUSCLE SHOALS AND TUSCUMBIA, ALA. — Matthews Real Estate Investment Services has facilitated the sale of two multifamily complexes located in Tuscumbia and Muscle Shoals, approximately just one mile apart. Breckenridge Apartments in Tuscumbia features 120 units with one-, two- and three-bedroom options ranging from 890 square feet to 1,200 square feet. Harvest Hills in Muscle Shoals totals 42 units with one- and two-bedrooms up to 1,280 square feet. Richard Lindsey of Matthews Real Estate represented the seller in the disposition of the properties to two separate buyers. The purchase price, seller and buyers were not disclosed. This transaction marks the largest multifamily sale in the metro Florence, Ala., area in recent years.

February 21, 2025

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