WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a multifamily complex in Winthrop, located northeast of Boston. Shore Drive Apartments currently houses 71 units in studio, one- and two-bedroom formats, and plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WALL TOWNSHIP, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has arranged the sale of a 27-unit apartment building in Wall Township, located near the Jersey Shore. The sales price was $3.1 million. According to the property website, the building at 2538 Allaire Road exclusively houses one-bedroom units that are reserved for residents age 55 and above who meet certain income restrictions. Ronald Schrader Jr. of Sitar Realty represented the buyer and seller, both of which were limited liability companies, in the transaction.
SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has completed Los Arcos at Vida, an $81 million project in San Antonio. The property is located within the 600-acre Vida master-planned development on the city’s south side and totals 324 units. Residences come in one-, two-, three- and four-bedroom floor plans and are reserved for households earning between 30 and 70 percent of the area median income. Amenities include a pool with a sundeck, barbecue grills and picnic areas, a conference center and cybercafé, activities room, community garden, playground and onsite laundry facilities. The project was financed in large part by $36 million in tax credits issued by the Texas Department of Housing & Community Affairs.
CHARLOTTE, N.C. — Riverside Investment & Development and Woodfield Development have topped out a 42-story apartment tower in Charlotte. Goettsch Partners served as the architect and Clark Construction Group served as the general contractor for the 409-unit property, which is the multifamily component of the Queensbridge Collective mixed-use development. The development also includes a 35-story office tower, nearly 30,000 square feet of retail space and more than 90,000 square feet of indoor/outdoor amenity space, including more than two acres of indoor and outdoor fitness, recreation and entertainment spaces. Charlotte-based Night Swim Coffee is scheduled to open later this year on the ground floor of the apartment tower, and Denver-based steakhouse Guard and Grace will debut its 10,224-square-foot venue on the 10th floor in mid-2026. Riverside and Woodfield broke ground on Queensbridge Collective in May 2023 and plan to fully deliver the project in 2027.
DALLAS — An affiliate of California-based investment, development and finance company Bolour Associates Inc. has provided an undisclosed amount of acquisition financing for a 112-unit affordable housing community located at 4753 Duncanville Road in southwest Dallas. The property was originally built in 1989 and features one-, two- and three-units that range in size from 663 to 1,059 square feet. Income restrictions for the community were not disclosed. John Choi of Concord Summit Capital arranged the financing on behalf of the unnamed borrower.
BROOKHAVEN, GA. — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on Residences at Perimeter Summit, a 350-unit apartment community located at 1251 Perimeter Summit Parkway in Brookhaven. Situated approximately nine miles from Midtown Atlanta, the seven-story apartment community will serve as a pillar of Perimeter Summit, a 1.7 million-square-foot mixed-use campus that also includes offices, shops, restaurants, a 182-room hotel and condominiums. Spear Street Capital is heading the office development at Perimeter Summit and recently partnered with STHRN Hospitality to add two new restaurants set to open this year: The Little Gem and Pizza Stop. Residences at Perimeter Summit will include a mix of studio, one-, two- and three-bedroom apartments with an average unit size of more than 900 square feet. Community amenities will include a resort-style pool, three courtyards, 1,200-square-foot speakeasy lounge, fitness center, clubroom, coworking center, private conference and study rooms, tasting room, pet spa, golf simulator, wellness sauna and access to walking trails and two MARTA stations. The design-build team includes architect Cooper Carry and general contractor New South Construction. The construction timeline was not disclosed.
BOWLING GREEN, KY. — Pearlmark has provided a mezzanine loan for the acquisition of Midtown at WKU, a 534-bed student housing community located adjacent to Western Kentucky University in Bowling Green. Eagle Realty Group provided the senior loan on behalf of the borrower, ABCampus. Greg Young of Colliers Mortgage arranged the financing. Located on Center Street, Midtown at WKU features 189 units with bed-to-bath parity, as well as an amenity package that includes a fitness center, rooftop pool, study center, 24-hour maintenance staff, courtyard, clubhouse and private study rooms.
AUSTIN, TEXAS — Franklin Street, a Tampa-based commercial real estate services firm, has launched a multifamily investment sales division for Texas markets. The business unit will operate as a seven-person team from the firm’s existing office in Austin, which opened about a year ago and now comprises more than 20 professionals who also offer services for land, office and industrial verticals. Patrick Strake, an Austin native and former Marcus & Millichap team member, will lead the new multifamily division.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $148 million construction loan for Sutphin II, a 524-unit multifamily project that will be located in the Jamaica area of Queens. The 24-story building will consist of 366 market-rate units and 158 affordable units that will come in studio, one-, two- and three-bedroom formats, as well as 7,750 square feet of ground-floor retail space. Amenities will include a gym and yoga studio, business center, game room, theater, resident lounge, children’s playroom, pet spa and a library. Steven Hersko of SHB Group arranged the loan on behalf of the developer, a partnership led by local investor Moshe Braver.
ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.