LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.
MERRILLVILLE, IND. — Greystone has provided a $26.3 million Freddie Mac loan to finance the acquisition of Tiberon Trails Apartments in Merrillville. Additionally, Greystone Equity Services brought in MORE Capital, an affiliate of Morgan Properties, as a preferred equity provider. MORE Capital supplied a nearly $5 million preferred equity loan in conjunction with the Freddie Mac financing. Eric Rosenstock of Greystone originated the Freddie Mac loan on behalf of the borrower, Bayshore Properties. The loan features a fixed interest rate over a five-year term with a 30-year amortization and two years of interest-only payments. Tiberon Trails comprises 374 units with a mix of studio, one-, two- and three-bedroom layouts. Amenities include a playground and fitness center.
KANSAS CITY, MO. — EHP Capital and Aspen Funds have purchased Hunters Glen Apartments in Kansas City for $27 million. The partnership will launch a comprehensive renovation plan to modernize interiors and upgrade amenities at the 253-unit multifamily community. The property was built in 1975 and includes studio through three-bedroom floor plans ranging from 506 to 1,127 square feet, according to Apartments.com.
CHICAGO — SVN Chicago Commercial has brokered the $1.4 million sale of an apartment building located at 1329 W. 18th St. in Chicago’s Pilsen neighborhood. The asset features five recently rehabbed apartment units, rear garage parking and a newly signed retail lease with a five-year term. SVN’s Cawthon-Labriola Group represented both the out-of-state buyer and the seller.
HONOLULU — A public-private partnership between Greystar and the University of Hawaii at Mānoa has completed Hale Haukani, a two-tower development on the university’s campus in Honolulu. The community offers 558 beds across 316 fully furnished units in studio, two-, three- and four-bedroom configurations. Shared amenities include study rooms, community lounges and an amenity deck on the 12th floor. An onsite daycare operated by the university is also available to support students with families.
BEAUMONT, TEXAS — FTK Construction Services has begun the renovation of Seville Apartments, a 90-unit affordable housing complex in Beaumont that was built in 1980. The renovation will upgrade flooring, paint, appliances, countertops, cabinets and bathrooms in unit interiors; other updates will apply to roofing, HVAC systems and amenity spaces. The rehabilitation will also ensure the preservation of the property’s affordability status. Benton Design Group is the architect for the project, which is expected to last about 12 months. Denver-based Steele Properties owns Seville Apartments.
CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, a 152-unit affordable housing community in Chesapeake, with plans for a $26 million rehabilitation of the property. In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, Fairstead will finance the acquisition and rehabilitation of MacDonald Manor through a federal program that combines elements of HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs to ensure reinvestment in the community, while preserving affordability for residents. Originally built in 1972, MacDonald Manor features three one-bedroom units, 114 two-bedroom units and 35 three-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Renovations are set to commence this fall, with completion scheduled for fall 2027. Interior renovations will include modern lighting and plumbing fixtures, stainless steel appliances and new flooring and paint. Exterior improvements will consist of fresh landscaping, the repair of building facades and upgraded roofs and windows. Enhancements will also be made to the leasing office, maintenance and community buildings, mailboxes and the basketball court, as well as with the addition of a new playground. Fairstead recently announced the $10 million revitalization of another public housing community in Chesapeake: the …
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
SELMA, N.C. — The NRP Group has kicked off construction on Eastfield Village, a 348-unit, garden-style apartment community located in Selma, roughly 26 miles southwest of Raleigh. The development will anchor the 435-acre master-planned community of Eastfield, which comprises a 3 million-square-foot business park, medical and retail space, three hotels, a variety of senior and workforce housing and entertainment amenities. Eastfield Village will feature one-, two- and three-bedroom floorplans across 12 three-story buildings. Amenities at the complex will include a resort-style swimming pool with a sundeck, landscaped courtyard, pickleball court, shuffleboard area, fitness center, coworking/business lounge, multiple indoor and outdoor gathering spaces and a dedicated dog park and pet wash station. Additionally, walking trails and green spaces at the complex will connect residents to the broader Eastfield development. First move-ins are expected in late 2026, with full occupancy slated for the fourth quarter of 2027.
SAN JOSE, CALIF. — A joint venture between Sack Capital Partners and Belveron Partners has acquired Fountain Park, an apartment community in San Jose. Terms of the transaction were not released. Located at 1026 S. De Anza Blvd., Fountain Park offers 164 studio, one- and two-bedroom units. Community amenities include a clubhouse, barbecue area, resort-style swimming pool with spa hot tub, sauna, covered parking with electric vehicle charging and a dog park. The new owners have a long-term commitment to convert a portion of the apartments into affordable housing. Sack will provide property management services for the asset.