Thursday, August 7, 2025
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Multifamily

Coventry-Court-Tustin-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Meta Housing Corp. Sells Coventry Court Seniors Housing Community in Tustin, California for $83M

by Amy Works

TUSTIN, CALIF. — Los Angeles-based Meta Housing Corp. has completed the sale of Coventry Court, a mixed-income seniors housing property in Tustin, to Jonathan Rose Cos. for $83 million. Completed in 2012, Coventry Court offers 240 market-rate and income-restricted apartments for residents age 55 or older. Of the 240 units, 153 are designated as affordable at 50, 60 and 110 percent of area median income (AMI), qualifying the property for a 40 percent tax abatement. The remaining 87 units are rented at market rates. Jim Fisher, Vince Norris, Mike Smith and Tommy Yates of Northmarq represented the seller in the deal.

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818-Gretna-Green-Way-Los-Angeles-CA.jpg
AcquisitionsCaliforniaMultifamilyWestern

CBRE Facilitates $18M Sale of Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — CBRE has arranged the sale of an apartment building located at 818 Gretna Green Way in the Brentwood neighborhood of Los Angeles. The asset traded for $18 million. The names of the buyer and seller were not released. Adam Peterson and Emil Gurfinkel of CBRE represented both parties in the deal. The property features 27 apartments with in-unit washers/dryers, secure parking and a walkable location near retail and dining options.

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DevelopmentFloridaSoutheastStudent Housing

Deven, Castle Lanterra Break Ground on $95M Student Housing Development Near University of Central Florida

by John Nelson

ORLANDO, FLA. — A partnership between Development Group Ventures, a subsidiary of Kajima USA and Kajima Corp., and Castle Lanterra have broken ground on a 631-bed student housing development near the University of Central Florida (UCF) campus in Orlando. Additional contributors to the project include PLT America Corp. and Sumitomo Mitsui Trust Bank, which provided financing for the project. Situated within the Quadrangle Business Park, the estimated $95 million project will total 304,969 square feet and comprise five stories. Completion is slated for summer 2027. The development will offer 177 units in one- to six-bedroom configurations. Shared amenities will include a sky lounge with lake views, golf/multi-sport simulator, rock climbing wall, outdoor fitness lawn with a sauna and cold plunge, Jumbotron, resort-style swimming pool, study spaces on each floor, game rooms, an activity kitchen, bicycle storage and a UCF shuttle stop.

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DevelopmentFloridaMultifamilySoutheast

City of Boca Raton Approves 306-Unit Modera Boca Apartment Development

by John Nelson

BOCA RATON, FLA. — The City of Boca Raton’s Community Redevelopment Agency has approved the community plan submission for Modera Boca, a 306-unit apartment development that will be located at 400 S. Dixie Highway. The developers include Mill Creek Residential and Group P6, who will move forward with the ground breaking in the near future. Planned amenities at Modera Boca will include a pool, lounge, fitness center, coworking spaces, dog park, clubhouse and a Zen garden. In addition to the apartment community, the project will include new pedestrian features along Dixie Highway and a revitalization of a neighboring city park.

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LoansMultifamilyNew HampshireNortheast

Newmark Provides $143.1M Agency Loan for Refinancing of Multifamily Property in Derry, New Hampshire

by Taylor Williams

DERRY, N.H. — Newmark has provided a $143.1 million Fannie Mae loan for the refinancing of The Fairways, an 849-unit multifamily property in Derry, about 50 miles north of Boston. The garden-style property was built in 1984 and features a mix of two-, three- and four-story buildings across a 108-acre site. Units come in one- and two-bedroom floor plans, and amenities include a pool, fitness center, sauna, tennis courts, playground, dog park and a great room. Ed Belz of Newmark originated the financing on behalf of the owner, Makor Capital.

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Jade-Everett
DevelopmentMassachusettsMultifamilyNortheast

Greystar Begins Leasing 325-Unit Apartment Community in Everett, Massachusetts

by Taylor Williams

EVERETT, MASS. — Greystar has begun leasing Jade, a 325-unit apartment community in the eastern Boston suburb of Everett. Jade offers studio, one-, two- and three-bedroom units that are furnished with oversized windows, stackable washers and dryers, quartz countertops, built-in pantries and spa-like bathrooms. Amenities include a music room with recording equipment, a fitness center with a yoga studio, coworking pods and a conference room, pet spa, clubroom, two courtyards, a pool and outdoor grilling and dining stations. Rents start at $2,295 per month for a studio apartment.

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Fairways-at-Cranford
DevelopmentMultifamilyNew JerseyNortheast

Hartz Mountain Completes 250-Unit Apartment Complex in Cranford, New Jersey

by Taylor Williams

CRANFORD, N.J. — Hartz Mountain Industries has completed Fairways at Cranford, a 250-unit apartment complex in Northern New Jersey. Situated on 13.5 acres, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and custom closets. Amenities include a fitness center, resident lounge, playroom, conference room, gaming area, theater room, landscaped courtyards and grilling stations. Minno & Wasko Architects and Planners designed the property, and March Construction served as the general contractor. Leasing began in January.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Negotiates $5.7M Sale of Multifamily Portfolio in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — SVN Chicago Commercial has negotiated the $5.7 million sale of a 100-unit multifamily portfolio in DeKalb. The seven-building portfolio is located on Fotis Drive, Regent Drive, Spiros Court and Edgebrook Drive. DJ Szymanowski of SVN Chicago represented the buyer and seller. The transaction closed in less than seven weeks. The portfolio offers value-add opportunity, according to the brokerage firm.

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ColoradoMarket ReportsMultifamilyWesternWestern Market Reports

Denver Multifamily: Positioned for a Strong Rebound

by John Nelson

— By Jason Koch and Adam Riddle of MMG Real Estate Advisors — espite recent challenges, the Denver multifamily market is showing clear signs of a comeback. With new supply beginning to taper off, demand accelerating, and investor confidence returning, 2025 is shaping up to be a year of renewed opportunity for multifamily owners and investors. Momentum Is Building Behind the Numbers After a year of downward pressure, Denver’s multifamily market is beginning to turn the corner. First-quarter 2025 recorded net absorption of 2,544 units, a 170 percent jump from the prior quarter indicating a surge of renter demand. Over the past 12 months, absorption reached 9,200 units, the highest total since 2021. MMG Managing Director Jason Koch notes, “Demand is back. Lease-ups are moving more quickly, especially for quality, well-located product. It’s clear that renters still want to be in Denver.” While average rent is down 3.4 percent year-over-year, the first quarterly uptick in nearly a year suggests the bottom may already be behind us. At $1,813, Denver remains one of the strongest-performing rental markets in the Mountain West, particularly in suburban pockets where new supply is limited. High-Quality Product Leading the Charge Much of the recent absorption has …

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Smyth-District15Fifteen-Parsippany
DevelopmentMultifamilyNew JerseyNortheast

Partnership Completes 262-Unit Apartment Complex in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — A partnership between Ohio-based Stanbery Development Group, New Jersey-based Claremont Development and Los Angeles-based PCCP LLC has completed a 262-unit apartment complex in the Northern New Jersey community of Parsippany. Smyth at District 15Fifteen is part of District 15Fifteen, a mixed-use redevelopment of a former 290,000-square-foot office campus. The property offers studio, one- and two-bedroom units that range in size from 554 to 1,240 square feet. Amenities include a pool, fitness center, two central courtyards, sports simulator lounge, coworking offices, kids’ playroom and a private party room. Leasing began this spring, and the first move-ins are now underway. Rents currently start at $2,445 per month for a studio apartment.

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