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Multifamily

900-Morrissey-Blvd.-Boston
Affordable HousingDevelopmentHospitalityLoansMassachusettsMultifamilyNortheast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $9M Sale of Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $9 million sale of Spring Street Apartments, a 32-unit multifamily building located in the West Roxbury area of Boston. The elevator-served building was originally constructed in 1965 and offers two studios and 30 one-bedroom apartments. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyNortheastPennsylvania

V2 Properties Sells 21-Unit Apartment Building in North Philadelphia

by Taylor Williams

PHILADELPHIA — Regional investment firm V2 Properties has sold Lofts at Henry Hall, a 21-unit apartment building located at 2209 N. Broad St. on the north side of Philadelphia. The property was built in 2023 and offers one-, two-and three-bedroom units, as well as immediate proximity to Temple University. Vince Peruto of Marcus & Millichap represented V2 Properties in the transaction and procured the buyer, Felicity Street Investments. The deal traded for $3.6 million.

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Resia-Rayzor-Ranch
DevelopmentMultifamilyTexas

Resia Completes 433-Unit Multifamily Project in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Multifamily development and management firm Resia has completed a 433-unit project in the North Texas city of Denton. Resia Rayzor Ranch is located within a master-planned community of the same name and features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, basketball court, business center and outdoor grilling and dining stations. A pickleball court is also in the process of being constructed. Rents start at $1,350 per month for a one-bedroom apartment.

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Valor-at-the-Realm-Lewisville
AcquisitionsMultifamilyTexas

Bright Realty Sells 260-Unit Multifamily Property in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based developer Bright Realty has sold Valor at The Realm, a 260-unit multifamily property in the northern Dallas suburb of Lewisville. Built in 2021 within the 324-acre Realm at Castle Hills mixed-use development, the property offers one- and two-bedroom units. Amenities include a pool and a yoga studio, and the building also houses approximately 35,000 square feet of retail space. Weidner Apartment Homes purchased Valor at the Realm for an undisclosed price. JLL brokered the deal.

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Ora-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Partnership Completes 270-Unit Multifamily Project in Hackensack

by Taylor Williams

HACKENSACK, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, as well as Riverbank Management LLC, has completed a 270-unit multifamily project in downtown Hackensack. Designed by MVMK Architecture and known as Ora, the property houses studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. In addition, residents have access to a fitness center, coworking spaces, private conference rooms, pet spa and package lockers. Rents start in the mid-$2000s per month for a studio apartment.

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Candela-Apts-Los-Angeles-CA.jpg
AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Sells 112-Unit Candela Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Raintree Partners has completed the disposition of Candela, an apartment community in the Hollywood Hills neighborhood of Los Angeles. Cityview acquired the asset for $35.5 million, or $316,875 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1974, Candela offers 112 apartment units in a controlled-access residential building. The classic units feature Formica countertops, white cabinetry, black appliances and large closets, while the renovated units feature stone countertops, stainless less appliances, recessed lighting and vinyl plank flooring. Additionally, most units have a private balcony or patio. Community amenities include a private garage, swimming pool, dog spa and package locker system.

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The-Hamilton_Miami
AcquisitionsFloridaLoansMultifamilySoutheastTop Stories

Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M

by Hayden Spiess

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million.  Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district.  Originally developed in 1984, The Hamilton features one-, two-, three-, four- and five-bedroom units averaging 1,373 square feet in size. Each apartment also features a terrace — the terraces average 326 square feet, with some larger than 2,300 square feet.  Aimco purchased The Hamilton in 2020 and executed a complete renovation of the property, which was completed in 2022. Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack of Walker & Dunlop arranged the transaction on behalf of Aimco.  Additionally, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet of Walker & Dunlop arranged a $157 million acquisition financing package on behalf of Kushner Cos. Apollo Global Management and Macquarie Group provided the financing.  According to a press release issued by Walker & Dunlop, The Hamilton marks one of only two institutional-quality, direct …

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The-Trailhead-at-Chisholm-Trail
DevelopmentMultifamilyTexas

Titan Development, Aberg Property Complete $63M Multifamily Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has completed The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units are spread across seven buildings and come in studio, one-, two- and three-bedroom formats. Amenities include a pool, dog park and a pickleball court. HEDK Architects designed the project, and Cerris Builders served as the general contractor. Construction began in summer 2022 and topped out in winter 2023. Rents start at roughly $1,200 per month for a studio apartment.

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Far-West-Apartments-Austin
DevelopmentLoansMultifamilyTexas

JLL Arranges Construction Loan for 321-Unit Multifamily Project in Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has arranged a construction loan of an undisclosed amount for Far West Apartments, a 321-unit multifamily project in Austin. The site is located within the Northwest Hills submarket, and the development will offer one-, two- and three-bedroom units with an average size of 800 square feet. Amenities will include a pool, fitness center, clubhouse, pet spa and a conference room. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower, Central Southwest Texas Development. Completion is slated for spring 2027.

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