Wednesday, July 15, 2026
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Multifamily

The-Stonefield-Norwalk-Connecticut
AcquisitionsConnecticutMultifamilyNortheast

Avison Young Brokers $17.9M Sale of Apartment Building in Norwalk, Connecticut

by Taylor Williams

NORWALK, CONN. — Avison Young has brokered the $17.9 million sale of The Stonefield, a 55-unit apartment building located in the southern coastal Connecticut city of Norwalk. According to LoopNet Inc., the four-story building was constructed on a 3-acre site at 587 Connecticut Ave. in 2016 and offers one- and two-bedroom units. Will Suarez of Avison Young represented the seller, developer EDG Properties, in the transaction and procured the buyer, a group of local investors completing a 1031 exchange. 

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IllinoisLoansMidwestMultifamily

JLL Secures $332M Refinancing for Luxury Multifamily Tower in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower. Standing 76 stories and 893 feet tall, the property is Chicago’s tallest rental tower, according to JLL. Located at 1210 S. Indiana Ave. along Grant Park, NEMA Chicago includes 800 units. Architect Rafael Viñoly designed the property, which was completed in 2019. David Rockwell designed the interiors. NEMA Chicago features 70,000 square feet of amenity spaces, including indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building features 764 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which comprise private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace. Danny Kaufman, Medina Spiodic and Youngsoo Yang of JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Co. JLL also arranged the mezzanine loan through PGIM’s real estate business.

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Castlewood-Park-Apts-Buena-Park-CA
AcquisitionsCaliforniaMultifamilyWestern

Bascom Group Acquires Value-Add Apartment Community in Buena Park, California for $53M

by Amy Works

BUENA PARK, CALIF. — The Bascom Group has acquired Castlewood Park Apartments, a 183-unit value-add multifamily property in Buena Park, for $53 million, or $290,301 per unit. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged acquisition financing for the deal through Brightspire Capital. Kevin Green and Joe Grabiec of IPA represented the undisclosed seller in the deal. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations. Originally constructed in 1963, Castlewood Park Apartments features 183 two-, three- and four-bedroom apartments, averaging 1,028 square feet, with garages for each unit and private yards for approximately 60 percent of the residences. Situated on 8.7 acres, the community features 46 buildings, two pools and a leasing center. Bascom plans to renovate the property with interior renovations, amenity enhancements and the addition of full-time on-site management to further improve the resident experience.

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The-Tyler-Apts-Gilbert-AZ
AcquisitionsArizonaMultifamilyWestern

StreetLights Residential Sells 320-Unit Apartment Community in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Dallas-based StreetLights Residential has sold The Tyler, a 320-unit apartment community in Gilbert, to Camden Property Trust for an undisclosed price. Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the deal. Situated within the Agritopia master-planned community, The Tyler features studio, one-, two- and three-bedroom units with stone countertops, custom cabinetry, wood-style flooring, 10-foot ceilings, dine-in kitchen islands, built-in desks, in-unit washers and dryers and private balconies. Community amenities include a resort-style pool with cabanas, spa and fireplaces, greenhouse-style coworking space and conference room, demonstration kitchen, outdoor entertainment paseo with grilling stations and media lounges, a fitness center, electric vehicle charging stations, bike storage and a pet wash station.

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119-S-Los-Robles-Ave-Pasadena-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Marcus & Millichap Brokers $22M Sale of Mixed-Use Property in Pasadena, California

by Amy Works

PASADENA, CALIF. — Marcus & Millichap has brokered the $22 million sale of 119 S. Los Robles Avenue, a mixed-use building in Pasadena. A company doing business as MLT VII LLC sold the asset to an undisclosed funding investment corporation. Built in 2015, the five-story property features 50 condominiums and 3,700 square feet of retail space. All units offer central air conditioning and heating, washer and dryer connections and stained concrete flooring. The controlled-access property features gated parking and an enclosed mail room. Tony Azzi and Rabbie Banafsheha of the Azzi Group of Marcus & Mililchap represented the seller in the transaction. Azzi and Banafsheha also collaborated with Arteen Zahiri and Ian Habbestad of Marcus & Millichap to procure the buyer.

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AcquisitionsCaliforniaCompany NewsIndianaMidwestMultifamilyTop StoriesWestern

Milhaus Completes Merger With SRG Residential, Agrees to Acquire Broadshore Capital

by John Nelson

INDIANAPOLIS AND LOS ANGELES — Milhaus, a multifamily developer and operator based in Indianapolis, has completed its merger with SRG Residential, a subsidiary of Sares Regis Group based in Newport Beach. The combined company totals 1,400 employees and includes 50,000 apartments under management — 46,000 of which come from 190 properties managed by SRG Residential — as well as a development pipeline exceeding $2.5 billion. The combined company, which will be operated under the Milhaus platform, plans to start eight development projects this year totaling more than 2,000 new units in Southern California, Denver and Phoenix, giving Milhaus a presence in more than 20 markets across the country. Chris Payne, former CEO of SRG Residential, joins Milhaus as both the chief development officer and a shareholder. Jeff Bailey, president of property management at SRG Residential and a shareholder, now leads the property management group at Milhaus. “This partnership is a natural fit,” says Tadd Miller, CEO of Milhaus. “SRG Residential brings a best-in-class, high-touch approach to property management and operations along with a quality development pipeline and seasoned leadership, while Milhaus contributes a high-quality owned portfolio and disciplined development and capital markets infrastructure.” “We are unlocking powerful synergies and long-term opportunities …

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Market ReportsMultifamilyNew YorkNortheastNortheast Market ReportsTexasTexas Market Reports

Two Cures for High Rent

by Taylor Williams

By Jack Stone, managing director, Greysteel In the last week of June, two things happened in the American multifamily market that belong side by side: New York froze rents, and the Dallas Fed confirmed  that Texas is drowning in apartments. One of those scenarios involves a market correcting itself. The other is a market being told to stop. In New York, the Rent Guidelines Board voted seven to one to freeze rents on roughly 1 million rent-stabilized apartments, including zero percent on one- and two-year leases, the first two-year freeze in the board’s history. That action impacts about a quarter of all housing inventory in the city and roughly 40 percent of its rental units. In Texas, markets have kept doing what they’ve been doing for two years: bleeding. Both states are wrestling with the same underlying problem. Rents got too high for many people to afford. The difference is what each one decided to do about it, and that difference is the whole story. Texas is in pain, and the pain is honest. The Dallas Fed put numbers to it this spring. A pandemic-era construction boom, cheap money and aggressive bank lending dumped a historic wave of units onto …

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The-Langley-Houston
DevelopmentMultifamilyTexas

StreetLights Residential Completes 134-Unit Apartment Building in Houston

by Taylor Williams

HOUSTON — Dallas-based developer StreetLights Residential has completed The Langley, a 134-unit apartment building located near Rice University in Houston’s Museum District. The Langley is a 20-story building that houses two- and three-bedroom units that range in size from 2,165 to 3,396 square feet. Residences are furnished with walk-in closets, wine coolers, various smart technology features and service kitchens with secondary refrigerators. Outdoor amenities include a pool, grilling and dining stations, outdoor yoga space and a dog run. Indoors, residents have access to a fitness center, lounge, library, coffee bar, conference room and a mailroom. Leasing began in February. Monthly rents start at $9,480.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JLL Negotiates $25.1M Sale of Two Multifamily Development Sites in Brooklyn

by Taylor Williams

NEW YORK CITY — JLL has negotiated the sale of two multifamily development sites in the Crown Heights area of Brooklyn for a combined price of $25.1 million. The sites at 1029 Dean St. and 1104 Pacific St., which traded in separate off-market deals, have a combined buildable square footage of about 129,000 square feet. Mike Mazzara, Ethan Stanton and Brendan Maddigan of JLL represented the undisclosed sellers in both transactions and procured the buyer, a partnership between Castell Group and Montgomery Street Partners. Specific plans for future development of the sites, which are earmarked for “large-scale” projects, were not disclosed.

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The growing presence of first-time and out-of-market buyers throughout Texas suggests that investor confidence is beginning to return.
Content PartnerMultifamilyOfficeTexas

Why Texas’ Market Recalibration is Creating New Opportunities for Commercial Real Estate Investors

by Jaime Lackey

For much of the past several years, Texas commercial real estate markets have been characterized by a disconnect between buyer expectations and seller pricing. As interest rates increased and capital became more selective, transaction activity slowed while many property owners remained reluctant to adjust valuations. Today, that dynamic is changing. Across Texas, commercial real estate markets are undergoing a period of recalibration. While conditions vary by asset class and market, pricing expectations, capital availability and investor sentiment are gradually moving toward a new equilibrium. As that process unfolds, transaction activity is increasing and new opportunities are emerging for investors willing to take a long-term view. Transaction Activity is Beginning to Accelerate One of the clearest signs of improving market conditions is the return of transaction activity. As buyers and sellers become more aligned on pricing, more assets are trading and a broader range of investors are entering the market. Local investors remain active, while out-of-state capital continues to target Texas opportunities. In addition, many first-time buyers are pursuing acquisitions in markets and asset classes that may have seemed out of reach during previous market cycles. This increase in participation is helping restore liquidity and creating a healthier transaction environment. Rather …

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