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Multifamily

400-Market-Flats-Philadelphia
DevelopmentMultifamilyNortheastOfficePennsylvania

Keystone Completes Office-to-Residential Conversion Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Local developer Keystone has completed an office-to-residential conversion project in Philadelphia’s Independence Mall district. Designed by Tantillo Architecture and built by Fasttrack Construction, the project transformed the historic, 12-story building at 400 Market St. into a 176-unit apartment complex known as 400 Market Flats. Units come in studio, one- and two-bedroom floor plans, and amenities include coworking space and a rooftop terrace. Keystone developed the project, which opened with 40 percent of the units preleased, in partnership with Lubert-Adler.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Brokers $8.7M Sale of Northern New Jersey Apartment Building

by Taylor Williams

ELIZABETH, N.J. — Berkadia has brokered the $8.7 million sale of Aberdeen Arms Apartments, a 52-unit building located in the Northern New Jersey community of Elizabeth. Built in 1965, Aberdeen Arms offers 10 one-bedroom units and 42 two-bedroom units and was fully occupied at the time of sale. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia represented the undisclosed seller in the transaction. Berkadia also arranged acquisition financing for the deal. The buyer and direct lender were also not disclosed.

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FloridaLoansMultifamilySoutheast

Richman Group Obtains Three Loans for Luxury Apartment Communities in Florida Totaling $225M

by John Nelson

GREENWICH, CONN. — The Richman Group, a multifamily owner and operator based in Greenwich, has obtained loans for the refinancing of three luxury apartment communities in Florida totaling approximately $225 million. The deals include a $107 million loan via New York Life Investment Management (NYLIM) for The Marc in Palm Beach Gardens; a $72.5 million loan from NYLIM for Everly in Naples; and a $45.5 million loan from Reinsurance Group of America Inc. for Vista Sur in South Miami. All three loans are underwritten with 10-year terms, fixed interest rates and five years of interest-only payments. Each loan exceeds the amount of their original construction loans, according to The Richman Group.

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LoansMultifamilyNorth CarolinaSoutheast

Regions Originates $64.3M Agency Refinancing for Apartment Community in Monroe, North Carolina

by John Nelson

MONROE, N.C. — Regions Real Estate Capital Markets has originated a $64.3 million Freddie Mac loan for the refinancing of Elevate Rocky River, a 360-unit apartment community in Monroe, about 28 miles southeast of Charlotte. Andrew Buckley was Region’s loan originator on behalf of the borrower, Greensboro, N.C.-based Signature Properties Group. The fixed-rate loan has a 10-year term, 35-year amortization schedule and a six-year period of interest-only payments. Built in 2024, Elevate Rocky River comprises one- and two-bedroom units, as well as a pool, fitness center and a clubhouse with a lounge and business center.

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DevelopmentMultifamilySouth CarolinaSoutheastStudent Housing

Landmark, Peninsula Deliver 826-Bed Student Housing Project Near University of South Carolina

by John Nelson

COLUMBIA, S.C. — Landmark Properties and Peninsula Investments have delivered Narrative at Columbia, an 826-bed student housing community located about one mile from the University of South Carolina (USC) campus. The 197-unit property is located at 1050 Idlewild Blvd., near Williams-Brice Stadium, the home football stadium of the USC Gamecocks. Narrative at Columbia features a mix of two- to six-bedroom, fully furnished apartments. Amenities include a clubroom, resort-style pool, hot tub, gaming lawn, cabana and hammock grove, outdoor grilling areas, sand volleyball court, jumbotron, wellness suite and a 24/7 fitness center, as well as private study rooms, shuttle rides to campus and a computer lounge. The development team began welcoming residents on Aug. 1. The design-build team includes Athens, Ga.-based architect E+E Architecture and Landmark Construction, the in-house construction division of Landmark Properties, which is also headquartered in Athens. With Narrative at Columbia, Landmark now owns and operates approximately 2,300 student housing beds in Columbia, with another 800 beds under development.

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IndianaLoansMidwestMultifamily

Northmarq Arranges $52.1M in Financing for Maple Knoll Apartments in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Northmarq has arranged debt and equity capital totaling $52.1 million for Maple Knoll Apartments, a 300-unit, garden-style community in Westfield. Annamarie Bjorklund and Cody Field of Northmarq arranged the financing on behalf of the borrower, Hudson Investing, through a repeat equity partnership with Torchlight Investment and Freddie Mac. Hudson plans a comprehensive renovation at the property. Built in 2007, Maple Knoll Apartments features 18 three-story buildings situated on nearly 24 acres. The community offers one-, two- and three-bedroom floor plans averaging 1,002 square feet.

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The-Remy-Apts-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

Geringer Capital Sells 267-Unit Apartment Community in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Geringer Capital has sold Avia 266, a 267-unit apartment community in Mesa, to San Diego-based ColRich for $52.4 million, including the assumption of an existing HUD loan. ColRich will rename the property The Remy. Matt Pesch, Asher Gunter and Austin Groen of CBRE represented the seller in the deal. Completed in 1984, The Remy features one- and two-bedroom units in a low-density garden-style design. Community amenities include two pools and spa areas, a 24/7 fitness center, outdoor courtyard with recreation and gathering spaces, resident clubhouse with a community kitchen, package lockers and a fenced dog park.

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Terramonte-Foothill-Apts-Pomona-CA.jpg
AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers $36.7M Sale of Apartment Complex in California’s Inland Empire

by Amy Works

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $36.7 million sale of Terramonte at Foothill, an apartment property in the Inland Empire city of Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two pools, sundecks, spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.

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AcquisitionsAffordable HousingCaliforniaMultifamilySeniors HousingWestern

Marcus & Millichap Arranges $12.5M Sale of Affordable Seniors Housing Community in Southern California

by Taylor Williams

LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer.  Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking.  Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction. 

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Clarion Partners Purchases 70-Unit Seniors Housing Property in Rohnert Park, California

by Amy Works

ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills offers 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, art studio, fitness center, putting green and landscaped indoor and outdoor gathering spaces. John Sweeny, Aron Will and Austin Summy of CBRE advised on the sale. Clearwater Living will continue as the property’s operating partner.

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