Multifamily

Shopoff Realty Investments Buys Balance of Westminster Mall in California for Mixed-Use Redevelopment Project

by Amy Works February 3, 2026

WESTMINSTER, CALIF. — Shopoff Realty Investments has acquired the remainder of the Westminster Mall, totaling an additional 57.5 acres, ahead of its planned mixed-use redevelopment, Bolsa Pacific at Westminster. Washington Pacific Group was the seller. Lee Aarons of Land Advisors represented the buyer in the deal. Shopoff previously purchased the mall’s 14.1-acre former Sears parcel in July 2022 and the 11.7-acre Macy’s parcel in August 2022. The 83.3-acre project site currently houses the Westminster Mall and surrounding retail. The planned Bolsa Pacific at Westminster development will deliver approximately 2,250 housing units, including a mix of for-sale housing, as well as market-rate and affordable rental housing. The project will also include more than 120 hotel keys, as well as more than 220,000 square feet of retail space. The site will also dedicate more than 15 acres to open space, including private resident spaces, open-air promenades and a network of walking trails. Current entitlement plans have been submitted to the city for review with anticipated approval in 2026. Demolition of the existing mall is planned for first-quarter 2026, with Target continuing to operate during this time. Once demolition and entitlements are completed, construction is slated to begin in fourth-quarter 2026.

February 3, 2026

Acquisitions Arizona Multifamily Seniors Housing Western

PGIM Sells Two-Property Seniors Housing Portfolio in Metro Phoenix

by Amy Works February 3, 2026

GILBERT AND MESA, ARIZ. — PGIM has arranged the sale of a two-property seniors housing portfolio in metro Phoenix. The portfolio includes The Watermark at Morrison Ranch in Gilbert and Acoya Mesa, which is jointly owned by the original developer Ryan Cos. US, in Mesa. JLL Capital Markets represented the seller in the deal. Additionally, JLL worked on behalf of the undisclosed buyer to secure a 10-year acquisition loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo Lender for seniors housing loans. Built in 2019, The Watermark at Morrison Ranch features a two-story building with 115 units of assisted living and memory care units. The property offers Class A amenities including three distinctive dining venues, a fitness center, technology center, library and full-service salon. The asset is situated on 4.6 acres at 3333 E. Morrison Ranch Parkway. Developed and built by Ryan Cos. in 2019, Acoya Mesa consists of a three-story building offering 51 units of independent living, 91 units of assisted living and 28 units of memory care. Common areas feature a café/bistro/pub, restaurant-style dining, a movie theater, salon, game room, activities room and library. Acoya Mesa is situated on 7.9 …

February 3, 2026

These tables highlight major office market indicators across North America for Q42025, including vacancy rates, rents, prices per square foot, construction activity, inventory sizes and capitalization rates. Source: Lee & Associates’ 2025 Q4 North America Market Report.

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Q4 2025 Demand Overview: Industrial and Multifamily Slowed, Office Stabilized, Retail Held Steady

by Sarah Daniels February 3, 2026

Lee & Associates’ 2025 Q4 North America Market Report looks at diverging market demand across industrial, office, retail and multifamily spaces nationwide in the last quarter. Demand continued to soften for industrial spaces, while multifamily saw a reversal: decreased demand after seven consecutive quarters of strengthening. Office saw a slow increase in net absorption, but only after six years of negative absorption; retail demand was mixed. Industrial and retail spaces contended with tariff concerns, while all four types of commercial real estate saw either decreased or slowed rent growth in the final quarter of 2025. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below illustrate the market landscape through data on net absorption, leasing and development activity, sales transactions and rent growth, in addition to demand. Industrial Overview: Demand Falls Under Tariff Pressure Falling demand for industrial space continued in 2025 under the added strain of the United States’ aggressive trade and tariff policies affecting commercial property markets across North America. In the United States net absorption declined again in 2025 as tenant and rent growth fell to their lowest levels since the aftermath of the financial crisis. Meanwhile, inventory growth has been scaled back …

February 3, 2026

Affordable Housing Development Multifamily New York Northeast

Related Cos., Sterling Equities Begin Leasing 2,500-Unit Affordable Housing Project in Queens

by Taylor Williams February 2, 2026

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and New York-based Sterling Equities, has begun leasing the first phase of Willets Point Commons, a 2,500-unit affordable housing project in Queens. Phase I of Willets Point Commons comprises two mid-rise buildings housing a combined 880 units, 40 percent of which are reserved for residents earning 60 percent or less of the area median income. Another 15 percent of units are set aside for tenants that formerly experienced homelessness. Amenities include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. Related and Sterling partnered with the New York City Department of Housing Preservation & Development and the New York City Housing Development Corp. on the project. Construction began in December 2023.

February 2, 2026

Acquisitions California Multifamily Western

Berkadia Arranges JV Equity Investor for 336-Unit Apartment Development in Fremont, California

by Amy Works February 2, 2026

FREMONT, CALIF. — Berkadia has secured a joint venture equity partner on behalf of an institutional client for the development of Aurum, the final phase of a 966-unit multifamily project adjacent to the Warm Springs BART Station in Fremont. Brett Betzler and Kaohu Berg-Hee of Berkadia brokered the deal. Located at 3300 Innovation Way, Aurum will consist of a five-story, elevator-served building with 336 apartments and more than 600 structured garage parking spaces. Community amenities will include a fitness center, resort-style pool and approximately 4,900 square feet of ground-floor retail space. Completion is slated for 2027.

February 2, 2026

Development Illinois Loans Midwest Multifamily Seniors Housing

Cambridge Realty Capital Provides $6.5M Construction Loan for Memory Care Addition in Pontiac, Illinois

by Kristin Harlow February 2, 2026

PONTIAC, ILL. — Cambridge Realty Capital has provided a $6.5 million HUD Section 241(a) loan to finance the new construction of a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac. Supportive living is the Illinois version of Medicaid Waiver Assisted Living, whereby the state provides Medicaid funding to seniors 65 and older who would otherwise not have the financial resources necessary to reside in an assisted living facility. Loan proceeds will be used to fund the new construction addition and to complete improvements and repairs to the existing building. Zach Scardina of Cambridge originated the nonrecourse loan, which features a fixed interest rate and interest-only payments and converts upon construction completion to a fixed-rate, 35-year, fully amortizing permanent loan. The borrower was an Illinois-based limited liability company.

February 2, 2026

Affordable Housing Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Raleigh-Durham’s Multifamily Market Is Normalizing Following Several Quarters of Softness

by John Nelson February 2, 2026

The Raleigh-Durham region continues to be one of the premier pockets of growth in the Southeast, thanks to robust employment opportunities and a steady pipeline of renters graduating from area schools including Duke University, University of North Carolina-Chapel Hill and North Carolina State University. Multifamily developers have been more than eager to help satiate the demand for housing in the area in recent years. According to Yardi Matrix, the Raleigh-Durham region had nearly 14,500 apartments deliver in 2024. The research platform also reported that approximately 8,600 more units came on line in the first three quarters of 2025, which represents a 4.2 percent growth rate compared to the market’s existing inventory. Like many of its peer markets in the Sun Belt, the Raleigh-Durham region is working its way through the excess supply, which is extending the lease-up period for newer properties. “For projects delivered in late 2023 into early 2024, absorption has slowed compared to historical norms,” says Lisa Narducci-Nix, director of business and property development at Drucker + Falk. Southeast Real Estate Business recently caught up with Narducci-Nix to discuss the health of the Raleigh-Durham apartment market, as well as larger operational trends. The following is an edited interview: …

February 2, 2026

Development Loans Multifamily Texas

Nuveen Green, LONE Star PACE Provide $21.9M C-PACE Loan for Multifamily Project in Princeton, Texas

by Taylor Williams January 30, 2026

PRINCETON, TEXAS — Nuveen Green Capital and Lone Star PACE have provided $21.9 million in C-PACE (Commercial Property Assessed Clean Energy) financing for Ironwood at Princeton, a multifamily project that will be located northeast of Dallas. Ironwood at Princeton will total 306 units across 14 buildings. The financing is expected to translate into annual electricity and water reductions of 25 and 20 percent, respectively. The borrower was not disclosed.

January 30, 2026

Acquisitions Florida Multifamily Southeast

CP Capital Sells 277-Unit NOVEL Independence Park Apartments in Tampa

by Abby Cox January 30, 2026

TAMPA, FLA. — CP Capital has sold NOVEL Independence Park, a 277-unit apartment community situated within Independence Park, a 44-acre mixed-use project in Tampa’s Westshore Business District. The buyer and sales price were not disclosed. Completed in 2024, the apartment complex consists of three five-story buildings that offer studio to three-bedroom floorplans. Amenities include a fitness center, resort-style saltwater swimming pool, sky deck, pickleball court, coworking space and a dog park. NOVEL Independence Park was developed as a joint venture between CP Capital and Charlotte-based Crescent Communities. Additionally, CP Capital has eight properties in active lease-up in Southeast markets such as Atlanta, Charleston, Nashville, Orlando and Washington, D.C.

January 30, 2026

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $97.6M HUD-Insured Loan for Refinancing of Harlem Affordable Housing Complex

by Taylor Williams January 30, 2026

NEW YORK CITY — Greystone has provided a $97.6 million HUD-insured loan for the refinancing of Villa Hermosa, a 272-unit affordable housing complex in East Harlem. Built in 1910, Village Hermosa offers one-, two- and three-bedroom units that are reserved for households earning 50 percent or less of the area median income. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse loan, which carries a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The borrower, Metropolitan Realty Group, will use a portion of the proceeds to fund capital improvements, including upgrades to unit interiors and building utility systems.

January 30, 2026

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