Multifamily

Independence Realty Trust, Centerspace to Merge in $8.1B Transaction

by Kristin Harlow September 10, 2026

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) and Centerspace (NYSE: CSR) have entered into a definitive merger agreement under which the two companies will combine in an all-stock transaction valued at $8.1 billion, including debt. The combined multifamily REIT will own and operate 163 properties totaling 44,354 units across 17 states. According to Scott Schaeffer, chairman and CEO of IRT, the deal will pair IRT’s Sun Belt portfolio with Centerspace’s Midwest and Mountain West communities. He also cites greater efficiencies across a larger operating base and an expanded value-add renovation program. The combined company is expected to have a pro forma equity market capitalization of approximately $5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Centerspace shareholders will receive 3.8 shares of IRT common stock for each share of Centerspace common stock owned. Upon closing, IRT stockholders will own approximately 78 percent of the combined company’s equity, while Centerspace shareholders will own roughly 22 percent. IRT’s management team will continue to lead the combined company. Schaeffer will serve as chairman and CEO, and James Sebra will serve as president and CFO. Upon completion of the merger, the …

September 10, 2026

Acquisitions Multifamily Student Housing Texas

CrestMarc, Midloch Acquire 294-Unit Apartment Complex in Huntsville, Texas

by Taylor Williams September 9, 2026

HUNTSVILLE, TEXAS — A partnership between two investment firms, Dallas-based CrestMarc and Chicago-based Midloch Investment Partners, has acquired The Forum at Sam Houston, a 294-unit apartment complex located about 70 miles north of Houston in Huntsville. The property also functions as student housing for enrollees at Sam Houston State University (SHSU). Built in 2010, The Forum at Sam Houston features a mix of studio, one-, two- and three-bedroom units with an average size of 800 square feet. Amenities include a pool, sand volleyball court, basketball court, clubhouse and study lounge, fitness center, bark park, complimentary Starbucks Coffee bar and private shuttle to the SHSU campus. The seller and sales price were not disclosed.

September 9, 2026

Acquisitions Multifamily Nevada Seniors Housing Western

MorningStar Senior Living Completes Recapitalization of 168-Unit Property in Las Vegas

by Amy Works September 9, 2026

LAS VEGAS — MorningStar Senior Living has recapitalized MorningStar Senior Living at The Canyons, a seniors housing property situated on 3.6 acres at 490 S. Hualapai Way in Las Vegas. JLL Capital Markets represented the seller, a joint venture between Confluent Development and Ovation Group, in the sale of the property to a private equity firm. JLL also worked on behalf of the buyer to secure a five-year acquisition loan through a debt fund. MorningStar will remain as the operator and a joint venture partner. MorningStar opened the 168-unit community in 2024 with co-developers Confluent Development and Ovation Group. The four-story MorningStar at The Canyons offers independent living, assisted living and memory care units in a mix of studio, one- and two-bedroom layouts. Community amenities include multiple dining venues, fitness and therapy spaces, a salon, theater and swimming pool, as well as a variety of social and wellness programs.

September 9, 2026

Acquisitions Illinois Loans Midwest Multifamily Seniors Housing

JLL Arranges $112M in Acquisition Financing for Two Seniors Housing Communities in Metro Chicago

by Kristin Harlow September 9, 2026

DEER PARK AND BATAVIA, ILL. — JLL Capital Markets has arranged $112 million in acquisition financing through a regional bank for a two-property seniors housing portfolio totaling 330 units in metro Chicago. Sam Dylag of JLL represented the borrower, an affiliate of The Inland Real Estate Group LLC. The properties include Deer Park Village, a 188-unit community in Deer Park that opened in 2016, and The Landings, a 142-unit asset in Batavia constructed in 2021. Both offer a continuum of care from independent living, assisted living and memory care. Dial Senior Living will retain management of the properties. Mark Cosenza and Brett Smith represented Inland on an internal basis. With the transaction, Inland has surpassed more than $1 billion in senior living acquisitions.

September 9, 2026

Acquisitions Midwest Minnesota Multifamily

Cushman & Wakefield Brokers $7.3M Sale of Cascade Apartments in Rochester, Minnesota

by Kristin Harlow September 9, 2026

ROCHESTER, MINN. — Cushman & Wakefield has brokered the $7.3 million sale of Cascade Apartments, a 44-unit property in Rochester. Chris Collins, Lance Steiger, Evan Miller and Erin Salway of Cushman & Wakefield represented the seller, Patina Management. The buyer was Black Swan Living. Completed in 2016, the property features a mix of studio, one- and two-bedroom units with an average size of 839 square feet. At the time of sale, the asset was fully leased. The property recently underwent capital improvements, including a new roof in 2023.

September 9, 2026

Development Florida Multifamily Southeast

Eastwind Breaks Ground on 264-Unit Multifamily Development on Florida’s Space Coast

by John Nelson September 9, 2026

MELBOURNE, FLA. — Eastwind Development has broken ground on The Aston at Longleaf, a 264-unit multifamily development in Melbourne, a city on Florida’s Space Coast. The 17-acre project will be situated on Preserve Drive. Eastwind previously secured a $45.5 million construction loan from TD Bank. The developer plans to deliver the first units in late 2027 and fully deliver the community by mid-2028. Amenities will include a 10,000-square-foot clubhouse, 24-hour fitness center, coworking lounge, multi-sport gaming simulator room, resort-style swimming pool, outdoor kitchen, firepit, yoga lawn and a dog park with an adjacent pet spa. The design-build team includes FaverGray, FK Architecture, Kimley-Horn, Innovations Design Group and R Shana Designs.

September 9, 2026

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 336-Unit Affordable Housing Project in Southeast Austin

by Taylor Williams September 8, 2026

AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Catalina, a 336-unit affordable housing project in southeast Austin. Developed in partnership with the Housing Authority of Travis County, Catalina will consist of 12 three-story buildings that will house one-, two-, three- and four-bedroom units. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, fitness center, business center, a multipurpose community room, children’s activity room, playground and various green spaces and outdoor seating areas throughout. Residents will also have access to services such as afterschool care, financial literacy courses, ESL (English as a second language) classes and first-time homebuyer programs. The first units are expected to be available for occupancy next fall, with full completion slated for spring 2028.

September 8, 2026

Loans Multifamily Texas

Walker & Dunlop Arranges $46.5M Loan for Refinancing of Metro Austin Apartment Community

by Taylor Williams September 8, 2026

LEANDER, TEXAS — Walker & Dunlop has arranged a $46.5 million bridge loan for the refinancing of River Junction, a 329-unit apartment community located in the northern Austin suburb of Leander. Completed in 2024, River Junction comprises 15 buildings that house one-, two- and three-bedroom apartments, as well as 17 townhomes. Amenities include a pool, fitness center, clubhouse, coworking space, pet park and outdoor grilling and dining stations. Patrick Short and Clay Colvill of Walker & Dunlop arranged the floating-rate, interest-only loan through Bridge Investment Group on behalf of the undisclosed owner.

September 8, 2026

Loans Multifamily New Jersey Northeast

Affinius Capital Provides $310M Construction Loan for Jersey City Multifamily Project

by Taylor Williams September 8, 2026

JERSEY CITY, N.J. — Affinius Capital has provided a $310 million construction loan for Park Tower, a 1,049-unit multifamily project in Jersey City. New York City-based Namdar Group is developing the project, which will be located in the city’s Journal Square neighborhood and will offer one-, two- and three-bedroom units. Amenities will include a fitness center, yoga studio, bowling alley, arcade, music room, golf simulator, game room and a rooftop lounge. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer of Walker & Dunlop arranged the loan. A construction timeline was not disclosed.

September 8, 2026

Loans Multifamily New Hampshire Northeast Seniors Housing

JLL Arranges $20.3M HUD-Insured Loan for Refinancing of New Hampshire Seniors Housing Facility

by Taylor Williams September 8, 2026

DOVER, N.H. — JLL has arranged a $20.3 million HUD-insured loan for the refinancing of Spring Village at Dover, a seniors housing facility in southern New Hampshire. Built in 2019, Spring Village at Dover offers memory care services that specifically support residents with Alzheimer’s disease and other forms of dementia. Jay Wagner, Rick Swartz, Aaron Rosenzweig and Sam Dylag of JLL originated the financing through HUD’s 232/223(f) program. The borrower was not disclosed.

September 8, 2026

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