Multifamily

Partnership Acquires The Danforth Apartments in Seattle for $173M

by Amy Works June 16, 2025

SEATTLE — A partnership between Kennedy Wilson, Kenedix Inc. and Hulic Co. has purchased The Danforth in Seattle for $173 million. Kennedy Wilson has a 10 percent interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and earn customary fees. Built in 2018, the 16-story tower features 265 one-, two- and three-bedroom layouts, a Studio Fit fitness center, rooftop solarium, dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen and barbecue patio with multiple grills. Additionally, Whole Foods Market occupies the ground-floor retail space.

June 16, 2025

Arizona Loans Multifamily Western

Northmarq Secures $68M Refinancing for Multifamily Community in Phoenix

by Amy Works June 16, 2025

PHOENIX — Northmarq has arranged a $68 million refinance of IMT Desert Ridge, an apartment property at 21155 N. 56th St. in Phoenix. Scott Botsford, Joe Giordani and Brendan Golding of Northmarq secured the permanent floating-rate financing for IMT Capital LLC through a correspondent life company relationship. Built in 2014, IMT Desert Ridge offers 370 one- and two-bedroom apartments with in-home washers/dryers, fully equipped kitchens, kitchen islands or breakfast bars, quartz countertops with tile backsplashes, walk-in closets, wood-style flooring, high ceilings, private patios or balconies and detached garages.

June 16, 2025

Acquisitions Arizona Loans Multifamily Western

IPA Negotiates $37.5M Sale of Apartment Property in Tucson, Arizona

by Amy Works June 16, 2025

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of The Place at Arroyo Verde, a multifamily property in Tucson’s Casas Adobes neighborhood. MC Cos. sold the asset to Olympus Property for $37.5 million, or $240,385 per unit. Completed in 2024, The Place at Arroyo Verde features 156 apartments in a combination of one-story casitas and two-story, walk-up floor plans. The open-concept apartment interiors offer stainless steel appliance packages, sizable interior storage space, single French doors and walk-in showers with custom tile surrounds. Community amenities include a leasing office, clubhouse, swimming pool, an oversized sundeck, a fitness center, grilling stations and covered parking. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.

June 16, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $9.6M Sale of Affordable Housing Property in Coronado, California

by Amy Works June 16, 2025

CORONADO, CALIF. — Marcus & Millichap has arranged the sale of Del Island, an affordable housing community in Coronado. Motel Del Island sold the asset to 308 Orange LLC for $9.6 million. Aaron Bove and Jared Wallach of Marcus & Millichap represented the seller, while Scott Darnell of Darnell Capital Management procured the buyer in the transaction. Located at 308 Orange Ave., Del Island consists of four contiguous parcels across eight lots. The property is currently operated as 29 affordable housing units with a mix of studio, one- and two-bedroom layouts. The 28,198-square-foot site is situated within the R-4 zoning of Orange Avenue Corridor Specific Plan and offers 30 off-street parking spaces.

June 16, 2025

Illinois Loans Midwest Multifamily

Lument Provides $90.6M in Loans for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow June 16, 2025

CHICAGO — Lument has provided $90.6 million in Fannie Mae DUS loans for the refinancing of four multifamily communities totaling 654 units in Chicago. The loans replace existing life company debt for the borrower, BJB Properties, a Chicago-based operator. Evan Hom of Lument originated the loans, which feature fixed interest rates, seven-year terms and 35-year amortizations. In addition to providing permanent financing, the loans provide cash-out proceeds for the borrower. According to Lument, 96 percent of the portfolio is housing that is accessible and affordable. The assets are all located in the Lakeview neighborhood and include 424 W. Diversey, 451 Wrightwood, 443 Wrightwood and 517 Oakdale. All of the properties were built in the late 1920s.

June 16, 2025

Development Kansas Midwest Multifamily

Hunt Midwest, LANE4 Open 228-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow June 16, 2025

KANSAS CITY, KAN. — Hunt Midwest and LANE4 Property Group have opened The Hudson, a 228-unit luxury apartment complex adjacent to the University of Kansas Health System campus in Kansas City. The developers partnered with KU Endowment to build the project. The Hudson’s name is a homage to the Rosedale neighborhood’s history, where Rainbow Boulevard was once known as Hudson Road until it was renamed in 1919 to honor WWI veterans. The Hudson project team included Security Bank as lender, BRR Architecture as architect, Cerris as general contractor and Olsson as civil engineer.

June 16, 2025

Florida Market Reports Multifamily Southeast Southeast Market Reports

South Florida Is a Magnet for Multifamily Owners, Investors and Lenders

by John Nelson June 16, 2025

South Florida remains one of the most attractive markets for multifamily investment in the United States, driven by population growth, job creation and limited rental supply. While 2024 saw slower transaction volumes, fundamentals suggest a rebound is coming in 2025. This article explores trends in investment sales, debt capital markets and joint venture (JV) equity, highlighting how strategic structuring and strong relationships are driving activity in today’s selective capital environment. Poised for sales growth Miami’s multifamily market continues to thrive, fueled by population growth, high rental demand and major developments. The city’s job market, with an unemployment rate of just 2.4 percent, is expected to grow by over 18,000 positions in 2025. Corporate expansions — like Citadel, MSC Group, Nvidia, Microsoft and Shopify — have driven demand for luxury rentals, while vacancy rates remain under 5 percent. With home prices rising over 70 percent in the past five years and mortgage rates more than doubling, homeownership is out of reach for many. As a result, demand for luxury rentals remains strong, especially in suburban areas where transit-oriented developments are emerging. One standout is Terra’s $1 billion Upland Park in West Miami-Dade County. In partnership with the county, the project includes …

June 16, 2025

Development District of Columbia Multifamily Office Southeast

Henderson Park, Lowe Commence Office-to-Residential Conversion Project in D.C.

by Abby Cox June 13, 2025

WASHINGTON D.C. — A joint venture between Henderson Park and Lowe has broken ground on an office-to-residential conversion project at 1250 Maryland Ave. in Washington, D.C. The project team includes architect Beyer Blinder Beller, interior designer KTGY, general contractor Balfour Beatty and landscape architect Oehme, van Sweden | OvS. Deutsche Bank provided a $180 million construction loan for the project. Built in 1992, the former Portals I development is an eight-story, 536,000-square-foot office building that will be transformed into an 11-story, 658,000-square-foot apartment complex. The additional three floors will be integrated into the building design to create large patios on the ninth and 11th floors. The 428-unit complex will also include 53,000 square feet of supporting retail and commercial space, as well as 428 parking spaces. Amenities at the development will include a rooftop resort-style terrace and swimming pool, resident lounge and coworking spaces, a two-story fitness center and dining and personal services offered on the ground floor. The redeveloped building has also been designed to meet LEED Gold specifications.

June 13, 2025

Development Multifamily South Carolina Southeast

SunCap, Peakline Break Ground on Markley + Main Apartment Community in Greenville

by Abby Cox June 13, 2025

GREENVILLE, S.C. — SunCap Property Group, in partnership with Peakline Real Estate Funds, has broken ground on Markley + Main, a 277-unit apartment community located in Greenville’s West End. Cline Design Associates and McMillan Pazdan Smith Architecture are designing the project, and C. Herman Construction is serving as the general contractor. The six-story complex will offer studio to three-bedroom apartments, ranging in size between 650 square feet and 1,150 square feet. Resident amenities will include a clubroom, resort-style swimming pool, fitness center, rooftop lounge, coworking spaces, golf simulator and covered parking with electric vehicle charging stations. Situated adjacent to Fluor Field, home of the Greenville Drive Minor League Baseball team, the development will also offer 10,700 square feet of street-level retail space. JLL arranged equity placement on behalf of Peakline Real Estate Funds. Leasing and property management of the complex is still being determined. Markley + Main marks SunCap’s first multifamily project in Greenville.

June 13, 2025

Florida Loans Multifamily Southeast

Newmark Arranges $111M Construction Loan for Perrin Multifamily Development in Miami

by Abby Cox June 13, 2025

MIAMI — Newmark has arranged a $111 million construction loan for The Perrin, a 310-unit multifamily development located at 901 SW 3rd Ave. in Miami’s Brickell district. Danny Matz of Newmark secured the financing on behalf of the borrower, The Empira Group. Goldman Sachs provided the loan. The 26-story project will feature a mix of studios, one-, two- and three-bedroom floorplans, 2,500 square feet of ground-floor retail space and 380 parking spaces. Amenities at the property will include a fitness center with a yoga room, coworking spaces, entertainment lounge, resort-style pool with cabanas, barbecue grills, a rooftop Zen garden and a tea room. The development also offers immediate access to I-95 and the Brickell Metrorail station. The Perrin, which is Empira’s first high-rise development in the United States, is slated for completion in 2028.

June 13, 2025

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