Multifamily

Cushman & Wakefield Brokers Sale of 304-Unit Forum at Grand Prairie Apartments

by Taylor Williams December 18, 2024

GRAND PRAIRIE, TEXAS — Cushman & Wakefield has brokered the sale of Forum at Grand Prairie, a 304-unit apartment community located roughly midway between Dallas and Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Asher Hall and Grant Raymond of Cushman & Wakefield represented an undisclosed seller in the transaction. Locally based investment firm ClearWorth Capital purchased the property for an undisclosed price.

December 18, 2024

Acquisitions Multifamily Washington Western

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works December 18, 2024

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 18, 2024

Acquisitions Colorado Multifamily Western

CBRE Arranges $62M Sale of Manufactured Housing Community in Denver

by Amy Works December 18, 2024

DENVER — CBRE has arranged the sale of Denver Cascade, a manufacturing home community in Denver. Denver Cascade LLC sold the asset to an undisclosed buyer for $62 million. Situated on 48 acres at 9650 Federal Blvd., Denver Cascade offers 382 home sites. Norm Sangalang, Erik Edwards, Jon Shay, Jez Lawson and Myles McGinnis of CBRE’s Manufactured Housing & RV Resorts team represented the seller in the deal.

December 18, 2024

Acquisitions Arizona Multifamily Western

IPA Brokers $56M Sale of 195-Unit Hampton Meridian Build-to-Rent Property Near Phoenix

by Amy Works December 18, 2024

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Hampton Meridian, a build-to-rent (BTR) community in Apache Junction. The asset traded for $56.5 million. Completed in 2023 and situated on 16 acres, Hampton Meridian offers 195 detached and attached single-family homes, averaging 1,009 square feet, featuring HercuWall construction technology, low-energy double-paned windows, full-sized washers/dryers and private backyards. The controlled-access community features a resort-style swimming pool, spa, 24-hour fitness center, paved walking trails through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal.

December 18, 2024

Affordable Housing Development Iowa Midwest Multifamily

Annex Group to Build $55.1M Affordable Housing Community in Dubuque, Iowa

by Kristin Harlow December 18, 2024

DUBUQUE, IOWA — The Annex Group has unveiled plans to build Union at the Marina, a $55.1 million affordable housing community in Dubuque. The 201-unit property will be designated for households whose income level is at or below 70 percent of the area median income. Union at the Marina will feature two four-story buildings with one-, two- and three-bedroom units. Amenities will include a playground, community center, fitness center, picnic area and dog walking area. Completion is slated for fall 2026. Project partners include ASK Studio; Axiom Consultants; Impact Housing Indiana Corp.; the City of Dubuque, which provided acquisition grants, tax-increment financing and lift station upgrades; WNC, which provided around $21 million in total equity; and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing.

December 18, 2024

Loans Multifamily New York Northeast Top Stories

M&T Realty Capital Provides $204.9M Fannie Mae Loan for Refinancing of Queens Apartment Building

by Kristin Harlow December 18, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 584-unit apartment tower in the Long Island City area of Queens. The 26-story building at 46-10 Center Blvd. houses studio, one-, two- and three-bedroom residences and one ground-floor retail space totaling 7,733 square feet. Amenities at the property include a fitness center, multiple lounge areas, coworking space and a rooftop terrace. The building is LEED certified. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. According to Casey, the loan underwriting offered the borrower “a very competitive structure.” M&T Realty Capital Corp., a Fannie Mae DUS lender, is a wholly owned subsidiary of M&T Bank that provides financing for multifamily properties, commercial income properties and healthcare facilities. In addition to apartments, TF Cornerstone owns more than 1 million square feet of retail space throughout New York City and 2.5 million square feet of office properties in Washington, D.C., and New York City, including Carnegie Hall Tower. — Kristin Harlow and Taylor Williams

December 18, 2024

Content Partner Features Industrial Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels December 18, 2024

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

December 18, 2024

Acquisitions Development Multifamily Retail Texas

AMLI Residential Buys Midway Square Shopping Center in Metro Dallas, Plans Conversion

by Taylor Williams December 17, 2024

ADDISON, TEXAS — AMLI Residential has purchased Midway Square Shopping Center in the northern Dallas metro of Addison with plans to convert the property into a multifamily community. The center, which was originally constructed in the 1980s, is located within the 79-acre Midway South neighborhood and has struggled in the aftermath of the pandemic, according to the brokers who worked on the deal. The new apartment community will be known as AMLI Treehouse and will consist of 570 apartments, 30 luxury rental townhomes, 56 for-sale townhomes, 3.7 acres of green space and 12,500 square feet of standalone retail space. Demolitions will begin in the coming days. The first move-ins are expected to commence during the first half of 2026, with full completion slated for 2027. Ben McCutchin and Sam Kartalis of locally based brokerage firm Younger Partners represented the seller in the transaction and procured AMLI as the buyer.

December 17, 2024

Development Multifamily Texas

Cresset, Fidelis Break Ground on 252-Unit Multifamily Project in Willis, Texas

by Taylor Williams December 17, 2024

WILLIS, TEXAS — A newly formed joint venture between Chicago-based Cresset Real Estate Partners and Houston-based Fidelis has broken ground on a 252-unit multifamily project in Willis, about 50 miles north of Houston. The nine-building development will be known as Fidelis Willis and will be located within the Moran Ranch master-planned community along the I-45 corridor. Fidelis Willis will consist of 120 one-bedroom units, 114 two-bedroom apartments and 18 three-bedroom residences. Amenities will include a pool, fitness center, clubhouse, game room and a dog park. Construction is expected to be complete in the third quarter of 2026.

December 17, 2024

Development Southeast Student Housing Virginia

Subtext, Kayne Anderson to Break Ground on 1,332-Bed Student Housing Community Near University of Virginia

by John Nelson December 17, 2024

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate is set to break ground on VERVE Charlottesville, a 1,332-bed development located at 100 Stadium Road near the University of Virginia campus in Charlottesville. Spanning 729,262 square feet, the community will offer 463 units in studio through four-bedroom configurations. Shared amenities will include a fireside lobby lounge, café, dedicated library, open and private study areas, a two-story fitness center, club room, maker space, multi-game simulator, pool terrace, dog spa and park and an outdoor fitness lawn. The developer will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements. Groundbreaking is scheduled for this month with completion slated for summer 2027. The development and financing team for the project includes Sumitomo Mitsui Banking Corp., John Moriarty & Associates, ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A, Timmons Group and Williams Mullen as local counsel.

December 17, 2024

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