TEMPE, ARIZ. — LV Collective, in partnership with Kayne Anderson Real Estate and Pacific Life, is set to break ground on Rambler Tempe, an 829-bed student housing development serving students attending Arizona State University. The community, which is scheduled for completion in fall 2026, will span 552,380 square feet at 1020 E. Apache Blvd. in Tempe. Work on the project began in March. Upon completion, the property will offer units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a café, coworking space, private study rooms, content creation rooms, two swimming pools and hot tubs, a rooftop terrace, clubroom, resident lounge and two-level fitness facility with yoga and on-demand fitness studios. The development team for the project includes Shepley Bulfinch, Layton and Variant Collaborative.
Multifamily
SEATTLE — Aegis Living has opened Aegis Living Laurelhurst in the Laurelhurst neighborhood of Seattle, near the University of Washington (UW). The six-story building features 147,911 square feet of space and 136 assisted living apartments. Aegis Development LLC is the developer, Ankrom Moisan Architects is the architecture firm and Exxel Pacific is the general contractor. Aegis Living Laurelhurst is Aegis’ 38th community and the second one to open this year.
MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951 N.W. South River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and transformed the asset into a luxury apartment community. The property is currently 95 percent occupied with rents ranging from $2,300 to $4,500, according to Berkadia. In addition to high-end amenities, Pier 19 features a 10-slip marina that is exclusive for residents.
DALLAS — Miami-based developer Resia, formerly known as AHS Residential, has completed a 336-unit, garden-style multifamily project in West Dallas. Resia Dallas West features one-, two- and three-bedroom units, including 17 affordable housing residences, across eight three-story buildings. All units feature private balconies or patios. Amenities include a pool, fitness center and a business center. Leasing began in October 2023, at which points rents started at $1,280 per month for a one-bedroom unit. Fifth Third Bank and Chicago-based Pearlmark financed construction of the project.
DECATUR, TEXAS — Colliers Mortgage has provided a $32.9 million HUD-insured construction loan for Deer Park Apartments, a 204-unit multifamily property in Decatur, about 40 miles northwest of Fort Worth. The property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, game room, outdoor grilling and dining stations and a dog park. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the borrower. A construction timeline was not disclosed.
DALLAS — Multifamily brokerage firm GREA has arranged the sale of 3311 at Vernon and La Madera, two apartment complexes totaling 178 units in South Dallas. According to Apartments.com, 3311 at Vernon property totals 118 units and was built in 1968, and La Madera totals 60 units and was constructed in 1962. Both properties offer one- and two-bedroom floor plans, and La Madera also includes some three-bedroom units. The buyer and seller both requested anonymity. Mark Allen of GREA brokered the deal.
NEW YORK CITY — A partnership between locally based developer Naftali Group and holding company Access Industries is underway on construction of Williamsburg Wharf, an 850-unit multifamily development in Brooklyn. The 3.8-acre site is located on Kent Avenue between Division Street and South 11th Street, adjacent to the Brooklyn Navy Yard. Williamsburg Wharf will be a waterfront campus with five 22-story buildings that will also house retail and commercial space. Williamsburg Wharf will also feature an open lawn, public waterfront park, dog run and various walking and biking paths. The first phase is slated for a late 2025 completion.
KIRKLAND, WASH. — JLL Capital Markets has arranged the acquisition of a land parcel at the corner lot of 13005 and 13003 NE 70th Place in Kirkland, across Lake Washington from Seattle. Mill Creek Residential purchased the asset from Totem Bowl and Investments for $26.2 million in an off-market transaction. The 139,223-square-foot land parcel currently features the TechCity Bowl building that will be demolished to develop a fully approved, 369-unit, mid-rise multifamily community. Of the 369 units, 36 will be affordable. Additionally, the property will offer 6,700 square feet of retail space and 425 parking stalls. Jordan Louie, Corey Marx, David Young, Chris Ross, Michael Lyford and Reed Curtis of JLL Capital Markets Investments Sales and Advisory represented the buyer in the transaction.
PLEASANT PRAIRIE, WIS. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Addison of Pleasant Prairie for an undisclosed price. The 100-unit assisted living and memory care community is located in Pleasant Prairie, a village along Lake Michigan and the Illinois border. The seller was an East Coast-based capital firm partnered with a national operator. The buyer was a regional owner-operator that intends to expand the campus with independent living units. Ryan Saul, Jeff Binder and Brad Clousing of SLIB brokered the transaction.
BROWN DEER, WIS. — Jewish Family Services Inc. is scheduled to break ground on Woodale Crossing on Thursday, May 16. The 56-unit affordable and supportive seniors housing community will be located at 4114 W. Woodale Ave. in Brown Deer, a northern suburb of Milwaukee. Of the total units, 25 percent will be reserved for persons with disabilities who are in need of support services. Residents will have access to onsite supportive services that include socialization and skill-based programming, social services and independent living support services. Jewish Family Services has a subsidiary, JFS Housing Inc., which develops affordable housing.