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Multifamily

WaltonLofts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Clarion Partners Sells 136-Unit Walton Lofts Apartment Building in Seattle

by Amy Works

SEATTLE — Clarion Partners has sold Walton Lofts, a 136-unit high-rise property located at 75 Vine St. in Seattle’s Belltown neighborhood. The Schuster Group developed the building in 2015. CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper represented Clarion. Neither the buyer nor the sales price was disclosed, but Clarion purchased the property in 2016 for about $76 million. Walton Lofts includes studios, one- and two-bedroom units. Amenities include a rooftop lounge with panoramic views of Elliott Bay, the Olympic Mountains and downtown Seattle, a library and a fitness center.

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Ellison-Ridge-Vancouver-WA.jpg
DevelopmentMultifamilyWashingtonWestern

Ethos, Vance Begin Development of 222-Unit Multifamily Project in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Ethos Development and Vance Development have broken ground on Ellison Ridge, an apartment property located in Vancouver. Totaling 200,000 square feet, the two- and three-story multi-building property will feature 222 apartments, a pool, fitness center, community kitchen and living room, children’s play area and pickleball court. Twenty percent of the units will be available to residents earning no more than 80 percent of the area median income through the Clark County, Wash., multifamily tax-exemption program. Leeb Architecture of Portland, Ore., designed the project, while Vancouver-based Team Construction is serving as general contractor. Portland-based Ethos Commercial Advisors provided debt advisory services.

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DevelopmentMidwestMissouriMultifamily

MBG Underway on 151-Unit Luxury Multifamily Community in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — MBG is underway on construction of Vivienne, a luxury property with 151 townhomes and apartments in the St. Louis suburb of Clayton. Keely Properties is the developer. Designed by Trivers, the 252,002-square-foot, mid-rise property will include nine townhomes and 142 apartments. A second-level entertainment and patio space will feature an outdoor pool, outdoor kitchen, fire pits and barbecue grills. Other amenities will include a 3,600-square-foot fitness center, coworking space, indoor lounge, dog park, dog spa, indoor sauna, conference room and speakeasy room. Completion is slated for summer 2026.

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Homestead-Gateway-Jersey-City
Affordable HousingDevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Goldman Sachs Alternatives Provides $200M in Financing for Jersey City Mixed-Income Project

by Taylor Williams

JERSEY CITY, N.J. — The Urban Investment Group at Goldman Sachs Alternatives has provided $200 million in financing for Homestead Gateway, a 34-story mixed-income multifamily project that will be located in Jersey City’s Journal Square neighborhood. The borrower is Lions Group, a family-owned development firm based in New York. The package covers an array of financing instruments, including a construction loan, bridge debt facility, Low-Income Housing Tax Credit equity and a tax credit purchase through the New Jersey Economic Development Authority’s Aspire program. The financing package also includes a forward Freddie Mac commitment for the tax-exempt and taxable permanent loans. The site is currently home to a municipal parking lot. Of the building’s 360 units, 90 will be set aside as affordable housing, although specific income restrictions were not announced. Homestead Gateway will also feature 3,000 square feet of ground-floor retail space and amenities such as a rooftop lounge, fitness center and shared workspaces. The groundbreaking is set to occur in the coming days. Nicco Lupo, Christopher Peck, Michael Shmuely, Jillian Grzywacz, Alex Staikos, Jimmy Cochran and Tom Didio Jr. of JLL advised Lions Group on the structured capitalization and forward Freddie Mac commitment. “Mixed-income developments like Homestead Gateway demonstrate …

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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Metro New Orleans Multifamily Market Remains Balanced 20 Years Post-Katrina

by John Nelson

August 29, 2005 — a day no New Orleanian will forget: Hurricane Katrina. It has been two decades since the levees were breached and flood waters took over the city’s streets, homes and businesses. It was an event that changed the trajectory of the city of New Orleans. Twenty years later and the resiliency of New Orleans to always push on is evidenced by the stability of our multifamily market. Through a period of demolition, renovation and rebuilding, the overall market remains stable. The barriers to entry in the Metro New Orleans multifamily market are significant, and today as in the past, the equilibrium between supply and demand remains in sync. Like other Sun Belt markets, insurance premiums, interest rates and affordability are factors. However, they have not been a deterrent to the viability of the market or interest from investors and the capital markets. Our inventory of more than 55,000 units (professionally managed) spread out over seven parishes, remains strong. Overall metro occupancy is being reported between 92 to 94 percent with average rents of $1,300 per month.  Parish by parish Eastern New Orleans and Algiers, which each have an inventory of approximately 4,000 units, offers the most affordable …

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DevelopmentNorth CarolinaSoutheastStudent Housing

Landmark-Led Group Acquires 40-Acre Site Near Appalachian State University, Plans Cottage-Style Student Housing Development

by John Nelson

BOONE, N.C. — A joint venture between Landmark Properties, HC2 Capital and Peninsula Investments has acquired a 40-acre development site near the Appalachian State University campus in Boone. The parcel will be home to a 625-bed student housing community dubbed The Retreat at Boone. The development will offer 148 cottage-style units in three- through five-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style pool and spa with cabanas and hammocks; a jumbotron; fire pit and grilling areas; a skate park; fitness center; golf simulator; recreational lawn games; and a computer lab. The development team for the project, which is scheduled for completion ahead of Appalachian State’s 2027-2028 academic year, includes Landmark Construction and Niles Bolton Associates. Trustmark Bank and First Financial Bank provided construction financing.

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AcquisitionsCaliforniaMultifamilyWestern

Colliers Arranges Sale of 250-Unit Multifamily Community in Sunnyvale, California

by Amy Works

SUNNYVALE, CALIF. — Colliers has negotiated the sale of 1250 Lakeside, an apartment property located at 1250 Lakeside Drive in Sunnyvale. Completed in 2021, 1250 Lakeside features 250 studio, one- and two-bedroom apartments, averaging 807 square feet, with floor-to-ceiling windows, private terraces and high-end finishes. Community amenities include coworking lounges, a pet spa and more than 100,000 square feet of outdoor common spaces. Peter Nicoletti and Will Matthews of Colliers represented the seller in the transaction.

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Borealis-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Negotiates $15.5M Sale of Borealis Apartments in Seattle

by Amy Works

SEATTLE — Kidder Mathews has arranged the sale of Borealis Apartments, a multifamily property at 109 Dexter Ave. in Seattle’s South Lake Union neighborhood. Dylan Simon, Jerrid Anderson and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the undisclosed buyer and undisclosed seller in the deal. Built in 2008, Borealis offers 53 studio, one- and two-bedroom apartments averaging 622 square feet. Onsite amenities include a community deck, secure parking and onsite retail tenants, Simply Dental and Oculus Eyesore. Borealis’ affordability covenant expires in April 2028, enabling the opportunity for future income growth and repositioning opportunities.

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60-SE-10th-Ave-Portland-OR
AcquisitionsMultifamilyOregonWestern

NSW Corp. Buys Lower Burnside Lofts in Portland, Oregon for $14M

by Amy Works

PORTLAND, ORE. — NSW Corp. has acquired Lower Burnside Lofts, a multifamily property at 60 S.E. 10th Ave. in Portland, from Berkshire Residential Investments for $14 million. Situated in Southeast Portland’s Buckman neighborhood, Lower Burnside Lofts offers 63 apartments and a blend of modern amenities and eco-friendly design. Josh McDonald, Joe Nydahl and Matt Dodd of CBRE represented the buyer and seller in the deal.

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Arranges $18.2M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Greenstone Partners has arranged the $18.2 million sale of Block Belmont, a newly constructed multifamily property with 54 units in Chicago’s Belmont Cragin neighborhood. Jordan Multack of Greenstone represented the seller, a Chicago-based developer, and procured the buyer, a private, local 1031 exchange investor. Located at 6336-6360 W. Belmont Ave., the asset offers a mix of simplex and duplex layouts as well as onsite parking.

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