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Multifamily

Ventura-Villas-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

Northmarq Brokers $32M Sale of Ventura Villas Multifamily Property in Tucson

by Amy Works

TUCSON, ARIZ. — Pacific Transwest — Nevada has acquired Ventura Villas in Tucson for $32 million. The seller was a limited liability company doing business as RDM Tucson. Northmarq arranged the sale and represented the seller. Built in 1989, Ventura Villas features one- and two-bedroom units averaging 606 square feet. The community features a resort-style pool, basketball court, playground and laundry facilities. Northmarq’s Phoenix-based multifamily investment sales team was led by Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca. Ventura Villas is located at 6200 S. Campbell Ave.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Vesper Holdings Acquires 522-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO. — Vesper Holdings has acquired The Den, a 522-bed student housing community located near the University of Missouri campus in Columbia. Vesper acquired the property in partnership with an undisclosed institutional investor. Built in 2014, the four-story community offers fully furnished units in two- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a resort-style pool, fitness center, clubhouse, game room, computer room, dog park, hammock garden, basketball courts, study rooms, fire pits and an outdoor kitchen and grilling area.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $12.2M Sale of Multifamily Property in Metro Chicago

by Kristin Harlow

ELMWOOD PARK, ILL. — Interra Realty has arranged the $12.2 million sale of Harlem Towers, a two-tower multifamily property with 83 units in the Chicago suburb of Elmwood Park. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the buyer, Pabcor Management, and the seller, Neder Capital Services. Yaryna Makarchuk served as the seller’s representative throughout the transaction. Located at 2300-2310 N. Harlem Ave., the property includes 27 one-bedroom units, 55 two-bedroom residences and one three-bedroom apartment. In addition to some unit renovations, recent capital improvements include upgraded elevators, common area refurbishments and new fire alarm and elevator monitoring systems. The asset was built in 1975 and features two eight-story towers. Harlem Towers will be rebranded as The American Elm after the elm trees that inspired Elmwood Park’s name.

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DevelopmentMultifamilyNew JerseyNortheast

Value Cos. Completes Lease-Up of 24-Unit Apartment Complex in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. — Value Cos. has completed the lease-up of Phase II of The Point at Gateways in the Northern New Jersey community of Clifton. Located within the Gateways at Randolph development, the 24 Phase II apartments come exclusively in two-bedroom formats. Amenities at The Point at Gateways include a pool, fitness center, playground, outdoor grilling and dining stations and an event space with a catering kitchen, children’s playroom, video gaming lounge, workstations, billiards and TVs.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Swinerton, Space Craft Top Out $111M Multifamily Development in Charlotte

by John Nelson

CHARLOTTE, N.C. — Swinerton, working on behalf of developer Space Craft, has topped out Cordo, a $111 million multifamily development located at 512 E. 21st St. in Charlotte’s Optimist Park neighborhood. The development, the fifth between Swinerton and Space Craft, will feature 287 studio, one-, two-, three- and four-bedroom units, as well as a rooftop terrace, resident lounge/game room with a full kitchen, meeting and coworking spaces, outdoor courtyard and fitness and wellness areas. Designed by Charlotte-based architecture firm Shook Kelley, the project will feature cross-laminated timber (CLT) decks, which will create exposed timber ceilings. Timberlab, sister company of Swinerton, prefabricated approximately 50,000 linear feet of wood wall framing and 185,000 square feet of CLT using pine, spruce and fir in its Greenville, S.C., facility for the development. The project team broke ground on Cordo last fall and expects to deliver the community by summer 2027.

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SDCCD-Michaels-Org-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentMultifamilyStudent HousingWestern

San Diego Community College District, Michaels Break Ground on 787-Bed Affordable Student Housing Community 

by Amy Works

SAN DIEGO — A partnership between the San Diego Community College District (SDCCD) and The Michaels Organization has broken ground on a 787-bed student housing development at 1601 B St. in downtown San Diego. The seven-story community, designed by TCA Architects, will offer 283 affordably priced units. Shared amenities are set to include study lounges, tutoring spaces, a mental health and wellness center, outdoor courtyards, shared kitchens, a basic needs food pantry and a rooftop lounge. The community will be the first development by the SDCCD and is scheduled for completion in fall 2028.

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ColoradoDevelopmentMultifamilyWestern

Thompson Thrift to Develop 336-Unit Multifamily Community in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Thompson Thrift plans to develop Venture on Venetucci, a 336-unit apartment property in Colorado Springs, with delivery slated for March 2027. The Thompson Thrift 2025 Multifamily Development LP will provide equity capital for the development. Situated on 16.5 acres at 4446 Venetucci Blvd., Venture on Venetucci will feature one-, two- and three-bedroom apartments averaging 1,000 square feet. Each residence will include premium interior finishes, such as quartz countertops, stainless steel appliances, glass-top ranges, tile backsplashes and hardwood-style floorings. Other unit amenities will include large walk-in closets, walk-in showers, patio and balcony options, private yard options, detached garages, full-size washers and dryers, high-speed internet access and an Amazon package hub. Community amenities will include a fully equipped fitness center with 24-hour access, a heated swimming pool, community grilling areas, a pickleball court, billiards, shuffleboard, dog park, pet spa with grooming stations and a resident business center with a conference room and focus suites.

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Cimarron-Apts-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

Rockwell Property Co. Acquires Cimarron Apartments in Metro Phoenix for $33M

by Amy Works

MESA, ARIZ. — Chicago-based investment firm Rockwell Property Co. has acquired Cimarron Apartments in the Phoenix suburb of Mesa for $33 million. The seller was a local family that had owned Cimarron as part of a portfolio for approximately 10 years. The acquisition marks Rockwell’s sixth purchase in Arizona and the first in the city of Mesa. Built in 1985, the 210-unit garden-style community spans about 5 acres and features gated parking, an interior courtyard, a fitness center, a resort-style pool and hot tub, a dog park and a lawn games area. Rockwell is planning a value-add program that will focus on select unit upgrades and amenity enhancements. The site includes developable land for additional apartments on the northeast corner of the site.

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Lodge-North-Ogden-UT
AcquisitionsMultifamilySeniors HousingUtahWestern

Blueprint Brokers Sale of 122-Unit Seniors Housing Property in Utah

by Amy Works

NORTH OGDEN, UTAH — Blueprint has brokered the sale of The Lodge at North Ogden, a 122-unit senior living property located in North Ogden, roughly 50 miles north of Salt Lake City. Opened in 2019, the community features independent living, assisted living and memory care residences. An undisclosed, non-traded REIT partnered with a regional operator and acquired the property for an undisclosed price. Amy Sitzman and Giancarlo Riso of Blueprint arranged the transaction on behalf of the seller. 

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DevelopmentIllinoisIndustrialLoansMidwestMultifamily

BBCP Arranges $41.5M in Financing for Industrial-to-Multifamily Conversion Project in Peoria, Illinois  

by Kristin Harlow

PEORIA, ILL. — Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management, has arranged $41.5 million in financing for the redevelopment of two warehouse buildings located at 800 and 801 SW Washington St. in Peoria. Oculus Development is the owner and developer. BBCP arranged the financing in two components, both with Southern Bank. A $28.5 million construction loan features a three-year term, fixed interest rate, interest-only payments for the full term and a 66 percent loan-to-cost ratio. A $13 million historic tax credit bridge loan features a two-year term, floating interest rate, interest-only payments for the full term and a 90 percent loan-to-cost ratio. BBCP also assisted in sourcing the historic tax credit equity. The project will feature 170 apartment units and 2,500 square feet of commercial space across two adjoining warehouse buildings. Plans call for a mix of studio, one- and two-bedroom units along with 237 parking spaces. Amenities will include community lounges, laundry rooms, pet grooming stations, a fitness center, bike storage, package rooms, a reading room, movie theater, game room, pet run and courtyard.

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