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Multifamily

DevelopmentMichiganMidwestMultifamilyStudent Housing

CRG, Shapack to Build 19-Story Student Housing Tower Near University of Michigan

by Kristin Harlow

ANN ARBOR, MICH. — CRG and co-developer Shapack Partners have closed on the site and secured full construction financing for Chapter Ann Arbor, a 19-story student housing tower located one block from the University of Michigan’s Central Campus in Ann Arbor. The property will feature 625 beds across 183 units. Construction is slated to begin in August, with completion anticipated in time for the 2027-2028 academic year. Located at the northeast corner of South University Avenue and Church Street in Ann Arbor’s South University District, the project will offer fully furnished apartments across studio through five-bedroom layouts. Amenities will include a fitness center, study lounges, a library and rooftop patio. Lamar Johnson Collaborative, a subsidiary of CRG’s parent company Clayco, designed the development. Findorff, a Madison, Wis.-based construction company, will serve as general contractor.

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

JLL Arranges Sale of 447-Bed Student Housing Community Serving Illinois State University

by Kristin Harlow

NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Breneman Capital Acquires 48-Unit Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Breneman Capital has acquired a 48-unit apartment building to be rebranded as The Aura in Chicago’s Lakeview neighborhood. The purchase price was undisclosed. Base3 Development sold the property, which is located at 3821 N. Ashland Ave. Built in 2023 by Base3, the asset features a mix of one-, two- and three-bedroom floor plans.

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AcquisitionsIllinoisMidwestMultifamily

Greenstone Partners Brokers $4.3M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $4.3 million sale of a newly constructed multifamily property in Chicago’s River West neighborhood. Located at 693 N. Peoria St., the building features nine units in two- and three-bedroom layouts. The asset features private balconies, onsite parking, in-unit laundry and separated HVAC systems. Some units feature private rooftop access. Jordan Multack of Greenstone represented the seller and sourced a local 1031 exchange buyer.

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Affordable HousingConference CoverageFeaturesMultifamilyNorth CarolinaSoutheastSoutheast Feature Archive

Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel

by John Nelson

CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). A year prior, RealPage reported that deliveries (135,652) outstripped absorption (103,826) in first-quarter 2024. Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It couldn’t be more different what it looked like a year ago trying to capitalize deals in tertiary markets,” said Block. “Last year we would call 50 lenders with the hope of one to get to do it at terms that we didn’t like with ridiculous deposit requirements. I probably get four or five cold calls a week from bankers now.” Block’s comments came during the development panel at InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 …

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Miami’s Rise to a Global Wealth Capital Fuels Multifamily Momentum

by John Nelson

This year marks the centennial of several Miami municipalities, including Coral Gables and Hialeah, placing Miami-Dade County in a unique position: looking back on a rich history as a sunseeker’s playground, while charging full speed into a future where it is also a tech hub and financial powerhouse, with some dubbing the city as “Wall Street South.” From the first land rush in the 1920s to the post-pandemic migration surge a century later, Miami’s real estate story includes fascinating characters, iconic architecture, multiple booms and busts and not one but two great railroad eras — all contributing to the city’s allure as a place to live, and where institutional-quality capital is increasingly eager to invest.  Population, job momentum Miami has enjoyed one of the strongest multifamily markets in the country for roughly the past decade. A blend of population growth and job creation forms the backbone of Miami’s resilient rental market. Miami-Dade County added over 64,000 net new residents as of July 2024, driven almost entirely by international newcomers. According to the U.S. Census Bureau, the county saw 123,835 international arrivals, offsetting the 67,000 locals who left.  Behind that growth is an unprecedented business boom. Lured by Florida’s business-friendly environment …

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Oxlley-Apartments-Edmond-Oklahoma
DevelopmentMultifamilyOklahomaTexas

Milhaus, Humphreys Capital Complete 276-Unit Oxlley Apartments in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — A partnership between Indianapolis-based developer Milhaus and locally based investment firm Humphreys Capital has completed Oxlley Apartments, a 276-unit multifamily community in Edmond, about 15 miles north of Oklahoma City. Located at 101 W. Main St. in the historic downtown area, Oxlley features studio, one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, electric vehicle charging stations, conference rooms for remote workers, a dog park and a pet spa. Rents start at $1,225 per month for a studio apartment.

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Meridian-Apts-Kalispell-MT
AcquisitionsMontanaMultifamilyWestern

Brinkman Real Estate Buys 180-Unit Apartment Community in Kalispell, Montana

by Amy Works

KALISPELL, MONT. — Brinkman Real Estate has acquired The Meridian Apartments, a Class A multifamily property in Kalispell. Terms of the transaction were not disclosed. The company’s capital markets team, in partnership with Greystone’s debt team led by Tim Wright, executed a Fannie Mae loan assumption and simultaneously closed on a supplemental loan. Built in 2023, The Meridian offers 180 studio, one- and two-bedroom apartments with quartz countertops, stainless steel appliances and vinyl plank flooring and keyless entry. Community amenities include a basketball court, an outdoor grill and picnic area, a dog park and onsite leasing and maintenance. Brinkman plans to implement an improvement program including the addition of in-unit laundry facilities, fencing for first-floor studios and upgrades to the dog park and shared outdoor areas. Entrust Property Solutions will provide operational management services for the property.

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Villas-on-Shelby-Sedona-AZ
Affordable HousingArizonaDevelopmentMultifamilyWestern

Wespac Residential Breaks Ground on First Affordable Housing Project in Sedona, Arizona

by Amy Works

SEDONA, ARIZ. — Wespac Residential, as general contractor, has broken ground on The Villas on Shelby, an affordable multifamily property in Sedona. Project partners include HS Development Partners, the City of Sedona, Athena Studio and the Arizona Department of Housing. The Villas on Shelby will be Sedona’s first-ever affordable housing community and will be funded through federal Low-Income Housing Tax Credits (LIHTC). Situated on a 1.2-acre site acquired by the City of Sedona, the three-story apartment complex will feature 30 affordable rental homes, including 24 one-bedroom units and six three-bedroom units. The development will include covered parking, a community room with a kitchen, fitness room, playground and elevator access. Additionally, the property will feature future-ready infrastructure with stubs in place for electric vehicle charging stations. Construction is underway, with completion and tenant move-in scheduled for May 2026. In addition to federal LIHTC, the project is being funded via an investment from the State Housing Trust Fund, part of Governor Katie Hobbs’ allocation toward addressing Arizona’s housing crisis.

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Woodmont-Forge-at-Hopewell
DevelopmentMultifamilyNew JerseyNortheast

Woodmont Completes Lease-Up of 300-Unit Apartment Community in Hopewell, New Jersey

by Taylor Williams

HOPEWELL, N.J. — Locally based developer Woodmont Properties has completed the lease-up of a 300-unit apartment community in the Northern New Jersey city of Hopewell. Woodmont Forge at Hopewell is now fully occupied. The property features one- and two-bedroom units, some of which offer lofts or dens, that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Private garages are also available in select residences. Amenities include a pool, fitness center with on-demand yoga and spin classes, game den, a multi-use theater room, dog park and outdoor grilling and dining stations.

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