Wednesday, April 30, 2025
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Multifamily

Build-to-RentDevelopmentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Trilogy Investment  to Develop Three Rental Townhome Communities in Metro Asheville

by John Nelson

ARDEN AND ASHEVILLE, N.C. — Trilogy Investment Co. will develop three rental townhome communities in metro Asheville. Located in the city of Asheville and the unincorporated community of Arden, the Rêve Communities-branded properties will total 267 units across 35 acres. Amenities at each community will include 24-hour maintenance, valet trash, a clubhouse, pool, playground and a dog park. Construction is scheduled to begin in the third quarter of this year, with preleasing expected to begin in mid-2025.

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DevelopmentMultifamilyTexas

Report: Z Modular Nears Completion of $62M Multifamily Project in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units.  Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.

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LoansMultifamilyTexas

Greystone Provides $15.4M in Bridge Financing for North Texas Multifamily Portfolio

by Taylor Williams

SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three multifamily properties totaling 189 units in North Texas. One of the properties is located in Sherman, and the other two are located in Denison. All were built in the 1960s and 1970s. The interest-only loan carries a two-year term with two six-month extension options. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed, Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal.

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LoansMultifamilyNortheastRhode Island

Fantini & Gorga Arranges $3.3M Bridge Loan for Multifamily Project in Warwick, Rhode Island

by Taylor Williams

WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged a $3.3 million bridge loan for a 210-unit multifamily project in Warwick, located just south of Providence. The site currently serves as a parking lot, and the borrower, Skydra Development, plans to construct a four-story building with one-, two- and three-bedroom units. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender on behalf of Skydra Development.

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DevelopmentMidwestMultifamilySeniors HousingSouth Dakota

Sanford Health Plans 330-Unit Continuing Care Retirement Community in Sioux Falls, South Dakota

by Kristin Harlow

SIOUX FALLS, S.D. — Sanford Health has unveiled plans to build Good Samaritan Society — Founder’s Crossing, a continuing care retirement community (CCRC) in Sioux Falls. The developer plans to break ground this spring. The first phase of the CCRC will include 146 independent living villas, 120 independent living apartments, 32 assisted living apartments and 32 memory care apartments, all slated for completion in 2026. A second phase over the following two years will add a short-term rehabilitation and long-term care center, additional villas, a Sanford Health clinic and a Lewis Drug location. The health clinic and pharmacy will be open to the public. Phase II is scheduled for completion by 2028.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

SLIB Brokers Sale of 53-Unit Assisted Living Community in Suburban Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Homestead at Coon Rapids, a 53-unit assisted living and memory care community in the northern Minneapolis suburb of Coon Rapids. The sales price was undisclosed. Built in 1999, the property features 29 assisted living units and 24 memory care units. The building totals 31,195 square feet on roughly three acres. Jason Punzel, Brad Clousing and Jake Anderson of SLIB brokered the sale. The seller was a large, national nonprofit looking to condense its portfolio to focus on core communities. The buyer was an in-state owner partnering with an in-state operator looking to grow its footprint in Minnesota.

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CaliforniaLoansMultifamilyWestern

Berkadia Arranges $44.5M Refinancing for Fountains of Fair Oaks Multifamily Property in California

by Amy Works

FAIR OAKS, CALIF. — Berkadia has arranged $44.5 million in refinancing for The Fountains of Fair Oaks, a garden-style apartment property in Fair Oaks, a suburb east of Sacramento. The borrower is The Ezralow Co. Allan Freedman of Berkadia Los Angeles secured the five-year loan, which features five years of interest-only payments, through Freddie Mac. Located at 4800 Sunset Terrace, The Fountains of Fair Oaks features 270 units with electric heaters, hardwood-inspired flooring, contemporary cabinets, patios or balconies, stainless steel appliances, high-speed internet access, microwaves and central heating and air conditioning. Select units offer closets, fireplaces, washers/dryers and storage on the patios. Community amenities include a clubhouse, spa, fitness center, bike rooms, a basketball court, tennis court, 24-hour parcel room, large decks with barbecues and a fire pit, a lounge, 24/7 resident payment portal, gardens with courtyards, a courtesy patrol, business center, controlled access and six laundry facilities. The pet-friendly community was built in 1976 and fully renovated in 2012.

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AcquisitionsMultifamilyWashingtonWestern

Family Operator Purchases 32-Unit Stratford Square Apartments in Burien, Washington for $7.3M

by Amy Works

BURIEN, WASH. — Stratford Square LLC has completed the disposition of Stratford Square Apartments, a 32-unit multifamily property in Burien, approximately 10 miles south of Seattle. A local family operator acquired the asset for $7.3 million. Located at 12707-12733 13th Lane SW, Stratford Square Apartments features three three-story, garden-style buildings, each offering eight two-bedroom/1.5-bath units approximately 1,000 square feet in size, and four duplexes with two-bedroom/1.5-bath townhome-style units featuring parking garages. Originally built in 1988, the property offers covered and uncovered on-site parking, in-unit washers/dryers, dishwashers, fireplaces and balconies in most units. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer, while Jon Breiner and Nick Hemming of Paragon Real Estate Advisors represented the seller in the transaction.

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AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Negotiates $3.6M Sale of Autumn Leaf Apartments in Airway Heights, Washington

by Amy Works

AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, located at 12911 W. 13th Ave. in Airway Heights, a suburb west of Spokane. The property traded for $3.6 million. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The name of the buyer was also not released. Built in 2017, The Autumn Leaf features 24 units.

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CaliforniaDevelopmentMultifamilyStudent HousingTop StoriesWestern

Landmark Properties Breaks Ground on 1,284-Bed The Standard at Los Angeles Student Housing Community Near USC

by Kristin Harlow

LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …

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