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Multifamily

BLVD-at-Medical-Center-San-Antonio
AcquisitionsMultifamilyTexas

Hamilton Zanze Sells 248-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold BLVD at Medical Center, a 248-unit apartment community in San Antonio. Built in 2016 and located roughly 15 miles northwest of the downtown area, BLVD at Medical Center offers one-, two- and three-bedroom units with an average size of 776 square feet. Residences are furnished with stainless steel appliances, walk-in closets, granite countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, playground and a business center. The buyer and sales price were not disclosed. Hamilton Zanze acquired the property soon after completion and implemented various value-add measures during its course of ownership.

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DevelopmentFloridaSoutheastStudent Housing

Joint Venture to Break Ground on 1,316-Bed Student Housing Development Near Florida State University

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Core Spaces, Peerless Development and an affiliate of Inland Acquisitions has announced plans for Hub Tallahassee, a student housing development located near Florida State University. The development site is located within a qualified opportunity zone near the northeast corner of the university’s campus. Upon completion, the seven-story community will offer 1,316 beds across 367 units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Completion is scheduled for fall 2026. Amenities at the property will include a rooftop swimming pool, fitness center, spa, private study rooms and adjacent parking. The project team includes Juneau Construction Co. and Niles Bolton Associates. Ian Bradley of TSB Capital Advisors secured construction financing, and Mark Cosenza and David Neboyskey of Inland worked on behalf of the company’s affiliate in the joint venture transaction.

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AcquisitionsArkansasMultifamilySoutheast

Cushman & Wakefield Brokers $78.8M Sale of Landmark Apartments in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Cushman & Wakefield has brokered the $78.8 million sale of Landmark Apartments, a 372-unit multifamily community located in Little Rock. Canyon View Capital acquired the property in two phases — paying $40.3 million and $38.5 million in February 2023 and February of this year, respectively. Martin Bynum and Cole Herget of Cushman & Wakefield represented the seller, an entity doing business as Landmark Apartments II LLC, in the transaction. VCC Construction built the community in two phases, completing 196 units in 2017 and 176 units in 2023. Amenities at the property include two fitness centers, a coffee station, tanning salon, business center, dog park agility course, two swimming pools, outdoor games and parking garages.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Thorofare Provides $30M Construction Financing for Multifamily Development in Charlotte

by John Nelson

CHARLOTTE, N.C. — Thorofare Capital has provided a $30 million loan to Grubb Properties for the construction and lease-up of Link NoDa Phase II, a 242-unit multifamily project in Charlotte. Upon completion, the development will feature 146,652 square feet of rentable space within a six-story building. Amenities at the property, independent from those at Phase I of the community, will include a clubhouse, pool, courtyards with fire pits, grilling stations, a 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center and coworking space.

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DevelopmentIllinoisMidwestMultifamily

Skender Completes 21-Story Luxury Apartment Building in Chicago’s River North

by Kristin Harlow

CHICAGO — Skender has completed construction of The Leo, a 21-story luxury apartment tower located at 741 N. Wells St. in Chicago’s River North. VISTA Property is the developer. Designed by Antunovich Associates, the building features 168 units, including 50 studios, 101 one bedrooms and 17 two bedrooms. The project also includes 3,877 square feet of ground-floor retail space. Amenities include an in-gym yoga studio, outdoor pool, rooftop deck, kitchen café, group fitness terrace, private events room, dog run and bike room. Luxury Chicago Realty is handling leasing. Huntington Bank provided a first mortgage loan for the project. Monthly rents start at $2,250, according to the property’s website.

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DevelopmentLoansMidwestMultifamilyWisconsin

PACE Loan Group Provides $8M in C-PACE Financing for Luxury Apartment Project in Eau Claire, Wisconsin

by Kristin Harlow

EAU CLAIRE, WIS. — PACE Loan Group has provided $8 million in C-PACE financing for The Washington, a 200-unit luxury apartment project to be built in Eau Claire, a city in western Wisconsin. The financing fills out the $41 million capital stack, which includes $20 million in debt and $13 million in equity. The three-building project will comprise a former managed care facility and two new ground-up buildings. The 10-acre site is located within two miles of the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former managed care facility, which originally opened in 1937, will house amenities including a 2,000-square-foot commercial space on the first floor, rooftop deck, fitness center, clubroom, coworking space, media room, yoga studio, outdoor heated pool, dog park and dog washing station. It will also include 53 multifamily units. One of the new buildings will consist of 87 units; the other will feature 60 units. Both will have fitness centers, clubrooms, media rooms and underground parking. Construction will begin shortly and is slated for completion by September 2025. The PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include building envelope, Energy Star windows, high-efficiency HVAC, domestic hot …

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Affordable HousingIllinoisLoansMidwestMultifamily

Colliers Mortgage Originates $7.8M Loan for Refinancing of 72-Unit Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Colliers Mortgage has originated a $7.8 million Fannie Mae loan for the refinancing of Southeast Englewood and South Wabash in Chicago. The 72-unit, scattered site affordable housing property consists of six three-story buildings with garden-level basements. The buildings are situated on six parcels, three of which are non-contiguous. All of the units are restricted to low-income tenants by a HUD Section 8 HAP contract. Les Hardin of Colliers Mortgage structured the loan, which features a 10-year term. LSG Lending Advisors arranged the loan.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Arranges $6.4M Sale of Gallatin Apartments in Wauwatosa, Wisconsin

by Kristin Harlow

WAUWATOSA, WIS. — Marcus & Millichap has arranged the $6.4 million sale of Gallatin Apartments in Wauwatosa, located immediately west of Milwaukee. Built in 2020, the 27-unit apartment building is located at 2515 N. Wauwatosa Ave. Amenities include a fitness center, underground parking, bicycle storage, a rooftop deck and private dog run. Matthew Whiteside, Mark Peltin and Blake Hanlon of Marcus & Millichap represented the undisclosed seller. Whiteside procured the buyer, which was also undisclosed.

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Blueprint-Healthcare-UT
AcquisitionsMultifamilySeniors HousingUtahWestern

Pennant Group Purchases Two Value-Add Seniors Housing Communities in Utah

by Amy Works

SALT LAKE CITY AND ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah. The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities. Pennant Group acquired the assets for an undisclosed price. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort for the owner. Opened in 1999/2000, the Utah portfolio consisted of a 113-unit assisted living and memory care community in urban-infill Salt Lake City site and a 75-unit assisted living and memory care community in Saint George, located in the southwest corner of the state near the Nevada and Arizona borders. Alex Florea, Giancarlo Riso and Amy Sitzman led the Blueprint team.

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilySoutheast

Culdesac, Urban Oasis to Develop 20-Acre Murphy Crossing Project in Atlanta

by John Nelson

ATLANTA — Culdesac Inc. and Urban Oasis Development will develop the Murphy Crossing mixed-use redevelopment in Atlanta’s Oakland City neighborhood, following approval by Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. Located at 1050 Murphy Ave., the project will span 20 acres and feature 1,100 residential units, as well as commercial space, light industrial space and amenities. Of the residential units, 30 percent will be designated as affordable housing for residents earning 60 to 80 percent of the area median income (AMI). Additionally, a portion of the commercial and industrial space will be offered at an affordable rate to small businesses, with small business retail tenants eligible for one-time business grants. Upon completion, the development, which is situated adjacent to the BeltLine’s Westside Trail and near the Oakland City and West End MARTA stations, will feature plazas, courtyards, green space, paths, bike lanes and a community garden. A development timeline was not disclosed.

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