Wednesday, July 23, 2025
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Multifamily

13812-La-Pat-Pl-Westminster-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $10M Sale of La Pat Courtyard Apartments in Westminster, California

by Amy Works

WESTMINSTER, CALIF. — CBRE has negotiated the sale of La Pat Courtyard Apartments, a multifamily asset in the Orange County city of Westminster. An Orange County-based private investor acquired the property from a Los Angeles-based seller for $10 million. Dan Blackwell and Andrew Boukather of CBRE represented the seller, while Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction. Located at 13812 La Pat Place, La Pat Courtyard consists of 21,416 square feet of space spread across two two-story buildings. Originally built in 1961, the property recently underwent extensive interior and exterior renovations, totaling more than $1.4 million in improvements. The 30-unit community offers one studio unit, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled during the renovation process. The units offer washers/dryers, stainless steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring. Community amenities include a courtyard with picnic tables, barbecues and pergolas; front and rear security gates; and 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.

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CivicDevelopmentLoansMassachusettsMultifamilyNortheastStudent Housing

MassDevelopment Provides $11M Bond Financing for Student Housing Project in Fitchburg, Massachusetts

by Taylor Williams

FITCHBURG, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing for a student housing project in Fitchburg, about 55 miles west of Boston. The project will add a two-story building to the campus of Applewild School, a private day and boarding school, that will house 20 bedrooms for 40 students and six faculty apartments. Construction is underway and expected to be complete before the start of the fall 2024 semester. Proceeds will also be used to fund renovations to the preschool and toddler facilities in the Marshall Building. Enterprise Bank purchased the bond.

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LoansMultifamilyNew YorkNortheastOffice

Largo Capital Arranges $6M Bridge Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.

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6465-W-38th-Ave-Wheat-Ridge-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Brokers Sale of 24-Unit Multifamily Property in Wheat Ridge, Colorado

by Amy Works

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 6465 W. 38th Ave. in Wheat Ridge, a suburb west of Denver. The property traded for $5.3 million, or $220,833 per unit. The names of the seller and buyer were not released. Built in 1962, the 24-unit property offers seven one-bedroom/one-bath units and 17 two-bedroom/one-bath units each with private balconies or patios. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyer and seller in the deal. The buyer assumed the seller’s existing debt on the property, which had seven years of term left at a fixed rate of 3.14 percent.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $12.7M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of an apartment building located at 2827-2847 N. Clybourn Ave. in Chicago’s West Lakeview neighborhood for $12.7 million. The property features 30 apartment units and six commercial spaces. The residential portion was more than 95 percent occupied at the time of sale. The building features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units. Brad Feldman of Interra represented the seller, a private local investor. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, also a local investor. The buyer assumed the asset’s existing mortgage, which carries a 3 percent interest rate.

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Affordable HousingIllinoisLoansMidwestMultifamily

BWE Provides $8.3M Acquisition Loan for Affordable Housing Property in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.

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Affordable HousingDevelopmentGeorgiaLife SciencesMixed-UseMultifamilySoutheast

Trammell Crow, GATV Complete Phase I of Mixed-Use Science Square Development in Atlanta

by John Nelson

ATLANTA — Trammell Crow Co. (TCC) and Georgia Advanced Technology Ventures (GATV) — an affiliate of the Georgia Institute of Technology (Georgia Tech) — have completed construction of the first phase of Science Square, a mixed-use development situated adjacent to the Georgia Tech campus in Atlanta. Comprising 18 acres, the development features Science Square Labs, a life science building, and The Grace, a 14-story residential tower. Perkins + Will designed Science Square Labs, which totals 368,258 square feet and features lab and clean-up space. The 13-story building features a 38,000-square-foot solar panel array on top of the parking garage and 22 electric vehicle charging stations. Amenities at the property include a fitness center, conference space and private meeting rooms, and a tenant lounge and event space dubbed The Commons that features a 16,000-square-foot sky deck on the fifth floor. Portal Innovations has signed a 33,000-square-foot lease as the first tenant at the property, which includes 33,136 square feet of pre-built speculative lab and office suites, as well as space for custom-built units. The Grace, designed by Rule Joy Trammell + Rubio, comprises 280 units with a mix of market-rate and affordable residences. Amenities include a bike room, club room, outdoor …

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AcquisitionsMultifamilyNew YorkNortheastStudent Housing

KKR Agrees to Acquire Student Housing Portfolio for $1.6B

by Taylor Williams

NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.

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AcquisitionsMultifamilyNew YorkNortheast

JLL Brokers $47M Sale of Multifamily Development Site in Queens

by Taylor Williams

NEW YORK CITY — JLL has brokered the $47 million sale of a multifamily development site located at 45-40 Vernon Blvd. in the Long Island City area of Queens. The site formerly housed the Paragon Paint factory and is approved for approximately 192,000 square feet of development. The seller, a joint venture between Quadrum Global, Baron Property Group and Simon Development, previously retained Morris Adjmi Architects to design a 21-story, 202-unit property. The buyer was locally based investment and development firm ZD Jasper Realty. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL brokered the deal.

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Woodmont-Liberty-at-Independence
DevelopmentMultifamilyNew JerseyNortheast

Woodmont Completes Lease-Up of 120-Unit Apartment Complex in Independence, New Jersey

by Taylor Williams

INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began last April, at which point rents started at $2,440 per month for a one-bedroom apartment.

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