Wednesday, November 12, 2025
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Multifamily

AcquisitionsMultifamilySoutheastTennessee

IPA Brokers Sale of 216-Unit Solis Apartments in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Solis, a 216-unit apartment community located in Clarksville, roughly 40 miles from Nashville. A private buyer based in California purchased the property from Gwaltney Communities for an undisclosed price. David Stollenwerk, Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer in the transaction. Marcus & Millichap’s broker of record in Tennessee for the deal was Jody McKibben. Built in 2020, Solis features garden-style apartments averaging 1,089 square feet in size, as well as a saltwater swimming pool, 24-hour fitness center and a theater room.

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LoansMidwestMultifamilyWisconsin

KeyBank Arranges $98M for Refinancing of Three Multifamily Properties in Wisconsin

by Kristin Harlow

MADISON, MIDDLETON AND FRANKLIN, WIS. — KeyBank Real Estate Capital (KBREC) has arranged $98 million in fixed-rate Freddie Mac loans for the refinancing of three multifamily properties in Wisconsin. Axiom Properties was the borrower. The Meadows in Madison is a 404-unit complex built in 1979 and renovated in 2008. The property consists of 16 residential buildings along with two pool buildings and two sheds. The $39.6 million loan features a 10-year term, 35-year amortization schedule and five years of interest-only payments. Springtree Apartments is a 272-unit, garden-style property in Middleton. Built in 1970, the community features one-, two- and three-bedroom units with 39 garage parking spaces and 338 surface parking spaces. The $29.4 million loan features a five-year term, 35-year amortization schedule and two years of interest-only payments. Mission Hills Apartments is a 271-unit, garden-style community in Franklin. Built in 1971 and renovated in 2015, the property features 10 buildings as well as a community pool and pool equipment building. The loan features a seven-year term, 35-year amortization schedule and two years of interest-only payments. Samantha Miller and Tom Reynolds of KBREC arranged the financing.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $6.6M Sale of Apartment, Retail Property in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $6.6 million sale of a 33-unit apartment and retail building located at 5704 S. Harper Ave. in Chicago’s Hyde Park neighborhood. The corner property includes 28 one-bedroom apartment units and five commercial spaces, which are leased to Subway, a bike shop, convenience store, barbershop and real estate office. The residential portion was also fully leased at the time of sale. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, a private family partnership.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

MassDevelopment Provides $22.2M Bond Financing for Affordable Seniors Housing Project in Foxborough, Massachusetts

by Taylor Williams

FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $3M Sale of Historic Apartment Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Soleil Apartments in Minneapolis for $3 million. Located at 1425 LaSalle Ave. in the city’s Loring Park neighborhood, the property was built in 1914. Soleil Apartments features 41 apartment units and one retail unit that is leased until 2029. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the seller, Soleil Properties LLC. Jon Ruzicka, broker of record in Minnesota, assisted on the transaction. The undisclosed buyer offered to purchase the property on a contract for deed.

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DevelopmentMaineMultifamilyNortheast

Jones Street Breaks Ground on 64-Unit Multifamily Project in Brunswick, Maine

by Taylor Williams

BRUNSWICK, MAINE — Jones Street Investment Partners, a private equity real estate firm, has broken ground on a 64-unit multifamily project in Brunswick, a northern suburb of Portland. The project, which will be situated on a 3.5-acre site, represents the second phase of Atlantic Pointe, the first phase of which comprised 181 units. Phase II will feature four buildings that will house one- and two-bedroom residences. Amenities at Atlantic Pointe include a fitness center, business center, dog park and package lockers. Delivery of Phase II is scheduled for summer 2025.

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DevelopmentFeaturesMultifamily

Savvy Seniors Housing Developers Seize Window of Opportunity

by Taylor Williams

By Jane Adler Post-pandemic, senior living owners and operators are rightfully focused on regaining occupancy and stabilizing their assets. Expansion opportunities have mostly been limited to acquisitions of troubled properties purchased at a discount. Inflation, relatively high interest rates, a tight labor market and even tighter capital markets have largely sidelined ground-up development.   But contrarian players believe now is the right time to build. Much of the existing stock of seniors housing is 20-plus years old, and baby boomers are just over the horizon. A development that breaks ground today will be ready to welcome the first wave of boomers who turn 80 in two years. New projects will face less competition too because of today’s difficult development environment.  “This is the perfect time to put a shovel in the ground,” says Anders Pesavento, senior vice president of capital markets at Ryan Cos. The Minneapolis-based development and investment firm has four seniors housing projects slated to break ground this year that are valued at approximately $385 million.  The lack of new supply and strong demand supports the case for building now, emphasizes Pesavento. “We believe we will be rewarded.” The volume of seniors housing units under construction is at …

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AcquisitionsMultifamilyStudent HousingTexas

Palladius Capital Management Sells 672-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Austin-based investment firm Palladius Capital Management has sold The Oasis, a 672-bed student housing property in San Marcos, located roughly midway between Austin and San Antonio. The 240-unit property is located about three miles from the Texas State University campus and offers amenities such as a pool, fitness center, clubhouse and study lounges. Palladius acquired the property in spring 2022 and implemented a value-add program prior to the sale. Chris Epp of Walker & Dunlop represented Palladius in the transaction The buyer and sales price were not disclosed.

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AcquisitionsMultifamilyTexas

SPI Advisory Acquires 248-Unit Multifamily Portfolio in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Texas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the North Texas city of Denton. Lana is a 116-unit, garden-style property that was originally built in 1981, and Aspire is a 132-unit complex that was constructed in 1970. Both properties offer one- and two-bedroom units and underwent capital improvement programs over the past two years. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

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DevelopmentFloridaMultifamilySoutheast

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

by John Nelson

MIAMI — Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897, according to Apartments.com. Designed by Corwil Architects, Remi on the River’s amenities include a resort-style swimming pool, aqua lounge, fitness center, clubroom, private parking and a resident lounge with coworking spaces. Remi on the River is Phase II of a multifamily development by Mast Capital. Phase I of the project was MAST on Waterline Miami, a 346-unit apartment community formerly known as Waterline Miami.

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