LYNNWOOD, WASH. — American Capital Group and Clarion Partners have formed a joint venture to develop Enso, an apartment community in Lynnwood, approximately 15 miles north of Seattle. Pacific Life Insurance Co. served as construction lender for the project, with construction scheduled to commence in August for completion in summer 2026. Located at 4001 198th St. SW, Enso will feature 312 apartments, more than 4,200 square feet of retail space, ample parking, a 2,600-square-foot co-working space, a 3,000-square-foot fitness facility, a 2,400-square-foot game lounge and a 2,600-square-foot resident lounge, as well as a dog wash and bike storage.
FORT COLLINS, COLO. — Co-developers MorningStar Senior Living and Haselden Real Estate Development have opened MorningStar at Old Town, a seniors housing property in Fort Collins. The companies partnered with local landowner and developer J.D. Padilla to develop the asset in Old Town Fort Collins. Located at 360 Tenney Court, MorningStar at Old Town features 160 units for independent living, assisted living and memory care in a four-story residential building. The community offers an indoor pool, a fitness center, therapy space, theatre/chapel and wine tasting room, as well as The Sky Terrace with patios and courtyards in an outdoor space. Project partners included Hord Coplan Macht as architect, Haselden as general contractor and Thoma-Holec as interior designer.
ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.
MONTGOMERY, ALA. — DWG Capital Partners and Dorado Holdings have purchased Greenbriar Apartments, a 96-unit multifamily community in Montgomery. Located at 4604 Virginia Loop Road, the property features 13 two-story buildings situated on 5.4 acres. Insight Management Group sold the community for an undisclosed price. Jonny Easterling of Wiley Real Estate Group represented the seller in the transaction.
PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …
WINTER GARDEN, FLA. — Multifamily developer Alliance Residential Co. has opened Prose Horizons Village, a 300-unit apartment community located at 16810 Easthampstead Road in Winter Garden, approximately 16 miles northwest of Orlando. The property features one- and two-bedroom residences averaging 1,008 square feet in size. Amenities at the community include a clubroom, business center, package locker system, pool, fitness center and a pet park. The developer also recently opened Prose Cypress Pointe in nearby Winter Haven, Fla.
WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or rehabilitation. Failing to hit the 5 percent cap, owners would lose out on what’s known as “faster deprecation” write-offs. According to Investopedia, property owners can deduct market value loss and the costs of buying and improving a property from their taxes. Most multifamily industry leaders are against rent control for several reasons but chiefly because they say such measures reduce the incentive to build more housing or to renovate and improve existing properties. Ahead of the White House’s announcement, which was released this morning, numerous public policy groups spoke out against the proposal. “This legislative proposal will not create a single new unit while raising costs on the very residents …
TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Heatheridge Assisted Living, an 87-unit seniors housing property located just outside the downtown Tulsa area. Built in 1990, the property offers one-bedroom units with four different floor plans and amenities such as a laundry room, entertainment room, outdoor courtyard and full-service salons. Jon Krebbs of TMG brokered the deal. The buyer and seller were not disclosed.
HUNTINGTON PARK, CALIF. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. Community amenities include secure parking and access, balconies, a recreation room, elevators and on-site laundry. The property is currently under a building covenant that mandates it be used as 55-plus housing with 20 percent of units rented to low-income tenants until 2038. Tom Papoulias of Coldwell Banker Commercial West represented the seller in the transaction.
MERCER ISLAND, WASH. — Gantry has secured a $40 million permanent loan for the refinancing of Mercer Apartments on Mercer Island, a Puget Sound community between Seattle and Bellevue. Located at 7650 SE 27th St. and 2558 76th Ave. SE, Mercer Apartments features 235 apartments and 20,000 square feet of ground-floor retail space. The unit mix includes studio, one- and two-bedroom floorplans. Community amenities include barbecue areas, an outdoor heated pool and spa, community clubhouse, fitness facilities and concierge services. A restaurant, nail salon and interior design studio and showroom occupy the retail space. Mike Wood and Alicia Sabanero of Gantry secured the loan on behalf of the borrower, a private real estate investor. The 10-year, non-recourse loan features a fixed rate with full-term interest-only payments. A life insurance company provided the capital.