MIDLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a portfolio of four multifamily properties totaling 277 units in the West Texas city of Midland. The properties, which are collectively known as the Midland Value-Add Portfolio, include Brighton Court, Delmar Villas, Enclave and Signature Place. All four properties were built in the early 1980s. Will Balthrope and Drew Garza of IPA, in association with Tommy Lovell III and Richard Robson of Marcus & Millichap, represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ROUND ROCK, TEXAS — Minnesota-based Broadway Street Development has completed The Preserve at Mustang Creek, a 252-unit affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects and built by Cadence McShane, the property offers one-, two-, three- and four-bedroom units that are reserved for households earning between 30 and 60 percent of the area median income. Amenities include a pool, outdoor grilling and dining stations, a playground, fitness center, café kitchen and an activity room. The Texas Department of Housing and Community Affairs provided partial funding for the project. Construction began in fall 2023.
FORT LEE, N.J. — Regional brokerage firm BlueGate Partners and JLL have co-arranged the sale of Twenty50, a 194-unit apartment complex in the Northern New Jersey community of Fort Lee. Built in 2013, the 12-story building houses one- and two-bedroom units with an average size of 896 square feet. Amenities include a pool, coworking space, library, fitness center, lounge and outdoor grilling and dining stations. Mark DeLillo, Marc Schulder and Lee Spiegleman of BlueGate collaborated with JLL’s Jose Cruz, Steve Simonelli, Mike Oliver and Elizabeth DeVesty to broker the deal. The buyer and seller were not disclosed.
ARLINGTON, VA. — A joint venture between Crescent Communities and Rockefeller Group has closed on the land acquisition for NOVEL Arlington, a 530-unit apartment community located in Arlington, approximately five miles from downtown Washington, D.C. Situated on about 5.5 acres along South Glebe Road, NOVEL Arlington will include 493 multifamily residences and 37 townhomes across studio, one-, two- and three-bedroom floorplans, including both market-rate and affordable units. Designed around the concept of the “power to play,” the complex will feature 20,000 square feet of amenities such as a golf lounge with a full-swing simulator; clubroom with indoor-outdoor connectivity; private dining and watch-party room; courtyard with firepits, game zones and landscaping; rooftop resort-style swimming pool with cabanas; fitness center, solo fitness studio, sauna and recovery spaces; coworking nooks and social lounges; a record listening lounge; pet retreat and pet spa; resident market; and a privately programmed courtyard and public-private park with walking trails. The joint venture secured equity financing from Shimizu Realty Development and Mitsubishi Estate New York, a U.S. affiliate of Tokyo-based Mitsubishi Estate Co. Additionally, Sumitomo Mitsui Trust Bank, Limited New York Branch (SMTB) provided construction financing for the development. Other project partners include Bohler D.C. (civil engineer), Hord …
MIDLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Everett at Ally Village, a 288-unit apartment complex in the West Texas city of Midland. Built in 2021, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, pet park, golf simulator and outdoor grilling and dining stations. Will Balthrope and Drew Garza of IPA brokered the deal. The buyer and seller were not disclosed.
LOS ANGELES — Mesa West Capital has provided a joint venture between Interstate Equities Corp. and PGIM with a $201.5 million loan package for the previously announced acquisition of the mResidences Portfolio. The four properties, located in Mountain View, Redwood City and Sunnyvale, Calif., and Seattle, offer a total of 564 units. Eastdil Secured arranged the financing.
ARCADIA, CALIF. — Oakland Senior Living, with R.D. Olson Construction as general contractor, has broken ground on Ivy Park at Arcadia, a seniors housing property in Arcadia within San Gabriel Valley. The three-story, $33 million project will feature 100 assisted living and memory care apartments. Completion is slated for fall 2027. The property will offer comprehensive fire and life safety systems, including advanced alarms, sprinklers and rated corridors; backup power and medical gas provisions to ensure uninterrupted care; and a secure outdoor area designed for safe, independent mobility. Community amenities will include a fitness center and specialized treatment rooms for memory core and mobility support; sensory-friendly design featuring distinct colors and intuitive wayfinding to reduce confusion; multiple communal spaces, including dining areas, a reading room, bar and lounge and salon; open-air patios and secure walking paths to promote healthy habits; and 70 parking spaces to accommodate family visits and staff. The project team includes b.hills architecture and STUDIOSIX5.
LOUISVILLE, KY. — Walker & Dunlop has arranged a $96.7 million loan for the recapitalization of three newly constructed multifamily communities totaling 640 units in Louisville. The multifamily portfolio includes Belmond Flats (240 units), Cedar Creek Flats (168 units) and Glengrove Apartments (232 units). Jonathan Zilber, Joel Chetner and Josh Geller of Walker & Dunlop secured three floating-rate, interest-only loans through an institutional lender on behalf of the borrower, Highgates Group. Proceeds will be used to repay existing debt, fund closing costs and return capital to investors.
RALEIGH, N.C. — FCP has sold The Pointe at Midtown, a 365-unit, garden-style apartment community located at 901 Navaho Drive in Raleigh, near the North Hills mixed-use development in the city’s Midtown district. The Pointe at Midtown offers two- and three-bedroom apartments ranging in size from 858 to 1,190 square feet, according to Apartments.com. Amenities include a swimming pool, basketball court, shaded playground, two clothes care centers and a package locker system. Hunter Barron, Teddy Hobbs, Ryan Gavigan, Ben Bury and Woody Flythe of JLL represented FCP in the transaction. The sales price and buyer were not disclosed.
ILLINOIS — MONTICELLOAM LLC, a specialized seniors housing and multifamily bridge lending platform, has provided $60 million in bridge financing for a five-property skilled nursing portfolio in Illinois. Karina Davydov of MONTICELLOAM originated the loan on behalf of the borrower, which operates more than a dozen skilled nursing facilities in Illinois. The borrower will use the loan proceeds to acquire the portfolio of more than 620 licensed beds.