WESTFIELD, IND. — Thompson Thrift has unveiled plans to develop Revere, a 350-unit luxury apartment community in the Indianapolis suburb of Westfield. The company expects to welcome the first residents in February 2027. Units will come in one-, two- and three-bedroom configurations averaging 1,000 square feet. The residences will be spread across six buildings, including four three-story, garden-style buildings and two four-story, elevator-serviced buildings. Amenities will include a fitness center, social hub, heated pool, firepits, grilling areas, a dog park, pet spa, business center and conference room. Adjacent to the project site is IMMI, an advanced safety systems company that employs nearly 700 people at its Westfield office. Planned future retail will also be situated next to the apartment community.
DALLAS — Lincoln Property Co., a Dallas-based global real estate services firm, has acquired Capstone Development Partners, a student housing developer with offices in Birmingham, Ala., and Denver. Lincoln’s acquisition includes Capstone’s management affiliate, Capstone Management Partners. Financial terms of the acquisition were not disclosed. Capstone will continue to operate as Capstone Development Partners, powered by Lincoln. The developer came in at No. 15 in the Top Developers ranking by Student Housing Business. Capstone disclosed in the first quarter that it had seven projects planned through 2028 totaling 5,900 beds. The acquisition expands Lincoln’s higher education infrastructure and enhances its development, financing and operation of on-campus and university-affiliated housing. “Capstone has long been a recognized leader in student housing and campus facilities development,” says Alison Daubert, chief strategy officer at Lincoln. “Their specialized expertise complements Lincoln’s national platform with robust resources, allowing us to better support higher education institutions with even greater experience and expertise.” Capstone says that the move gives the company access to Lincoln’s national resources and operational expertise. “With Lincoln’s support and comprehensive real estate capabilities, we are more capable than ever to assist universities in creating innovative, customized development and operational solutions that align seamlessly with their …
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Capital Returns as 2025 Signals a Market Reset
By Patrick McGlohn, senior managing director, Berkadia After two years of caution and recalibration, capital is flowing back into commercial real estate. The bid-ask gap between buyers and sellers is narrowing, underwriting assumptions are stabilizing and both equity and debt investors are once again finding common ground. At Berkadia, we’re seeing equity move from the sidelines to the playing field, selectively, but decisively. Equity’s Comeback: Selective, but Strong Private equity and institutional investors are increasingly re-entering the market, with activity strongest in the “Smile States,” stretching from Northern Virginia to the western states and extending into major cities like Chicago. Much of the capital is chasing value-add and opportunistic plays rather than core, stabilized assets. Over the past couple of years, many equity investors would only touch preferred equity because of valuation uncertainty, but now we’re seeing common equity return in a meaningful way. The change reflects both greater pricing clarity and a collective sense that the bottom of the market cycle has passed. Navigating the Wall of Maturities The looming wall of debt maturities remains a defining storyline for 2025 and beyond. Nearly $950 billion in commercial mortgages matured in 2025 — roughly 20 percent of all outstanding commercial …
ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cooper Park Apartments, a 180-unit multifamily complex in Arlington. The property was built on 13 acres in 1979. According to Apartments.com, Cooper Park offers one- and two-bedroom units that range in size from 700 to 1,040 square feet. Amenities include a pool, onsite laundry facilities and a dog park. William Hubbard, Taylor Hill, Michael Ware, Drew Kile and Joey Tumminello of IPA represented the seller, Bridwell Capital, in the transaction and procured the buyer, Endurance Capital.
RICHARDSON, TEXAS — Berkadia has arranged the sale and financing of Appletree Court, a 118-unit seniors housing property in Richardson, located northeast of Dallas. The community features assisted living and memory care units. A joint venture between Marquee Capital and Winterpast Capital Partners sold the property to a joint venture between Virtus Real Estate Capital and Winterpast. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia originated a seven-year, floating-rate Freddie Mac acquisition loan on behalf of the buyer.
TROY, ALA. — Marcus & Millichap has brokered the $7.5 million sale of Willow Terrace, a 128-unit apartment community located in Troy, approximately 47 miles south of Montgomery, Ala. Built in 1974 on 6.5 acres, Willow Terrace includes a mix of one-, two- and three-bedroom floorplans ranging in size from 675 to 1,194 square feet, according to Apartments.com. Amenities at the complex include a swimming pool, fitness center, laundry facilities and onsite property management. Josh Jacobs of Marcus & Millichap represented the seller, an entity doing business as Willow Terrace Apartments LLC, in the transaction. The buyer was not disclosed.
BALTIMORE — Northmarq has arranged the $6 million sale of The Baltimorean Apartments, a 66-unit complex located near Johns Hopkins University in Baltimore. Ari Azarbarzin, Anthony Pino, Wallace Halpert and Jamie Grant of Northmarq represented the seller, an entity doing business as 2905 N. Charles Street LLC, in the transaction. Real Estate Dimensions was the buyer. This transaction marks the first time the property has been sold since 1994. Originally built in 1927, The Baltimorean offers a mix of studios, one- and two-bedroom apartments, with units averaging 385 square feet in size. The property features two elevators, a fitness room, management office and a laundry room.
STARKVILLE, MISS. — TSB Capital Advisors has arranged the refinancing for The Walk Starkville, a 531-bed student housing community located near the Mississippi State University campus in Starkville. TSB arranged the fixed-rate loan on behalf of Spaces Management. Terms of the financing were not released. Developed in 2023, The Walk Starkville offers 249 units in one-, two-, three-, four- and five-bedroom floorplans. Amenities include a resort-style swimming pool, fitness center and yoga studio, spa with a sauna and steam room, an entertainment courtyard with a TV and multiple lounge areas, as well as a clubhouse with a golf simulator, gaming lounge and private study areas.
ORANGE, N.J. — Berkadia has arranged the $10.7 million sale of Lincoln Manor Apartments, a 68-unit apartment complex in the Northern New Jersey community of Orange. According to Apartments.com, the building exclusively offers one-bedroom units with an average size of 1,000 square feet. Nat Gambuzza and Tim Blashford of Berkadia represented the seller, Layna Investments LLC, in the transaction and procured the buyer, FM Equities LLC.
SAN DIEGO — Sudberry Properties has opened The Brynn, the fourth apartment community at its 230-acre Civita at Mission Valley in San Diego. Situated on 3.3 acres at 2525 Via Alta, the property features 200 one-, two- and three-bedroom apartments in 19 floor plan options, ranging in size from from 612 square feet to 1,455 square feet. Units feature private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with LG Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. Community amenities include a pool and spa area with barbecues, lounges and fire pits, an indoor/outdoor bar, a recreation center, courtyards and a fitness studio with cardio equipment and strength training options. Additionally, The Brynn is linked to Civita Park amenities via a short trail. The project team includes Rockwood Construction, AO, RICK and Design Tec Inc. Sudberry Properties will provide property management services for The Brynn at Civita.