Multifamily

Northmarq Secures $141.7M in Financing for Two High-Rise Apartment Towers in Metro D.C.

by John Nelson June 25, 2025

BETHESDA AND SILVER SPRING, MD. — Northmarq has secured $141.7 million in financing for a two-property apartment tower portfolio in Washington, D.C.’s suburban Maryland region. The portfolio includes Solaire 7607 Old Georgetown, a new 22-story, 198-unit tower in Bethesda, and Solaire 1150 Ripley, a 16-story, 295-unit property in downtown Silver Spring that was built in 2012. Jason Smith and Kenneth Gentzel of Northmarq’s D.C. office arranged the financing on behalf of the borrower, Washington Property Co. The direct lender was not disclosed.

June 25, 2025

Acquisitions Georgia Multifamily Southeast

Blackfin Purchases Sage Creek Apartments in Augusta, Georgia for $17.3M

by John Nelson June 25, 2025

AUGUSTA, GA. — Blackfin Real Estate Investors LLC, a multifamily investment firm based in Arlington, Va., has purchased Sage Creek Apartments, a 120-unit garden-style community located at 1315 Marks Church Road in Augusta. The seller, an investment group led by JJM Realty Partners LLC, sold the property for $17.3 million. Mike Riley and Ian Shaw of Berkadia represented the seller in the transaction. Patrick McGlohn, Brian Gould, Ted Hermes, Miles Drinkwalter and Natalie Hershey of Berkadia arranged an undisclosed amount of acquisition financing for Blackfin. Built in 2016, Sage Creek represents Blackfin’s first acquisition in Georgia. The property offers one- and two-bedroom apartments ranging in size from 812 to 1,076 square feet, according to Apartments.com. Amenities include a pool, fitness center, laundry facilities, onsite maintenance, bike storage, pet play area and a dog park.

June 25, 2025

Development Multifamily New Jersey Northeast

Malas Development to Build 248-Unit Apartment Complex in Teaneck, New Jersey

by Taylor Williams June 25, 2025

TEANECK, N.J. — Locally based firm Malas Development will build a 248-unit apartment complex in the Northern New Jersey community of Teaneck. The project represents Phase II of The Marq, the first phase of which comprised 256 units that are now 80 percent occupied. Designed by CPA Architecture, the second phase will offer studio, one-, two- and three-bedroom apartments and amenities such as a sauna and massage rooms, coworking areas, a sport simulator, landscaped courtyard with a pool and a rooftop terrace. Completion is slated for the fourth quarter of 2026.

June 25, 2025

Loans Massachusetts Multifamily Northeast

MMCC Arranges $18.7M in Financing for Three Boston-Area Multifamily Properties

by Taylor Williams June 25, 2025

BOSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.7 million in financing across three loans for a trio of multifamily properties in Boston. The properties include the 31-unit Heywood Apartments in Worcester, the 36-unit Eames Apartments in Framingham, a western suburb of Boston, and the 29-unit Summer Street Apartments in Waltham, also located west of the state capital. All three loans carried 6.5 percent interest rates. Robert Damigella of MMCC arranged the loans. The direct lenders and borrowers were not disclosed.

June 25, 2025

Acquisitions California Multifamily Western

MG Properties Acquires Citron Apartments in Anaheim, California for $144M

by Amy Works June 25, 2025

ANAHEIM, CALIF. — MG Properties has purchased Citron Apartments, a multifamily community located at 901 E. South St. in Anaheim, for $144 million. Built in 2023, the four-story Citron features 314 apartments with modern finishes and upscale amenities. Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach of Berkadia arranged financing for the transaction through Freddie Mac. With this acquisition, MG has added 17 properties to its portfolio over the past 12 months, totaling more than $2.1 billion.

June 25, 2025

Arizona Development Multifamily Western

TerraLane Buys Land, Breaks Ground on 218-Unit Build-to-Rent Project Near Phoenix

by Amy Works June 25, 2025

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor Hancock Builders in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Western Alliance Bank and 400 Capital Management are providing financing for the project. Construction has commenced, and leasing is anticipated to begin in 2027. The BTR community will include 218 units. Twenty-four of the units will be single-story, two-bedroom duplexes; 97 will be three-bedroom townhomes; and the remaining 97 will be four-bedroom townhomes. Each home will feature a two-car, direct-access garage, stainless steel appliances and integrated smart home technology, such as keyless entry, remote thermostat controls and fiberoptic cabling to support future connectivity needs. Community amenities will include a gated entrance, pool and hot tub, fitness center, grass park, shaded playground, grilling stations, valet trash service and on-site maintenance. Wi-Fi will be available throughout common areas, and all homes will be pet-friendly with built-in dog …

June 25, 2025

Development Montana Multifamily Western

Clarion, Wentworth to Develop 162-Unit Multifamily Community in Bozeman, Montana

by Amy Works June 25, 2025

BOZEMAN, MONT. — Clarion Partners and Wentworth Property Co. will develop Highmark, a townhome and apartment community in Bozeman. Situated on 8 acres in a Qualified Opportunity Zone (QOZ) in the South University District master-planned neighborhood, Highmark will feature 162 units. Completion is slated for late 2025, with leasing scheduled to begin in April. Highmark will offer a variety of units ranging from single-bedroom apartments to three-story townhomes with 10-foot ceilings, modern kitchens with quartz countertops and stainless steel appliances, wood-vinyl flooring, ample storage, full-size washers/dryers and individual yards and balconies for the townhomes. Community amenities will include a clubroom, fitness center, package locker room, outdoor gathering area, hot tub, dog park, pet spa and more than 300 parking spaces.

June 25, 2025

Development Midwest Missouri Multifamily

Mia Rose Holdings Underway on Development of 190-Unit Luxury Apartment Complex in Metro St. Louis

by Kristin Harlow June 25, 2025

DARDENNE PRAIRIE, MO. — Mia Rose Holdings is underway on the development of Prairie Encore, a 190-unit luxury apartment complex in the St. Louis suburb of Dardenne Prairie. General contractor MBG is building the project, which is slated for Phase I completion this fall. The development, which will also feature Sugarfire, Macadoodles and Starbucks, comes on the heels of the debut of The Prairie Luxury Apartments in 2023. Mia Rose and MBG also built that property. Between the two projects, Mia Rose is investing $150 million in the Dardenne Prairie community. Prairie Encore features a figure-eight building design with two separate courtyards. A 3,310-square-foot lobby connects to a leasing office, coffee bar, kitchen bar, fitness center and other common spaces. Units will come in studio, one-, two- and three-bedroom floor plans. A 669-square-foot coworking suite will be housed on the second floor. Additional amenities will include a dog park, gathering spaces, a pool and turf areas with barbecue grills. Community gathering spaces as well as sand volleyball and pickleball will be within walking distance at Sugarfire. Prairie Encore marks the sixth luxury community for MBG in St. Charles County since 2023, encompassing 1,068 units.

June 25, 2025

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Brokers $5.8M Sale of Apartment Property in Grayslake, Illinois

by Kristin Harlow June 25, 2025

GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.

June 25, 2025

Development Florida Loans Multifamily Southeast

Oak Row Equities Obtains $210.5M Construction Financing for Apartment Tower in Miami

by John Nelson June 24, 2025

MIAMI — Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise apartment tower in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin and John Lowe of JLL arranged both loans for Oak Row Equities. Units at 2900 Terrace, designed by Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity program will span two levels and include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, card room, resident lounge, sauna, golf simulator, theater and a children’s playroom. A landscaped deck will offer outdoor amenities including a pool, cold plunge, poolside cabanas and lounge seating, grills and picnic seating, hot tub, summer kitchen, children’s playground and a coworking terrace. Oak Row has begun construction and plans to deliver 2900 Terrace in fourth-quarter 2027.

June 24, 2025

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