Multifamily

Baron Property Group, LargaVista Receive $388.5M in Construction Financing for Queens Multifamily Project

by Taylor Williams July 1, 2025

NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.

July 1, 2025

Affordable Housing Development Loans Multifamily New York Northeast

BFC Partners Lands $250M Construction Loan for Coney Island Affordable Housing Project

by Taylor Williams July 1, 2025

NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.

July 1, 2025

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates Sale of 99-Unit Apartment Building in Easton, Massachusetts

by Taylor Williams July 1, 2025

EASTON, MASS. — CBRE has negotiated the sale of a 99-unit apartment building in Easton, located roughly midway between Boston and Providence. Zen Easton is a three-story building that was completed in 2003 and offers studio, one- and two-bedroom units with an average size of 798 square feet. Amenities include a resident lounge, dining hall and catering kitchen, cyber lounge, fitness center, library and two theater rooms. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. CBRE also procured the buyer, an unnamed institutional investor.

July 1, 2025

Acquisitions Arizona Multifamily Nevada Western

Kennedy Wilson Acquires 700 Multifamily Units Across Two Western Communities for $166M

by Amy Works July 1, 2025

NORTH LAS VEGAS, NEV., AND TEMPE, ARIZ. — In two separate transactions, a real estate fund managed by Kennedy Wilson has purchased Tides on Commerce in North Las Vegas and Finisterra in Tempe for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The names of the sellers were not released. Tides on Commerce offers 336 apartments and Finisterra features 356 units. The low-density, garden-style properties offer a diverse mix of unit sizes and a variety of amenities. Kennedy Wilson has approximately 14 percent interest in a commingled fund that acquired the two properties and serves as asset manager. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.

July 1, 2025

California Loans Multifamily Western

IPA Arranges $61M Construction Financing for Apartment Property in San Mateo, California

by Amy Works July 1, 2025

SAN MATEO, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has secured $61 million in financing for the construction of Arbello, a mixed-use multifamily and office property in San Mateo. Located at 477 9th Ave., the five-story property will feature 120 for-rent apartments and 29,000 square feet of office space. Onsite amenities will include a coworking space, wellness center, clubhouse, expansive courtyard and rooftop deck. Brandon Roth of IPA advised and marketed the financing on behalf of The Martin Group and JPF Capital.

July 1, 2025

Acquisitions California Development Multifamily Western

CGI+ Sells Shovel-Ready Multifamily Development Site in Torrance, California for $40M

by Amy Works July 1, 2025

LOS ANGELES — CGI+, a Los Angeles-based multifamily investment firm, has completed the disposition of a shovel-ready, 4.9-acre development site in Torrance to JPI for $40 million. The property is entitled for a six-story, 525-unit residential building, with 34 units reserved for residents earning less than 30 percent of the area median income. Designed by AC Martin, the planned development will offer floor plans ranging from studio to three-bedroom apartments. Residences will be connected by a series of walking paths leading to four distinct and separate micro-environments offering amenities including outdoor workspaces, barbecue and dining areas, a spa, children’s playground, pet park and fire pits. A 28,000-square-foot aerial central park on top of the project’s eight-story garage will offer 360-degree views from the Pacific Ocean to downtown Los Angeles. The rooftop park will feature a resort-style pool, coffee shop, clubhouse, indoor/outdoor gym, pickleball court and outdoor lounge spaces. Chris Gomez-Ortigoza and Tim Barden of Land Advisors Organization marketed the fully entitled development site on behalf of CGI+.

July 1, 2025

Acquisitions Colorado Multifamily Western

Bell Partners Buys 400-Unit Multifamily Community in Parker, Colorado

by Amy Works July 1, 2025

PARKER, COLO. — On behalf of the company’s Bell Value Add Fund VIII, Bell Partners has acquired Montane Apartments, a 400-unit multifamily property in Parker, for an undisclosed price. The community will be renamed Bell Parker Ranch. Completed in 2018, the garden-style community features studio, one-, two- and three-bedroom floor plans, a lazy river, an oversized clubhouse and well-programmed green spaces. Jordan Robbins of JLL Capital Markets brokered the deal. With this acquisition, Bell Partners now owns or manages a portfolio of approximately 7,400 apartments in 21 communities across the Denver region.

July 1, 2025

Acquisitions Multifamily Seniors Housing Western Wyoming

SLIB Brokers Sale of 74-Unit Seniors Housing Facility in Douglas, Wyoming

by Amy Works July 1, 2025

DOUGLAS, WYO. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Douglas Care Center and Mountain Lodge, a senior living and skilled nursing facility located in Douglas. The facility totals 74 units with 96 beds across two adjacent properties, with assisted living, memory care and skilled nursing offerings. Originally built in 1968, Douglas Care Center was renovated in 2010. Mountain Lodge was developed in 2018. Vince Viverito and Jason Punzel of SLIB arranged the transaction.

July 1, 2025

Development Michigan Midwest Multifamily Student Housing

CRG, Shapack to Build 19-Story Student Housing Tower Near University of Michigan

by Kristin Harlow July 1, 2025

ANN ARBOR, MICH. — CRG and co-developer Shapack Partners have closed on the site and secured full construction financing for Chapter Ann Arbor, a 19-story student housing tower located one block from the University of Michigan’s Central Campus in Ann Arbor. The property will feature 625 beds across 183 units. Construction is slated to begin in August, with completion anticipated in time for the 2027-2028 academic year. Located at the northeast corner of South University Avenue and Church Street in Ann Arbor’s South University District, the project will offer fully furnished apartments across studio through five-bedroom layouts. Amenities will include a fitness center, study lounges, a library and rooftop patio. Lamar Johnson Collaborative, a subsidiary of CRG’s parent company Clayco, designed the development. Findorff, a Madison, Wis.-based construction company, will serve as general contractor.

July 1, 2025

Acquisitions Illinois Midwest Multifamily Student Housing

JLL Arranges Sale of 447-Bed Student Housing Community Serving Illinois State University

by Kristin Harlow July 1, 2025

NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.

July 1, 2025

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