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Multifamily

AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers $21M Sale of Historic Multifamily Property in West Bend, Wisconsin

by Kristin Harlow

WEST BEND, WIS. — CBRE has brokered the sale of Cast Iron Luxury Living, a 129-unit multifamily property in West Bend, about 39 miles northwest of Milwaukee. A partnership of local buyers purchased the asset from Hendricks Commercial Properties for $21 million. The property was formerly home to The West Bend Co., a cookware and appliance manufacturing-based business that had occupied the site since 1911. The asset was renovated in 2015 and converted into a mixed-use apartment community in 2017 with 45,748 square feet of ground-floor commercial space. Current tenants include Kettle Moraine YMCA, West Bend Pediatrics-Children’s Wisconsin and the West Bend Area Chamber of Commerce, along with restaurants Café Floriana and The Grün Hexe Kitchen & Catering. Cast Iron Luxury Living features a range of studio through three-bedroom units. Amenities include a business center, club and media room, garage parking, car spa and a self-service canteen convenience shop. Matson Holbrook, Patrick Gallagher, Gretchen Richards, Sean Beuche and Peter Langhoff of CBRE represented the seller.

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Valley Ridge
AcquisitionsFeaturesMultifamilyMultifamily & Affordable Housing Feature Archive

Stage Set for Late-Year Uplift in 1031 Multifamily Deals

by Channing Hamilton

Late last summer, optimism ran steady across the multifamily investment sales market. Prior to the Federal Reserve’s initial rate cut in September 2024, interest rates had remained stable throughout the year. The outlook was positive. But that more ebullient market proved temporary.  The Fed’s interest rate cut had a positive effect on the secured overnight financing rate (SOFR), which fell from 5.3 percent on Sept. 18, 2024, to 4.3 percent in early February 2025. The U.S. 10-year Treasury yield rose during the same period. On Sept. 18, 2024, the 10-year yield closed at approximately 3.7 percent, and it stands at 4.5 percent as of Feb. 17. As a result of these factors, a bid-ask spread between apartment buyers and sellers has re-emerged, and transactions largely continue to follow the lackluster pace emblematic of the market since the cost of capital skyrocketed over a roughly 18-month period beginning in early 2022.  The lack of sales has also suppressed the plans of property investors who want to take advantage of Section 1031 of the U.S. Internal Revenue Code. The provision allows sellers to defer paying capital gains taxes by using the sales proceeds to buy a similar, or “like-kind,” asset. But upon …

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DevelopmentStudent HousingTexasTop Stories

Subtext, Larson Capital Management to Develop 1,738-Bed Student Housing Project Near Texas A&M University

by John Nelson

COLLEGE STATION, TEXAS — Subtext, a student housing and multifamily owner-operator based in St. Louis, has partnered with Larson Capital Management for a two-phase student housing development near Texas A&M University in College Station. The project will include EVER College Station (176 units, 545 beds) and VERVE College Station (382 units, 1,193 beds), which will be situated across the street from one another in the city’s Northgate Entertainment District, less than two blocks from campus. EVER will rise seven stories at 401 Stasney St. and include 420 parking spaces, while VERVE will rise 21 stories at 311 Stasney St. and feature 882 parking spaces. The properties will feature layouts ranging from studios to five-bedroom apartments, as well as a combined 55,000 square feet of amenity space (29,000 square feet of indoor and 26,000 square feet of outdoor). The specific amenity offerings will include open lounges, study rooms, a coffee bar, mini market, fitness center, sauna, meditation rooms, outdoor fitness spaces, multi-sport simulator, indoor/outdoor bar and kitchen. Other amenities will include a resort-style pool with poolside cabanas, a jumbotron TV and a sky lounge with a spa, as well as outdoor grilling stations, fire pits, a dog run and a game …

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Jefferson-Morningstar-The-Colony
DevelopmentMultifamilyTexas

JPI Breaks Ground on 373-Unit Multifamily Project in The Colony, Texas

by Taylor Williams

THE COLONY, TEXAS — Multifamily developer JPI has broken ground on Jefferson Morningstar, a 373-unit project in The Colony, a northern suburb of Dallas. The garden-style property will offer studio, one-, two- and three-bedroom apartments. Amenities will include a pool, fitness center, dog park, coworking spaces and a clubhouse. JPI is partnering with Nomura Real Estate Development Co. Ltd. and Yoram Avneri, the original owner of the land, on the project. The first residences are expected to be available for occupancy by early 2027.

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Vantage-at-Burleson
AcquisitionsMultifamilyTexas

Vantage Communities Sells 288-Unit Apartment Complex in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — San Antonio-based developer Vantage Communities has sold a 288-unit apartment complex in Burleson, a southern suburb of Fort Worth. Vantage at Burleson was completed in 2024 and offers one-, two- and three-bedroom units with an average size of 856 square feet. Amenities include a pool, fitness center, clubhouse and two dog parks. Will Balthrope, Drew Garza, Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Cameron Purse of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Vantage Communities in the transaction. The team also procured the undisclosed buyer, which has since rebranded the property as Fairmount Oaks.

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Longview-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Quinlan, GTIS Near Completion of 197-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between locally based firm Quinlan Development Group and global investment group GTIS Partners is nearing completion of Longview, a 197-unit multifamily project at 380 4th Ave. in the Gowanus neighborhood of Brooklyn. The 17-story building will house parking and retail space and have an affordable housing component. Units will come in one- and two-bedroom formats, and amenities will include a fitness center, gaming lounge, coworking spaces and a rooftop terrace. Los Angeles-based CIT is financing construction of the project, which was first announced in late 2022. Leasing is set to begin in the second quarter.

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AcquisitionsFloridaSoutheastStudent Housing

Centurion Property Group Acquires 770-Bed Student Housing Community Near University of Florida

by John Nelson

GAINESVILLE, FLA. — Centurion Property Group has acquired CANOPY, a 770-bed student housing community located near the University of Florida campus in Gainesville. Originally built in 2008, the property offers a mix of two-, three- and four-bedroom floorplans. Amenities include a resort-style swimming pool, fitness center, study lounge, dog park, clubhouse, business center and a sand volleyball court. The new ownership plans to immediately begin making improvements to CANOPY. Newmark brokered the transaction. The seller and additional terms of the deal were not disclosed.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Crescent Communities, GID Open 336-Unit Multifamily Property in Morrisville, North Carolina

by John Nelson

MORRISVILLE, N.C. — A joint venture between Crescent Communities and GID has opened Novel Morrisville, a 336-unit multifamily community located at 218 Southport Drive in Morrisville. Situated about 14 miles west of Raleigh, the property is a walkable master-planned community that houses the Wake Competition Center, a practice hockey complex for the NHL’s Carolina Hurricanes. Novel Morrisville features a mix of studio, one-, two- and three-bedroom floorplans, as well as 10 carriage-style townhomes. Unit sizes range from 532 square feet to 2,128 square feet. Monthly rental rates at the complex begin at $1,415, according to Apartments.com. Amenities include a saltwater swimming pool with cabanas, two-story fitness center, community library, clubroom, full-scale indoor rock-climbing wall, walking and biking trails and an onsite Land of a Thousand Hills coffee shop. Crescent Communities Construction was the general contractor. The project architect and interior designer was Hord Coplan Macht, and the civil engineer and landscape architect was Kimley-Horn. U.S. Bank was the project lender.

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AcquisitionsMultifamilyNew JerseyNortheast

Hudson Atlantic Negotiates $4.2M Sale of Apartment Building in Englishtown, New Jersey

by Taylor Williams

ENGLISHTOWN, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $4.2 million sale of an 18-unit apartment building in Englishtown, an eastern suburb of Trenton. According to LoopNet Inc., Englishtown Village Gardens was originally built in 1945 and was fully occupied at the time of sale. Dante Fusaro of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.

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Cabana-Kyrene-Tempe-AZ
ArizonaDevelopmentMultifamilyWestern

Greenlight Communities, Holualoa Cos. to Develop 229-Unit Attainable Housing Community in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Greenlight Communities, in partnership with Holualoa Cos., will break ground on Cabana Kyrene, a 229-unit attainable rental housing property in Tempe, on March 20. Located at 515 W. Guadalupe Road, Cabana Kyrene will offer 90 studio apartments, 93 one-bedroom units and 46 two-bedroom units.

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