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Multifamily

AcquisitionsFloridaMultifamilySoutheast

BMC Investments Buys 776-Unit Park at Valenza Apartments in Temple Terrace, Florida

by John Nelson

TEMPLE TERRAE, FLA. — Denver-based BMC Investments has purchased Park at Valenza, a 776-unit apartment community located at 6900 Aruba Ave. in Temple Terrace, a suburb of Tampa. The seller and sales price were not disclosed, as well as BMC’s joint venture partner. The property was constructed in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom units. Park at Valenza’s amenities include a lounge, gym, pool, basketball court and tennis courts. BMC is investing in capital improvements at the community, including new paint, roofing, siding, landscaping and parking lot work, as well as improvements to Park at Valenza’s amenities and some select units. A Prime Finance-sponsored fund provided acquisition financing.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

JLL Brokers Sale of 292-Unit Greens at Centennial Apartments in Raleigh

by John Nelson

RALEIGH, N.C. — JLL has brokered the sale of Greens at Centennial, a 292-unit apartment community located at 320 The Greens Circle within North Carolina State University’s (NC State) Centennial Campus in Raleigh. An affiliate of a fund managed by Arboretum Partners purchased the property for an undisclosed amount. John Mikels, John Gavigan, Chase Monroe and William Martin of JLL represented the seller, Capital Associates, along with the seller’s internal representatives, in the transaction. Taylor Allison and Brad Woolard of JLL arranged an undisclosed amount acquisition financing for Arboretum through the Canadian Imperial Bank of Commerce. Built in 2014, Greens at Centennial features a mix of studio, one- and two-bedroom apartments that average 941 square feet in size. Amenities include a saltwater pool, 24-hour fitness center, fenced dog park and landscaped courtyards with grilling areas. Greens at Centennial is on a ground lease with NC State.

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Rodeo-Gateway-Rodeo-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

EAH Housing Reopens Rodeo Gateway Seniors Housing Community in Rodeo, California

by Amy Works

RODEO, CALIF. — EAH Housing has reopened Rodeo Gateway, a seniors housing property in Rodeo, after implementing interior and exterior upgrades to residences and common spaces. Rodeo Gateway features 49 one-bedroom apartments for seniors aged 62 and older and a two-bedroom manager’s unit. Community amenities include a landscaped courtyard, tree-lined walkways, comfortable seating areas and resident amenities, including a sunroom, computer lab and fully equipped community kitchen. The rehabilitation included upgraded residences with new energy-efficient appliances, high-efficiency LED lighting, new flooring and updated kitchen and bathroom cabinetry, sinks and fixtures; enhanced ADA-compliant amenities, including roll-in showers and improved mobility features; and a newly designed community room with new furnishings, flooring, paint and window coverings. Additional enhancements include improved air circulation in common hallways and new security features, such as an updated entry call system with key fob access and a new Wi-Fi system.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Completes 100-Unit Supportive Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between SGI Ventures and the Austin Affordable Housing Corp. has completed Cady Lofts, a 100-unit supportive housing project in Austin’s Hancock neighborhood. Cady Lofts offers fully furnished studio apartments for renters earning between 40 to 60 percent of the area median income and/or are overcoming homelessness, dealing with physical and developmental disabilities or recovering from addiction. Units feature modern appliances and eco-friendly utility systems, and residents have access to a communal computer lab, health and wellness center, case management offices and central laundry facilities. Three Bar Architecture designed the project, and Skybeck Construction served as the primary contractor. Cady Lofts was financed in part by $18.5 million in Low-Income Housing Tax Credits ($16.5 million in federal and $2 million in state) that were issued by the Texas Department of Community Affairs and syndicated by Hunt Capital Partners.

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DevelopmentMultifamilyTexas

StreetLights Residential Begins Leasing 56-Unit Apartment Building in Dallas

by Taylor Williams

DALLAS — Locally based developer StreetLights Residential has begun leasing The Galatyn, a 56-unit apartment building in the Upper McKinney District of Dallas. The 20-story building houses two- and three-bedroom units with an average size of 2,700 square feet. Amenities include a pool, fitness center, concierge services, a coffee bar, catering kitchen, dog wash and a landscaped courtyard. StreetLights Creative Studio served as the architect for the project, and SLR Construction LLC was the general contractor. Both entities are affiliates of the developer. Construction began in fall 2023. Information on starting rents was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $1.6M Sale of Multifamily Building in Chicago’s Lincoln Square

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $1.6 million sale of a six-unit multifamily building in Chicago’s Lincoln Square neighborhood. The value-add property, constructed in 1928, has been owned by the same family for over four decades. Each unit offers approximately 1,400 square feet of living space with three bedrooms. The property also includes five garage parking spaces. Katie LeGrand and Jacob Price of Kiser brokered the transaction.

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Senior-Living-Community_King-of-Prussia
AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Blueprint Negotiates Sale of 190-Unit Senior Living Community in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 190-unit seniors housing community located in King of Prussia, roughly 20 miles northwest of Philadelphia. The unnamed property, which according to Blueprint was not stabilized at the time of sale, opened in 2021 and offers assisted living and memory care services. Alex Florea, Kevin Lukehart, Steve Thomes and Kory Buzin of Blueprint represented the seller, an undisclosed private equity investor, in the transaction. The buyer was also not disclosed.

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Market ReportsMultifamilyUtahWesternWestern Market Reports

Evolving Conditions Bring Optimism to Salt Lake City’s Apartment Market

by John Nelson

— By Rawley Nielsen and Mark Jensen of Northmarq — The Salt Lake City apartment market has undergone significant shifts over the past few years, shaped by broader economic headwinds and local supply dynamics. Fortunately, optimism is returning to the market as interest rates stabilize, supply is absorbed and buyers see new opportunities to enter at attractive pricing. Over the past 36 months, rising interest rates have created challenges for multifamily investment, which have impacted underwriting and transaction velocity. However, recent weeks have provided a reprieve as Treasury rates have come down, bringing renewed energy to the market. Volatility remains a factor, but there is a growing sense that we are at or near the bottom, leading to increased investor interest. One of the biggest headwinds in Salt Lake City has been the supply wave, particularly in the downtown market where an influx of new multifamily deliveries has made it difficult for buyers to underwrite rent growth. Both 2022 and 2023 brought unit deliveries totaling more than 4,000 units, nearly triple the average annual delivery count from the past 10 years.   We saw nearly 3,000 units delivered last year, and our team is tracking a similar amount for 2025. …

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GeorgiaLoansSoutheastStudent Housing

Mesa West Capital Originates $134M Loan for Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — Mesa Capital West has provided a $134 million loan to refinance Rambler Athens, a newly constructed, 750-bed student housing complex located adjacent to the University of Georgia in Athens. The four-year loan will refinance the existing construction loan for the property. Harrison Reid of TSB Capital Advisors arranged the financing on behalf of the borrower, Austin-based developer LV Collective. Brian Hirsh and Jonah Sacks of Mesa Capital West’s Chicago office, alongside Russell Frahm from the firm’s New York office, originated the loan. Situated along Broad Street, Rambler Athens was completed in August 2024. The residence offers 342 units across eight floors, ranging from studio to five-bedroom apartments. Amenities at the property include a resort-style pool and hot tub, sun deck with a Jumbotron, fitness center, saunas, workspaces and private study rooms, grilling area and a secured-access parking garage. Additionally, the ground floor includes an integrated coffeeshop, as well as a variety of study spaces. Preleasing at the property is currently available for the 2025/2026 academic year.

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FloridaLoansMultifamilySoutheast

Thorofare Capital Funds $74M Bridge Loan for Refinancing of Jacksonville Multifamily Community

by John Nelson

JACKSONVILLE, FLA. — Thorofare Capital has provided a $74 million bridge loan for the refinancing of The Residences at Enso, a 304-unit multifamily community located 20 miles east of downtown Jacksonville along the Saint Johns River. Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the borrower, Trevato Development Group, which will use the 2.5-year floating-rate loan to repay the original construction loan on the property. The Residences at Enso is more than 90 percent leased and features nine, four-story buildings across 22 acres. Floorplans range from 669 square feet to 1,599 square feet in size, with carriage houses, studios and one-, two- and three-bedroom apartment options, according to Apartments.com. Amenities include a walk-in swimming pool with a sun shelf, 24-hour fitness and training studio, resident clubhouse with private event space, conference room and workspace seating, summer kitchen with seating, coffee bar and a pet spa. The property also offers a courtyard with landscaping, open-air pavilion and cabanas, outdoor fireplace and a nature trail.

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