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Multifamily

Fiesta-Village-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

P.B. Bell, Rockpoint Sell 220-Unit Fiesta Village Apartments in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Scottsdale-based P.B. Bell and Boston-based Rockpoint have completed the disposition of The Landing at Fiesta Village, a multifamily property in Mesa. Salt Lake City-based Millburn & Co. acquired the asset for an undisclosed price. The Landing at Fiesta Village features 220 one-, two- and three-bedroom apartments. In-unit amenities include gourmet kitchens with granite countertops, custom cabinets, stainless steel appliances and outdoor balconies. Community amenities include a business center, clubroom, 24-hour fitness facility, resort-style pool, dog park, dog spa and community playground, as well as smart home door locks, thermostats and lights. P.B. Bell and Rockpoint originally acquired the 10.2-acre development site in 2020 and constructed the apartment complex, which was completed in December 2022. Matt Pesch, Asher Gunter, Sean Cunningham and Auston Groen of CBRE represented the sellers in the deal.

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Kanvas-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Priority Capital Arranges $21.6M Recapitalization for Kanvas Apartments in Los Angeles

by Amy Works

LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing on behalf of EGC Real Estate Group for the recapitalization of Kanvas, a recently completed multifamily property in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing, which BOLOUR provided. Designed by 64North, Kanvas offers 13 studios, 33 one-bedroom and 21 two-bedroom units, seven of which are designated as affordable. Units feature contemporary finishes, stainless steel appliances, gas ranges, balconies and in-unit washers/dryers. Community amenities include a rooftop amenity deck, fitness center, courtyard, storage space, 1,105 square feet of ground-floor retail space, bicycle parking and abundant subterranean and surface parking.

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DevelopmentMultifamilySoutheastStudent HousingTennesseeTop Stories

Subtext Begins Development of 498-Bed Student Housing Property Near the University of Tennessee

by Kristin Harlow

KNOXVILLE, TENN.— Subtext has started development of VERVE Knoxville, a 498-bed student housing property located at 1919 Lake Ave. adjacent to the University of Tennessee campus in Knoxville. The community will span 329,294 square feet, including nine floors of residential space and a five-level parking garage. The development will offer 136 fully furnished units in one-, two-, three- and four-bedroom configurations. More than 12,500 square feet of shared amenity spaces will include a wellness suite with sauna and meditation rooms; state-of-the-art fitness center and yoga studio; study pods and open study lounges; a pool terrace; and rooftop deck and lounge. The project is scheduled for completion in summer 2026. The development team includes general contractor Brinkmann Constructors and architect Dynamik Design. The community is Subtext’s second development in the Knoxville market following TENN, which opened in 2018. St. Louis-based Subtext, founded in 2014, is a student housing and multifamily developer. — Kristin Harlow and Katie Sloan

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Multifamily-Development_Charlotte-N.C
DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Concord Summit Capital Arranges $75M Construction Financing for Multifamily Development in Charlotte

by Hayden Spiess

CHARLOTTE, N.C. — Concord Summit Capital has secured $75 million in financing for the construction of a multifamily development in Charlotte. Upon completion, the community will feature a swimming pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, garage parking with electric vehicle charging, a top-floor lounge and kitchen with a bar, bike parking and repair shop, grilling areas, a dog park and spa, community WiFi and elevators connecting parking to interior corridors. Daniel Eidson of Concord Summit arranged the financing — which will be used to refinance the existing land loan and complete construction — on behalf of the undisclosed borrower. According to Concord Summit, the initial lender for the project “encountered fiscal difficulties and could no longer fund” the development.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheast

Kauhale Health Acquires 66,765 SF The Parker Assisted Living Community in Greenville, South Carolina

by Hayden Spiess

GREENVILLE, S.C. — Kauhale Health has acquired The Parker, a 66,765-square-foot assisted living and memory care facility located in the Pettigru Historic District, roughly one mile outside downtown Greenville. Comprising 75 assisted living and 17 memory care private suites, the property will be rebranded as Kauhale Pettigru. Amenities at the facility, which is 100 percent private pay, include common dining areas, private dining, a beauty salon, community room, game room, parlor room, theater, gardens, patios and multiple walking paths.   A subordinate of Kauhale Health will operate the community, with Kauhale Healthcare Management managing the facility. Built in 2001 on 3.5 acres, the property recently underwent renovations to the common areas and one-third of the residential units. 

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Quail-Park-Lynnwood-WA
AcquisitionsMultifamilySeniors HousingWashingtonWestern

IRA Capital Buys 253-Unit Quail Park of Lynnwood Seniors Housing Community in Washington

by Amy Works

LYNNWOOD, WASH. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and was developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

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LoansMultifamilyTexas

Colliers Mortgage Provides $13.9M HUD-Insured Construction Loan for Metro Dallas Apartment Project

by Taylor Williams

GARLAND, TEXAS — Colliers Mortgage has provided a $13.9 million HUD-insured construction loan for Urban Village at Rosehill, a 104-unit apartment project that will be located in the northeastern Dallas suburb of Garland. The property will offer one- and two-bedroom units and amenities such as a pool, dog park, business center, fitness center and a community room. Jeff Rogers of Colliers Mortgage originated the loan through HUD’s 221(d)(4) program on behalf of the undisclosed borrower.

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The-Knox-Manhattan
LoansMultifamilyNew YorkNortheast

Affinius Capital Provides $52M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $52 million acquisition loan for The Knox, a 110-unit apartment building in Manhattan’s Murray Hill neighborhood. Units come in studio, one- and two-bedroom floor plans, and the 36-story building also houses 2,700 square feet of ground-floor retail space. Amenities include a rooftop deck, fitness center, resident lounge and a 24-hour attended lobby. The borrower was New York-based Four Winds Real Estate.

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AcquisitionsMultifamilyNortheastPennsylvania

Hudson Atlantic Arranges Sale of 57-Unit Apartment Building in Drexel Hill, Pennsylvania

by Taylor Williams

DREXEL HILL, PA. — Regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit multifamily building in Drexel Hill, a western suburb of Philadelphia. The property was built in 1960 and exclusively houses one-bedroom units. Adam Zweibel led the Hudson Atlantic team that brokered the deal, which traded at a price of $6 million and a cap rate of 5.75 percent. The buyer and seller, which was also the original owner, were not disclosed.

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400-Lake-Shore_Chicago
DevelopmentIllinoisMidwestMultifamilyTop Stories

Related Midwest Breaks Ground on 635-Unit Multifamily Tower in Chicago

by Hayden Spiess

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a multifamily project in the Streeterville neighborhood on the Near North Side of Chicago. Situated on a waterfront site where Lake Michigan meets the Chicago River, the two-tower development will occupy the last undeveloped parcel at the location. 400 Lake Shore’s first phase will feature a 72-story, 858-foot tower. The building will feature 635 apartments, with 20 percent of the residences (127 units) designated as affordable housing. Units will include studio, one-, two- and three-bedroom apartments.  Related Midwest’s in-house contracting company, LR Contracting Co., will build the first phase of the project with BOWA Construction. Skidmore, Owings & Merrill designed the development, with building interiors designed by MAWD. Stantec is serving as the architect of record.  Related will also lead the development of a 3.3-acre park — with a $10 million commitment from the company — and an extension of the Chicago Riverwalk, in conjunction with the construction of the first tower. Dubbed DuSable Park, the park will comprise a portion of the 4.5 acres of public space included in the 400 Lake Shore project, which will also feature a plaza with amenities, two-story podium and public art. The …

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