EAST PEORIA, ILL. — Flaherty & Collins Properties has opened Phase I of Blutowne in East Peoria. The 219-unit, $66 million luxury apartment project includes studio, one- and two-bedroom residences along with 10,000 square feet of ground-floor retail space. Amenities include a heated saltwater pool, fitness center and rooftop sky lounge. Flaherty & Collins is preparing for Phase II, which will add 262 luxury apartment units and 12,000 square feet of retail space.
— By Kitty Wallace of Colliers — The Los Angeles multifamily market is undergoing a short-term reset as a recent wave of deliveries has softened rents and modestly increased vacancy. However, this dislocation is proving transitory as development has slowed dramatically and the forward pipeline is effectively falling off a cliff beyond 2026, reinforcing what remains one of the most supply constrained and fundamentally durable markets in the country. Since the onset of COVID, the Los Angeles market has contended with elevated legislative risk, homelessness and crime concerns, modest population fluctuations, rising operating expenses, and, most notably, increased insurance premiums and utility costs. Yet, with a vacancy in the mid-5 percent range, this multifamily market continues to outperform the national average of roughly 8 percent. Rents are now stabilizing and beginning to inflect upward as concessions burn off and demand normalizes. Policy Headwinds, Construction Challenges, Emerging Tailwinds The ULA tax, imposing a 5.5 percent levy on transactions above $10.6 million, has further constrained new construction. This has made it increasingly difficult for projects to pencil and has driven many sites toward lower-density uses or affordable housing backed by subsidized capital. As a result, much of the current development activity is concentrated among …
GILBERT, ARIZ. — Wood Partners has completed the disposition of Alta Rise, an apartment property in Gilbert. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Terms of the transaction were not released. Completed in 2025, Alta Rise features 278 apartments with walk-in closets with built-in shelving, kitchens with quartz countertops, soft-close cabinetry and French door refrigerators. The four-story community includes a fourth-floor lounge and Skydeck, a bodega, speakeasy, lawn with yard games and a firepit, a multipurpose field, pickleball courts and a swimming pool and spa.
AUSTIN, TEXAS — A partnership between SGI Ventures and the Austin Housing Finance Corp. has opened The Roz, a $24.3 million affordable housing complex on the city’s south side. The four-story building houses 100 units that are reserved for households earning between 30 and 60 percent of the area median income, with select units earmarked for formerly homeless individuals. The Federal Home Loan Bank of Dallas provided a $2 million grant as part of the financing package for The Roz.
WETHERSFIELD, CONN. — Avison Young has negotiated the $19.1 million sale of Ridge275, a 64-unit apartment building in Wethersfield, located just south of Hartford, that was built in 2019. According to Apartments.com, Ridge275 offers one- and two-bedroom units that range in size from 850 to 1,230 square feet and amenities such as a pool, fitness center, business center and a resident clubhouse. The name of both the seller and the buyer, a Long Island-based developer, were not disclosed.
WASHINGTON, D.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $27 million in financing for the acquisition of The Pinnacle, a newly constructed, 115-unit luxury apartment complex located in the NoMa district of Washington, D.C. Max Hulsh of IPA arranged the loan through Prime Finance on behalf of the borrower, New York City-based July Residential Group, a multifamily investment and management firm. IPA also arranged an undisclosed amount of joint venture equity for the acquisition through an unnamed capital partner. The Pinnacle offers studios and one- to four-bedroom apartments ranging in size from 398 to 1,779 square feet. Amenities include a fitness center, clubhouse, lounge, business center and a rooftop terrace, as well as bike storage and concierge services, according to Apartments.com. Monthly rental rates begin at $1,700.
ARLINGTON, VA. — JBG Smith and general contractor Davis Construction have begun the conversion of 2200 Crystal Drive, an 11-story office building in Arlington spanning 315,000 square feet. Built in 1968 and renovated in 2006, the office building is situated in National Landing, a neighborhood in metropolitan Washington, D.C., that is anchored by Amazon’s HQ2 office. JBG Smith, along with joint venture equity partner Declaration Partners, is repositioning the office building into a 195-unit multifamily community. BNY is providing an undisclosed amount of construction financing for the project. JBG Smith recently sold an adjacent office building, 2100 Crystal Drive, that is being converted to a dual-brand hotel. Additionally, the Arlington County Board recently approved JBG Smith’s conversion of two more office buildings, 1800 and 1901 South Bell Street, into more than 300 residential units.
COLLEGE STATION, TEXAS — A joint venture between LV Collective and Peninsula Investments has broken ground on Rambler Northgate, a 922-bed student housing project located near Texas A&M University in College Station. The building will rise 24 stories and offer 342 units in one-, two, three-, four-, five- and six-bedroom configurations with bed-to-bath parity. Shared amenities will include a pool with multiple hot tubs; coworking space with private study rooms; a fitness center with a yoga studio, sauna and cold plunge; and a multi-sport simulator and jumbotron. UMB is providing construction financing for the project. The development team includes Oz Architecture, JE Dunn, Variant Collaborative and Site Design Group. Completion is slated for 2028.
CHULA VISTA, CALIF. — Walker & Dunlop has arranged a $101.6 million HUD 223(f) loan to refinance Enclave Heritage Flats, an apartment community in Chula Vista. Enclave Heritage Flats features 312 one-, two- and three-bedroom apartments. Community amenities include a fitness center, resort-style swimming pool, movie screening theater, coworking spaces, outdoor gathering areas and pet-friendly accommodations. Baldwin Asset Management is the property manager. Gregory Richardson and Jeff Kearns of Walker & Dunlop Capital Markets Real Estate Finance and Walker & Dunlop Affordable Housing secured the financing on behalf of The Baldwin Co. The loan refinances existing debt that Walker & Dunlop arranged in 2024.
EAST PALO ALTO, CALIF. — MidPen Housing and the East Palo Alto Community Alliance Neighborhood Organization (EPACANDO) have opened Colibri Commons, a 136-unit affordable housing community at 965 Weeks St. in East Palo Alto. The property’s 136 studio, one-, two-, three- and four-bedroom units are reserved for tenants earning no more than 60 percent of the area median income. Community amenities include a community room, an outdoor play area and free onsite services such as nutrition classes, adult education and after-school programming. MidPen Property Management is the property manager. Financing for Colibri Commons was provided through multiple public and private sources. The project team included David Baker Architects and Blach Construction.
