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Multifamily

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DelawareDevelopmentMultifamilyNortheast

JLAM Underway on 300-Unit Windward Ridge Apartments in Dover, Delaware

by Taylor Williams

DOVER, DEL. — JLAM, an investment and development firm with offices in Delaware and Charlotte, is underway on construction of Windward Ridge, a 300-unit apartment community in Dover. The community will feature one-, two- and three-bedroom units and amenities such as a clubhouse, pool, yoga and fitness studios and wooded walking trails. Leasing is expected to begin sometime next year. Project partners include Architectural Alliance Inc., Erin Marshall Interior Designs, Morris & Ritchie Associates Inc. (civil engineer) and Christiana Excavating (sitework contractor). A general contractor has not yet been selected.

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DelawareLoansMultifamilyNortheast

Largo Capital Arranges $14.5M CMBS Loan for Delaware Manufactured Housing Portfolio

by Taylor Williams

DELAWARE — Largo Capital, a financial intermediary based in upstate New York, has arranged a $14.5 million CMBS permanent loan for a portfolio of three manufactured housing properties totaling 342 sites in Delaware. The names and addresses of the properties, which collectively span more than 100 acres and were 94 percent occupied at the time of loan closing, were not disclosed. Jack Phillips of Largo Capital originated the nonrecourse, interest-only loan. The borrower and direct lender were also not disclosed.

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Ray-Harlem
CivicDevelopmentMultifamilyNew YorkNortheast

LMXD, Ray Begin Leasing 21-Story Multifamily, Civic Project in Harlem

by Taylor Williams

NEW YORK CITY — LMXD, an affiliate of New York City-based L&M Development Partners, and residential developer Ray have begun leasing a 21-story multifamily and civic project in Harlem. Designed by Frida Escobedo Architects and Handel Architects, the National Black Theatre & Ray Harlem houses 222 mixed-income apartments, commercial space along 125th Street and a multi-purpose room that is open to the community. Units come in studio, one- and two-bedroom floor plans. Residential amenities include a communal kitchen and outdoor grilling stations, a coworking lounge, fitness center and yoga studio, library curated by Phaidon Press, living room lounge and two outdoor terraces. In addition, the site features a 27,000-square-foot home for the National Black Theatre. This space houses offices, classrooms, a 250-seat performance venue, a 99-seat flexible studio theater and a set-building shop to support workforce development in theatrical trades. Construction topped out in fall 2023.

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AcquisitionsDelawareMultifamilyNortheast

Berkadia Brokers $23.2M Sale of Multifamily Property in Milford, Delaware

by Taylor Williams

MILFORD, DEL. — Berkadia has brokered the $23.2 million sale of The Reserve at Sawmill, a 149-unit multifamily property in Milford, about 20 miles south of Dover. The sales price equates to a cap rate of roughly 5.7 percent. The property was delivered in phases between 1984 and 2008 and offers one-, two- and three-bedroom apartments, as well as five townhomes. Nat Gambuzza, Trevor Fiebel, Zac Pierce, Matthew Stefanski and Maura Spellman of Berkadia represented the undisclosed seller in the transaction. The buyer was also not disclosed. The property was fully occupied at the time of sale.

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Outlook-Table-Mesa-Wheat-Ridge-CO.jpg
AcquisitionsColoradoMultifamilyWestern

Evergreen Devco Sells Outlook Table Mesa Multifamily Property in Wheat Ridge, Colorado for $97M

by Amy Works

WHEAT RIDGE, COLO. — Evergreen Devco has completed the disposition of Outlook Table Mesa, an apartment community at 4051 Clear Creek Drive in Wheat Ridge. FJ Management acquired the asset for $97 million. Situated within Clear Creek Crossing, Outlook Table Mesa offers 250 apartments with quartz countertops, wood-looking floorings, oversized windows, tall ceilings, stainless steel kitchen appliances, full-size washers/dryers and designer selected lighting fixtures. Community amenities include a clubhouse with a business lounge, fitness center, electric vehicle charging stations and a secure mail room with package lockers and a dedicated space for oversized deliveries. Additional amenities include a resort-style pool with a swim-up bar and spa, fire pits, barbecue stations, a dog park, pet spa and multiple shade structures and game areas. Dave Martin and Brian Mooney of Northmarq’s Denver office negotiated the sale on behalf of Evergreen.

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AcquisitionsMultifamilyOregonSeniors HousingWestern

Merrill Gardens Adds Three Seniors Housing Communities in Metro Portland

by Amy Works

PORTLAND, ORE. — Merrill Gardens, a senior living owner and operator, has added three communities to its Oregon portfolio. Located in metro Portland, the properties include Merrill Gardens at Cedar Mill, Merrill Gardens at Sherwood and Merrill Gardens at Hillsboro. Merrill Gardens acquired the communities as part of a joint venture with PGIM.  An ownership group led by Rembold sold the Cedar Mill and Sherwood properties. Built in 2016, Merrill Gardens at Cedar Mill in Portland totals 163,975 square feet with 147 independent living, assisted living and memory care units.  Merrill Gardens at Sherwood, which is located in Sherwood, was built in 2019. The 147,657-square-foot community features 137 apartments with independent living, assisted living and memory care options.  Pilar Properties, a sister company of Merrill Gardens that is part of the joint venture with PGIM, developed Merrill Gardens at Hillsboro in Hillsboro. Opened in 2024, the property encompasses 171,732 square feet with 141 independent living and assisted living units.  Merrill Gardens will manage and operate each of the communities. The company’s portfolio now comprises 61 seniors housing properties across 16 states. 

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DevelopmentFloridaMultifamilySoutheast

PMG Tops Out 42-Story Society Las Olas Apartment Tower in Downtown Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — PMG, along with general contractor John Moriarty & Associates, has topped out the second phase of Society Las Olas, a 42-story apartment tower located at 140 S.W. 42nd St. in downtown Fort Lauderdale. The 563-unit community is situated in Fort Lauderdale’s historic riverfront district and will offer a mix of traditional apartment layouts and a small cluster of co-living options where residents can rent by the bedroom. Designed by FSMY Architects + Planners, Society Las Olas will also feature 1,625 square feet of ground-floor retail space and amenities including a coworking hub with private meeting rooms, pool deck with a yoga lawn and a large fitness center. PMG plans to deliver the tower in early 2026. Phase I of Society Las Olas was delivered in 2020 and sold in 2021. PMG received $226 million in construction financing for Phase II in July 2023.

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DevelopmentMichiganMidwestMultifamilyRetail

Construction Underway on Adelaide Pointe Marina, Residential Development in Muskegon, Michigan

by Kristin Harlow

MUSKEGON, MICH. — Residential phases are underway and major infrastructure is in motion at Adelaide Pointe, a lakefront project in Muskegon, a western Michigan city located along Lake Michigan. Entrepreneur Ryan Leestma is spearheading the development. Backed by over $85 million in private capital and part of a broader $250 million master plan, Adelaide Pointe is located in a federally designated Opportunity Zone and anchored on a manmade peninsula surrounded by water. The project marks one of the largest waterfront developments in the state and Michigan’s largest Opportunity Zone project to date. The development will feature a 454-slip marina, luxury condominiums, a yacht club, boardwalk and commercial village.

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DevelopmentMidwestMissouriMultifamily

Local Developers Complete $90M Avenir Luxury Apartment Complex in Suburban St. Louis

by Kristin Harlow

UNIVERSITY CITY, MO. — Developers Charles Deutsch and Zack Deutsch have completed Avenir, a $90 million luxury apartment complex in the St. Louis suburb of University City. Occupancy at the 262-unit project has surpassed 50 percent. Floor plans come in one-, two- and three-bedroom configurations ranging from 640 to 1,620 square feet. Monthly rents start at $1,700. Amenities include pickleball courts, bocce ball, a resort-style swimming pool, outdoor grilling stations, fire pits, a dog park, fitness center, business center, indoor game room and coffee bar. Covered parking and a bike storage area are also available. Avenir represents the Deutsch’s first luxury apartment community that isn’t geared toward the seniors housing market. Charles Deutsch is one of the original co-founders and owners of The Gatesworth Communities, a collection of luxury seniors housing developments in University City and Creve Coeur. His son, Zack, has been a member of The Gatesworth Communities team for more than a decade. Holland Construction Services was the general contractor for Avenir. Construction began in October 2022. Additional project team members included Gray Design Group as architect and First Bank, which provided the financing.

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AcquisitionsMichiganMidwestMultifamily

Marcus & Millichap Brokers $9.7M Sale of Manufactured Housing Community in Port Huron, Michigan

by Kristin Harlow

PORT HURON, MICH. — Marcus & Millichap has brokered the $9.7 million sale of Port of Call Manufactured Housing Community in eastern Michigan’s Port Huron. Developed in 1995, the community is licensed for 146 homesites, 143 of which are occupied. Of the homes, 112 are community owned and 31 are tenant owned. All utilities are public and individually metered, and the property features off-street parking, community lighting and a basketball court. Chase Gilewski and Marcus & Millichap represented the seller and procured the buyer. Luke Lamoreaux of Marcus & Millichap Capital Corp. arranged $7.2 million in acquisition financing through a national housing lender that specializes in manufactured, modular and mobile homes.

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