Thursday, April 24, 2025
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Multifamily

DevelopmentMidwestMissouriMultifamily

Spellman Brady Completes Interior Design for Citrine Apartment Community in Missouri

by Kristin Harlow

LAKE ST. LOUIS, MO. — Spellman Brady & Co. has completed the interior design for the clubhouse and leasing office of Citrine, a luxury apartment community in Lake St. Louis, a northwest suburb of St. Louis. Mill’s Properties owns the community. Spellman Brady was responsible for specifying and procuring the furniture, artwork and accessories for the clubhouse and leasing office. The 2,685-square-foot clubhouse features a fitness center, dog park, pet spa and community lounge with a bistro café. Spellman Brady collaborated with GMA Architects and ARCO Construction Co. on the project.

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DevelopmentMultifamilyNew YorkNortheast

Terwilliger & Bartone Begins Leasing 112-Unit Apartment Complex in Westbury, New York

by Taylor Williams

WESTBURY, N.Y. — Locally based developer Terwilliger & Bartone Properties has begun leasing Cornerstone Westbury, a 112-unit apartment complex located in the Long Island community of Westbury. Phase I of the project totals 72 units and will be complete this fall, while Phase II consists of 58 units that are scheduled to come on line in early 2024. Residences come in studio, one- and two-bedroom floor plans, with 18 units reserved as workforce housing. Amenities include a fitness center, clubhouse and a rooftop patio. Information on starting rents was not disclosed.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Partnership Opens 40-Unit Affordable Housing Complex in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.

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AcquisitionsMassachusettsMultifamilyNortheastTop Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

Fairfax County, APAH to Develop 516-Unit Affordable Housing Project in Tysons, Virginia

by John Nelson

TYSONS, VA. — The Fairfax County Redevelopment and Housing Authority has purchased a two-acre site near the Spring Hill Metro station in Tysons. The county has reached an agreement with regional nonprofit Arlington Partnership for Affordable Housing (APAH) to develop Dominion Square, a 516-unit affordable housing development that will feature two 20-story towers and a 33,000-square-foot community center operated by the county. The land, which formerly comprised surface parking lots used by auto dealerships, is ground-leased to APAH for 85 years. APAH plans to break ground later this year and deliver the community in 2027. Amazon provided a $55 million loan from its Housing Equity Fund for the Dominion Square project, and Fairfax County has approved the issuance of up to $89 million in tax-exempt bonds.

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DevelopmentMixed-UseMultifamilySouth CarolinaSoutheast

Woodfield, Revitate Deliver Mixed-Use Apartment Development at Morrison Yards in Charleston

by John Nelson

CHARLESTON, S.C. — Woodfield Development has opened Morrison Yards Residences, a mixed-use apartment community located within the larger Morrison Yards master-planned development in Charleston. The property, which features 380 apartments and 27,250 square feet of ground-floor retail space, is located on a five-acre site at 838 Morrison Drive within an opportunity zone. Revitate’s opportunity zone platform RevOz Capital led investment in Morrison Yard, which upon completion will feature a 10-story office building, Kimpton Hotel and 40,000 square feet of retail space, in addition to Morrison Yards Residences. The apartment community includes studios, one-, two- and three-bedroom floor plans, as well as an open-air saltwater pool with sundecks, cabanas, grilling stations and TVs. Other amenities include 1.5 acres of outdoor courtyards, a dog park and a gym with fitness classes. Additionally, the property will be programmed with group gatherings such as wine tastings and cookouts. Rental rates start at $2,264 per month, according to the property website.

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AcquisitionsMultifamilyTexas

Muskin | Elam Group Arranges Sale of 48-Unit Apartment Complex in North Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Cielo at Burnet, a 48-unit apartment complex in North Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed, Georgia-based seller in the transaction. The buyer, which also requested anonymity, plans to implement a value-add program and rebrand the property as Colony Creek Apartments. Cameron Hart and John Romano of Berkadia originated acquisition financing for the deal.

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LoansMidwestMissouriMultifamily

JLL Arranges $47M Loan for Refinancing of St. Louis Apartment Building

by Kristin Harlow

ST. LOUIS — JLL Capital Markets has arranged a $47 million loan for the refinancing of Marlowe, a newly built apartment complex featuring 205 units in the Central West End neighborhood of St. Louis. Completed in 2022, Marlowe features studio, one- and two-bedroom units. Amenities include a pool, lawn with putting green, bark park, fitness studio and flex workspaces. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier of JLL represented the borrower, Keeley Properties. An insurance company provided the four-year, fixed-rate loan. Sound Mark Partners provided preferred equity for the deal.

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AcquisitionsMidwestMissouriMultifamily

Marcus & Millichap Arranges Sale of 58-Unit Multifamily Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of Creekwood Park Duplex Townhomes in Kansas City for an undisclosed price. The 58-unit multifamily property is located at 5808 NE 42nd St. About 30 percent of the units have been renovated, and the property was 97 percent occupied at the time of sale. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a limited liability company.

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