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Multifamily

330-S-Horne-St-Oceanside-CA
CaliforniaLoansMultifamilyWestern

JLL Capital Markets Arranges $5.1M Refinancing for Multifamily Community in Oceanside, California

by Amy Works

OCEANSIDE, CALIF. — JLL Capital Markets has arranged a $5.1 million loan for a joint venture between Westview Real Estate and Pace Properties for the refinancing of an apartment property in Oceanside, approximately midway between Los Angeles and San Diego. Chris Collins and Emily Pohlman of JLL Capital Markets’ debt advisory team secured the three-year, fixed-rate loan through a regional bank. Located at 330 S. Horne St., the 21-unit property consists of 17 original units that were built in 1970 and renovated in 2023, as well as four newly constructed accessory dwelling units. Averaging 715 square feet, the units offer new kitchens with modern appliances and renovated bathrooms with high-end fixtures. On-site amenities include a surf shower, secure electric bike parking, a common area grill and Los Angeles-inspired artwork throughout the community.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Negotiates Sale of 282-Unit Multifamily Property in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — CBRE has negotiated the sale of The Barrington, a 282-unit multifamily property in the Minneapolis suburb of Woodbury. The sales price was undisclosed. The property is located at 7255 Guider Drive near I-494, Woodbury Village shopping center and Tamarack Nature Preserve, a 150-acre city park. Built from 1998-2001, the community features a range of one- and two-bedroom floor plans averaging 932 square feet. Amenities include two heated pools, two community rooms, a fitness center in each building, cybercafe and dog park. Keith Collins, Abe Appert, Ted Abramson and Danny Baker of CBRE represented the seller, Tilden Fundamental Barrington Apartments LLC. The buyer was Nuveen Global Investments LLC.

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AcquisitionsIowaMidwestMultifamily

Marcus & Millichap Negotiates $3.2M Sale of Apartment Complex in Sioux City, Iowa

by Kristin Harlow

SIOUX CITY, IOWA — Marcus & Millichap has negotiated the sale of Luma Heights Apartments in Sioux City for $3.2 million. The 91-unit apartment complex is located at 217 19th St. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to rebrand the property as Hill Top Flats and remodel the units.

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Intrigue-Apts-Las-Vegas-NV
Market ReportsMultifamilyNevadaWesternWestern Market Reports

Las Vegas Multifamily is Full of Challenges, Opportunities

by Jeff Shaw

— By Jason Dittenber, Senior Vice President, ABI Multifamily — Las Vegas has attracted residents and real estate investors from around the world with its legendary nightlife, favorable climate and affordable living. In the post-COVID era, the multifamily market in Las Vegas has undergone significant changes. The city has seen a resurgence in an economy heavily reliant on tourism, but challenges persist. They include the current lending environment, increasing operational and construction costs, increased vacancy rates and declining rental rates. These factors have influenced developers and investors in the multifamily sector, creating opportunities and obstacles. Developers like Matter, Southern Land Co.  and Grand Canyon Development Partners are helping to change the city’s multifamily dynamic by contributing to its economic and social advancements. Their innovation spans job creation, community development and sustainability initiatives. Moreover, their mixed-use properties foster business expansion, enhancing the city’s commercial landscape and key employment drivers. The Las Vegas MSA witnessed the delivery of 3,318 units in 2023, surpassing the five-year average of 3,069 units. The large number of new multifamily completions has created a more tenant-friendly market. Rental rates have softened but remain relatively high compared to average incomes. Over the past five years, rental rates surged …

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FloridaLoansMultifamilySoutheast

Affinius Capital Originates $70M Refinancing for Multifamily Community in Miami

by John Nelson

MIAMI — Affinius Capital LLC has originated a $70 million loan for the refinancing of Modera Skylar, a 263-unit apartment community in Miami. The borrower is a joint venture between Rockwood Capital and Mill Creek Residential. The property includes a 20-story building comprising 166 units and a 10-story building spanning 97 units. Modera Skylar features a mix of studio, one-, two- and three-bedroom apartments, as well as a rooftop pool deck with a hot tub, 24-hour fitness center, GymRax outdoor fitness system, outdoor lawn with grill space, dog park, resident lounge space and covered parking.

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123-W-Imperial-Ave-Las-Vegas-NV
DevelopmentMultifamilyNevadaWestern

CEDARst Cos., Bridge Investment Group Break Ground on $112M Flat Arts District Multifamily Development in Las Vegas

by Amy Works

LAS VEGAS — A joint venture between CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million multifamily project on 2.2 acres in Las Vegas. Constructed is slated to take 24 months, with delivery of the first units expected around mid-year 2026. Located at 123 W. Imperial Ave., Flats Arts District will feature 311 studio, one-, two- and three-bedroom units, 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems and keyless entry. Community amenities will include a large fitness center, resort-style spa facilities with water circuitry and saunas, coworking spaces and a sunset deck/lounge.

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Central-Station-Phoenix-AZ
ArizonaDevelopmentMixed-UseMultifamilyOfficeRetailStudent HousingWestern

GMH Communities Plans 1 MSF Central Station Mixed-Use Project in Phoenix

by Amy Works

PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.

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Bethesda-Senior-Living-Grand-Junction-CO
AcquisitionsColoradoMultifamilySeniors HousingWestern

Ziegler Brokers Sale of Bethesda Senior Living Community in Grand Junction, Colorado

by Amy Works

GRAND JUNCTION, COLO. — Ziegler has acted as exclusive financial advisor to Bethesda Senior Living on the sale of an assisted living community located in Grand Junction, near the Utah border. Bethesda Senior Living is a faith-based, nonprofit operator of over 20 seniors housing communities spanning the Midwest and West regions. Cornerstone Management purchased the community in conjunction with a private real estate fund and took over operations. The price was not disclosed.

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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InterFace Conference Investor Panel
Affordable HousingDevelopmentFeaturesMultifamily

InterFace Panel: Workforce Housing Growth Limited by Lack of Incentives for Developers, Investors

by Jeff Shaw

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically this means there is a large market to serve by building workforce housing communities. However, while some developers, owners and investors see a world of new opportunities in this sector, others are more skeptical that workforce housing projects can be developed on a larger scale without more support from federal, state and local governments. This was the topic of discussion during a panel titled “Who is building, developing and investing in the Southeast?” at the inaugural InterFace Affordable Housing Southeast conference. The event was held on Thursday, May 9 at the Cobb Galleria Center in Atlanta. France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine hosted the conference, which drew about 170 industry professionals.  Workforce housing targets the missing middle Workforce housing is designed to …

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