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Multifamily

DevelopmentFloridaMixed-UseMultifamilyOfficeSoutheast

Grover Corlew to Add 360 Residential Units, Renovate Office Buildings at Hillsboro Center in Deerfield Beach, Florida

by John Nelson

DEERFIELD BEACH, FLA. — Grover Corlew has received final site plan approval for the addition of 360 residential units and renovations to existing office buildings within the Hillsboro Center master-planned development at 600 and 700 Hillsboro Blvd. in Deerfield Beach, a city in South Florida’s Broward County. The developer has also been approved for the demolition of 45,000 square feet of existing two-story office space at the site. The residential units will be Mayla-branded luxury apartments. Plans also include upgrades to nearby public streets, parks, traffic signals and intersections, as well as onsite public plazas and a new road through the development. Grover Corlew is scheduled to break ground on the project in late 2025. The developer has already invested more than $10 million in interior renovations at 600 and 700 Hillsboro Blvd. Office tenants including GardaWorld Security Corp., Tomberg, Morris & Poulin and The Craneware Group have signed leases for more than 20,000 square feet of space at the property.

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Adora-on-Rosehill-Tomball
DevelopmentMultifamilyTexas

McGrath Real Estate Completes 336-Unit Multifamily Project in Metro Houston

by Taylor Williams

TOMBALL, TEXAS — Locally based developer McGrath Real Estate Partners has completed Adora on Rosehill, a 336-unit multifamily project located in the northeastern Houston suburb of Tomball. The site spans 15.4 acres, and the building houses one-, two- and three-bedroom units that range in size from 599 to 1,393 square feet. Residences are furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities include a pool, business center, clubhouse, pickleball courts, outdoor lounge area and a dog park. Rents start at $1,350 per month for a one-bedroom apartment.

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38-Jackson-St.-Hoboken
DevelopmentIndustrialLoansMultifamilyNew JerseyNortheast

Madison Realty Capital Provides $97M in Financing for Industrial-to-Multifamily Conversion Project in Hoboken

by Taylor Williams

HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in the Northern New Jersey community of Hoboken that will convert a five-story industrial building into a 110-unit multifamily complex. The new multifamily building will rise nine stories, feature for-sale units and include 50,000 square feet of retail space and a 300-space parking garage. Units will come in one- through five-bedroom floor plans, and amenities will include a pool, fitness center, clubroom, lounge and grilling areas. Construction is underway and slated for a third-quarter 2025 completion. The borrower is Taurasi Group.

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Ray-Phoenix-Apts-Phoenix-AZ
ArizonaDevelopmentMultifamilyWestern

Ray, VeLa Development Partners Break Ground on 401-Unit Multifamily Tower in Phoenix

by Amy Works

PHOENIX — Ray and VeLa Development Partners, as co-developers, have broken ground on Ray Phoenix, a 26-story residential tower at 777 N. Central Ave. in Phoenix. Johnson Marklee & Associates, in partnership with Lamar Johnson Collaborative, designed the project, while Grace Fuller Marroquín of Grace Fuller Design conceived the landscape concept. Situated in the Roosevelt Row Arts District, Ray Phoenix will feature 401 residential units — 193 studios; 116 one-bedrooms, including den and duplex options; and 92 two-bedrooms, including duplex and penthouse options. Totaling 523,000 square feet, the building will feature a fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens and workspaces, as well as more than 4,500 square feet of ground-level retail space.

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AcquisitionsArkansasSoutheastStudent Housing

Cushman & Wakefield Brokers Sale of 432-Bed Student Housing Property Near University of Central Arkansas

by John Nelson

CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.

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Oaks-at-Covell-Edmond-Oklahoma
DevelopmentLoansMultifamilyTexas

IPA Arranges $13.1M in Equity Financing for Multifamily Project in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

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Westminster-Village-Arms-Lowell-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $12.6M Sale of Four Harlem Apartment Buildings

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four apartment buildings totaling 113 units in Harlem. The buildings house units in two-, three-, four- and five-bedroom floor plans and collectively include eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Cherry Health, Woda Cooper to Build 56-Unit Affordable Housing Community in Wyoming, Michigan

by Kristin Harlow

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage.   The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.

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