Multifamily

JLL Arranges Sale of 283-Unit Rafter Apartments in Minneapolis

by Kristin Harlow February 18, 2025

MINNEAPOLIS — JLL Capital Markets has arranged the sale and financing of Rafter Apartments in Minneapolis. Located at 333 E. Hennepin Ave. and built in 2019, the 26-story property features 283 luxury units. Amenities include a rooftop pool and sundeck, fitness center, clubroom, coworking spaces and a maker’s room. Josh Talberg, Matthew Lawton, Joseph Peris and Kevin Girard of JLL represented the seller, a joint venture between Mortenson, The Excelsior Group and an institutional partner. Brandon Smith, Annie Rice and Scott Loving of JLL originated a Fannie Mae acquisition loan on behalf of the buyer, Roundhouse.

February 18, 2025

Affordable Housing Development Illinois Leasing Activity Midwest Multifamily

Habitat Completes Lease-Up of OC Living Phase I Mixed-Income Development in Chicago

by Kristin Harlow February 18, 2025

CHICAGO — Habitat has completed the lease-up of OC Living Phase I, the first residential building within the $200 million Ogden Commons community in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., the building features 92 units, 90 percent of which are affordable, including 37 Chicago Housing Authority (CHA) units. Simultaneously, Habitat has closed financing and finalized a 75-year ground lease for OC Living Phase II at nearby 1312 S. Talman Ave. The $38 million building is scheduled to open in the second quarter of 2026, delivering an additional 75 units with 76 percent of them reserved as affordable housing, including 30 CHA-designated residences. Site preparation is underway. Amenities will include a children’s tot lot, bike racks, walking path, package room, resident lounge, fitness center and bike room. A planned third phase of OC Living is expected to feature townhome and multi-flat units, which will feature larger units designed for families. Habitat intends to break ground on Phase III in the second half of 2026 or early 2027. Once completed, Ogden Commons will feature 120,000 square feet of commercial and retail space with more than 350 mixed-income housing units. Designed by Habitat, along with Sinai Chicago and the …

February 18, 2025

Acquisitions Multifamily Texas

IPA Brokers Sale of 300-Unit Livano Canyon Falls Apartments in Northlake, Texas

by Taylor Williams February 18, 2025

NORTHLAKE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Livano Canyon Falls, a 300-unit apartment community located north of Fort Worth in Northlake. Livano Canyon Falls is a three-story, garden-style complex that offers one-, two- and three-bedroom units with an average size of 1,015 square feet. Amenities include a pool, private workspaces and fishing ponds. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill and Shelby Clark of IPA represented the undisclosed seller in the transaction and procured the buyer, an affiliate of Harbor Group International. Brian Eisendrath, Cameron Chalfant, Harry Krieger and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the deal.

February 18, 2025

Acquisitions Multifamily North Carolina Southeast

Crescent Communities Sells 285-Unit Novel Ballantyne Apartments in South Charlotte

by John Nelson February 18, 2025

CHARLOTTE, N.C. — Crescent Communities has sold its interest at Novel Ballantyne, a 285-unit upscale apartment community located at 14011 Bespoke Road in south Charlotte’s Ballantyne district. The buyer and sales price were not disclosed, but Charlotte Business Journal reports that Crescent Communities netted roughly $95 million in the sale. The Class A property is a component of a master-planned residential community that includes an active adult property (The Balmore at Ballantyne by Laurel Street) and an upcoming townhome community. Built in 2023, Novel Ballantyne features a mix of studio, one- and two-bedroom apartments, as well as an amenity package that includes a resort-style saltwater pool area, fitness center, dog park, coworking library and an outdoor lawn with a putting green. The design-build team for Novel Ballantyne included Cooper Carry (architect), Ellinwood + Machado (structural engineer), IMEG Corp. (MEP engineer), LandDesign (landscape architect and civil engineer) and Vignette (interior designer).

February 18, 2025

Affordable Housing California Development Multifamily Western

IHO Opens Affordable Housing Complex for Transitional Age Youth in Riverside, California

by Amy Works February 18, 2025

RIVERSIDE, CALIF. — Innovative Housing Opportunities (IHO) has opened The Aspire, an affordable residential community in Riverside. Situated at the corner of Third Street and Fairmount Boulevard, The Aspire features 33 fully furnished units for transitional age youth, including young people aging out of the foster care system. The furnished one-bedroom units are approximately 450 square feet and include a patio or deck. Community amenities include an interior courtyard, roof terrace, communal living room and public art. Additionally, The Aspire is in a walkable neighborhood close to transit, employment, recreation, retail and cultural options. The Aspire will offer onsite education services and programs, provided by the California Family Life Center. Riverside Community College District is also offering academic, career and financial aid counseling, as well as job placement assistance. The $25 million development was funded with Housing Authority funds from the City of Riverside, project-based housing choice vouchers from Riverside County and California’s Housing and Community Development/Multifamily Housing Program.

February 18, 2025

Affordable Housing Development Multifamily Northeast

WinnCos. Breaks Ground on $47M Affordable Housing Project in Braintree, Massachusetts

by Taylor Williams February 18, 2025

BRAINTREE, MASS. — Developer WinnCos. has broken ground on The Eastwalk, an affordable housing project in the southern Boston suburb of Braintree that is valued at $47 million. Of the development’s 56 total units, 30 will be reserved for households earning 60 percent or less of the area median income (AMI). Another 20 residences will be earmarked for renters earning 120 percent or less of AMI, and the remaining six units will be rented at market rates. Residences will come in one-, two- and three-bedroom floor plans, and amenities will include a community room with a kitchen, onsite resident workspace, fitness room and a patio lounge with grills. The Eastwalk is expected to be available for occupancy in summer 2026. WinnCos. is developing the project in partnership with Arch Communities, with Webster Bank financing construction. The capital stack also includes both state- and federal-issued Low-Income Housing Tax Credits, and the investors of those securities are U.S. Bank and Boston Financial, respectively.

February 18, 2025

Features Multifamily Seniors Housing

Why Seniors Housing Acquisitions Activity Could Thrive in 2025

by Taylor Williams February 18, 2025

By Hayden Spiess To say that the seniors housing sector has encountered strong headwinds over the past few years would be an understatement. The property sector was uniquely impacted by the COVID-19 pandemic. It scarcely had a chance to recover and enjoy rebounding occupancy before being faced with the reality of heightened interest rates. Amid all the challenges, industry professionals adopted a motivational yet pragmatic mantra and strategy: “Stay Alive Until ’25.” Now that 2025 has arrived, the sentiment among seniors housing investors is one of growing optimism. Brokers and investors alike say that more favorable conditions are leading to an uptick in transaction activity, even as some debt difficulties linger. Azhar Jameeli, managing director of investments at IRA Capital and head of the firm’s seniors housing segment, is particularly bullish on the current prospects for the sector. “I don’t think that the opportunity has ever been better than what it is today,” asserts Jameeli, who has multiple decades of experience in seniors housing and cites the supply-demand balance as one of the main sources of his confidence. Data from MSCI supports this optimism. U.S. property and portfolio sales totaled $13.2 billion in 2024, up from $10.9 billion the prior …

February 18, 2025

Acquisitions Multifamily Texas

Investor Buys College Station Apartment Complex for $40.8M

by Taylor Williams February 17, 2025

COLLEGE STATION, TEXAS — An investor doing business as 950 TL Midtown LLC has purchased an apartment complex located about seven miles from the Texas A&M University campus in College Station for $40.8 million. The number of units at Nine50 Town Lake at Midtown was not disclosed, but the property’s residences come in one-, two- and three-bedroom floor plans and range in size from 527 to 1,371 square feet. Amenities include a pool, outdoor grilling kitchen, fitness center, business center, dog park, Wi-Fi café and a game lounge with shuffleboard and a billiards table. The seller was also not disclosed.

February 17, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $3.3M Sale of Parkside Commons Apartments in Trenton

by Taylor Williams February 17, 2025

TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.

February 17, 2025

Acquisitions Multifamily Southeast Virginia

KLNB Arranges $56.8M Sale of Multifamily Community in Charlottesville, Virginia

by John Nelson February 17, 2025

CHARLOTTESVILLE, VA. — KLNB Multifamily Capital Markets Group has arranged the $56.8 million sale of Barracks West Apartments & Townhomes, a 324-unit apartment community in Charlottesville. Rawles Wilcox and Jared Emery of KLNB represented the seller, Willow Creek Partners, in the transaction. The buyer, Northern Virginia-based West End Capital Group, plans to renovate the common area amenities and living spaces with new package lockers, grilling stations, a pet park and clubhouse. Situated just three miles from Charlottesville’s downtown district, Barracks West features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet. Current amenities at the property include a swimming pool, picnic and park areas, fitness center and a playground.

February 17, 2025

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