Multifamily

Walker & Dunlop Arranges $28.4M Refinancing for Apartment Complex in Grenelefe, Florida

by John Nelson March 28, 2025

GRENELEFE, FLA. — Walker & Dunlop has arranged a $28.4 million loan to refinance Grand at Grenelefe, a 417-unit fractured multifamily property located in Grenelefe, roughly 46 miles south of Orlando. Harvey Pava of Walker & Dunlop’s Florida Capital Markets team arranged the loan on behalf of the borrower, Alya Equities. The fixed-rate loan features a 5-year term with a 12-month interest-only payment, as well as a step-down prepayment structure. Situated at 3119 Camelot Drive, the complex sits on more than 160 acres with a mix of one-, two- and three-bedroom floorplan options ranging up to 1,275 square feet. Amenities at the property include an onsite property manager, walking and biking trails, storage space, laundry facilities and a lounge.

March 28, 2025

Development Loans Mixed-Use Multifamily Retail Top Stories

S3 Capital Provides $210M Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton March 28, 2025

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is situated directly above the Eighth Avenue subway station. Prestige Construction will serve as the general contractor. An estimated completion date for the development was not disclosed. “We are thrilled to collaborate with Watermark Capital on this exciting project,” said Robert Schwartz, co-founder and partner at S3 Capital. “The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community.” Morris Betesh, Alex Bailkin, Matt O’Hanlon and Israel Mermelstein of Arrow Real Estate Advisors arranged the loan on behalf of Watermark Capital. S3 Capital is wholly owned by Spruce Capital Partners, a New York City-based developer, owner, lender and investor. Since …

March 28, 2025

Development Florida Southeast Student Housing

Gilbane, CBRE Investment Break Ground on 702-Bed Student Housing Development Near University of Florida

by John Nelson March 27, 2025

GAINESVILLE, FLA. — A joint venture between Gilbane Development Co. and CBRE Investment Management has broken ground on Zaya, a 702-bed student housing development located near the University of Florida campus in Gainesville. The community will offer 352 units with bed-to-bath parity. Shared amenities will include a rooftop deck with a pickleball court, pool, clubhouse and fitness center; study rooms on each floor; a coworking lounge; leasing lobby with a coffee bar; and three courtyards with lawn games, outdoor cooking space and lounges. Site work has commenced for the development with completion scheduled for summer 2027.

March 27, 2025

California Development Multifamily Seniors Housing Western

Clearwater Underway on Development of 100-Unit Senior Living Community in Los Angeles

by Amy Works March 27, 2025

LOS ANGELES — Clearwater Living is currently underway on the development of a new, 100-unit senior living community in the Beverly Grove neighborhood of Los Angeles. Upon completion, the property will total 100 studio, one- and two-bedroom apartments across seven stories, including assisted living, memory care and short-term residences. Amenities at the community, dubbed The Leonard on Beverly, will include a movie theater, rooftop terrace, restaurant, private dining space and exhibition kitchen. The development will also feature 7,000 square feet of medical office space and a 6,000-square-foot synagogue. The community is scheduled to begin move-ins in fall 2025. This marks Clearwater Living’s 13th community.

March 27, 2025

Acquisitions California Multifamily Seniors Housing Western

Alta Senior Living Acquires 162-Unit Seniors Housing Property in Sacramento, California

by Amy Works March 27, 2025

SACRAMENTO, CALIF.— Alta Senior Living has acquired a 162-unit seniors housing community located in Sacramento. Alta purchased the property with joint venture partner Brasa Capital Management. Formerly known as The Village at Heritage Park, the property will be rebranded as Rose Arbor Village. Built in 2017, the community features independent living, assisted living and memory care residences. Alta plans to implement a repositioning strategy that includes upgrading amenities, strategic lease-up initiatives and enhancing resident engagement. “We’re excited to add another full continuum community to our portfolio at an attractive basis well below replacement costs,” says Tomson Mukai, managing partner at Alta Senior Living.

March 27, 2025

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Sales of Three Chicago Multifamily Properties for Combined $10.4M

by Kristin Harlow March 27, 2025

CHICAGO — Kiser Group has brokered the sales of three fully occupied multifamily properties in Chicago’s Edgewater neighborhood for a total of $10.4 million. The buildings, all constructed in 2016, consist of large two- and three-bedroom units with ground-floor commercial space. All are predominately occupied by students and are situated near Loyola University. The assets were originally listed as a portfolio sale, but Kiser decided to split the buildings for individual sale, citing the rise in interest rates at the time of launch. All three buildings sold to new entrants in the market — a doctor from Columbus, a 1031 exchange buyer from the northwest suburbs and a local retail investor purchasing its first mixed-use property. Andy Friedman and Jake Parker of Kiser brokered the sales.

March 27, 2025

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Indianapolis Apartment Market Shows Promising Signs of Stabilization

by Kristin Harlow March 27, 2025

By Chris Bruzas, Berkadia After a particularly challenging and unpredictable 2024, marked by continued interest rate volatility and a persistent bid-ask spread differential that contributed to low transaction volume, the Indianapolis apartment market is showing promising signs of stabilization as we move into 2025. Yardi Matrix data highlights Indianapolis’ resilience, posting 2.7 percent year-over-year rent growth in November. This performance is especially noteworthy as it surpasses several popular Sun Belt markets, which have experienced declines, dipping into negative territory. The outlook for 2025 appears more balanced, with new supply moderating to approximately 3,500 units from 2024’s record-breaking 6,500+ deliveries. This timing aligns well with the market’s strong population growth, as Indianapolis expects to welcome 22,200 new residents in 2025, significantly exceeding the historical average of 12,800 annual net movers. Key factors of the population’s growth are due to the presence of reputable universities and colleges, such as Indiana University-Purdue University Indianapolis (IUPUI). Compared with other major metropolitan areas, Indianapolis offers a relatively low cost of living, making it an attractive destination for those looking to maximize their quality of life without the high expenses associated with larger cities. The region’s economic fundamentals remain strong, anchored by transformative projects including Eli …

March 27, 2025

Development Loans Multifamily New York Top Stories

KS Group, Alma Realty Receive $300M Construction Financing for Multifamily Project in Queens

by Hayden Spiess March 27, 2025

NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City. S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing. The properties will also feature ground-floor retail space and parking. Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens. YNH Construction will serve as general contractor on the project. Construction is …

March 27, 2025

Acquisitions Multifamily Texas

IPA Negotiates Sale of 374-Unit Cortland Riverside Apartments in Fort Worth

by Taylor Williams March 26, 2025

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cortland Riverside, a 374-unit apartment community in Fort Worth. Built in 2020 on the city’s north side, the property offers one-, two- and three-bedroom units with an average size of 1,014 square feet. Amenities include a pool, fitness center, business center, dog park and a clubhouse. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Shelby Clark of IPA brokered the deal. The buyer and seller were not disclosed. The property, which was 95 percent occupied at the time of sale, has since been rebranded as The Hadley Riverside.

March 26, 2025

Acquisitions Mixed-Use Multifamily North Carolina Southeast

Cortland, Pamera Purchase and Rebrand 417-Unit Peace Apartments in Downtown Raleigh

by John Nelson March 26, 2025

RALEIGH, N.C. — Cortland and Pamera North America have purchased Peace Apartments, a 417-unit multifamily community located at 417 W. Peace St. in downtown Raleigh. The new ownership is rebranding the 12-story high-rise as Cortland Glenwood South. The property is part of Phase I of Smoky Hollow, a mixed-use development by locally based Kane Realty. The acquisition also includes a parking garage with direct elevator access to the Publix on the ground level and one retail bay within Smoky Hollow. The Publix grocery store was not included in the sale. Kane Realty sold the multifamily community to Cortland and Pamera for an undisclosed price. Cortland plans to renovate the interior corridors and amenity areas at Cortland Glenwood South, as well as enhance the package delivery process for tenants and add a new urgent care provider on the ground level. Cortland Glenwood South features studio, one-, two- and three-bedroom apartments, as well as a heated swimming pool, fire pit, sky lounge with TVs, a two-story fitness center and a dog grooming station.

March 26, 2025

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