Wednesday, June 18, 2025
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Multifamily

ArizonaDevelopmentMultifamilyWestern

Related Group Nears Completion of Town Deer Valley Apartments in Phoenix

by John Nelson

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit apartment community in Phoenix. The complex has been developed in five phases on a 20-acre site. A completion date has not been disclosed, but the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley will total 442,000 square feet across 19 buildings upon completion. Designed by Todd & Associates Architects, the property’s community amenities will include two pools with cabanas, a golf putting green, pet spa, children’s playground and a clubhouse with coworking space, a fitness center and an arts and crafts room.

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AcquisitionsArizonaMultifamilyWestern

Rise48 Equity Acquires Spring Apartments in Phoenix for $42M

by John Nelson

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.

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CaliforniaDevelopmentSeniors HousingWestern

Clearwater Living to Open 101-Unit Seniors Housing Community in Newport Beach, California

by John Nelson

NEWPORT BEACH, CALIF. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community underway in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans, including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

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AcquisitionsLoansMultifamilySoutheastTennessee

Northmarq Brokers $40M Sale of Addison at Rossview Apartments in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Northmarq has brokered the $40 million sale of Addison at Rossview, a 205-unit apartment community located at 200 Holland Drive in Clarksville, about 45 miles northwest of Nashville. David Stollenwerk, Bryan Schellinger, Ben Crawford and Brenden Bercaw of Northmarq represented the seller, a locally based developer, and procured the buyer, Timberland Partners, in the transaction. Daniel Trebil and Jesse Lemos of Northmarq arranged a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of Timberland. Built in 2016, Addison at Rossview features one-, two- and three-bedroom apartments, as well as a saltwater swimming pool, playground, dog park, coffee bar, community clubhouse, business center, four-acre park and walking trail and garages.

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DevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Complete 72-Unit Seniors Housing Community in Fort Walton Beach, Florida

by John Nelson

FORT WALTON BEACH, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to literacy training, financial assistance and employment assistance services onsite. Funding sources for Shoreline Villas include $10.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity from JP Morgan Chase and Raymond James as syndicator, as well as a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank. The design-build team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design and surveyors Panhandle Associates.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Greystone Provides $10.4M Acquisition Loan for Park Estates Apartments in Decatur, Georgia

by John Nelson

DECATUR, GA. — Greystone has provided a $10.4 million Fannie Mae loan for the acquisition of Park Estates, a 100-unit apartment community located in the Atlanta suburb of Decatur. Dan Sacks and Avi Kozlowski of Greystone’s New York office arranged the non-recourse, fixed-rate loan on behalf of the borrower, an entity doing business as Park Estates FO LLC. Meridian Capital – New York acted as correspondent on the deal. The five-year loan featured full-term interest-only payments. Built in 1985, Park Estates comprises 13 garden-style buildings housing two-bedroom apartments.

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AcquisitionsMultifamilyTexas

Nord Group Acquires 248-Unit Apartment Community in North Austin

by Taylor Williams

AUSTIN, TEXAS — The Nord Group, a private equity firm with offices in New York City and Houston, has acquired The Park at Crestview, a 248-unit apartment community in North Austin. Built in 1970, the property consists of 37 two-story buildings on a 13-acre site. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, playground and a dog park. Austin Marshak of New York City-based brokerage firm Rosewood Realty Group represented Nord Group in the transaction. Mike Kerwin and Scott Bernstein, also with Rosewood, represented the seller, Houston-based investment firm Nitya Capital.

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DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of 285-Unit Domain CityGate Apartment Complex in Suburban Chicago

by Kristin Harlow

NAPERVILLE, ILL. — McShane Construction Co. has completed Domain CityGate, a 285-unit luxury apartment complex in the Chicago suburb of Naperville. Located in the town’s CityGate Centre, the project rises four stories and features a parking garage with 430 spaces. Atop the parking garage is a 38,000-square-foot rooftop event space. Amenities include a resident lounge, remote workspaces, a fitness center, bike lounge, pool and cabanas, fire pits, private pickleball court and dog run. Units come in a mix of studio, one- and two-bedroom floor plans. Monthly rents start at $1,775 for one-bedroom units, according to the property’s website. Lincoln Property Co. and Calamos Real Estate were the co-developers. Callison RTKL served as architect.

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AcquisitionsCaliforniaMultifamilyWestern

JLL Brokers $53.6M Sale of Six Multifamily Communities in Los Angeles County

by Jeff Shaw

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million.  Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC.  The identity of the three buyers was not disclosed. All three buyers assumed existing debt on the assets.  Peter Yorck and Nick Lavin led the JLL Capital Markets investment sales and advisory team representing the seller, while Jeff Sause and Max Mraz led the JLL Capital Markets debt advisory team.  The properties are 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.

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