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Multifamily

Broadstone-Los-Feliz-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Mesa West Capital Provides $43.5M Loan for Refinancing of Apartment Community in Los Angeles

by Amy Works

LOS ANGELES — Mesa West Capital has provided a joint venture between Alliance Residential and PCCP with $43.5 million in short-term, first mortgage debt to refinance Broadstone Los Feliz, a multifamily property located at 1800 N. New Hampshire in Los Angeles’ Los Feliz neighborhood. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE arranged the five-year, floating-rate loan. Built in 1986, Broadstone Los Feliz offers 134 studio, one- and two-bedroom apartments, a rooftop lounge and barbecue area, an indoor swimming pool and spa, a fitness center and electric vehicle charging stations. At the time of financing, the property was 95 percent occupied. Since acquiring the asset in 2022, the owners have invested more than $1 million to upgrade the common areas and renovate the interiors of 33 units with hardwood flooring, quartz countertops, stainless steel appliances and new wood-grain cabinets. The sponsor plans to renovate the remaining 45 units within the next two years.

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Benchmark Senior Living, National Development Buy 71-Unit Complex in Newtown, Connecticut

by Taylor Williams

NEWTOWN, CONN. — A partnership between an affiliate of Benchmark Senior Living and National Development has purchased Church Hill Village, a 71-unit seniors housing property in Newtown, located in southern Connecticut’s Fairfield County. The facility offers independent living, assisted living and memory care services. Amenities include several dining venues, a creative studio, entertainment room, hair salon, physical therapy room and a putting green. Webster Bank financed the acquisition. The seller and sales price were not disclosed. The new ownership has rebranded the facility as Benchmark at Newtown.

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Alliance-Residential-Apts-Lakewood-WA
AcquisitionsDevelopmentMultifamilyWashingtonWestern

Alliance Residential Acquires 9.7-Acre Development Site in Lakewood, Washington

by Amy Works

LAKEWOOD, WASH. — Alliance Residential has purchased a 9.7-acre development site within Lakewood Towne Center, a retail destination in Lakewood. The site is slated for the development of a 285-unit Class A apartment community that will include units under the City of Lakewood’s Multifamily Tax Exemption program. The new multifamily property will help address the growing housing demand in Lakewood, where only one new 100-plus market-rate apartment development has been delivered since 2011. Ross Klinger and Austin Kelley of Kidder Mathews represented the undisclosed seller in the deal. Terms of the transaction were not disclosed.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Completes 70-Unit Affordable Housing Project in Lacey, New Jersey

by Taylor Williams

LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.

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AcquisitionsIndianaLoansMidwestMultifamily

Greystone Structures $31.3M in Acquisition Financing for Multifamily Property in Merrillville, Indiana

by Kristin Harlow

MERRILLVILLE, IND. — Greystone has provided a $26.3 million Freddie Mac loan to finance the acquisition of Tiberon Trails Apartments in Merrillville. Additionally, Greystone Equity Services brought in MORE Capital, an affiliate of Morgan Properties, as a preferred equity provider. MORE Capital supplied a nearly $5 million preferred equity loan in conjunction with the Freddie Mac financing. Eric Rosenstock of Greystone originated the Freddie Mac loan on behalf of the borrower, Bayshore Properties. The loan features a fixed interest rate over a five-year term with a 30-year amortization and two years of interest-only payments. Tiberon Trails comprises 374 units with a mix of studio, one-, two- and three-bedroom layouts. Amenities include a playground and fitness center.  

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AcquisitionsMidwestMissouriMultifamily

EHP Capital, Aspen Funds Buy Hunters Glen Apartments in Kansas City for $27M

by Kristin Harlow

KANSAS CITY, MO. — EHP Capital and Aspen Funds have purchased Hunters Glen Apartments in Kansas City for $27 million. The partnership will launch a comprehensive renovation plan to modernize interiors and upgrade amenities at the 253-unit multifamily community. The property was built in 1975 and includes studio through three-bedroom floor plans ranging from 506 to 1,127 square feet, according to Apartments.com.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Brokers $1.4M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the $1.4 million sale of an apartment building located at 1329 W. 18th St. in Chicago’s Pilsen neighborhood. The asset features five recently rehabbed apartment units, rear garage parking and a newly signed retail lease with a five-year term. SVN’s Cawthon-Labriola Group represented both the out-of-state buyer and the seller.

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Hale-Haukani-Honolulu-HI
DevelopmentHawaiiMultifamilyStudent HousingWestern

Greystar, University of Hawaii at Mānoa Complete Two-Tower Student Housing Community in Honolulu

by Amy Works

HONOLULU — A public-private partnership between Greystar and the University of Hawaii at Mānoa has completed Hale Haukani, a two-tower development on the university’s campus in Honolulu. The community offers 558 beds across 316 fully furnished units in studio, two-, three- and four-bedroom configurations. Shared amenities include study rooms, community lounges and an amenity deck on the 12th floor. An onsite daycare operated by the university is also available to support students with families. 

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Begins Renovation of 90-Unit Affordable Housing Complex in Beaumont, Texas

by Taylor Williams

BEAUMONT, TEXAS — FTK Construction Services has begun the renovation of Seville Apartments, a 90-unit affordable housing complex in Beaumont that was built in 1980. The renovation will upgrade flooring, paint, appliances, countertops, cabinets and bathrooms in unit interiors; other updates will apply to roofing, HVAC systems and amenity spaces. The rehabilitation will also ensure the preservation of the property’s affordability status. Benton Design Group is the architect for the project, which is expected to last about 12 months. Denver-based Steele Properties owns Seville Apartments.

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MacDonald Manor
AcquisitionsAffordable HousingDevelopmentSoutheastVirginia

Fairstead Acquires 152-Unit Affordable Housing Community in Chesapeake, Virginia, Plans $26M Rehabilitation

by Abby Cox

CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, a 152-unit affordable housing community in Chesapeake, with plans for a $26 million rehabilitation of the property. In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, Fairstead will finance the acquisition and rehabilitation of MacDonald Manor through a federal program that combines elements of HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs to ensure reinvestment in the community, while preserving affordability for residents. Originally built in 1972, MacDonald Manor features three one-bedroom units, 114 two-bedroom units and 35 three-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Renovations are set to commence this fall, with completion scheduled for fall 2027. Interior renovations will include modern lighting and plumbing fixtures, stainless steel appliances and new flooring and paint. Exterior improvements will consist of fresh landscaping, the repair of building facades and upgraded roofs and windows. Enhancements will also be made to the leasing office, maintenance and community buildings, mailboxes and the basketball court, as well as with the addition of a new playground. Fairstead recently announced the $10 million revitalization of another public housing community in Chesapeake: the …

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