— By Jason Koch and Adam Riddle of MMG Real Estate Advisors — espite recent challenges, the Denver multifamily market is showing clear signs of a comeback. With new supply beginning to taper off, demand accelerating, and investor confidence returning, 2025 is shaping up to be a year of renewed opportunity for multifamily owners and investors. Momentum Is Building Behind the Numbers After a year of downward pressure, Denver’s multifamily market is beginning to turn the corner. First-quarter 2025 recorded net absorption of 2,544 units, a 170 percent jump from the prior quarter indicating a surge of renter demand. Over the past 12 months, absorption reached 9,200 units, the highest total since 2021. MMG Managing Director Jason Koch notes, “Demand is back. Lease-ups are moving more quickly, especially for quality, well-located product. It’s clear that renters still want to be in Denver.” While average rent is down 3.4 percent year-over-year, the first quarterly uptick in nearly a year suggests the bottom may already be behind us. At $1,813, Denver remains one of the strongest-performing rental markets in the Mountain West, particularly in suburban pockets where new supply is limited. High-Quality Product Leading the Charge Much of the recent absorption has …
PARSIPPANY, N.J. — A partnership between Ohio-based Stanbery Development Group, New Jersey-based Claremont Development and Los Angeles-based PCCP LLC has completed a 262-unit apartment complex in the Northern New Jersey community of Parsippany. Smyth at District 15Fifteen is part of District 15Fifteen, a mixed-use redevelopment of a former 290,000-square-foot office campus. The property offers studio, one- and two-bedroom units that range in size from 554 to 1,240 square feet. Amenities include a pool, fitness center, two central courtyards, sports simulator lounge, coworking offices, kids’ playroom and a private party room. Leasing began this spring, and the first move-ins are now underway. Rents currently start at $2,445 per month for a studio apartment.
SAN DIEGO — A partnership between Cisterra Development and Spruce Capital Group has received a $98 million loan for the refinancing of Radian, a Class A apartment property in San Diego. Located at 675 Ninth Ave., Radian offers 241 one-, two- and three-bedroom units, including five penthouses. The community features a two-story ground-floor retail area and a rooftop pool and spa with views of Petco Park, downtown San Diego and the San Diego Bay. Mark McGovern, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ Debt & Structured Finance team arranged the three-year, fixed-rate permanent loan on behalf of the borrower.
NEW YORK CITY — Lument has provided a $26.8 million HUD-insured loan for the refinancing of three affordable seniors housing properties totaling 203 units in Brooklyn. West End Gardens I and II are both located in the Borough Park neighborhood, while Webster Terrace is located in the Kensington submarket. All three properties are reserved for renters aged 62 and above and mobility-impaired individuals. Paul Weissman and Andrew Nicoll of Lument originated the financing, which was structured as a scattered-site loan and carries a fixed interest rate and a fully amortized 35-year term, through HUD’s 223(f) program. The borrower was HDF Cos.
WENTZVILLE, MO. — Builder MBG is nearing completion of Hearthstone at Autumn Hollow, a 180-unit luxury apartment complex in the St. Louis suburb of Wentzville. The first building is slated for occupancy this month, with the entire five-building complex slated for completion in January. Mia Rose Holdings and J.V. Lombardo are co-developing the community. Amenities will include a fitness center, coworking space, resort-style pool, conference room, dog park, clubhouse and walking paths. Capital Eleven Management is the property manager. Additional project partners include Rosemann & Associates, Engenuity, Civil and Environmental Consultants and Landesign.
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Why Fannie Mae, Freddie Mac Believe the Wind Is at Their Back
Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 billion in the first quarter of 2025, compared with $10.1 billion in the first quarter of 2024. Meanwhile, Freddie Mac produced approximately $15 billion in multifamily loans in the first quarter, financing around 144,000 rental units, well above the approximately $10 billion produced in first-quarter 2024. “The first quarter of 2025 has been dynamic, with real-time adjustments to meet market needs while maintaining a focus on soundness,” says a spokesperson at Freddie Mac Multifamily. Other sources attest that the GSEs are focusing on their sponsors more so than in previous years. T.J. Edwards, chief production officer for the multifamily finance division at Walker & Dunlop, says the agencies are proactively vetting first-time borrowers …
ORLANDO, FLA. — American Campus Communities (ACC) is set to break ground on an 898-bed student housing development located near the University of Central Florida (UCF) campus in Orlando. The development site is located adjacent to ACC’s existing Plaza on University community. Scheduled for completion in 2027, the development will offer studio, four- and five-bedroom floorplans. Amenities at the property — which is pursuing Fitwel certification — will include recreational and study spaces, a resort-style swimming pool and spa, outdoor kitchens, fire pits, lounge areas and modern fitness and wellness facilities. Niles Bolton Associates designed the project, while Clancy & Theys Construction will serve as the general contractor.
FORT MEYERS, FLA. — Global City Development and Gilu Development have begun welcoming residents to Reva, a 255-unit luxury apartment community located in Fort Meyers. Situated on Crystal Drive and Six Mile Cypress Parkway, the complex features a mix of one-, two- and three-bedroom floorplans ranging in size from 786 square feet to 1,690 square feet. Reva also offers three-bedroom villas with two-car garages and a private driveway. Rental rates begin at $1,700 for a one-bedroom unit. The community is anchored by a two-story, 6,200-square-foot clubhouse overlooking a private lake, with additional amenities including a swimming pool, fitness center with open-air workout spaces, meditation area, coworking areas with Zoom studios, event room, package lockers, onsite management and a convenience store located inside the clubhouse. Additionally, the community is offering a $1,000 bonus to “hometown heroes,” such as medical professionals, policemen and firefighters.
JERSEY CITY, N.J. — Cushman & Wakefield has arranged an $81 million loan for the refinancing of One Grove, a 200-unit apartment building in Jersey City. Designed by MHS Architecture and completed in 2024, One Grove offers studio, one-, two- and three-bedroom units and amenities such as a landscaped rooftop terrace, fitness center, coworking space, resident lounge and a demonstration kitchen. The property also offers fully furnished, short-term rental apartments. Brad Domenico, Frank Stanislaski, Jack Subers, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield arranged the loan through Societe Generale Group on behalf of the borrower, TKK Capital.
GREENWICH, CONN. — CBRE has brokered the $20.7 million sale of Putnam Green, a 66-unit apartment complex located in the southern coastal Connecticut community of Greenwich that was built in 1976. According to Apartments.com, the property offers one- and two-bedroom units. The sale represents a fee interest in the land, which was ground-leased to the neighboring property. CBRE negotiated a termination with the ground leaseholder contemporaneously with the closing of the sale of the fee interest in the land. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE brokered the deal(s). The seller was PIC Associates, and the buyer was Bedford Realty Associates.