Multifamily

Gilbane Underway on 484-Bed Student Housing Project Near University of California, Berkeley

by Amy Works October 7, 2025

BERKELEY, CALIF. — Construction is underway on Pique, a 484-bed student housing project by Gilbane Development located at 2587 Telegraph Ave. near the University of California, Berkeley campus. The developer recently opened a leasing office for the community at 2430 Bancroft Way. The project is scheduled for completion in summer 2026. Pique will offer units in four-, five- and six-bedroom configurations. Shared amenities will include an indoor-outdoor yoga and fitness center with an outdoor sauna; outdoor study spaces; two rooftop decks separated by an indoor-outdoor club room; community terrace space; a ground floor coworking lounge; smart food lockers; and private study rooms on each floor. The community will also feature 2,900 square feet of ground-floor retail space.

October 7, 2025

Acquisitions Arizona Multifamily Western

29th Street Capital Acquires 148-Unit Apartment Building in North Phoenix

by Amy Works October 7, 2025

PHOENIX — Chicago-based multifamily investment firm 29th Street Capital has acquired Urban 148 in Phoenix. The 148-unit property will be rebranded as Agave Ridge Apartments, and 29th Street Living will handle property management. According to Apartments.com, the community offers two- and three-bedroom floor plans at monthly asking rents ranging from $1,425 to $1,655 and amenities such as a pool, playground, courtyard and dog park. The seller and sales price were not disclosed.

October 7, 2025

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $25.9M Loan for Affordable Housing Development in Compton, California

by Amy Works October 7, 2025

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional low-income housing tax credit equity and Freddie Mac permanent financing were secured from Walker & Dunlop. The total project cost was not disclosed, but a California Tax Credit Allocation Committee report from October 2024 lists the valuation at $56.8 million. Amenities will include laundry facilities, a community room, playground, landscaped courtyard, amphitheater-style seating area, sports court, onsite parking and a resident manager. Social services will be provided by CRCD and other community partners. Completion is slated for May 2027. CRCD and LandSpire Group have forged a partnership to create more than 1,000 permanent supportive and affordable housing units across the greater Los Angeles area over the next decade.

October 7, 2025

Acquisitions Multifamily Oregon Seniors Housing Western

Zett Group Arranges $18.5M Sale of Seniors Housing Community in Eugene, Oregon

by Amy Works October 7, 2025

EUGENE, ORE. — Senior living brokerage firm The Zett Group has arranged the $18.5 million sale of a community located in Eugene. Built in 1979, the property — Churchill Estates — comprises 241 independent living, assisted living and memory care units. A joint venture acquired the community from the sellers, Ron and Joyce Knutson.

October 7, 2025

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Completes 110-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow October 7, 2025

MINNEAPOLIS — Lupe Development Partners has completed Lakefield Apartments, a 110-unit affordable housing community in the Lyn-Lake area of Minneapolis. The project marks a collaboration between Lupe and the city to address affordable housing needs. The development was originally planned to include 95 units before the developer acquired an additional parcel and expanded the project to 110 family-sized units, including more three- and four-bedroom layouts. As of September, the project was 70 percent leased. The development concludes the third phase of Lupe’s mixed-income campus on Lake Street near the Lyndale Avenue intersection. In total, the campus has brought 353 units of affordable and market-rate housing along Lake Street in the past five years. The $41 million project was made possible through collaboration with the city, Multifamily Housing Revenue Bonds, Hennepin County, Minnesota Department of Employment and Economic Development and housing tax credit equity. Frana Cos. served as general contractor.

October 7, 2025

Market Reports Multifamily Texas Texas Market Reports

Multifamily at a Crossroads: Why Now May Be the Time to Invest in Texas

by Taylor Williams October 7, 2025

By Mitch Faccio, senior vice president, MLG Capital Texas’ multifamily market is at a unique inflection point. After several years of historic levels of new construction and softening fundamentals, conditions are shifting in ways that may benefit current owners and new investors. Slowing development, sustained population growth and the widening affordability gap between renting and owning are creating conditions that seem to favor existing assets. A Market Reset After Record Construction Over the last several years, multifamily development surged in Texas. Dallas-Fort Worth, Houston, San Antonio and other metros all experienced a wave of new supply that outpaced demand. By 2023 and 2024, this boom in development had led to softer occupancies, higher concessions and flat or even declining rents. Net operating income (NOI) growth slowed as the market absorbed this record wave of deliveries, according to data from CoStar Group and RealPage. Now, that dynamic seems to be shifting. Construction costs have risen faster than achievable rents, making new developments financially difficult to justify, according to data from RealPage and the 2024 Turner Construction Index. In fact, multifamily starts in many Texas metros are down significantly from recent peaks. As a result, many planned projects have stalled, and the supply …

October 7, 2025

Development Multifamily Texas

Partnership Delivers 40-Story Apartment Tower Near Downtown Houston

by Taylor Williams October 6, 2025

HOUSTON — A partnership between locally based owner-operator Hanover Co., Dallas-based Rebees and Mitsui Fudosan America has delivered a 40-story apartment tower located about two miles west of downtown Houston. Hanover Buffalo Bayou is located within the 14-acre Autry Park mixed-use development along the western edge of the 160-acre Buffalo Bayou Park. The building consists of 317 units in one-, two- and three-bedroom formats with an average size of 1,276 square feet, as well as 5,000 square feet of retail space. Amenities include a landscaped courtyard with a pool, outdoor grilling and dining stations, a clubhouse with a demonstration kitchen, fitness center, cinema, business center and a game room. Rents start at approximately $2,600 per month for a one-bedroom apartment.

October 6, 2025

Affordable Housing Development Multifamily Texas

Dallas Housing Authority Secures $69M Bond Reservation to Renovate Two Affordable Communities

by Taylor Williams October 6, 2025

DALLAS — The Housing Authority of the City of Dallas (DHA) has secured a $69 million bond reservation for the renovation of Roseland Townhomes and Roseland Estates, two affordable housing communities in Central Dallas. The bond reservation represents an early piece of the capital stack that enables DHA to receive 4 percent Low-Income Housing Tax Credits (LIHTC). The renovation will include new kitchens, bathrooms, plumbing, flooring, appliances and fixtures in the properties’ 274 units. DHA will also upgrade the recreation center, building infrastructure, security and landscaping. Completion is slated for 2027.

October 6, 2025

Affordable Housing Development Massachusetts Multifamily Northeast

MassDevelopment Provides $37.6M in Bond Financing for Affordable Housing Conversion Project in Boston

by Taylor Williams October 6, 2025

BOSTON — MassDevelopment has provided $37.6 million in tax-exempt bond financing for an affordable housing conversion project in Boston. The project will convert the former Blessed Sacrament Church in the Jamaica Plain neighborhood, which was built in the early 1900s and served as an active parish until the early 2000s, into a 55-unit complex. The unit mix will consist of 17 studios, 25 one-bedroom residences and 13 two-bedroom apartments that will be reserved for households earning between 30 and 80 percent of the area median income. Six units will be specifically reserved for formerly homeless individuals. Construction is underway and is expected to be completed in early 2028. The developer is a partnership between an affiliate of Pennrose and the local nonprofit Hyde Square Task Force. Citizens Bank purchased the bond.

October 6, 2025

Acquisitions Affordable Housing Colorado Multifamily Western

Jonathan Rose Cos. Buys Colorado Affordable Housing Community for $56M, Extends Rent Restrictions

by Amy Works October 6, 2025

BOULDER, COLO. — New York City-based investment firm Jonathan Rose Cos. has acquired San Juan del Centro Apartments in Boulder from Related Cos. for $56 million. Jeff Irish and Jordan Skyles of Berkadia arranged the sale of the Section 8 and LIHTC property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI. San Juan del Centro’s 150 units are reserved for families earning at or below 60 percent of the area median income. Jonathan Rose Cos. assumed the existing Section 8 Housing Assistance Payment contract, which was set to expire in 2026, and will extend the property’s affordability for an additional 20 years. The asset was originally built in 1971 and was most recently renovated in 2007. The unit mix consists of one- through four-bedroom floor plans. The new owner plans to complete additional renovations at the property, including upgrades to building systems and unit interiors, improvements to the community center and energy-efficiency enhancements aimed at achieving Enterprise Green Communities (EGC) certification. In addition to physical improvements, the firm will also be adding two full-time resident services coordinators. Winn Residential has taken over as property manager.

October 6, 2025

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