Multifamily

Newmark Arranges $28.8M Sale of Apartment Complex in Victoria, Texas

by Taylor Williams January 28, 2025

VICTORIA, TEXAS — Newmark has arranged the $28.8 million sale of Aria Victoria, an apartment complex located about 85 miles north of Corpus Christi in South Texas. According to Apartments.com, the property was built in 2015 and totals 240 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, grilling stations, dog park and an outdoor lounge. Brad Shaffer of Newmark represented the undisclosed seller in the transaction. The buyer was an entity doing business as Aria Victoria Apartments LLC.

January 28, 2025

Acquisitions Colorado Multifamily Western

JRK Property Holdings Sells 248-Unit Courtney Park Apartment Community in Fort Collins, Colorado

by Amy Works January 28, 2025

FORT COLLINS, COLO. — JRK Property Holdings has completed the disposition of Courtney Park, a garden-style multifamily property in Fort Collins, to ColRich Multifamily for $64.1 million. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 4470 S. Lemay Ave., Courtney Park offers 248 one- and two-bedroom apartments spread across 13 two- and three-story residential buildings. Each unit features stainless steel appliances, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse building, business center, fitness center, swimming pool, hot tub, an outdoor grilling area, a playground, pet park and 441 parking spaces. Built in 1986, the property was renovated in 2008. Renovations include upgrades to the apartment interiors, clubhouse and common area.

January 28, 2025

Affordable Housing Development Midwest Multifamily Nebraska

Annex Group to Build 175-Unit Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow January 28, 2025

LINCOLN, NEB. — The Annex Group has unveiled plans to build Central at South Haymarket, a 175-unit affordable housing community in Lincoln. The five-story property will consist of one-, two-, three- and four-bedroom units that will be reserved for households whose income level is 50 to 70 percent of the area median income. The nearly $55 million project, which is being built in an area that is currently a parking garage, is slated to open at the end of 2026. Central at South Haymarket will feature amenities such as a community room, fitness center, business center, playground, community gardens, outdoor pet area and grilling area. Partners on the project include BVH Architecture, REGA Engineering, the City of Lincoln, Impact Housing Indiana Corp. and KeyBank’s debt and equity teams, which provided more than $20 million in total equity, over $22 million in permanent debt financing and more than $40 million in construction financing. Key Bank Capital Markets was the bond underwriter on $26 million in bonds issued by Nebraska Investment Finance Authority. The City of Lincoln issued a 20-year tax-increment financing along with parking rights provided in surrounding city-owned lots and garages to help make the project financially feasible. The project …

January 28, 2025

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $2.8M Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow January 28, 2025

FARMINGTON HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $2.8 million loan for the refinancing of Botsford Place Terrace Apartments in the Detroit suburb of Farmington Hills. The multifamily property features 98 units. David Ruff of BFG arranged the loan with Genisys Credit Union on behalf of the borrower, Botsford Place Terrace Apartments LLC.

January 28, 2025

Development Loans Multifamily New Jersey Northeast

LCOR Breaks Ground on 386-Unit Multifamily Project in Hoboken

by Taylor Williams January 27, 2025

HOBOKEN, N.J. — Locally based developer LCOR has broken ground on a 386-unit multifamily project in Hoboken. The 27-story building will be known as Charlie and will be located within the $900 million Hoboken Connect mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans, with 20 percent of the residences to be reserved as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and pet spa, as well as a second floor and rooftop amenity space with a fitness center, entertainment kitchen, coworking spaces, dining areas and an outdoor pool. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged a $155 million construction loan through insurance accounts managed by KKR for the project. The loan carried a five-year term and a floating interest rate.

January 27, 2025

Connecticut Loans Multifamily Northeast

Kriss Capital Provides $33.5M Construction Loan for Multifamily Project in Portland, Connecticut

by Taylor Williams January 27, 2025

PORTLAND, CONN. — Kriss Capital, a New York-based private equity firm and bridge lender, has provided a $33.5 million construction loan for a 130-unit multifamily project in Portland, a southern suburb of Hartford. The four-story building will be part of a larger development known as Brainerd Place and will include 11,000 square feet of commercial space. John Harrington of HKS Real Estate Advisors arranged the loan on behalf of the developers, Bright Ravens Development and DiMarco Group. Completion is slated for spring 2026.

January 27, 2025

Development Multifamily North Carolina Southeast

Flournoy Development Completes 397-Unit Ellison Mallard Creek Apartments in Charlotte

by John Nelson January 27, 2025

CHARLOTTE, N.C. — Flournoy Development Group has completed Ellison Mallard Creek, a multifamily community in Charlotte’s University City submarket. The property features 341 apartments, 56 for-rent townhomes and flexible retail and office space on the ground level configured in a Main Street-style setting. Monthly rental rates range from $1,400 to $2,950, according to Apartments.com. Amenities at Ellison Mallard Creek include greenspace, a resort-inspired pool and entertainment courtyard, communal and private coworking spaces, fitness and wellness center and specialty spaces such as a hobby/craft studio and a resident club room featuring gaming areas and a grab-and-go market.

January 27, 2025

Affordable Housing Development Multifamily Southeast Tennessee

Hunt Capital, Hickory Creek Open Adaptive Reuse Affordable Housing Project in Clinton, Tennessee

by John Nelson January 27, 2025

CLINTON, TENN. — Hunt Capital Partners and Hickory Creek Capital Partners have opened Daughtery Lofts, a 39-unit affordable housing property located at 307 N. Main St. in downtown Clinton. The five-story property is an adaptive reuse of the former Daughtery Lofts Furniture Company Building, which was built in 1942 and placed on the National Register of Historic Places in 2010. Daugherty Lofts offers one-, two- and three-bedroom loft-style apartments reserved for families earning 50 and 60 percent of the area median income (AMI). Amenities include a community room, computer lab, central laundry, lounge area and elevators. Historic features of the property include original milk doors, stone exterior, metal casement windows, rustic hardwood floors and a restored skylight on the fifth floor. Partners for Daughtery Lofts include general contractor Frizzell Construction Co., architect Goss Design Development and property manager D&K Management Inc. Financing included $9.1 million in LIHTC and $1.4 million in historic tax credits syndicated by Hunt Capital Partners; a $10.6 million construction loan and $2.1 million permanent loan from Legacy Bank & Trust; and funding from the Tennessee Department of Economic and Community Development and River and Valley Department LLC.

January 27, 2025

Acquisitions California Multifamily Western

Bascom Group, Oaktree Acquire 408-Unit Apartment Community in West Sacramento for $126M

by Amy Works January 27, 2025

WEST SACRAMENTO, CALIF. — The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has purchased The Strand, a multifamily property in West Sacramento, for $126 million, or $308,824 per unit. Built in 2021 by MBK Rental Living, The Strand features 408 junior one-bedroom, one-bedroom, two-bedroom and three-bedroom units. Community amenities include two pools and spas, indoor and outdoor fitness centers, a clubhouse, dog park and electric vehicle charging stations. Louis Friedel, Clay Akiwenze and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital provided the acquisition loan. Berkadia’s investment sales team, led by Jason Parr and Scott MacDonald, represented the seller. Sares Regis will provide property management services.

January 27, 2025

Arizona Development Multifamily Seniors Housing Western

Thoma-Holec to Design Interiors of Five Acanthus Senior Living Communities in Metro Phoenix

by Amy Works January 27, 2025

PHOENIX — Thoma-Holec Design has been tapped to lead the interior design of five new Acanthus Senior Living developments. Each of the projects, all located throughout metro Phoenix, will be situated on a Catholic church property. The developments, which will comprise roughly 150 units each, will be located at St. Benedict Catholic Church in Ahwatukee, St. Clare of Assisi Catholic Church in Surprise, St. Raphael Catholic Church in Glendale, St. Gabriel Catholic Church in Cave Creek and St. Joesph Catholic Church in Phoenix. Open to individuals of all faiths, the communities will offer independent living, assisted living and memory care residences. Acanthus Development is scheduled to begin construction on the first of the communities, in Ahwatukee, in April of this year. “We are privileged to contribute to Acanthus’ innovative approach of integrating senior living communities within church grounds,” says LuAnn Thoma-Holec, principal of Thoma-Holec Design. “Our designs will reflect the unique cultural and spiritual essence of each parish, creating environments that support residents’ physical, emotional and spiritual well-being.”

January 27, 2025

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