Thursday, May 15, 2025
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Multifamily

Copal-Bellevue-WA
DevelopmentMultifamilyWashingtonWestern

Legacy Partners Breaks Ground on 288-Unit Copal Multifamily Property in Bellevue, Washington

by Amy Works

BELLEVUE, WASH. — Legacy Partners has broken ground on Copal, an apartment community in Bellevue’s Bel-Red submarket. Located at 1525 132nd Ave., the mid-rise, transit-oriented residential property was formerly known as Bellevue Station. The eight-story property will offer 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop clubroom with terrace and an indoor/outdoor/games room. The lobby will offer coworking space with separate breakout work booth for residents. Additionally, the asset will feature 10,000 square feet of ground-floor retail space. Completion is slated for second-quarter 2025.

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AcquisitionsIllinoisMidwestMultifamily

Monarch Realty Partners Brokers Three Multifamily Sales Totaling $3.9M in Chicago

by Kristin Harlow

CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $2.9M Sale of Townhome Rental Property in Waseca, Minnesota

by Kristin Harlow

WASECA, MINN. — Marcus & Millichap has arranged the $2.9 million sale of Charter Oaks Townhomes in southern Minnesota’s Waseca. Built in 2001, the 33-unit, townhome-style property is located at 301 Lake St. NW. Chris Collins, Evan Miller, David Wallace and Matthew Shide of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.

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DevelopmentFloridaMixed-UseSoutheastStudent Housing

University of Tampa Breaks Ground on Multipurpose Building, Including 600-Bed Residence Hall

by John Nelson

TAMPA, FLA. — The University of Tampa has broken ground on a 10-story, 460,000-square-foot multipurpose building that will be the largest facility on campus when completed in 2024. The property will feature a 600-bed residence hall, 37 faculty offices, five classrooms, study rooms, study lounge designated for military veterans, a ground-level Starbucks, four levels of parking and spaces dedicated for the school’s Office of Diversity, Equity and Inclusion, Institute for Sales Excellence and the International Programs Office. Additionally, students living in the building will have access to a 9,000-square-foot “sky park.” The design-build team includes Baker Barrios Architects and KWJ Architects. The University of Tampa has an estimated student enrollment of 10,600 for the current academic year, which is the 91-year-old university’s largest student body to date.

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AcquisitionsDevelopmentHospitalityMarylandMultifamilySoutheast

Vivo Living to Convert Two-Tower Hotel in Baltimore to 708-Unit Apartment Property

by John Nelson

BALTIMORE — Vivo Living, an affiliate of adaptive reuse developer Vivo Investments LLC, has purchased a vacant two-tower hotel property in Baltimore that was previously a dual-branded Radisson and Holiday Inn. The company plans to convert the 23- and 27-story towers into an apartment development comprising 708 units, the vast majority of which will be studio units ranging between 300 and 350 square feet. Vivo Living will also update the property’s amenity package, including gyms, yoga/mindfulness studios, pool, convenience store, renovated lobby, outdoor barbecue areas, self-storage space and banquet/coworking space. Vivo Living has tapped locally based Urban Design Group to design the adaptive reuse project. Parkview Financial provided a $45 million construction loan to Vivo Living to fund the redevelopment.

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AcquisitionsDevelopmentFloridaMixed-UseMultifamilySoutheast

Joint Venture Acquires Last Parcel Within Miami Worldcenter Campus for $17.5M, Plans Residential Tower

by John Nelson

MIAMI — A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and Mika Mattingly of Colliers represented the buyer in the transaction. The seller, International Longshoreman Association, sold the 24,000-square-foot site for $17.5 million. The labor union has owned the site for more than 45 years and previously operated a 5,130-square-foot building on the parcel. The buyer also recently acquired an adjacent site at 600 N.E. 1st Ave. to bring the total assemblage to 34,000 square feet. Aria and Merrimac are currently planning to develop 600 Miami Worldcenter, a condominium project comprising more than 600 for-sale residences. OneWorld Properties is leading sales for the project on behalf of the developers.

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AcquisitionsMultifamilyNortheastPennsylvania

Rittenhouse Realty Negotiates $25.2M Sale of Philadelphia Apartment Complex

by Taylor Williams

PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has negotiated the $25.2 million sale of Avenue V, an 82-unit apartment complex in Philadelphia’s Old Kensington neighborhood. The transit-served property features one-, two- and three-bedroom units with stainless steel appliances and quartz countertops, as well as three commercial spaces. Philadelphia-based developer The Riverwards Group sold the asset to an undisclosed, New York-based investment firm. Ken Wellar and Corey Lonberger of Rittenhouse represented both parties in the deal.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Underway on 20-Acre Multifamily Redevelopment in Northern New Jersey

by Taylor Williams

ENGLEWOOD CLIFFS, N.J. — Locally based developer Garden Communities is underway on demolitions for a 20-acre multifamily redevelopment project in Englewood Cliffs, located across the Hudson River in Bergen County. The site at 800 Sylvan Ave. previously housed office and research and development for consumer products conglomerate Unilever. The number of units in the new apartment community has yet to be determined, but residences will come in a mix of studio, one- and two-bedroom floor plans.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $18M in Financing for Affordable Housing Complex in Attleboro, Massachusetts

by Taylor Williams

ATTLEBORO, MASS. — MassHousing has provided $18 million in financing for Hillcrest Acres, a 100-unit affordable housing complex located south of Boston in Attleboro. The property houses a mix of floor plans that are reserved for renters earning at various percentages of the area median income and includes a workforce housing component. The borrower is a partnership between nonprofit Retirement Housing Foundation and Schochet Cos. In addition to refinancing existing debt, ownership will use a portion of the proceeds to fund renovations and preserve the property’s affordability status.

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Mix-Frisco
DevelopmentHospitalityMixed-UseMultifamilyOfficeRetailTexasTop Stories

StreetLights Residential Plans $3B The Mix Development in Frisco, Texas

by Katie Sloan

FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development.  The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space.  The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026.   The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …

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