Wednesday, May 14, 2025
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Multifamily

GeorgiaLoansMultifamilySoutheast

Northmarq Provides $21.1M Freddie Mac Loan for CoHo Apartments in Atlanta’s Buckhead District

by John Nelson

ATLANTA — Northmarq has provided a $21.1 million Freddie Mac loan for the refinancing of CoHo Apartments, a 128-unit multifamily community located at 177 N. Colonial Homes Circle NW in Atlanta’s Buckhead district. The property, which was built in 1948 and renovated in 2015, features a yoga studio, resort-style pool, outdoor grilling area, patio space, fitness center, fenced yards, gazebo, pet play/wash area, flexible lease options, onsite maintenance and a clubhouse. Faron Thompson of Northmarq’s Atlanta office originated the loan on behalf of the undisclosed borrower.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $10.3M Sale of Apartment Building in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.

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Gardens-at-West-San-Antonio
AcquisitionsMultifamilyTexas

Newmark Arranges Sale of 252-Unit Gardens at West Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Newmark has arranged the sale of Gardens at West, a 252-unit apartment community in San Antonio. According to Apartments.com, the property was built in 1995 and features one-, two- and three-bedroom units ranging in size from 664 to 1,269 square feet. Amenities include a pool, fitness center, business center, clubhouse, dog park and outdoor grilling and dining areas. Matt Michelson and Patton Jones of Newmark represented the seller, Regional Investment & Management, in the transaction. The buyer, locally based development and investment firm Embrey, will implement a value-add program and rebrand the property as The Hayden on West Avenue.

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DevelopmentMultifamilySeniors HousingTexas

Braintree, Cadence McShane Underway on 163-Unit Seniors Housing Project in Spring, Texas

by Taylor Williams

SPRING, TEXAS — A joint venture between Braintree Properties and Cadence McShane is underway on construction of Aviva Terranova Independent Senior Living Community in Spring, a northern suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures housing 163 independent living units. Additional features will include a fitness center, pool, theater, library, cybercafé and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023. Integral Senior Living will operate the property.

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The-Somerset-at-Montgomery
DevelopmentLoansMultifamilyNew JerseyNortheast

JLL Arranges $26.3M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

MONTGOMERY, N.J. — JLL has arranged a $26.3 million construction loan for The Somerset at Montgomery, a 115-unit multifamily project that will be located in Northern New Jersey. The property will comprise two four-story buildings that will house one-, two- and three-bedroom units with an average size of 1,221 square feet. Amenities will include a fitness center, playground, private office spaces and outdoor courtyards. Matthew Pizzolato, Jim Cadranell and Ryan Carroll of JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the borrower, Pennsylvania-based Country Classic Real Estate.

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Trailside-Hermosa-Pointe-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Weidner Apartment Homes Sells Trailside at Hermosa Pointe in Phoenix for $91M

by Amy Works

PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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AcquisitionsMultifamilyNew YorkNortheast

Alpha Realty Negotiates $24M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $24 million sale of an 82-unit apartment building in the Crown Heights area of Brooklyn. The five-story building at 792 Sterling Place houses 30 studios, 34 one-bedroom units and 18 two-bedroom residences. Lev Mavashev of Alpha Realty represented the buyer and seller, both of which requested anonymity, in the off-market transaction. The deal traded at a cap rate of 6.4 percent.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Completes Lease-Up of 140-Unit Multifamily Project in Raritan, New Jersey

by Taylor Williams

RARITAN, N.J. — Locally based developer Garden Communities has completed the lease-up of Residences at Raritan Square, bringing the 140-unit multifamily project in Northern New Jersey to full occupancy. Residences at Raritan Square offers one- and two-bedroom units ranging in size from 845 to 1,590 square feet and amenities such as indoor and outdoor children’s play areas, a business center, fitness center and central courtyard. Rents start at $2,125 per month for a one-bedroom apartment.

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DevelopmentMultifamilyTexasTop Stories

Wilson Capital Proposes 80-Story Apartment Tower in Austin, Texas

by Jeff Shaw

AUSTIN, TEXAS — Wilson Capital, an Austin-based real estate development firm, has unveiled plans for Wilson Towers, an 80-story apartment building in Austin. Totaling 450 residential units and rising 1,035 feet, the development would become the tallest building in Texas upon completion. The property is located at 410 E. Fifth St. in the heart of Austin’s downtown. It is less than a block from the MetroRail Downtown station, three blocks from the Congress Avenue retail and restaurant district, and six blocks from the Texas State Capitol building. Construction is scheduled to begin this summer. According to local real estate publication Towers, the project is a massive expansion upon previously released redevelopment plans for the site of Avenue Lofts, a 38-unit condominium property. Wilson Capital acquired the property via a negotiated buyout of the condos early this year. The record-breaking redevelopment plan would position Wilson Tower to rise 13 feet taller than the Waterline project located just a few blocks away, reports Towers. The property will feature residences ranging from studios to four-bedroom penthouses. Wilson Tower will also offer four floors of amenities for residents such as a cocktail lounge, movie theater, pool deck and an entire floor dedicated to pet …

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Northmarq Project Destined classroom
Content PartnerDevelopmentFeaturesIndustrialMidwestMixed-UseMultifamilyNortheastNorthmarqOfficeRetailSoutheastTexasWestern

Project Destined: Training a New and Diverse Generation for Real Estate Careers

by Sarah Daniels

For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …

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