HIALEAH, FLA. — A partnership between Prestige Cos. and Brunetti Organization has completed Flamingo Village, a 341-unit apartment community located at 2200 E. Fourth Ave. within the 200-acre Hialeah Park Race Track & Casino campus. The community is situated on 13 acres and represents the largest development on the site since the casino opened in 2013. Brunneti is the master developer of Hialeah Park, which is located about 11.5 miles northwest of Miami. Centennial Bank provided a $60.7 million construction loan to the co-developers for Flamingo Village, which features floorplans ranging in size from 890 to 1,375 square feet in garden-style and townhome layouts. Monthly rental rates range from $2,600 to $3,375, according to Apartments.com. Amenities include two clubhouses, swimming pools, wide landscaped walkways, a fitness center with a yoga and meditation studio, business center, pet play area, a park and tanning deck. Flamingo Village is situated within walking distance of the Hialeah Metrorail station.
GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).
CHANHASSEN, MINN. — Colliers has arranged the sale of Venue Apartments, a 134-unit apartment complex in the Twin Cities suburb of Chanhassen. The property opened in 2019 and is anchored by an Aldi grocery store, which is separately owned and was not part of the transaction. Amenities include a rooftop deck, business center, fitness facility, clubroom, sports simulator, coffee bar, underground heated parking and automated package delivery. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Minnesota-based Roers Cos. Edina, Minn.-based Highland Management purchased the property through a 1031 exchange. The community was 95.5 percent leased at the time of sale.
CHICAGO — A partnership between LaTerra Capital Management and Respark Residential has agreed to acquire a portfolio of seven multifamily properties in suburban Chicago totaling 1,495 units. Multifamily owner-operator Aimco (NYSE: AIV) plans to sell the portfolio to the partnership for $455 million. The transaction is expected to close in first-quarter 2026, pending the assumption of the properties’ in-place mortgages. According to Crain’s Chicago Business, the portfolio comprises Evanston Place in Evanston; Hyde Park Tower in Chicago; Elm Creek and Eldridge Townhomes in Elmhurst; Yorktown Apartments and 220 Grace in Lombard; and Willow Bend in Rolling Meadows. Aimco recently concluded its year-long strategic review process and is moving forward with its “plan of sale and liquidation.” The Denver-based firm says that the buyers have completed due diligence and funded in part a $20 million nonrefundable deposit for the acquisition. Aimco says that the net proceeds from the sale will total $160 million. For LaTerra, the Aimco acquisition allows the Marina del Rey, Calif.-based company to increase its holdings in Chicago, which is currently the No. 1 market in the United States for rent growth, according to data from CoStar Group. The market saw 6,700 new units delivered in the past 12 …
AUSTIN, TEXAS — Atlanta-based developer Portman is underway on construction of 2545 Brockton, a 429-unit multifamily project that will be situated adjacent to The Domain in North Austin. Developed in partnership with Austin-based Generational Commercial Properties, 2545 Brockton will offer studio, one-, two- and three-bedroom units, 39 of which will have private rooftop patios. Amenities will include a rooftop pool and open green spaces, and the property will also house 6,850 square feet of ground-floor retail space. Construction is expected to be complete in spring 2028.
DALLAS — Newmark has brokered the sale of Jefferson Cedar Ridge, a 360-unit apartment community in southwest Dallas that was built in 2024. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, dog park and outdoor grilling stations. Richard Furr, Brian Murphy and Brian O’Boyle Jr. of Newmark represented seller, Dallas-based investment firm TDI, in the transaction. Braden Harmon, Hank Glasgow and Jeff Fein, also with Newmark, arranged acquisition financing for the deal on behalf of the buyer, a partnership between Ashcroft Capital and Pearlmark Real Estate.
CHEEKTOWAGA, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $31.8 million sale of U-Crest and Belvedere Manor, two multifamily assets totaling 340 units in Cheektowaga, located just outside of Buffalo. Pillar Real Estate Investors sold the properties to Chopp Holdings. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the deal.
HENDERSON, NEV. — Investcor has announced plans for a new, 244-unit luxury senior living project in Henderson, a city located roughly 15 miles southeast of Las Vegas. The City of Henderson is currently reviewing the project plans. Upon completion, the community, dubbed Valara, will feature independent living, assisted living and memory care residences within one building. Valara will be situated adjacent to a Whole Foods within The District at Green Valley Ranch, a mixed-use development. Planned amenities at the community include a tearoom, whiskey lounge, multiple restaurants and private dining rooms, an indoor/outdoor bar, gardening programs, educational classes, a movie theater, two fitness centers, a steam room and sauna with an outdoor pool, recreation and activity programming and a pet spa. Development and investment firm Investcor’s current portfolio totals over $1.6 billion in real estate projects across the hospitality, residential, mixed-use and senior living sectors.
AUBURN, ALA. — A joint venture between Landmark Properties and Manulife Investment Management has acquired a 3.3-acre development site at 141 Wright St. near Auburn University in Alabama. The partnership will soon break ground on The Mark Auburn, an 825-bed student housing community that is expected for completion in fall 2028. The mid-rise development will offer 329 fully furnished units in studio through five-bedroom floorplans. Amenities will include a clubhouse, rooftop swimming pool, Jumbotron, fitness center, sports simulator, study lounge, café, computer labs and grilling areas and fire pits. The community will also offer 853 parking spaces alongside bicycle/scooter storage. The development team for the project includes Peninsula Investments, BKV Group and Landmark Construction.
TIGARD, ORE. — PACE Loan Group (PLG) has provided $25.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a seniors housing development currently underway in Tigard, roughly 10 miles outside downtown Portland. Mosaic is the developer and borrower. Construction on the community, Cedarbrook Senior Living, began this year. Upon completion, which is scheduled for early 2028, the development will feature one four-story building with 107 assisted living units and 64 memory care beds. PLG worked with Countryman Capital Partners to orchestrate the development’s capital stack. Financing for the project also includes a $41.6 million construction loan and mini-perm mortgage provided by Columbia Credit Union. STEELE Associates Architects is the architect for Cedarbrook Senior Living, and Mosaic Construction is serving as the general contractor. Mosaic Management will operate the property upon opening.