Multifamily

CHARLOTTE, N.C. — As the clock struck midnight on New Year’s Eve, the 2025-2026 academic year moved further into focus. What can the industry expect to see this year from a preleasing perspective? Are rents expected to keep growing? And by how much? All of these questions and more were discussed during a kick-off panel at the 2024 LeaseCon/TurnCon conference by InterFace Conference Group, which took place this past December in Charlotte. As of Dec. 3, student housing properties across the country were 36.6 percent preleased on average — a 1.3 percent decline from rates seen at the same time in 2023, according to moderator Charlie Matthews, founder and CEO of data provider College House.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Of markets across the United States, the Southeast led the way with the highest preleasing percentage at 43.5 percent. Asking rents have congruently grown by 4.9 percent across the country as of early December, according to Matthews, with average rents at $990. Leading the way in rent growth for the 2025-2026 academic year …

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WASHINGTON, D.C. — Clear Investment Group has purchased Marbury Plaza, a 681-unit apartment community located in southeast Washington, D.C. The Chicago-based investment firm plans to rebrand the property to Langston Views and upgrade the amenity package to include a new fitness center, onsite convenience store and renovated pools and locker rooms. This is the fifth investment for the buyer’s Clear Opportunities Fund I. The seller and sales price were not disclosed.

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KENNESAW, GA. — JLL has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in metro Atlanta. Completed in 2020, the property offers 179 units in a mix of studio through five-bedroom configurations. Shared amenities include a rooftop sky deck overlooking the university’s football stadium, resort-style swimming pool, fitness center and multiple study spaces. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, Alden Street Capital, in the disposition. The buyer and terms of the transaction were not released. 

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One-Seven-Denver-CO

DENVER — Trammell Crow Residential and Cigna have obtained $75 million in refinancing for One Seven at Belleview Station, a multifamily community in Denver. The refinancing will retire the original bank construction loan. Leon McBroom and Mark Erland of JLL Capital Market’s Debt Advisory team arranged the three-year, floating-rate loan through a national life insurance company for the borrowers. Located at 4882 S. Newport St., One Seven at Belleview Station offers 250 one-, two- and three-bedroom units with wood vinyl plank flooring, Bluetooth-enabled entry doors, roller shades, stainless steel appliances, quartz countertops and private balconies. Community amenities include a rooftop pool deck, remote work center, clubroom, wellness center, bike storage, pet spa and theater rooms. The property also offers 7,062 square feet of fully leased retail space.  

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Live-Oak-Bank-SrH-Loan-CA

CALIFORNIA — Wilmington, N.C.-based Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Additional details about the property were not released. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million C-PACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners was the borrower.

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Tiffany-Laurel-Reserve-Providence

PROVIDENCE, R.I. — LRT Co., a developer of traditional multifamily and seniors housing properties, has acquired 12.4 acres in Providence for the development of a $65 million seniors housing project. Known as Tiffany Laurel Reserve, the property will total 157,000 square feet upon completion and feature 127 independent living residences and 77 assisted living and memory care units. Roughly 25 percent of the units will be reserved for low-income residents. The development will also feature 56 garage parking spaces. Construction is scheduled to begin this summer.

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600-Harrison-St.-Hoboken

HOBOKEN, N.J. — CBRE has arranged a $17 million loan for the refinancing of a 46-unit apartment building located at 600 Harrison St. in Hoboken. New York City-based The Daten Group developed the property in 2017. According to Apartments.com, the building offers one- and two-bedroom units with an average size of 895 square feet and amenities such as a zen garden, package handling service, resident lounge and grilling and dining stations. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Fahri Ozturk, Richard Gatto and Zach McHale of CBRE originated the loan on behalf of Daten Group. The direct lender was not disclosed.

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WEST ALLIS, WIS. — McShane Construction Co. will build The Apiary, a two-building, 248-unit apartment complex in the Milwaukee suburb of West Allis. Land by Label is the developer. A two-story amenity space will connect the two buildings and feature a clubroom, sports bar, fitness center and golf simulator. Outside, a courtyard will house a swimming pool and grill area. McShane will perform environmental remediation prior to construction on the site, which formerly housed a manufacturing campus. Completion of the project is slated for October 2026. AG Architecture is the architect of record.

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Presidium-Frisco-Square

FRISCO, TEXAS — Texas-based multifamily developer Presidium has completed Presidium Frisco Square, a 368-unit multifamily project located within the Frisco Square mixed-use development in metro Dallas. Units come in studio, one-, two- and three-bedroom floor plans and feature keyless entry mechanisms, ecobee thermostats and energy-efficient appliances. Amenities include a pool, three courtyards with outdoor kitchens, a dog park, clubroom, cinema lounge, golf simulator, fitness center and a business center with micro-offices and a podcast room. Dallas-based O’Brien Architects designed the project, construction of which began in late 2021. Rents start at $1,367 per month for a studio apartment.

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ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Addison Park, a 224-unit affordable housing complex in Arlington. Built in 2004, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, playground and outdoor grilling and dining stations. Information on income restrictions was not disclosed. Sam Pettigrew, Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Brazos Residential.

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