WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Whitehall developed by LDG Development LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4 percent low-income housing tax credit equity. LDG Development received Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. The City of Whitehall awarded a 15-year payment in lieu of taxes agreement, granting a Community Reinvestment Area tax exemption. The Franklin County Economic Development & Planning Department also awarded a grant. Additional project financing included a bridge loan from The Affordable Housing Trust for Columbus and Franklin County as well as a partnership through a capital lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families earning 50 percent of the area median income (AMI), 183 units at 60 percent AMI and 66 units at 70 percent AMI. The project will feature one-, …
OAK PARK, ILL. — Draper and Kramer Inc. has acquired Eleven33 in Oak Park, about 10 miles west of downtown Chicago. The luxury apartment community rises 12 stories with 263 units. Draper and Kramer will also assume management of the property, which is located at 1133 South Blvd. across from the CTA’s Harlem/Lake Green Line station as well as Metra’s Oak Park station on the Union Pacific West Line. Completed in 2019, Eleven33 is currently 95 percent leased and has averaged 94.4 percent occupancy since January 2024. Floor plans come in studio, one-, two- and three-bedroom layouts ranging from 512 to 1,500 square feet. Monthly rents start at $1,945. Amenities include a fitness center, parlor area with billiards table, two conference rooms, a clubroom, bike storage, sun deck, pet washing stations, indoor dog run and parking garage. Newmark represented the undisclosed seller. Draper and Kramer did not have broker representation.
Atlanta’s multifamily market has been in a slump that would even make Braves fans wince. After peaking with record-breaking sales in 2021, volumes slid as borrowing costs climbed and supply piled up. But just like any good ballclub, the fundamentals matter, and the data suggests momentum is quietly building for a 2026 comeback season. Sales volume trends According to research from CoStar Group, institutional multifamily sales in Atlanta (transactions of $50 million or more) peaked in 2021 at $12.8 billion, driven by record pricing, historically low borrowing costs and robust rent growth. Since then, record supply, rising expenses and a sharp increase in borrowing costs have pushed sales volumes down by more than 70 percent, averaging just $3.5 billion annually over the past three years. While the broader U.S. economy has surged since 2022 — the S&P 500 has climbed 45 percent since fourth-quarter 2022 — commercial real estate has been searching for its bottom. Data now suggests that Atlanta has reached this inflection point, and history indicates increased activity and rising values in the years ahead. Parallels to the GFC Looking back at the global financial crisis (GFC) provides valuable context. The chart above (inflation-adjusted using Real Capital Analytics’ …
AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, has completed Paseo, a 48-story apartment tower located at 80 Rainey St. in downtown Austin. Paseo offers 557 units in studio, one-, two- and three-bedroom floor plans, as well as four penthouses and a pool, deck and bar on the 12th floor with views of Lady Bird Lake. Residents also have access to a ground-level café and bar, a fitness center with a yoga studio, cold plunge and saunas and two floors of coworking space with private pods and conference rooms. Construction began in early 2023. Leasing launched in August, at which point monthly rents started in the $1,900s for a studio apartment.
LUBBOCK AND MIDLAND, TEXAS — Lone Star Funds has sold three unnamed multifamily properties totaling 606 units in West Texas. Two of the properties totaling 392 units are in Lubbock and were completed in 2004. The third property, which was built in 2013 and totals 214 units, is located in Midland. Lone Star acquired the assets in 2022 and implemented capital improvements during its ownership period. The properties sold to three separate buyers that requested anonymity.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $70 million construction loan for a proposed 180-unit multifamily project that will be located at 33-35 W. 125th St. in Harlem. The property will offer a mix of studio, one- and two-bedroom units, 30 percent of which will be reserved as affordable housing. Amenities will include a fitness center, rooftop terrace, lounge and a library, and the property will also house 17,440 square feet of commercial space. Keith Hoffman led the transaction for Dwight. The borrower is Irgang Group.
DELRAY BEACH, FLA. — 13th Floor Investments and Key International have broken ground on Skye, a 327-unit apartment community located in Delray Beach, approximately eight miles north of Boca Raton, Fla. CIBC Bank USA is providing a $79.2 million construction loan to finance the project. The Skye apartment complex is the second residential phase of the 50-acre Parks at Delray mixed-use development, following the debut of Savio, a 420-unit apartment complex. Skye is slated for completion in 2027. Designed by MSA Architects, Skye will offer studios, one-, two- and three-bedroom floorplans ranging in size from 560 to 1,410 square feet, as well as three-bedroom townhome options spanning up to 1,770 square feet. Amenities at the complex will include a beach-entry swimming pool with cabanas and a pool bar, parks with jogging trails and outdoor BBQs and an outdoor “tot lot” and children’s playroom. Additional amenities include a 24-7 fitness center, yoga room, dog park, coworking spaces with a business center, lounge, social club room with a kitchen and a bar. Residents also have access to package rooms, select garages, covered parking and complimentary Wi-Fi in common areas.
PHOENIX — San Diego-based ColRich has acquired Camden Copper Square, a multifamily community in downtown Phoenix, from Camden Property Trust for $77 million. The secure, gated community features 332 apartments, two parking structures, two swimming pool areas with barbecue grills and seating, an outdoor lounge with panoramic views, indoor coworking spaces, a 24-hour fitness center and a dog park. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Trevor Breaux and Troy Tegeler of CBRE arranged financing for the buyer.
PHOENIX — Gantry has secured an $8.5 million permanent loan to refinance the Rose Garden Apartments, located at 21008 N. 23rd Ave. in Phoenix. The Class B, garden-style apartment community features 55 one- and two-bedroom floor plans. Adam Parker, Chad Metzger and Andrew Christopherson of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The Fannie Mae loan features a 10-year term, fixed interest rate and interest-only payments for half of the term prior to transitioning to a 30-year amortization schedule.
MONTICELLO, N.Y. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.2 million sale of Jefferson Garden Apartments, a 76-unit multifamily complex in Monticello, about 100 miles north of New York City. Completed in 1969 and last renovated in 2023, the garden-style property consists of seven buildings that house two studios, 47 one-bedroom apartments, 18 two-bedroom residences and nine three-bedroom units. Janet Bortz of Kislak represented the buyer and seller in the transaction.