Multifamily

ZOM Living Secures $88M in Financing, Breaks Ground on 416-Unit Azola Desert Ridge in Phoenix

by Amy Works March 28, 2025

PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a multifamily community in Phoenix. The funding includes a joint venture equity investment from Origin Investments and construction financing totaling $88 million. Located along the Loop 101 Freeway at 56th Street, Azola Desert Ridge will offer 416 apartments spread across four-story buildings in a garden-style multifamily community that is slated to deliver by third-quarter 2026. Azola Desert Ridge will offer one-, two- and three-bedroom units ranging from 730 square feet to 1,533 square feet, a resort-style pool and deck, a fitness center, dog park, pet grooming salon, a glam room, podcast room, individual offices for residents and a self-service market along with lounge areas. Mike Higgins, Asher Gunter, Matt Pesch and Austin Groen of CBRE Multifamily Equity Advising team represented the sponsor to arrange the joint venture equity investment with Origin Investments.

March 28, 2025

Loans Multifamily Washington Western

Gantry Arranges $11M Refinancing for Grandview Place Apartments in Camas, Washington

by Amy Works March 28, 2025

CAMAS, WASH. — Gantry has secured an $11 million permanent loan to refinance maturing debt for Grandview Place Apartments in Camas, a suburb of Vancouver, Wash. Situated on 6.5 acres at 19420 SE 20th St., Grandview Place Apartments offers 154 one-, two- and three-bedroom floor plans spread across 21 buildings. Community amenities include a resort-style pool and clubhouse, fitness club facilities, executive business center, modern unit interiors and onsite storage units among other amenities. Blake Hering and Abi Hunter of Gantry represented the borrower, a private real estate investor, in arranging the 10-year, fixed-rate loan that was secured through a correspondent life company lender. Gantry will service the loan, which features a 30-year amortization.

March 28, 2025

Development Georgia Multifamily Southeast

Partnership Completes 330-Unit Parker Apartments in Acworth, Georgia

by John Nelson March 28, 2025

ACWORTH, GA. — A partnership between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings has completed The Parker, a luxury apartment community in Acworth, approximately 26 miles northwest of Midtown Atlanta. The community totals 330 one-, two- and three-bedroom units, including 20 carriage homes with private garages. Amenities at the property include a resort-style swimming pool and sun deck, fitness center, outdoor entertainment pavilion with grilling stations, clubhouse, coworking spaces, coffee bar and a centralized green space designed for community events and recreation. Monthly rental rates for The Parker begin at $1,499, according to Apartments.com.

March 28, 2025

Development Florida Southeast Student Housing

Portman, 908 Group Launch Vertical Construction on 674-Bed Student Housing Development Near Florida State University

by John Nelson March 28, 2025

TALLAHASSEE, FLA. — A joint venture between Portman and 908 Group has launched vertical construction on The Hall, a 674-bed student housing development located directly across from Florida State University’s College of Business in Tallahassee. The community will offer 191 units across two mid-rise buildings. Amenities will include a rooftop pool, fitness center, 7,269 square feet of ground-floor retail space and 452 parking spaces. The development team includes Canyon Partners Real Estate and PTM Partners. The Hall is slated for completion in summer 2026.

March 28, 2025

Acquisitions Florida Multifamily Southeast

JLL Brokers Sale of 280-Unit Eight Winds Multifamily Community in St. Augustine, Florida

by John Nelson March 28, 2025

ST. AUGUSTINE, FLA. — JLL Capital Markets has brokered the sale of Eight Winds, a 280-unit luxury multifamily community in St. Augustine, about 40 miles south of Jacksonville. The buyer was Debartolo Development LLC. Cliff Taylor and Joe Ayers of JLL represented the seller, Altis Cardinal, in the transaction. The sales price was not disclosed, but the Jacksonville Daily Record reported the property traded for $59 million. Located at 50 Wexford Way, the complex comprises 297,426 square feet of rentable space. Unit sizes range from 707 square feet to 1,248 square feet with one-, two- and three-bedroom floorplans, according to Apartments.com. Amenities at the property include a walk-in heated swimming pool, 24/7 fitness center, pickleball courts, multiple indoor and outdoor lounge areas, fire pit, pet washing station and electric vehicle charging stations.

March 28, 2025

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $28.4M Refinancing for Apartment Complex in Grenelefe, Florida

by John Nelson March 28, 2025

GRENELEFE, FLA. — Walker & Dunlop has arranged a $28.4 million loan to refinance Grand at Grenelefe, a 417-unit fractured multifamily property located in Grenelefe, roughly 46 miles south of Orlando. Harvey Pava of Walker & Dunlop’s Florida Capital Markets team arranged the loan on behalf of the borrower, Alya Equities. The fixed-rate loan features a 5-year term with a 12-month interest-only payment, as well as a step-down prepayment structure. Situated at 3119 Camelot Drive, the complex sits on more than 160 acres with a mix of one-, two- and three-bedroom floorplan options ranging up to 1,275 square feet. Amenities at the property include an onsite property manager, walking and biking trails, storage space, laundry facilities and a lounge.

March 28, 2025

Development Loans Mixed-Use Multifamily Retail Top Stories

S3 Capital Provides $210M Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton March 28, 2025

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is situated directly above the Eighth Avenue subway station. Prestige Construction will serve as the general contractor. An estimated completion date for the development was not disclosed. “We are thrilled to collaborate with Watermark Capital on this exciting project,” said Robert Schwartz, co-founder and partner at S3 Capital. “The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community.” Morris Betesh, Alex Bailkin, Matt O’Hanlon and Israel Mermelstein of Arrow Real Estate Advisors arranged the loan on behalf of Watermark Capital. S3 Capital is wholly owned by Spruce Capital Partners, a New York City-based developer, owner, lender and investor. Since …

March 28, 2025

Development Florida Southeast Student Housing

Gilbane, CBRE Investment Break Ground on 702-Bed Student Housing Development Near University of Florida

by John Nelson March 27, 2025

GAINESVILLE, FLA. — A joint venture between Gilbane Development Co. and CBRE Investment Management has broken ground on Zaya, a 702-bed student housing development located near the University of Florida campus in Gainesville. The community will offer 352 units with bed-to-bath parity. Shared amenities will include a rooftop deck with a pickleball court, pool, clubhouse and fitness center; study rooms on each floor; a coworking lounge; leasing lobby with a coffee bar; and three courtyards with lawn games, outdoor cooking space and lounges. Site work has commenced for the development with completion scheduled for summer 2027.

March 27, 2025

California Development Multifamily Seniors Housing Western

Clearwater Underway on Development of 100-Unit Senior Living Community in Los Angeles

by Amy Works March 27, 2025

LOS ANGELES — Clearwater Living is currently underway on the development of a new, 100-unit senior living community in the Beverly Grove neighborhood of Los Angeles. Upon completion, the property will total 100 studio, one- and two-bedroom apartments across seven stories, including assisted living, memory care and short-term residences. Amenities at the community, dubbed The Leonard on Beverly, will include a movie theater, rooftop terrace, restaurant, private dining space and exhibition kitchen. The development will also feature 7,000 square feet of medical office space and a 6,000-square-foot synagogue. The community is scheduled to begin move-ins in fall 2025. This marks Clearwater Living’s 13th community.

March 27, 2025

Acquisitions California Multifamily Seniors Housing Western

Alta Senior Living Acquires 162-Unit Seniors Housing Property in Sacramento, California

by Amy Works March 27, 2025

SACRAMENTO, CALIF.— Alta Senior Living has acquired a 162-unit seniors housing community located in Sacramento. Alta purchased the property with joint venture partner Brasa Capital Management. Formerly known as The Village at Heritage Park, the property will be rebranded as Rose Arbor Village. Built in 2017, the community features independent living, assisted living and memory care residences. Alta plans to implement a repositioning strategy that includes upgrading amenities, strategic lease-up initiatives and enhancing resident engagement. “We’re excited to add another full continuum community to our portfolio at an attractive basis well below replacement costs,” says Tomson Mukai, managing partner at Alta Senior Living.

March 27, 2025

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