Multifamily

Landmark Properties, Cerca Trova Open 521-Bed Student Housing Community in Ann Arbor

by Kristin Harlow August 4, 2025

ANN ARBOR, MICH. — Landmark Properties and Cerca Trova LLC have opened The Legacy at Ann Arbor, a 521-bed student housing community at 616 E. Washington St. in Ann Arbor. Designed by ESG Architecture & Design, the project consists of two interconnected buildings — a 19-story high-rise and a mid-rise structure attached to the historic Michigan Theater. Landmark Construction was the general contractor. The development is fully leased ahead of the 2025-2026 school year. The Legacy at Ann Arbor offers a mix of studios to five-bedroom apartments across 253 units. Apartments come fully furnished and wired for high-speed internet and cable. The development features more than 9,700 square feet of amenities, including a rooftop pool deck and resident clubroom, academic lounge, fitness center and bike storage. The project also includes 4,150 square feet of ground-floor retail space and onsite gated parking. The building is immediately adjacent to the University of Michigan campus. With the opening of The Legacy at Ann Arbor, Athens, Ga.-based Landmark currently operates and manages more than 2,400 beds across six properties in Michigan.

August 4, 2025

Acquisitions Development Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $6M Sale of Multifamily Development Site in Roscoe Village

by Kristin Harlow August 4, 2025

CHICAGO — SVN Chicago Commercial has brokered the nearly $6 million sale of an 80,000-square-foot land parcel at 2221 W. Oakdale Ave. in Chicago’s Roscoe Village neighborhood. Developer Zev Salomon of ZSD Dorp. purchased the site with plans to transform the long-vacant parcel into a 35-unit row home community called RiverWard Row Homes. Wayne Caplan and Adam Thomas of SVN Chicago represented the undisclosed seller, while Matthew Lucas of Accretive LLC and Kale Realty represented the buyer. The deal took more than a year to close due to a zoning change and coordination with the Army Corps of Engineers on river access, according to Caplan.

August 4, 2025

Development Multifamily Texas

LV Collective Begins Leasing 48-Story Apartment Tower in Downtown Austin’s Rainey Street District

by Taylor Williams August 4, 2025

AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, has begun leasing 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. Monthly rents start in the $1,900s for a studio apartment. Construction began in early 2023 and is expected to be fully complete in October.

August 4, 2025

Loans Multifamily Texas

PCCP Provides $42M Acquisition Loan for Downtown San Antonio Apartment Community

by Taylor Williams August 4, 2025

SAN ANTONIO — Los Angeles-based PCCP LLC has provided a $42 million acquisition loan for Heritage Plaza, a 341-unit apartment community located at 227 Dwyer Ave. in downtown San Antonio. Built in 2020, Heritage Plaza offers studio, one- and two-bedroom units, 34 of which are subject to income restrictions. Residences are furnished with stainless steel appliances, kitchen islands, walk-in closets and balconies/patios in each unit. Amenities include a pool, fitness center, outdoor kitchen, rooftop terraces and a resident clubhouse, as well as 4,600 square feet of ground-floor retail space. The borrower was Austin-based RPM Living Investments.

August 4, 2025

Development Multifamily Texas

SHIR Capital Completes 174-Unit Multifamily Adaptive Reuse Project in Austin

by Taylor Williams August 4, 2025

AUSTIN, TEXAS — Local private equity firm SHIR Capital has completed Veer Apartments, a 174-unit multifamily adaptive reuse project in Austin. The project converted a former five-story Quality Inn hotel located just north of downtown into an apartment complex with two sets of studio floor plans. The conversion also added a fitness center and outdoor pool to the property to complement the existing business center, onsite laundry facilities and pet spa. Pfluger Architects designed the project, and Ava’s Construction served as the general contractor. Monthly rental rates at Veer start at $790, according to the property website

August 4, 2025

Acquisitions Affordable Housing Georgia Multifamily Southeast

JLL Negotiates $39M Sale of Luxury Apartment Complex in Atlanta’s Upper Westside Neighborhood

by Abby Cox August 4, 2025

ATLANTA — JLL Capital Markets has negotiated the $39 million sale of 12th & James, a 214-unit luxury apartment complex in Atlanta’s Upper Westside neighborhood. While all units will be dedicated to long-term affordable housing under the new ownership, half of the apartments will be specifically reserved for families earning up to 80 percent of the area median income (AMI). An agreement with the Atlanta Urban Development Corp. ensures the units will remain affordable for at least 25 years. Situated along 1212 James Jackson Parkway NW, the complex was originally built in 2002 and features 189 partially renovated units and 25 original apartments spanning one-, two- and three-bedroom floorplans. The partially renovated units include upgrades such as white cabinetry, new countertops, tile backsplashes, stainless steel appliances, Nest thermostats and smart home features. Community amenities include a resort-style swimming pool, fitness center, business center, outdoor kitchen and an off-leash dog park. John Weber, Peter Yorck, Nick Brown and Dean Shoham of JLL’s Investment Sales and Advisory team represented the seller, Aspen Square Management, in the transaction. The buyer was EQ Housing Advisors Inc., who partnered with Atlantica Properties to convert the property into long-term affordable housing.

August 4, 2025

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

Horning Acquires 288-Unit Multifamily Community in Suburban D.C., Places Income Restrictions

by Abby Cox August 4, 2025

HYATTSVILLE, MD. — Horning has acquired Plaza Towers Apartments, a 288-unit multifamily community located in Hyattsville, a suburb of Washington, D.C. Horning has agreed to 99-year affordability covenants on all the building’s units, capping rents between 40 and 80 percent of the area median income (AMI). Amazon’s Housing Equity Fun provided $18.7 million in low-cost financing, while Prince George County contributed $3 million through its Right of First Refusal Preservation Fund, as well as a Payment in Lieu of Taxes (PILOT) for an undisclosed value. Additionally, an unnamed Freddie Mac Optigo lender provided senior debt financing. Built in 1964 near the University of Maryland’s College Park campus, the 11-story building houses 44 studio, 158 one-bedroom, 62 two-bedroom and 24 three-bedroom apartments. Community amenities include a business center, fitness room, club room, bike storage, playground and an outdoor pool. Horning plans to invest in the property with updated infrastructure and building systems. The buyer’s property operator affiliate, Horning Management Co,. will provide management services for Plaza Towers.

August 4, 2025

Loans Multifamily New York Northeast

Wells Fargo Provides $249.2M Agency Loan for Refinancing of Manhattan Apartment Tower

by Taylor Williams August 4, 2025

NEW YORK CITY — Wells Fargo has provided a $249.2 million Fannie Mae loan for the refinancing of Anagram NoMad, a 50-story apartment tower located in the Manhattan neighborhood of the same name. Anagram NoMad offers 392 units in studio, one-, two- and three-bedroom floor plans. Amenities include an indoor and outdoor rooftop lounge with a bar, a game room and lounge spaces; a gym with a climbing wall and yoga studio; a resident café; a coworking space with a conference and telephone rooms; a children’s playhouse; a library; and a private garden lawn. Andrew Cohen and Shane Hogan of Wells Fargo originated the financing on behalf of the owner, Global Holdings Management Group, which will use the proceeds to refinance an existing Wells Fargo balance sheet loan.

August 4, 2025

Development Multifamily New Jersey Northeast

Partnership Breaks Ground on 230-Unit Multifamily Project in Watchung, New Jersey

by Taylor Williams August 4, 2025

WATCHUNG, N.J. — A partnership between Boston-based investment firm Marcus Partners and two regional developers, Sterling Properties and Danbro Properties, has broken ground on a 230-unit multifamily project in the Northern New Jersey community of Watchung. Blue Hill at Watchung will comprise six buildings on a 41.8-acre site. Amenities will include a pool, clubhouse, fitness center, coworking spaces, indoor/outdoor lounges, dog park and a golf simulator. The first units are expected to be available for occupancy by the end of 2026. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged construction financing for the project through First Citizens Bank. The loan amount was not disclosed, but the project carries a price tag of roughly $104 million.

August 4, 2025

Woodmont-Liberty-Apartments-Independence-Township-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Woodmont Properties Sells Northern New Jersey Apartment Complex for $42.9M

by Taylor Williams August 4, 2025

INDEPENDENCE TOWNSHIP, N.J. — Locally based owner-operator Woodmont Properties has sold Woodmont Liberty Apartments, a 120-unit multifamily complex in Independence Township, about 60 miles west of New York City. Completed in 2023 and fully stabilized at the time of sale, the property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Steve Tragash, Greg Pine, Eli Herskowitz and Angela Melillo of Sage Investment Real Estate Advisors represented Woodmont and the undisclosed buyer in the transaction.

August 4, 2025

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