By Chris Bruzas, Berkadia After a particularly challenging and unpredictable 2024, marked by continued interest rate volatility and a persistent bid-ask spread differential that contributed to low transaction volume, the Indianapolis apartment market is showing promising signs of stabilization as we move into 2025. Yardi Matrix data highlights Indianapolis’ resilience, posting 2.7 percent year-over-year rent growth in November. This performance is especially noteworthy as it surpasses several popular Sun Belt markets, which have experienced declines, dipping into negative territory. The outlook for 2025 appears more balanced, with new supply moderating to approximately 3,500 units from 2024’s record-breaking 6,500+ deliveries. This timing aligns well with the market’s strong population growth, as Indianapolis expects to welcome 22,200 new residents in 2025, significantly exceeding the historical average of 12,800 annual net movers. Key factors of the population’s growth are due to the presence of reputable universities and colleges, such as Indiana University-Purdue University Indianapolis (IUPUI). Compared with other major metropolitan areas, Indianapolis offers a relatively low cost of living, making it an attractive destination for those looking to maximize their quality of life without the high expenses associated with larger cities. The region’s economic fundamentals remain strong, anchored by transformative projects including Eli …
NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City. S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing. The properties will also feature ground-floor retail space and parking. Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens. YNH Construction will serve as general contractor on the project. Construction is …
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cortland Riverside, a 374-unit apartment community in Fort Worth. Built in 2020 on the city’s north side, the property offers one-, two- and three-bedroom units with an average size of 1,014 square feet. Amenities include a pool, fitness center, business center, dog park and a clubhouse. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Shelby Clark of IPA brokered the deal. The buyer and seller were not disclosed. The property, which was 95 percent occupied at the time of sale, has since been rebranded as The Hadley Riverside.
RALEIGH, N.C. — Cortland and Pamera North America have purchased Peace Apartments, a 417-unit multifamily community located at 417 W. Peace St. in downtown Raleigh. The new ownership is rebranding the 12-story high-rise as Cortland Glenwood South. The property is part of Phase I of Smoky Hollow, a mixed-use development by locally based Kane Realty. The acquisition also includes a parking garage with direct elevator access to the Publix on the ground level and one retail bay within Smoky Hollow. The Publix grocery store was not included in the sale. Kane Realty sold the multifamily community to Cortland and Pamera for an undisclosed price. Cortland plans to renovate the interior corridors and amenity areas at Cortland Glenwood South, as well as enhance the package delivery process for tenants and add a new urgent care provider on the ground level. Cortland Glenwood South features studio, one-, two- and three-bedroom apartments, as well as a heated swimming pool, fire pit, sky lounge with TVs, a two-story fitness center and a dog grooming station.
BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.
JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.
NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.
NEWARK, N.J. — A partnership between Shorewood Real Estate Group and Bridge Investment Group has begun leasing The Ballantine, a 280-unit apartment complex in Newark. The name stems from the location on the Ballantine Brewery site in the city’s Ironbound neighborhood. Designed by Minno & Wasko Architects and Planners, The Ballantine offers studio, one- and two-bedroom units. Amenities include a fitness center with a yoga studio, game room with a multi-sport simulator, coworking areas, resident lounge and pet spa. The building also houses 2,600 square feet of retail space. Rents start at about $1,800 per month for a studio apartment, according to the property website.
SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments, a newly constructed multifamily community in Santa Rosa. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, secured the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on behalf of the borrower. Pullman Modern Urban Apartments offers 114 apartments spread across three residential buildings at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025.
FLAGSTAFF, ARIZ. — Liv Communities, in partnership with Wespac Residential and Vintage Partners, has broken ground on Liv Sky Cottages, a 203-unit multifamily property within Flagstaff’s Timber Sky master-planned community. Situated on 32 acres, Liv Sky Cottages will feature 117 one-bedroom, 35 two-bedroom and 51 three-bedroom residences, with 10 percent of the units reserved for individuals and families earning below the area median income. Community amenities will include a dog park, playground, garden beds, walking paths and gathering spaces for residents. Additionally, the property will offer bike storage, a compactor, electric vehicle chargers, three frisbee golf targets and a checker/chess area.