Tuesday, August 26, 2025
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Multifamily

AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Berkadia Brokers $31M Sale of Build-to-Rent Community in Metro Charlotte

by John Nelson

INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.

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Artistry-Design-District-Houston
DevelopmentMultifamilyTexas

McGrath Real Estate Completes 400-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — Locally based developer McGrath Real Estate Partners has completed a 400-unit multifamily project in Houston’s Design District. Artistry Design District offers studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, built-in desks, walk-in closets, stainless steel appliances and individual washers and dryers. Amenities include a pool, fitness center, resident lounges, a communal kitchen, coworking spaces and a pet park. Artistry Design District also features a stage for live music and other entertainment events. Move-ins are underway, and the property is now 57 percent occupied.

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DevelopmentLoansMultifamilyTexas

S3 Capital Provides $46.5M Construction Loan for Denton Multifamily Project

by Taylor Williams

DENTON, TEXAS — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided a $46.5 million construction loan for a 306-unit multifamily project in the North Texas city of Denton. Phase I of the garden-style development will consist of three 12-story buildings, and the property will ultimately offer amenities such as a pool, fitness center, business center and a dog park. Mauricio Ordoñez, Gastón Schneider and Carlos Vázquez of Florida-based Q Kapital Group arranged the loan on behalf of the sponsor, national developer Landmark Cos. Information on floor plans and a construction timeline was not disclosed.

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219-E.-42nd-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheastOffice

Metro Loft, DWREI Receive $720M in Financing for Manhattan Office-to-Residential Conversion Project

by Taylor Williams

NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.

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Zaterra-Apts-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

PB Bell, PCCP Sell Zaterra Multifamily Property in Chandler, Arizona for $137.5M

by Amy Works

CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

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Harbert-Seniors-Housing-Fund-Community-Metro-Los-Angeles-CA
CaliforniaLoansMultifamilySeniors HousingWestern

Live Oak Bank Provides $25M Bridge Loan for Seniors Housing Community Near Los Angeles

by Amy Works

LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences. 

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Midway-Village-Daly-City-CA
Affordable HousingCaliforniaDevelopmentMultifamilyProperty TypeWestern

Mid-Pen Opens First Phase of Midway Village Affordable Housing Property in Daly City, California

by Amy Works

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …

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AcquisitionsArizonaMultifamilyWestern

Providence Property Group Buys Tropicana Apartments in Tucson, Arizona for $1.7M

by Amy Works

TUCSON, ARIZ. — Providence Property Group has purchased Tropicana Apartments, a multifamily complex in Tucson, from TropicanaApartments LLC for $1.7 million. Located at 3815-3816 E. 3rd St., the 8,650-square-foot asset offers 14 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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LoansMidwestMultifamilyOhio

ACRES Provides $72.5M Loan for Refinancing of Apartment Complex in Columbus

by Kristin Harlow

COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Gateway Jax to Break Ground on Multifamily Building at $2B Pearl Square Mixed-Use Project in Downtown Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Gateway Jax has unveiled plans to break ground on the second building at Pearl Square, a 1.5 million-square-foot mixed-used development underway in downtown Jacksonville. Following the groundbreaking of 515 Pearl in October 2024, 425 Beaver Street will feature 286 multifamily units, onsite parking and nearly 20,000 square feet of retail space. The 425 Beaver Street project team includes SK+I Architecture, Elks Manfredi Architects, Cecconi Simone (interior designer); SK&A Structural Engineers; Lighthouse; and England-Thims & Miller (civil engineer). Jacksonville-based Faver Gray will serve as the general contractor, while the new parks and public spaces will be designed by Hoerr Schaudt. Upon completion, Pearl Square will deliver more than 1,250 residential units; approximately 200,000 square feet of retail space; a 100-room boutique hotel; new public spaces, including widened and shaded sidewalks; public park spaces; and a signature curbless festival street with several outdoor dining options. Retail tenants at the development will include a full-service grocer and fitness club, as well as grab-and-go bodegas, restaurants and other daily service providers like salons and shops. The full build-out of Gateway Jax’s holdings will total an estimated $2 billion in capital investment over the next decade. 425 Beaver Street will break ground on …

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