Multifamily

F.H. Paschen Tops Out Construction of $43M Workforce Housing Development in Metro Chicago

by Kristin Harlow March 26, 2025

BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.

March 26, 2025

Acquisitions Development Midwest Multifamily Wisconsin

Cushman & Wakefield | Boerke Arranges Sale of Multifamily Development Site Near Milwaukee

by Kristin Harlow March 26, 2025

MOUNT PLEASANT, WIS. — Cushman & Wakefield | Boerke has arranged the sale of 18.1 acres of land in Mount Pleasant, a southern suburb of Milwaukee. The site, located near I-94, will be developed into a 280-unit garden-style apartment community. The buyer, Continental Properties, plans to break ground immediately. The seller was undisclosed.

March 26, 2025

Development Multifamily Texas

Realty Capital Completes 16-Story Multifamily Tower in Flower Mound, Texas

by Taylor Williams March 25, 2025

FLOWER MOUND, TEXAS — Locally based developer Realty Capital Residential has completed Thirty-One Eleven Sunset, a 207-unit multifamily building in Flower Mound, located in the northern-central part of the metroplex. The building rises 16 stories and offers one-, two- and three-bedroom units, as well as townhomes and penthouses. Amenities include a rooftop pool, fitness center, golf simulator, private dining room, restaurant-style bar and lounge and reservable guest suites for visitors. The building also houses 6,000 square feet of commercial space. Rents start at $4,000 per month for a one-bedroom apartment.

March 25, 2025

Loans Multifamily Student Housing Texas

Seven Hills Realty Provides $18.5M Loan for Refinancing of Student Housing Property Near Baylor University

by Taylor Williams March 25, 2025

WACO, TEXAS — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of Boston-based investment firm RMR Group, has provided an $18.5 million bridge loan for the refinancing of LL Sams, a 271-bed student housing building that serves students at Baylor University in Waco. The building is adjacent to campus and houses one-, two-, three-, four- and five-bedroom floor plans. Amenities include a pool, fitness studio, resident clubhouse, package lockers and private study pods. JLL arranged the three-year loan on behalf of the borrower, California-based Shore to Shore Properties.

March 25, 2025

Acquisitions Multifamily New Hampshire Northeast

CBRE Brokers Sale of 224-Unit Slate at Merrimack Apartments in Southern New Hampshire

by Taylor Williams March 25, 2025

MERRIMACK, N.H. — CBRE has brokered the sale of Slate at Merrimack, a 224-unit apartment complex located near the Massachusetts-New Hampshire border. Built in 2023, the property houses one- and two-bedroom units with an average size of 943 square feet. Amenities include a pool, fitness center, coworking café and outdoor grilling and dining areas. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, LeCesse Development Corp., in the transaction. The team also procured the undisclosed buyer.

March 25, 2025

Acquisitions Build-to-Rent Multifamily Single-Family Rental Southeast Tennessee

PPR Capital Management Buys Build-to-Rent Community in Knoxville for $87M

by John Nelson March 25, 2025

KNOXVILLE, TENN. — PPR Capital Management, a private equity firm based in Berwyn, Pa., has purchased Highline at Knoxville, a new build-to-rent residential community in Knoxville, for $87 million. The acquisition includes both Phase I, which comprises 110 single-family rental (SFR) homes currently in lease-up, and Phase II, 151 townhomes and detached SFR homes that will break ground immediately and be delivered in tranches between 2026 and 2027. Project partners include general contractor BTR Group and property manager Greystar. PPR also partnered with Center Creek Capital Group, a real estate investment and development firm, on the acquisition. The deal structure includes a total equity investment of $26.6 million, with PPR contributing $25 million as the primary equity partner. Highline at Knoxville represents the first BTR purchase and second acquisition in Tennessee for PPR.

March 25, 2025

Acquisitions Multifamily North Carolina Southeast

Berkadia Negotiates Sale of 288-Unit 198 Milltown Apartments in Burlington, North Carolina

by John Nelson March 25, 2025

BURLINGTON, N.C. — Berkadia has negotiated the sale of 198 Milltown Apartments, a 288-unit community located at 198 Milltown St. in Burlington, a city in North Carolina’s Piedmont Triad region. A fund sponsored by Birmingham, Ala.-based StoneRiver Co., StoneRiver Investment Fund III, purchased the Class A community from Wilmington, N.C.-based Zimmer Development Co. for an undisclosed price. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller in the transaction. Built in 2020, 198 Milltown features one-, two- and three-bedroom apartments ranging in size from 700 to more than 1,200 square feet. Amenities include a 24-hour health club and resident lounge, pet spa and pet park, saltwater swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, a car care center and garages.

March 25, 2025

Phase-II-Rose-Hill-Courts-Los-Angeles-CA

Affordable Housing California Development Multifamily Western

R.D. Olson Construction Breaks Ground on $57.8M Phase II of Affordable Housing Project in Los Angeles

by Amy Works March 25, 2025

LOS ANGELES — R.D. Olson Construction, in partnership with Related California Properties and the Housing Authority of the City of Los Angeles, has started construction on Phase II of Rose Hill Courts. The $57.8 million project builds on the success of Phase I, which was completed in 2023. Located at 3521 N. McKenzie Ave., Phase II of Rose Hill Courts will feature seven apartment buildings ranging from two to three stories with basements, totaling 96 affordable housing units. Additionally, the new development will feature a community building dedicated to resident gatherings and events, an outdoor playground and a basketball court. The project will also offer tuck-under parking on five of residential buildings. The total development will space a total of 115,406 square feet of gross building area across a 150,400-square-foot site. Slated for completion in 2027, the project will generate more than 400 construction jobs. Partners on the project include the Housing Authority of the City of Los Angeles, Related California Properties, BSB Design (formerly Withee Malcolm Architects) and AMJ Construction Management.

March 25, 2025

Acquisitions California Multifamily Western

Brixton Capital Sells 227-Unit Apartment Community in Moreno Valley, California

by Amy Works March 25, 2025

MORENO VALLEY, CALIF. — Brixton Capital has completed the disposition of Elevate at Towngate, a multifamily property in Moreno Valley. San Francisco-based FPA Multifamily acquired the asset for $41 million. Brixton Capital originally acquired the property in December 2017 for $28 million, rebranded and renovated the asset. Built in 1973, Elevate at Towngate offers 227 units spread across seven residential buildings. The one-, two- and three-bedroom apartments range from 590 square feet to 1,224 square feet. Chelsea Jervis, CJ Angle and Blake Rodgers of JLL represented Brixton, while the buyer was self-represented in the deal.

March 25, 2025

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Advisors Arranges $7.8M Sale of Apartment Building in Belleville, New Jersey

by Taylor Williams March 25, 2025

BELLEVILLE, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $7.8 million sale of Twin River Gardens, a 60-unit apartment building in the Northern New Jersey community of Belleville. The property exclusively offers one-bedroom units with an average size of 825 square feet, and most residences include private balconies. Residents also have access to onsite laundry facilities. Kevin McCrann and James McConnell of Redwood represented the buyer and seller, both of which requested anonymity, in the transaction.

March 25, 2025

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