DALLAS — New York City-based Lument has arranged $123.6 million in CMBS financing across four loans for a portfolio of four multifamily properties totaling 1,111 units in Dallas. The portfolio consists of Avalon 8801, a 212-unit mid-rise that built in 1986 and renovated in the 2010s; 6500 South, a 536-unit mid-rise that was completed in 1985 and renovated in 2012; Casa Bella Apartments, a 176-unit high-rise that was delivered in 1974 and renovated in 2019; and Westwood Apartments, a 187-unit mid-rise that was constructed in 1969 and renovated in the 2010s. All four loans carry fixed interest rates and five-year terms with full-term, interest-only payments. Evan Hom led the transaction for Lument. The borrower was Texas-based owner-operator Sahara Equities.
NORTH ANDOVER, MASS. — A public-private partnership between Greystar and Merrimack College has topped off two student housing projects totaling 540 beds on the university’s campus in North Andover, a northern suburb of Boston. The first building will house 351 beds across 180 units, all of which will be traditional dormitory doubles except for the resident advisor units. The second building will house 189 beds across 54 units, the majority of which will feature three- and four-bedroom suite configurations. The properties will also feature a combined total of 12,609 square feet of academic space, a pavilion for honors students and a fitness center. Timelines for completion of the projects were not disclosed.
CLIFTON PARK, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have co-arranged the $82.4 million sale of Foxrun Apartments and North Pointe Apartments, two multifamily properties in the upstate New York community of Clifton Park. Spanning 41 acres, Foxrun Apartments offers 468 units. Spanning 12 acres, North Pointe Apartments totals 198 units. Affiliates of The Solomon Organization sold the properties to Merion Realty Partners, which partnered with Eastham Capital on the deal. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, alongside Jonathan Weinstein, Robert Stewart and Joseph Mahoney of Pyramid Brokerage Co. represented both parties in the transaction. Both properties were more than 90 percent occupied at the time of sale.
By Beth Mattson-Teig Real estate investment trusts (REITs) have their foot firmly on the gas when it comes to acquiring seniors housing assets, and they’re taking full advantage of the opportunity to buy at below replacement cost. The appetite to grow portfolios, particularly on the private pay side of independent living, assisted living and memory care, comes as no surprise given the combined tailwinds of growing consumer demand and a slowdown in new supply. While the aging population has led to accelerating demand, the high cost of development has forced a sharp pullback in new deliveries. Between now and 2035, the 85-plus population is expected to grow nearly 60 percent, increasing from approximately 7 million to more than 11 million. At the same time, developers are tapping the brakes on new projects. In the first quarter of 2025, seniors housing construction starts in 31 primary markets tracked by NIC MAP totaled 1,076 units for properties that are a majority independent living or majority assisted living, the lowest count since 2009. “Frankly, investors have been waiting for this boomer generation to hit and start to move into seniors housing for some time. It’s been anticipated, and it’s now actually starting to …
FAIRFAX, VA. — Middleburg and Capital City Real Estate have formed a partnership to develop The Botanist, a 260-unit, seven-story luxury apartment community located at 10350 Eaton Place in Fairfax, about 19 miles west of Washington, D.C. The co-developers recently acquired the 3-acre site and secured construction financing. Designed to achieve Green Globe certification, The Botanist will offer apartments ranging from junior one-bedroom to three-bedroom floorplans. Amenities will include a resort-style pool, fitness center, coworking spaces, ground-floor retail space and an integrated parking garage. Middleburg and Capital City plan to break ground immediately and deliver The Botanist in third-quarter 2027.
DELRAY BEACH, FLA. — Lifespace Communities has broken ground on a $49 million expansion project at Harbour’s Edge, a senior living community in Delray Beach, a city in South Florida’s Palm Beach County. Upon completion, the expansion will add 24 assisted living apartments and 16 memory care apartments to the property, as well as new amenities. These planned additions include a garden with a walking path, third-floor terrace for assisted living residents, spa, bar, wellness gym, dedicated dining rooms, kitchens and activity spaces. Lifespace, a nonprofit organization that owns and operates 15 seniors housing properties across seven states, plans to begin construction on the expansion next week.
COLORADO SPRINGS, COLO. — Dwight Capital has provided a $48.3 million HUD 223(f) loan for The Plaza at Pikes Peak, a 215-unit apartment community in Colorado Springs. The refinance qualified for a reduced Green Mortgage Insurance Premium due to the property’s GreenPoint Rated Existing Homes & Multifamily Silver certification. Jonathan Pomper and Jack Tawil of Dwight Capital originated the transaction on behalf of the borrowers, Ryan Dunn of Dunn & Associates and Taylor Turano of Denver Land Co. Completed in 2022, the property comprises a five-story building and a four-story building with a unit mix of 43 studios, 134 one-bedroom and 38 two-bedroom units. Apartments offer smart home technology, quartz countertops, stainless steel appliances and private balconies or patios. Community amenities include a fitness center, swimming pool, hot tub, courtyard with a fire pit, dog park, pet wash, rooftop lounge, yoga and spin studios, storage lockers and coworking spaces.
CORVALLIS, ORE. — TSB Realty has arranged the sale of The Union Corvallis, a 221-bed student housing community located near the Oregon State University campus in Corvallis. Delivered in 2013, the property offers 68 units in a mix of one-, two- and four-bedroom configurations. Shared amenities include a clubhouse with pool and ping pong tables, an outdoor sundeck and grilling area, a resident lounge with a television, study lounge with private study spaces, a computer station and library area. Cardinal Group Cos. acquired the property for an undisclosed price. The seller was not released.
Levin Johnston Negotiates $15.6M Sale of Manteca Golf & Tennis Villas in California’s Central Valley
MANTECA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the purchase of Manteca Golf & Tennis Villas, an apartment community in Manteca. The asset traded for $15.6 million. Adam Levin, Robert Johnston and Joshua Velo of Marcus & Millichap’s Levin Johnston represented the undisclosed buyer in the deal. Located at 367 N. Union Road, Manteca Golf & Tennis Villas offers 56 apartments.
HILLIARD, OHIO — Milhaus and Harbor Group International (HGI) have opened Tempo Apartments at TruePointe in Hilliard, a suburb of Columbus. The 359-unit luxury apartment complex offers studios, one-, two- and three-bedroom units. The development is situated near Bridge Park Dublin, Quarry Trails Metro Park and Tuttle Crossing Mall. TruePointe is Hilliard’s first entertainment hub and part of commercial real estate firm Equity’s master-planned mixed-use development. Monthly rents start at $1,544, according to the property’s website.