NEW PROVIDENCE, N.J. — New Jersey-based developer Garden Communities is nearing completion of Providence Place, a 192-unit multifamily project located about 30 miles west of Manhattan in New Providence. Providence Place will feature two- and three-bedroom townhome-style apartments with private garages and driveways. Amenities at the 27-acre property will include a resident clubhouse and an outdoor pool, among others. Full completion is slated for this spring.
HUDSON, MASS. — CBRE has brokered the sale of a 176-unit apartment complex in Hudson, a western suburb of Boston. Matrix Hudson is a five-building property that was completed in 2017. Units come in one- and two-bedroom floor plans and feature an average size of 1,006 square feet. Amenities include a clubroom, fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of The Claremont Cos., in the transaction. The team also procured the buyer, a fund backed by Zurich Alternative Asset Management.
THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida. The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.
ASHEVILLE, N.C. — Flournoy Development Group has delivered Ellison at The Preserve, a 315-unit apartment community located at 375 Spring Bluff Lane in Asheville. Units come in one-, two- and three-bedroom floor plans, along with quartz countertops, stainless steel GE appliances, wood-style flooring and balconies with views of the Blue Ridge Mountains in select apartments. Monthly rental rates at the community range from $1,609 to $3,472, according to Apartments.com. Amenities include a heated pool, fitness center, coworking lounge, outdoor entertainment spaces, grab-and-go market, pet spa, private garages, mail lounge and a private package room. Flournoy Properties Group is operating Ellison at The Preserve on behalf of ownership.
LOUISVILLE, KY. — Morgan Properties has purchased Blankenbaker Crossings, a 236-unit, garden-style apartment community in Louisville, for $39 million. The acquisition represents the Pennsylvania-based investor’s first purchase in Kentucky. Craig Collins of Cushman & Wakefield | Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield, brokered the transaction. The seller was not disclosed. Built between 2005 and 2006, Blankenbaker Crossings was 96 percent occupied at the time of sale. Morgan Properties plans to invest $2.1 million in upgrades at the community, including renovating unit interiors, installing smart appliances and adding new amenities, including a pickleball court, dog parks and Amazon package hubs.
BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.
MILWAUKEE — Neutral has received a $133.3 million construction loan for The Edison, a 378-unit luxury apartment project in Milwaukee. JLL Capital Markets arranged the financing through Bank OZK and Pearlmark. The Edison, located at 1005 N. Edison St., will feature 7,200 square feet of retail space. At 31 stories, the project is slated to be the tallest mass timber building in North America, according to Neutral. Amenities will include a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck and sky lounge. The developer has secured more than 62 percent of the required equity funding and will commence construction this spring while the remaining 38 percent of equity is being finalized. Completion is slated for the third quarter of 2027.
HOPKINS, MINN. — Kraus-Anderson has completed construction on Hallon II, a luxury apartment building in Hopkins, a southwest suburb of Minneapolis. Designed by ESG Architecture and Design, the seven-story, 398,822-square-foot community features 250 units and 10,000 square feet of retail space. Outdoor amenities include a third-floor courtyard with pool, hot tub, fitness area, game lawn, lounge and grill stations. Interior amenities include a sauna, fitness and yoga studio, speakeasy with connected sky deck, listening lounge and pet wash station. Construction began in September 2022.
CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago for a total of $4.7 million. A 16-unit building at 6405 N. Wayne Ave. in the Rogers Park neighborhood sold for $3.4 million and a five-unit rental property at 1933 S. May St. in the Pilsen neighborhood traded for $1.3 million. Brad Feldman of Interra represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and colleague Jeremy Morton represented both the confidential seller of 1933 S. May and the seller, a local developer. Located within walking distance of Loyola University and originally constructed in 1929, 6405 N. Wayne was significantly refurbished in 2022. The property at 1933 S. May received a gut renovation in 2021. Both buildings were fully leased at the time of sale.
By Nellie Day The multifamily investment market has provided some mixed signals over the past year. There have been the ebbs and flows in the 10-year U.S. Treasury bond yield and interest rates, a moderating level of inflation (the Consumer Price Index rose 2.7 percent in November on an annual basis), and a hard-fought presidential election with Donald Trump emerging as the victor. Despite the volatility in the debt markets, the overall sentiment among investors remains positive. CoStar Group notes that multifamily transaction volume nationally rose 18 percent year over year in the third quarter of 2024, reaching $74 billion. CoStar adds, however, that momentum noticeably slowed toward the end of the quarter, when fixed-rate borrowing costs climbed in step with the rising yield on the 10-year U.S. Treasury note. “This trend is underscored by a 4 percent decline in quarter-over-quarter transaction volume — a contrast to the typical seasonal uptick in the third quarter — following stronger activity in the first two months of [the fall season],” says Chad Littell, national director of U.S. capital markets analytics at CoStar. Pickup in Transactions Littell observed that the U.S. multifamily investment market “somewhat mirrored” the movement of the 10-year U.S. Treasury yield, …