DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Midway Row House, a 158-unit apartment complex in North Dallas. Built in 2023, Midway Row House consists of 107 townhomes and 51 flats that have an average unit size of 979 square feet. Amenities include a pool, fitness center, two dog parks, a lakeside jogging path, communal workspaces and three private offices. Drew Kile, Joey Tumminello, Michael Ware and Jack Windham of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
KENT, WASH. — San Diego-based MG Properties has purchased Dockside Apartments, a multifamily community situated within Lakes at Kent master-planned community in Kent. Terms of the acquisition were not released. The transaction marks MG Properties’ 11th acquisition in the Seattle metropolitan area. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE represented the undisclosed seller in the deal. Troy Tegeler and Trevor Breaux of CBRE Capital Markets arranged financing for the acquisition. Dockside Apartments offers 344 one-, two- and three-bedroom units with modern interiors, open-concept layouts and private outdoor spaces. Community amenities include a resort-style swimming pool, three-level fitness center, clubhouse with lounge and kitchen, outdoor grilling areas and a pet park.
CORVALLIS, ORE. — Article Student Living has acquired Santana Court, a 95-bed student housing community located adjacent to the Oregon State University campus in Corvallis. The property offers units in studio, one- and two-bedroom configurations. The site is entitled for future development of up to 650 beds. The seller and terms of the transaction were not released. McNair Collegiate Partners consulted on the acquisition.
FISHERS, IND. — Merchants Capital has secured more than $56 million in financing for the acquisition and substantial rehabilitation of Cumberland Crossing, a 232-unit affordable housing property in Fishers developed by Birge & Held. The re-syndication of tax credits will extend Cumberland Crossing’s affordability period for an additional 30 years, with rent restrictions for half of the units at 50 percent of the area median income (AMI) and the other half of the units at 60 percent AMI. Birge & Held acquired the property via transfer of physical assets and assumed the existing $14.4 million HUD 223(f) loan, which was originated in 2019. Merchants Capital simultaneously closed a $17.2 million HUD 241(a) supplemental permanent mortgage for the property that will be drawn as renovations progress. Additionally, Merchants Capital provided $19.9 million in federal low-income housing tax credits and $4.4 million in solar tax credits, with equity bridge loan financing provided by a third-party bank. Cumberland Crossing features one-, two- and three-bedroom garden-style apartment units. The tenant in-place rehab includes the installation of solar power for electricity as well as common area and exterior updates, including new siding and windows, garage and carport repairs, updated landscaping, sidewalk improvements and parking lot …
DES MOINES, IOWA — Woda Cooper Cos. Inc. has opened Alley Landing, a 40-unit affordable housing community constructed on the site of the former Plaza Lanes bowling alley in Des Moines. The city provided a HOME loan and an American Rescue Plan Act loan. The city also granted project-based vouchers for eight Permanent Supportive Housing (PSH) units through the Metropolitan Housing Authority. Veterans are prioritized for the PSH units. Alley Landing features one-, two- and three-bedroom units that are targeted to residents earning up to 60 percent of the area median income. Rents range from $790 to $1,140 per month, depending on income limits and size of unit. The four-story building features amenities such as a multipurpose room, dog park and playground. Families Forward will provide onsite service coordination for the PSH units and direct support in areas such as vocational training, budgeting and financial literacy. The Iowa Finance Authority allocated housing tax credits and provided a second HOME loan. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust provided the first permanent mortgage. Polk County Housing Trust Fund provided an additional loan. Hooker DeJong Inc. …
Chicago City Council Approves $241.5M Office-to-Residential Adaptive Reuse Project at Field Building
CHICAGO — The Chicago City Council has approved plans for an adaptive reuse project at 135 S. LaSalle St. in the city’s central business district (CBD). A joint venture between Riverside Investment & Development, AmTrustRE and DL3 Realty is developing the project, which has a total budget of $241.5 million. Financing for the development includes $98 million in city subsidies and historic tax credits. Scheduled to begin construction in spring 2026, the project will convert 624,000 square feet of vacant office space within the 1.4 million-square-foot Field Building to modern residential units and commercial space. Upon completion, the development will feature 430,050 square feet of residential space across 386 units, as well as 92,000 square feet of commercial space. Residences will include a mix of studio, one- and two-bedroom apartments. Commercial space at the property will house food-and-beverage offerings, a small-format grocer, health and fitness club and other amenities. “The Field Building redevelopment will bring much-needed housing and amenities to workers, visitors and a growing residential base in the city. By modernizing this landmark, the project will help reposition the Loop to attract leading corporations and top talent while bolstering Chicago’s reputation as a thriving economic and cultural destination,” says John O’Donnell, …
AMARILLO, TEXAS — A limited liability company doing business as 3101 BB LLC has purchased Boulder Bay Apartments, a 224-unit multifamily property in Amarillo, for $22.4 million. Built in 2016, the property offers one-, two- and three-bedroom units that are furnished with granite countertops, black appliances and walk-in closets. Amenities include a pool, fitness center, business center, resident lounge and outdoor grilling and dining areas. The seller was not disclosed.
CLIFFSIDE PARK, N.J. — A joint venture between two New York City-based firms, Hyperion Group and Benenson Capital, has acquired The Centre, a 16-story apartment building located in the Northern New Jersey community of Cliffside Park, for $165 million. The Centre consists of 314 units that come in studio, one- and two-bedroom units and range in size from 564 to 1,385 square feet. Amenities include a pool, health club, lounge, billiards and card room, spa and 24-hour concierge services. The Centre also houses 52,000 square feet of commercial space across two stories. The seller was not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the $7.3 million sale of a 40-unit apartment building in Queens. The five-story building at 27-08 39th Ave. was originally constructed in 1929 and offers studio, one- and two-bedroom units, eight of which (20 percent) are subject to rent restrictions. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Steve Filippo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
Priority Capital Advisory Arranges $28M Construction Loan for Apartment Property in West Los Angeles
LOS ANGELES — Priority Capital Advisory has arranged a $28 million loan on behalf of CityPads, a private equity fund manager and multifamily developer with operations based in Chicago and Los Angeles. The senior debt financing will be used for the development of a 92-unit multifamily property located at 8931-8945 Helms Place in West Los Angeles. Zachary Streit of Priority Capital Advisory, along with Lucas Borges of JLL, arranged the loan. The property will feature 38 studio units (33 market rate and five affordable), 53 one-bedroom units (47 market rate, six affordable) and one affordable three-bedroom unit. Building amenities will include coworking space and a lounge, private patios, onsite parking, 9- to 10-foot ceilings and a fully built-out roof deck with 360-degree views. Construction is underway for the project, which is slated for completion in late 2026.