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Multifamily

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

EAH Housing, County of Santa Clara Break Ground on 90-Unit Affordable Housing Project in Los Altos, California

by Amy Works

LOS ALTOS, CALIF. — EAH Housing and the County of Santa Clara have broken ground on Distel Circle, an affordable housing rental community in Los Altos. Located at 330 Distel Circle, the property will offer 90 affordable residences for individuals and families earning between 30 percent to 80 percent of the area median income. Several units will be designated as permanent supportive housing to help address homelessness and housing instability in the region. Designed by KTGY Architects, Distel Circle will offer studio, one-, two- and three-bedroom apartments, a community room, an outdoor courtyard and dedicated on-site services. Construction is underway with completion slated for January 2027. The project’s primary funding source is Low Income Housing Tax Credit and State Credit equity. The County of Santa Clara contributed $25 million toward the development, of which $15.9 million came from the $950 million Measure A Affordable Housing Bond, which was approved by county voters in 2016, with the balance provided through the county’s No Place Like Home and HOME Investment Partnerships Program funds.

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AcquisitionsMultifamilyOregonSeniors HousingWestern

SLIB Arranges Sale of Vacant 44-Unit Seniors Housing Community in Metro Portland

by Amy Works

SANDY, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Hood Senior Living, a vacant 44-unit assisted living and memory care community located in Sandy, roughly 30 miles southeast of Portland. Totaling 26,000 square feet, the property was updated in 2022. A local operator acquired the community, which it plans to reopen. Jason Punzel, Vince Viverito, Brad Goodsell, Jake Anderson and Taylor Graham of SLIB brokered the transaction. 

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Two Sales of Chicago Multifamily Properties for $13M

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sales of two vintage apartment buildings in Chicago’s Lincoln Park neighborhood for a total of $13 million. The properties included 611-13 W. Arlington Place, a 23-unit asset built in 1927 that sold for $7.3 million, and 567-69 W. Arlington Place, a 14-unit building constructed in 1907 that traded for $5.7 million. Colin O’Malley of Interra represented the confidential seller of both properties. Joe Smazal and Mark Dykstra of Interra represented Hayes Properties, the buyer of 611-13 W. Arlington. The confidential buyer of the other property was self-represented. Both assets were fully occupied at the time of sale.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

InterFace Panelists Expect Imminent Spike in Demand for Seniors Housing

by John Nelson

ATLANTA — The seniors housing sector stands at a “curious” crossroads in terms of the current real estate cycle, according to Chris Guay, CEO of Vitality Living. The Brentwood, Tenn.-based company is a seniors housing owner-operator with communities located across the Southeast and Texas. Guay asserts that on one hand, seniors housing owners and operators are still healing from the supply-and-demand shocks stemming from the COVID-19 pandemic. On the other, the sector is standing on the precipice of the prophesied “silver tsunami,” a phenomenon wherein the baby boomer generation is aging into needing senior living care. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The oldest baby boomers are now turning 80, and Guay says that even if developers met the output of the highest point of the previous cycle annually, it still wouldn’t be enough to satisfy the wave of demand coming. “The silver tsunami is actually here,” says Guay. “Right now is probably the most interesting time in the industry that I can remember.” Guay’s comments came during the “power panel” at InterFace Seniors …

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Royal-Crest-Apartments-Dallas
AcquisitionsAffordable HousingDevelopmentMultifamilyTexas

Fairstead Buys Dallas Affordable Housing Property, Plans $24M Renovation

by Taylor Williams

DALLAS — Fairstead, a New York-based affordable housing owner-operator, has acquired Royal Crest, a 167-unit complex in the Oak Cliff neighborhood of Dallas, with plans to undertake a $24 million renovation. Built in 1969, Royal Crest consists of 12 buildings that house 16 one-bedroom units, 120 two-bedroom residences and 31 three-bedroom apartments. Units are reserved for households earning between 50 and 60 percent of the area median income. Renovations will include an overhaul of common areas, unit interiors, building exteriors and mechanical systems. New amenities will include a clubhouse, dedicated resident services office, laundry facilities and a community room. Capital One provided financing for the renovation, which is expected to be complete next fall. Hooker DeJong Inc. is the architect for the project, and FTK Construction Services is the general contractor. Hudson Housing Capital is the tax credit equity syndicator.

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Clock-Tower-Residences-Houston
DevelopmentLoansMultifamilyTexas

JLL Arranges Construction Loan for 218-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — JLL has arranged a construction loan of an undisclosed amount for Clock Tower Residences, a multifamily project that will be located in the Heights area of Houston. Clock Tower Residences will consist of 214 traditional residential units, four live-work units and a food-and-beverage concept on the ground floor. Residential amenities will include multiple lounges, coworking spaces and media rooms, as well as a fitness and wellness center. Colby Mueck, Michael Johnson, Davis Burnett and James Lovell of JLL arranged the four-year loan through Veritex Community Bank on behalf of the borrower, a joint venture between Houston-based Radom Capital and Charlotte-based Asana Partners.

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Alexan-Mill-District
AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Negotiates $82M Sale of Alexan Mill District Apartment Community in Charlotte

by Abby Cox

CHARLOTTE, N.C. — Northmarq has negotiated the $82 million sale of Alexan Mill District, a 290-unit apartment community located at 1001 N. Brevard St. in Charlotte. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq’s Multifamily Investment Sales team represented the seller, Trammell Crow Residential, in the transaction. The Seminole Tribe of Florida purchased the property through its sovereign wealth real estate investment fund (SemREF). Built in 2024, Alexan Mill offers studio, one- and two-bedroom floorplans. Amenities at the complex include a clubhouse, an indoor/outdoor speakeasy supper club with a catering kitchen, rooftop lounge with views of Uptown Charlotte, saltwater swimming pool with a sun ledge and outdoor fireplace, as well as a TV streaming lounge. The community also features billiards and game tables, a tech lounge, media studio, work-from-home café, outdoor courtyard, 24-hour fitness center, 24-hour access package room and a covered parking deck.

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highlands-row
AcquisitionsAffordable HousingMultifamilySoutheastVirginia

EYA Closes on Land Acquisition in Arlington, Virginia for First Phase of Crystal House Apartments Expansion

by Abby Cox

ARLINGTON, VA. — Washington, D.C.-based EYA LLC has closed on its land acquisition for Highlands Row, a new 42-unit, for-sale townhome community located in the heart of Arlington’s National Landing district near Ronald Reagan Washington National Airport. Highlands Row marks one of five phases for a mixed-income expansion of the Crystal House Apartments complex, including the preservation of the property’s existing 828 units. The value of the land at Highlands Row will generate financing for the project’s first phase, which is True Ground Housing Partners’ 432-unit, ground-up affordable housing development. The overall project is a public-private partnership between Arlington County, Amazon’s Housing Equity Fund, EYA, True Ground and Washington Housing Conservancy. Construction on Highlands Row is anticipated to begin later this year, with the first home deliveries expected in late 2026. According to the property website, homes will be priced starting at $1.2 million. Highlands Row will feature a back-to-back townhome configuration, which is designed to address site constraints. Built over a podium garage, each home will offer approximately 2,000 square feet with up to three bedrooms, private terraces and two dedicated parking spaces in the garage below the home.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Completes 56-Unit Affordable Housing Project in West San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between OCI Development, an affiliate of Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Reed, a 56-unit affordable housing project on the city’s west side. Vista at Reed features two- and three-bedroom units, almost all of which are reserved for households earning 60 percent or less of the area median income. Residents have access to business and fitness centers, laundry facilities, arts and recreational activities and health and wellness programming. PNC Bank financed construction of the project, which began in spring 2024.

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DevelopmentMassachusettsMultifamilyNortheast

Procopio Tops Out 92-Unit Multifamily Project in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — Locally based developer The Procopio Cos. has topped out 57 Main, a 92-unit multifamily project located in the western Boston suburb of Marlborough. Designed by The Architectural Team and built by Angus Construction, 57 Main will feature 52 one-bedroom apartments and 40 two-bedroom apartments, as well as 3,220 square feet of ground-floor retail space and a landscaped courtyard facing Union Park. Completion is slated for next spring.

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