Multifamily

Levin Johnston Arranges $18M Sale of Multifamily Portfolio in Santa Clara, California

by Amy Works July 9, 2025

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has directed the $18 million purchase of a portfolio of three contiguous garden-style multifamily buildings on Bellomy Street in Santa Clara. Located at 1962, 1972 and 1978 Bellomy St., the portfolio offers 59 studio, one-, two-, three- and four-bedroom apartments spread across low-density, two-story buildings. Built in 1951, the buildings feature shared landscaped areas, an outdoor pool and surface parking. The Levin Johnston team procured a local investment group focused on value-add acquisitions as the buyer in the transaction. The name of the seller was not released.

July 9, 2025

Acquisitions Development Midwest Multifamily Ohio

Vision Cos. Acquires 28.5-Acre Multifamily Development Site in Kettering, Ohio

by Kristin Harlow July 9, 2025

KETTERING, OHIO — Vision Cos. has acquired 28.5 acres within the Miami Valley Research Park (MVRP) in Kettering, an inner suburb of Dayton. The property is adjacent to Industrial Commercial Properties’ (ICP) Sixth River office park. As part of the Sixth River overall master plan, Vision plans to build a market-rate multifamily community, the first large multifamily project built in the city since the mid-1980s, according to a release. Known as VC Flats, the project will feature approximately 264 apartment units across nine three-story buildings. Proposed amenities include a clubhouse, fitness center, pool, sand volleyball court, outdoor patio and rooftop deck offering views of the adjacent lake. The project is made possible through collaborative efforts by the city and ICP, which played a role in zoning adjustments and crafting incentive packages to attract a residential developer and operator. MVRP is home to several major employers, including Reynolds & Reynolds, Solvita, Matrix Research, Resonant Sciences, Woolpert, Resonetics and Eastman Kodak. ICP continues to retain ownership of the adjacent Sixth River office park, which includes 290,000 square feet of office space across five buildings. ICP also has additional land sites for further commercial development opportunities within the research park.

July 9, 2025

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers $2.7M Sale of Apartment, Retail Building in Windy City

by Kristin Harlow July 9, 2025

CHICAGO — SVN Chicago Commercial has brokered the $2.7 million sale of a 9,267-square-foot apartment and retail building in Chicago’s Ukrainian Village neighborhood. The fully rehabbed property at 1859 W. Chicago Ave. features six apartment units and one retail tenant, a veterinarian office on the ground floor. Drew Dillon and Scott Maesel of SVN Chicago Commercial represented both the buyer and seller.

July 9, 2025

Conference Coverage Development Features Seniors Housing

Seniors Housing Development Is a Worthwhile Investment Despite Challenges, Say InterFace Panelists

by Hayden Spiess July 8, 2025

CHICAGO — Philip Kroskin, head of real estate and senior vice president of investments with Sunrise Senior Living, has a message for those who are reluctant to invest in seniors housing development: “Why are you being so stupid?” Kroskin’s blunt question came during a recent two-day InterFace event at the Swissotel Chicago. Taking place June 24-25, the InterFace Seniors Housing Midwest conference drew 215 attendees and featured a number of panel sessions. 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. Joining Kroskin on stage for a panel titled “When Will Development Rebound?” during the first evening of the conference were Paul Branin, executive vice president of growth for Health Dimensions Group; Mike Mattingly, principal and co-founder of Avenue Development; Greg Markvluwer, vice president of real estate development at Erdman; and moderator Erin Berry, director of interior design Direct Supply Aptura. Development Deterrents Kroskin’s somewhat damning query was not to suggest that economic and logistical difficulties — such as heightened interest rates and labor costs — do not pose a valid deterrent. Panelists acknowledged these challenges throughout the course of session. …

July 8, 2025

Acquisitions Multifamily Texas

GREA Arranges Sale of 175-Unit Apartment Complex in Grand Prairie, Texas

by Taylor Williams July 8, 2025

GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has arranged the sale of Cottonwood Park Village, a 175-unit apartment complex located in the central metroplex city of Grand Prairie. Built in the 1980s, the property offers a range of floor plans and amenities such as a pool, fitness center, outdoor grilling and dining stations and onsite laundry facilities. The buyer and seller were not disclosed. Cottonwood Park Village was 92 percent occupied at the time of sale.

July 8, 2025

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $47M in Construction Financing for Affordable Housing Project in Oceanside, California

by Amy Works July 8, 2025

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided Mirka Investments a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the development of El Camino Real, an affordable housing community at 2136 S. El Camino Real in Oceanside. Additionally, a $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. El Camino Real will feature a four-story residential building with 111 two- and three-bedroom apartments for families earning between 30 and 80 percent of the area median income. The property will include a leasing office and community area within a 6,500-square-foot common space, including outdoor recreation space and central laundry rooms on each floor. Supportive services will be provided by Mission Neighborhood Centers, which offers educational programs, workforce development, homelessness prevention and social services. The project received an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital and $16 million in federal Low-Income Housing Tax Credit equity from WNC. Matthew Haas of KeyBank CDLI structured …

July 8, 2025

Development Multifamily Nevada Seniors Housing Western

Metcalf Builders Completes Valage Carson Valley Senior Living Community in Minden, Nevada

by Amy Works July 8, 2025

MINDEN, NEV. — Metcalf Builders has completed Valage Carson Valley, a senior living community in Minden. Situated on 4 acres, the 79,829-square-foot project offers 88 units, totaling 92 beds, with full-sized kitchens and dining areas. Community amenities include interior and exterior courtyards, an arbor and planters, as well as a wellness center for the assisted living and memory care community. The seniors housing project is valued at $25 million and owned by Valage Minden LLC.

July 8, 2025

Acquisitions Florida Georgia Multifamily Southeast

Slate Asset Management Agrees to Acquire Sun Belt Multifamily Portfolio for $226.5M

by John Nelson July 8, 2025

CHICAGO — Chicago-based Slate Asset Management has agreed to acquire a six-property multifamily portfolio in the Sun Belt region for $226.5 million. The seller is ZMR Capital, a value-add multifamily investment firm based in Tampa. The garden-style properties total approximately 1,600 units and are located in the metropolitan areas of Tampa, Atlanta and Phoenix. The names of the properties were not released. King & Spalding advised Slate on this transaction, which is expected to close at the end of July.

July 8, 2025

Development Loans Multifamily North Carolina Southeast

ATCO Obtains $66M Refinancing for Kinship Apartments in North Charlotte

by John Nelson July 8, 2025

CHARLOTTE, N.C. — ATCO Properties & Management has obtained a $66 million loan for the refinancing of Kinship, a newly built, 301-unit apartment community in Charlotte. The property is the first multifamily component to come on line at Camp North End, a 76-acre adaptive reuse development on the north end of Charlotte. Mark Gallinaro of WelcomeLend arranged the three-year bridge loan from Benefit Street Partners. Kinship was 35 percent occupied at the time of the loan closing. The property features studio, one- and two-bedroom apartments with some live-work floorplans and fully furnished corporate housing options. Amenities include work-from-home office spaces, an outdoor pool and lounge area, gas grills and fire pits, fitness center, communal kitchen, conference room, bike storage, rideshare spots, a parking garage and a shared rooftop space. Greystar operates Kinship on behalf of ATCO.

July 8, 2025

Loans Michigan Midwest Multifamily

Eastern Union Secures $38.5M Loan for Refinancing of Metro Detroit Multifamily Property

by Kristin Harlow July 8, 2025

WARREN, MICH. — Eastern Union has arranged a $38.5 million loan for the refinancing of Warren Manor Apartments in Warren, about 13 miles north of downtown Detroit. The 479-unit multifamily property is situated on 30.7 acres at 21516 Dequindre Road. Alex Jaffa and Sinai Eizikovitz of Eastern Union arranged the loan through Bellco Credit Union. The full loan amount included initial funding of $35.7 million, with the ability to earn an additional $2.8 million as rental revenues rise. The refinancing carried a five-year, fixed-rate term with one year of interest-only payments. The borrower was undisclosed. Built in 1969, the property comprises 12 two-story buildings and a one-story pool house. Units average 811 square feet. Since 2023, ownership has completed approximately $5 million in capital improvements.

July 8, 2025

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