Saturday, August 16, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Multifamily

DevelopmentMultifamilySoutheastTennessee

McShane Begins Construction on 315-Unit Declan Hermitage Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — McShane Construction Co.’s Nashville office has begun construction on Declan Hermitage, a 315-unit apartment development located in Nashville ’s Hermitage neighborhood. Flournoy Development Group is developing the community, which will comprise six garden-style apartment buildings on a 15-acre site. Units at Declan Hermitage will be offered in one- to three-bedroom layouts. Designed by Dynamik Design, Declan Hermitage’s amenities will include a clubhouse, pool and sun deck, grill stations, fire pits, a dog park and a car wash. Flournoy and McShane expect to complete the community by June 2027. The duo are developing three other properties in the Southeast: Ellison Cool Springs in Franklin, Tenn., and District Eastside and District South in Greenville, S.C.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaMultifamilySoutheast

Marcus & Millichap Brokers Sale of 280-Unit Apartment Community in Southwest Atlanta

by John Nelson

ATLANTA — Marcus & Millichap has brokered the sale of Central Park Apartments, a 280-unit community located at 2900 Camp Creek Parkway in southwest Atlanta. Built in 1969, Central Park sits on a 23-acre lot near Hartsfield-Jackson Atlanta International Airport in the city’s Camp Creek neighborhood. The property comprises 143 one-bedroom and 137 two-bedroom apartments. Scott Spalding of Marcus & Millichap’s Atlanta office represented the seller in the transaction. Marco Welch, also with Marcus & Millichap, procured the value-add buyer. Both parties requested anonymity. Marcus & Millichap’s Joe Mitchell helped facilitate the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Phoenix Multifamily Market: Resilient Demand, Shifting Dynamics

by John Nelson

— By Brett Meinzer of MMG Real Estate Advisors — Despite ongoing challenges, Phoenix’s multifamily market is showing signs of stabilization and strength in key areas. Record Demand, Even in a Cooling Market In first-quarter 2025, net absorption reached 5,149 units, more than double the 10-year quarterly average and the second-highest quarterly total on record. On a 12-month basis, the market absorbed 18,413 units, setting a new high. “We’re seeing demand return to peak levels,” said Brett Meinzer, advisor at MMG Real Estate. “The number of units leased in the last year shows Phoenix’s long-term story remains intact.” Supply Is Slowing, Signaling Potential Stabilization While new supply remains elevated, the pace is shifting. First-quarter deliveries declined 36 percent from the prior quarter, and the development pipeline is now nearly 50 percent below its recent peak. “After years of heavy deliveries, the pipeline is thinning,” Meinzer said. “This pullback could help stabilize rent and occupancy rates as we head into 2025.” Rent Trends Still Negative But Improving Phoenix’s effective rent currently stands at $1,560, down 2.3 percent year over year, with average occupancy at 91.9 percent. Rent softness is largely driven by concessions and intense lease-up competition from new construction. However, …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentMultifamilyTexas

Weitzman Arranges Sale of 6.5-Acre Multifamily Development Site in Southwest Dallas

by Taylor Williams

DALLAS — Weitzman has arranged the sale of a 6.5-acre multifamily development site in southwest Dallas. The site is located at the corner of Illinois Avenue and Knoxville Street, across from the Dallas College Mountain View campus. Scott Smith and Corbin Tanenbaum of Weitzman represented the seller and occupant, the Templo De Alabanza Church, in the transaction. The buyer, Generation Housing Partners LLC, in partnership with the City of Dallas, will develop a mixed-income project on the site that will be known as HiLine Illinois.

Continue Reading
FacebookTwitterLinkedinEmail
McGregor-Village-Apartments-Wilton-New-York
AcquisitionsMultifamilyNew YorkNortheast

Adirondack Capital Partners Negotiates $30.7M Sale of Apartment Complex in Wilton, New York

by Taylor Williams

WILTON, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the $30.7 million sale of McGregor Village Apartments, a 212-unit multifamily complex in Wilton, about 40 miles north of Albany. McGregor Village offers one- and two-bedroom units and amenities such as a fitness center, clubhouse and a playground. Michael Hunter Coghill and Chad Sinsheimer of Adirondack Capital Partners represented the buyer, New York-based investment firm Elar Group, in the transaction. The seller, Bruce Tanski Construction, was self-represented.

Continue Reading
FacebookTwitterLinkedinEmail
LoansMultifamilySoutheastTennesseeWalker & Dunlop

Walker & Dunlop Arranges $105M Refinancing for 805 Lea Apartments in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan for the refinancing of 805 Lea, a 356-unit apartment tower in downtown Nashville. Built in 2021, the property features 10,203 square feet of ground-floor retail space across three suites. Amenities include a 24-hour concierge services, 29th floor sky lounge, saltwater swimming pool, fitness center and two outdoor fire pits. Stephen Farnsworth led the Walker & Dunlop team that arranged the three-year loan through Nuveen on behalf of the borrower, Key Real Estate Co. The loan features two optional 12-month extensions.

Continue Reading
FacebookTwitterLinkedinEmail
Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

Advenir Oakley Capital, Capstone Building Complete $78M BTR Project in Greer, South Carolina

by John Nelson

GREER, S.C. — Developer Advenir Oakley Capital and general contractor Capstone Building Corp. have completed construction of LEO Jamestown, a $78 million build-to-rent (BTR) development in Greer, a city 12 miles northeast of Greenville. Located at 1015 S. Main St., LEO Jamestown includes 296 one-, two- or three-bedroom homes. Monthly rental rates range from $1,399 to $2,099, according to Apartments.com. Amenities include a resort-style pool, pool house, clubhouse, a fitness center and outdoor green spaces. Advenir Azora is managing the property.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIowaMidwestMultifamily

CBRE Brokers Sale of 1,610-Unit Apartment Portfolio in Metro Des Moines

by Kristin Harlow

DES MOINES, IOWA — CBRE has brokered the sale of the Wings 914 Portfolio, a collection of six multifamily properties totaling 1,610 units in metro Des Moines. The transaction marks the largest multifamily deal ever recorded in the state of Iowa, according to CBRE. Cy Fox, Matt Bukhshstaber, Ray Hamilton and Clark Matthews of CBRE represented the undisclosed seller, which directed a significant portion of the assets to charitable causes through the National Christian Foundation. The properties were built between 1988 and 2015. Further details were not provided.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMichiganMidwestMultifamily

Bedrock Completes 450-Unit City Modern Multifamily Development in Detroit

by Kristin Harlow

DETROIT — Bedrock has completed City Modern in Detroit’s Brush Park neighborhood. The project adds 20 newly constructed buildings, along with the rehabilitation of three historic mansions into five homes, providing a total of 450 new residences to the area. The mixed-income development features apartments, townhomes, carriage homes, condominiums and 31,000 square feet of retail space. Bedrock worked with six architectural firms on the project — Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. The Residences at City Modern offers 286 rental units across eight buildings. Amenities include rooftop terraces, a fitness center and gathering spaces. The Flats at City Modern is an affordable housing community with 54 units reserved for residents age 55 and older. Opened in 2019, The Flats features a rooftop terrace, fitness space and community lounge. The Carriage Homes at City Modern, developed and built by Hunter Pasteur, provides 53 units. Merge Architects reimagined the traditional carriage house into a duplex-style home with shared courtyards. Hunter Pasteur’s Townhomes at City Modern includes 52 for-sale units. The multi-level residences feature two- to four-bedroom floor plans. Additionally, Bedrock preserved three historic Victorian-era mansions, transforming them into five homes that were …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMidwestMultifamilyOhioStudent Housing

LV Collective, Virtus Deliver 889-Bed Student Housing Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — LV Collective and Virtus Real Estate Capital have opened Rambler Columbus, a 407,465-square-foot student housing development in Columbus. The 379-unit, 889-bed project is a three-minute walk from The Ohio State University’s main quads. Floor plans range from studios to six-bedroom units. There are also two-level, two-bedroom townhomes. Amenities include private study spots, conference rooms, a fitness center, yoga studio, sauna, cold plunge pool, pet spa and pool deck with a Jumbotron, grilling area and firepits. An onsite coffee shop, Daydreamer Café, serves handcrafted espresso drinks, coffee, tea, pastries and snacks. The first retail tenant is Victory Lap, which offers an Ohio State-themed sports bar. Rambler Columbus features an additional 4,000 square feet of retail space. The project team included Elford Inc. as general contractor, OZ Architecture as the architect, Variant Collaborative as the interior designer, E.P. Ferris as civil engineer and Realm Collaborative as landscape architect.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts