Tuesday, June 24, 2025
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Multifamily

Ariel Springs
FloridaLoansMultifamilySoutheast

JLL Secures $15.9M Freddie Mac Loan for Ariel Springs Apartments in Spring Hill, Florida

by Julia Sanders

SPRING HILL, FLA. — JLL Capital Markets has secured a $15.9 million Freddie Mac loan for Ariel Springs, a garden-style multifamily property located at 3454 Suncoast Villa Way in Spring Hill, about 50 miles north of downtown Tampa. The apartment complex is currently 97.7 percent occupied and includes 470 one-, two- and three-bedroom units. Elliott Throne, Mona Carlton, Jesse Wright and Kenny Cutler of JLL arranged the fixed-rate financing on behalf of the borrower, Beachwold Residential, which acquired the property in December 2018 using $44 million in acquisition financing, also through Freddie Mac. The financing is the first supplemental loan on the property. Since acquiring the property, Beachwold Residential has invested about $3 million in renovations to both the interior and exterior of the property. Ariel Springs’ community amenities include a clubhouse, community car wash, entertainment area with a full kitchen, fitness center, swimming pool, business center, shuffleboard and basketball courts and direct access to the 42-mile Suncoast Bike Trail.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Grandbridge Provides $49.2M Loan for Refinancing of Seniors Housing Property in New York

by Taylor Williams

ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based seniors housing and healthcare finance team has provided a $49.2 million Fannie Mae loan for the refinancing of Brightview Lake Tappan. The 143-unit seniors housing community is located in Orangeburg, approximately 15 miles north of New York City. Specific loan terms and the name of the borrower were not disclosed.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JLL Brokers $31.7M Sale of Multifamily Development Site in Queens

by Taylor Williams

NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.

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AcquisitionsMultifamilyNew JerseyNortheast

Invel Capital Acquires 22-Unit Multifamily Property in South Orange, New Jersey

by Taylor Williams

SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.

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SALT-Oceanside-CA
CaliforniaLoansMultifamilyWestern

Keystone Mortgage Arranges $21.3M Refinancing for SALT Oceanside Multifamily Community Near San Diego

by Amy Works

OCEANSIDE, CALIF. — Keystone Mortgage has arranged a $21.3 million loan for the refinancing of SALT Oceanside, an apartment property located in downtown Oceanside. Pelican Communities is the borrower. PGIM Real Estate provided the three-year loan, which will be used to refinance the existing construction loan. The newly constructed SALT Oceanside features 52 apartments and 7,200 square feet of ground-floor retail space.

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Skyline-Villas-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Negotiates $11.4M Sale of Skyline Villas Apartments in Las Vegas

by Amy Works

LAS VEGAS, NEV. — Northcap Commercial has brokered the sale of Skyline Villas Apartments, a multifamily property located at 3501 S. Maryland Parkway in Las Vegas. Dumont 94 LLC sold the asset for an undisclosed buyer for $11.4 million, or $121,809 per unit. Built in 1962, the community features 94 apartments. According to Northcap, the transaction is a record sales price for a property of its vintage. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial Multifamily represented the seller in the deal.

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Two Addison Place
AcquisitionsGeorgiaMultifamilySoutheast

Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah

by Julia Sanders

POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …

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AcquisitionsArizonaMultifamilyWestern

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Tucson

by Amy Works

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.

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IllinoisLoansMidwestMultifamilyRetail

Associated Bank Provides $12.9M Loan for Acquisition, Redevelopment of Shopping Center in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Associated Bank has provided a $12.9 million loan for the acquisition and renovation of a shopping center and surface parking lot located at 4501 N. Sheridan Road in Chicago’s Uptown neighborhood. The buyer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story property consisting of 59 apartment units and 7,035 square feet of retail space. Plans call for larger units than what can currently be found in the Uptown area as well as built-in workstations, in-unit laundry and private balconies. The second floor will feature an outdoor amenity space. Mavrek will also serve as general contractor. Daniel Barrins of Associated Bank handled the loan closing.

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Watergate
MarylandMultifamilySoutheastTop Stories

TPG Real Estate, Bainbridge Acquire Waterfront Multifamily Community in Annapolis for $154M

by Katie Sloan

ANNAPOLIS, MD. — A joint venture between TPG Real Estate and The Bainbridge Cos. has acquired Watergate Pointe, a 608-unit waterfront multifamily community located at 655 Americana Drive in Annapolis, for $154 million or $253,290 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Castle Lanterra Properties, in the disposition of the community. The 31.2-acre property sits on a peninsula connected to the Chesapeake Bay and was recently rebranded Nautilus Point. The community offers studio, one-, two- and three-bedroom units in seven mid-rise and 13 garden-style buildings. Shared amenities include a 160-slip income-producing marina; paddleboards and kayaks; a swimming pool and sundeck; dog park; renovated clubhouse; business center; dock access for crabbing; an outdoor lounge space; a state-of-the-art fitness center; playground; tennis court; laundry facilities; a bike share program; and recycling center.  “The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” says Williams of Transwestern. According to Transwestern’s research affiliate Delta Associates, the Annapolis apartment market is one of the best performers in the region …

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