— By Rawley Nielsen and Mark Jensen of Northmarq — The Salt Lake City apartment market has undergone significant shifts over the past few years, shaped by broader economic headwinds and local supply dynamics. Fortunately, optimism is returning to the market as interest rates stabilize, supply is absorbed and buyers see new opportunities to enter at attractive pricing. Over the past 36 months, rising interest rates have created challenges for multifamily investment, which have impacted underwriting and transaction velocity. However, recent weeks have provided a reprieve as Treasury rates have come down, bringing renewed energy to the market. Volatility remains a factor, but there is a growing sense that we are at or near the bottom, leading to increased investor interest. One of the biggest headwinds in Salt Lake City has been the supply wave, particularly in the downtown market where an influx of new multifamily deliveries has made it difficult for buyers to underwrite rent growth. Both 2022 and 2023 brought unit deliveries totaling more than 4,000 units, nearly triple the average annual delivery count from the past 10 years. We saw nearly 3,000 units delivered last year, and our team is tracking a similar amount for 2025. …
ATHENS, GA. — Mesa Capital West has provided a $134 million loan to refinance Rambler Athens, a newly constructed, 750-bed student housing complex located adjacent to the University of Georgia in Athens. The four-year loan will refinance the existing construction loan for the property. Harrison Reid of TSB Capital Advisors arranged the financing on behalf of the borrower, Austin-based developer LV Collective. Brian Hirsh and Jonah Sacks of Mesa Capital West’s Chicago office, alongside Russell Frahm from the firm’s New York office, originated the loan. Situated along Broad Street, Rambler Athens was completed in August 2024. The residence offers 342 units across eight floors, ranging from studio to five-bedroom apartments. Amenities at the property include a resort-style pool and hot tub, sun deck with a Jumbotron, fitness center, saunas, workspaces and private study rooms, grilling area and a secured-access parking garage. Additionally, the ground floor includes an integrated coffeeshop, as well as a variety of study spaces. Preleasing at the property is currently available for the 2025/2026 academic year.
JACKSONVILLE, FLA. — Thorofare Capital has provided a $74 million bridge loan for the refinancing of The Residences at Enso, a 304-unit multifamily community located 20 miles east of downtown Jacksonville along the Saint Johns River. Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the borrower, Trevato Development Group, which will use the 2.5-year floating-rate loan to repay the original construction loan on the property. The Residences at Enso is more than 90 percent leased and features nine, four-story buildings across 22 acres. Floorplans range from 669 square feet to 1,599 square feet in size, with carriage houses, studios and one-, two- and three-bedroom apartment options, according to Apartments.com. Amenities include a walk-in swimming pool with a sun shelf, 24-hour fitness and training studio, resident clubhouse with private event space, conference room and workspace seating, summer kitchen with seating, coffee bar and a pet spa. The property also offers a courtyard with landscaping, open-air pavilion and cabanas, outdoor fireplace and a nature trail.
JACKSONVILLE, FLA. — JLL Capital Markets has negotiated the $53.8 million sale of Imeson Commerce Center, a newly constructed, 422,136-square-foot distribution center in Jacksonville. Situated within Imeson Industrial Park near Jacksonville International Airport, the rear-load building features 36-foot clear heights, 81 dock-high doors, 260 car parking spaces and 180 trailer parking spaces. The facility is fully leased to RoadOne IntermodaLogistics, North America’s largest intermodal trucking provider, with 103,000 square feet of the property providing air-conditioned warehouse space. Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL’s Investment Sales and Advisory team represented the sellers, North Signal Capital and Fox Capital Partners, in the transaction. CIP Real Estate was the buyer.
HANOVER, MD. — Pearlmark has provided a mezzanine loan for the refinancing of Bristol Court Apartments, a 311-unit multifamily property in Hanover, roughly 12 miles south of Baltimore. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP. Benefit Street Partners provided the senior loan for the refinancing. Kevin Tehan of Columbia National Real Estate Finance LLC arranged the financing on behalf of the owner and developer, Preston Scheffenacker Properties. Located within the Oxford Square planned community near the Dorsey MARC passenger rail station, Bristol Court comprises one-, two- and three-bedroom apartments. The property features a swimming pool, two-story fitness center, yoga studio, lobby with coworking spaces and a clubroom with an entertainment kitchen and fireplace. Additional amenity offerings include a library, lounge with a pool table, pet spa, foosball and shuffleboard, courtyard with a fire pit and grills, as well as a playroom for children.
NORTH MIAMI FLA. — Avison Young has arranged the $16 million sale of Sans Souci Plaza, a 47,350-square-foot retail property located at 2104 and 2222 NE 123rd St. in North Miami. This acquisition marks the first time the center has been sold. The property — which is anchored by Zaika Indian Cuisine and Catch Specialty Fish Market — comprises two buildings constructed in 1974 and 1976. Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Philip Shapiro of Avison Young represented the seller, Matthews Real Estate Partners, in the transaction. Mario Borda of BCRE (Borda Commercial Real Estate) represented the Aventura, Fla.-based buyer.
BROOKSHIRE, TEXAS — Houston-based Vigavi Realty will develop Woods Crossing, a 556,800-square-foot industrial project that will be located in the western Houston suburb of Brookshire. The site spans 36.3 acres, and the development will consist of three buildings that will be constructed in phases. Phase I of Woods Crossing will feature two buildings that will span 156,800 and 96,000 square feet and will feature a combined 40 dock doors and parking for 312 cars and 53 trailers. Construction of Phase I is set to begin in the coming weeks and to be complete in early 2026. Tom Lynch, Billy Gold, Faron Wiley, Charles Herold and Brad Smith of CBRE represented Vigavi Realty in the purchase of the land from Johnson Development, and CBRE has also been retained as the leasing agent for the new development. Ware Malcomb is the project architect; Langan Engineering is the civil engineer, and E.E. Reed Construction will serve as the general contractor.
SAN ANTONIO — New York City-based lender Ladder Capital has provided a $58.7 million bridge loan for the refinancing of Potranco Commons, a 360-unit apartment community located in San Antonio’s Far West Side submarket. Residences at Potranco Commons come in one-, two- and three-bedroom formats, range in size from 541 to 1,355 square feet and are housed across 15 three-story buildings. Approximately 40 percent of the units are reserved for renters earning 80 percent or less of the area median income. Amenities include a clubhouse, pool, fitness center, coffee bar, sand volleyball court, pet park, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Kevin O’Grady and Daniel Eidson of South Florida-based intermediary Concord Summit Capital arranged the loan on behalf of the borrower, locally based developer The Lynd Group.
HOUSTON — Willowbrook LLC is underway on the renovation of Commons at Willowbrook, a 441,000-square-foot regional shopping center in northwest Houston. The capital improvement program includes widening the main access point, installing new monument signage and pylons and updating the landscape design. The center sits on 39 acres and is currently 85 percent leased to tenants such as Marshalls, HomeGoods, Ross Dress for Less, Michael’s, Total Wine & More, Ulta Beauty, DSW and Daiso. Willowbrook has tapped Avison Young to lease the property.
SAN ANTONIO — Dallas-based Carbon Shepherd Development has begun leasing a 78-unit seniors housing property in the Westover Hills area of San Antonio. Woodland Cottages Westover Hills offers one- and two-bedroom residential-style cottages that are furnished with stainless steel appliances and full-size washers and dryers, with attached garages and fenced backyards available in select residences. Amenities include a pool, clubhouse with a game room and a fitness center. Rents start at $2,700 per month for a one-bedroom home.