Multifamily

Foxfield Buys 402-Unit Metropolis at Innsbrook Apartments in Glen Allen, Virginia

by John Nelson August 12, 2025

GLEN ALLEN, VA. — Foxfield has purchased Metropolis at Innsbrook, a 402-unit apartment community in the northern Richmond suburb of Glen Allen. Built in 2023, the property was 96 percent occupied at the time of sale. The seller and sales price were not disclosed. Charles Wentworth, Victoria Pickett, Garrison Gore and Eric DeStefano of Newmark brokered the transaction. Situated within Innsbrook Office Park, Metropolis at Innsbrook offers studio, one-, two- and three-bedroom apartments, according to the property website. Amenities include outdoor grilling and entertainment areas, a 24-hour fitness center, golf simulator, rooftop deck and lounge, resort-style swimming pool, community kitchen, dog spa, dog parks, rentable storage units and electric vehicle charging stations.

August 12, 2025

Affordable Housing Delaware Development Loans Multifamily Northeast

CPC, Pennrose Receive $6.8M in Agency Financing for Delaware Affordable Housing Project

by Taylor Williams August 12, 2025

WILMINGTON, DEL. — An affiliate of Community Preservation Corp. (CPC) and Pennrose has received a $6.8 million Freddie Mac loan for Imani Village Phase IV, an affordable housing project in northeast Wilmington. Phase IV of the eight-phase project, which will eventually add more than 700 units to the local supply, totals 84 units that will be subject to a range of income restrictions. In addition, nine units will be set aside for renters with special needs. Construction is scheduled to begin before the end of the year and to be complete in 2027.

August 12, 2025

California Development Loans Multifamily Western

IPA Capital Markets Secures $76M in Construction Financing for Multifamily Development in Monrovia, California

by Amy Works August 12, 2025

MONROVIA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A multifamily and retail development in Monrovia. The project is currently under construction and scheduled for completion in September. Located at 127 W. Pomona Ave., The Monroe will feature 232 apartments and 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, with 25 of the units designated affordable for low- and moderate-income households. Additionally, the property will have 302 residential parking spaces and 85 public parking spaces. Community amenities will include a gym, swimming pool, clubhouse, barbecue area, rooftop patio and conference/meeting rooms. Stefen Chraghchian of IPA Capital Markets secured the financing with Affinius Capital on behalf of Adept Urban Development.

August 12, 2025

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

Marcus & Millichap Brokers $9.5M Sale of Skilled Nursing Facility in Merrill, Wisconsin

by Kristin Harlow August 12, 2025

MERRILL, WIS. — Marcus & Millichap has brokered the $9.5 million sale of Pine Crest Nursing Home facility in Merrill, a city in central Wisconsin. The 120-bed property is located at 2100 E. 6th St. Operated by North Central Health Care, the facility features 117 units, including 105 private rooms and 15 semi-private rooms. The asset has served the area for nearly 70 years with several phases of construction, including the recent addition of a memory care unit, rehabilitation center and special care units. Ray Giannini of Marcus & Millichap represented the seller and procured the buyer. The property is the only skilled nursing facility in Merrill and was 70 percent occupied at the time of sale, according to Giannini.

August 12, 2025

Development Multifamily Texas

OHT Partners Breaks Ground on 360-Unit Multifamily Project in West Houston

by Taylor Williams August 11, 2025

HOUSTON — Austin-based general contractor OHT Partners has broken ground on a 360-unit multifamily project in West Houston. The site spans 14.2 acres at 23615 Kingsland Blvd., and the development will feature 246 one-bedroom units and 114 two-bedroom residences that will range in size from 702 to 1,256 square feet. Amenities will include a pool with private cabanas and a pavilion, coworking lounge, clubroom with a kitchen, fitness center, pickleball court, artificial turf game lawn, dog park and package lockers. Meeks + Partners is the project architect. Completion is slated for mid-2027.

August 11, 2025

Acquisitions Multifamily Texas

IPA Negotiates Sale of 123-Unit Apartment Complex in Garland, Texas

by Taylor Williams August 11, 2025

GARLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Courtyard, a 123-unit apartment complex located in the northeastern Dallas suburb of Garland that was built in 1983. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, tennis court, business center and outdoor grilling and dining stations. William Hubbard, Michael Ware, Taylor Hill, Drew Kile, and Joey Tumminello of IPA represented the seller, California-based Wedgewood, in the transaction. The buyer was National Asset Services.

August 11, 2025

Multifamily New York Northeast

Partnership Recapitalizes 57-Story Apartment Building in Manhattan’s Financial District

by Taylor Williams August 11, 2025

NEW YORK CITY — A partnership between multifamily investment and development firm The Dermot Co. and Dutch pension funds service PGGM has recapitalized 20 Exchange Place, a 57-story apartment building in Manhattan’s Financial District, via a $30 million equity investment from UBS. The partnership acquired the property, which totals 757 units, last year in an off-market deal. Ownership is now planning a capital improvement program to deliver a more comprehensive suite of amenities, as well as to revitalize the surrounding streetscape. Accord Capital Partners LLC served as the capital advisor to The Dermot Co. on the recapitalization.

August 11, 2025

Loans Multifamily New York Northeast

JLL Arranges $62.5M Loan for Refinancing of Long Island Apartment Complex

by Taylor Williams August 11, 2025

HAUPPAUGE, N.Y. — JLL has arranged a $62.5 million loan for the refinancing of Carlow Wind Watch, a 150-unit apartment complex located in the Long Island community of Hauppauge. Completed late last year, Carlow Wind Watch consists of a five- and seven-story building that house one-, two- and three-bedroom units. Amenities include a pool, spa, fitness center, clubroom/lounge and outdoor grilling and dining stations. Aaron Niedermayer and Robert Tonnessen of JLL arranged the loan through affiliates of global private equity firm Apollo. The borrower was Nashville-based owner-operator Southern Land Co.

August 11, 2025

Loans Multifamily New York Northeast

LargaVista, BPG Receive $43.5M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams August 11, 2025

NEW YORK CITY — A partnership between two local development and investment firms, LargaVista Cos. and Baron Property Group (BPG), has received a $43.5 million bridge loan for the refinancing of The Park Overture, a 92-unit apartment building in Manhattan’s Washington Heights neighborhood. The Park Overture offers one- and two-bedroom units and amenities such as a fitness center and courtyard with grilling stations. MF1 Capital provided the loan to retire the original construction debt on the property, which is now leased up.

August 11, 2025

Acquisitions California Multifamily Western

Langdon Park Capital, Standard Real Estate Buy 84-Unit Multifamily Community in Los Angeles County

by Amy Works August 11, 2025

AZUSA, CALIF. — Langdon Park Capital and Standard Real Estate Investments have acquired an apartment property located in Azusa. The 84-unit community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families. Situated 25 miles east of downtown Los Angeles, the property features one-, two- and three-bedroom apartments. The new ownership group plans to invest in modest renovations to enhance the resident experience while maintaining affordability and minimizing displacement. The joint venture secured equity financing from The Community Preservation Corp. Financing for the acquisition also included a Fannie Mae loan arranged by Walker & Dunlop. The property will benefit from a Welfare Tax Exemption through the California Municipal Finance Authority, made possible by the active participation of Housing on Merit, a California-based nonprofit serving as the managing general partner.

August 11, 2025

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