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Multifamily

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.

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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 …

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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.

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FeaturesHeartland Feature ArchiveMultifamily

The Art of Alignment: How to Balance Stakeholder Interests in Multifamily Property Management

by Kristin Harlow

By Diane Batayeh, Village Green To be successful at multifamily property management involves equal parts of communication, alignment and trust. There are several stakeholder groups to consider when making decisions about how best to operate and set up an apartment community for long-term success. Between residents, employees and owners, there are differing and sometimes conflicting objectives and perspectives to consider. In today’s quickly evolving multifamily landscape, satisfying everyone can be challenging and it requires a delicate balance to maintain all stakeholders’ satisfaction while also achieving their respective goals.  With the right approach, however, multifamily executives can successfully navigate the wants and needs of all parties and effectively sustain their trust and satisfaction while positioning the property to achieve economic success. Fostering connections  In multifamily property management, everything matters — from the property’s aesthetic appearance to the friendliness of onsite staff to the property’s digital identity and website navigation experience. These touchpoints are often referenced by both prospects and residents when evaluating their living experience, making it imperative to maintain and uphold a positive impression. To protect a property’s reputation and best serve residents, it’s critical to remain aware of their impressions through regular resident surveys that measure preferences and satisfaction …

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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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Tarastec-San-Diego-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

Swinerton to Build 3,640-Bed Student Housing Development at San Diego State University

by Amy Works

SAN DIEGO — The San Diego division of construction firm Swinerton has been tapped to lead the design-build team for a 3,640-bed project on the San Diego State University (SDSU) campus. Dubbed the “Evolve Student Housing” project, the development will include a suite-style residence hall named Tarastec, offering 650 beds for freshman and sophomore students; University Towers East, a 720-bed residence hall offering double-occupancy rooms for first-year students; and Templo del Sol, a two-story, 17,420-square-foot community center with dining facilities, communal spaces, food services, conference rooms and mailing services. Tarastec and Templo del Sol will be located on the west side of the SDSU campus near 55th Street and Aztec Circle Drive. University Towers East will be located next to the existing University Towers development on Montezuma Road. Construction on Tarastec began this summer with completion scheduled for fall 2026. University Towers East is expected for completion in fall 2027. Architectural firm Gensler is part of the development team for the project.

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Tenth-G-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Lowe Acquires 207-Unit Tenth & G Multifamily Community in San Diego

by Amy Works

SAN DIEGO — Lowe has purchased Tenth & G, a multifamily property located in downtown San Diego. Terms of the transaction were not released. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the undisclosed seller in the deal. Andrew Behrens and Jesse Weber of CBRE facilitated a loan on behalf of of the buyer. Built in 2008, the eight-story Tenth & G features 207 studio, one- and two-bedroom floor plans, averaging 704 square feet. The building features floor-to-ceiling windows, generous ceiling heights, exposed concrete accents and expansive panoramic views of the city and bay. At the time of sale, the property featured original finishes. The buyer plans to implement a comprehensive interior renovation and repositioning of the common area amenities.

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Citra-Apts-Sunnyvale-CA
AcquisitionsCaliforniaMultifamilyWestern

Prime Residential Sells 147-Unit Citra Apartments in Sunnyvale, California

by Amy Works

SUNNYVALE, CALIF. — Prime Residential has completed the disposition of Citra, a value-add multifamily property located at 745 Bernardo Ave. in Sunnyvale. Terms of the transaction were not released. Ryan Wagner, Brandon Geraldo, Matt Kroger and Fatai Alashe of JLL Capital Markets represented the seller in the deal. Charles Halladay, Jonah Aelyon, Sarah Murphy and Joseph Choi of JLL originated a $44.2 million Freddie Mac loan for the undisclosed buyer. Built in 1968 and renovated in 2019, Citra offers 147 one- and two-bedroom apartments, 133 of which are fully renovated with vinyl plank flooring, quartz countertops and upgraded bathroom vanities. All units contain in-unit washers and dryers. Community amenities include a landscaped pool terrace, spa, fitness center with spin room, outdoor barbecue and picnic areas, a business center, community room, children’s playroom, media room and an outdoor play structure.

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2411-Broadway-St-Vancouver-WA
LoansMultifamilyWashingtonWestern

Priority Capital Advisory Arranges $12M Loan for Multifamily Project in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Priority Capital Advisory has arranged a $12 million bridge loan for Hudson West, a 50-unit Class A apartment property in Vancouver. The financing was arranged for Cascadia Development Partners to replace a maturing construction loan, extending financial flexibility through lease-up stabilization. Located at 2411 Broadway St., Hudson West offers 11 studio, 25 one-bedroom and 14 two-bedroom units in a three-story building. Each unit features private balconies, gourmet kitchens, walk-in closets and high-end finishes. Onsite amenities include a coffee bar, multiple common areas and 39 secured parking spaces.

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark Properties, Cerca Trova Open 521-Bed Student Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties and Cerca Trova LLC have opened The Legacy at Ann Arbor, a 521-bed student housing community at 616 E. Washington St. in Ann Arbor. Designed by ESG Architecture & Design, the project consists of two interconnected buildings — a 19-story high-rise and a mid-rise structure attached to the historic Michigan Theater. Landmark Construction was the general contractor. The development is fully leased ahead of the 2025-2026 school year. The Legacy at Ann Arbor offers a mix of studios to five-bedroom apartments across 253 units. Apartments come fully furnished and wired for high-speed internet and cable. The development features more than 9,700 square feet of amenities, including a rooftop pool deck and resident clubroom, academic lounge, fitness center and bike storage. The project also includes 4,150 square feet of ground-floor retail space and onsite gated parking. The building is immediately adjacent to the University of Michigan campus. With the opening of The Legacy at Ann Arbor, Athens, Ga.-based Landmark currently operates and manages more than 2,400 beds across six properties in Michigan.

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