SAYREVILLE, N.J. — JLL has arranged a $36 million construction loan for Camelot on Main Street, a 142-unit multifamily project that will be located in the Central New Jersey community of Sayreville. The complex will comprise six buildings that will house 134 market-rate units and eight affordable housing units with an average size of 1,068 square feet. Floor plans were not disclosed, but residences will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, pool, lounge area with a coffee bar, parcel room, fire pit, barbecue area, playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the floating-rate loan through Provident Bank on behalf of the developer, Kaplan Cos.
BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has topped out RT500, an 11-story multifamily project located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed RT500, which will be one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Upon completion, which is slated for next summer, the building will offer 179 units and amenities such as an outdoor pool, entertainment lounge, game room, fitness center and coworking space.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $5 million sale of a nine-unit apartment building in Cambridge, located across the Charles River from Boston. The three-story building at 323-327 Columbia St. was constructed in 1920 and offers two- and three-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the off-market transaction.
COLUMBUS, OHIO — ACRES Capital has provided a $72 million loan for the refinancing of the GVX Portfolio, a collection of three multifamily properties in Columbus. The assets include 8 on the Park, Midpoint East and Midpoint West. The portfolio features 347 units and 51,138 square feet of retail space that are part of a larger development known as Grandview Crossing. Thrive Cos. was the borrower.
INDIANAPOLIS — The Community Builders (TCB) and the Mapleton Fall Creek Development Corp. (MFCDC) have broken ground on Central@29, a new $19.5 million affordable housing development to be built on the corner of 29th Street and Central Avenue in Indianapolis. The four-story community will feature 57 units in the city’s Mapleton Fall Creek neighborhood. Eleven homes will be reserved for individuals emerging from homelessness. Units will range from 675 to 1,200 square feet. Income restrictions for individuals and families range from $17,000 to $70,000 per year. Residents will have access to supportive services from partners such as Raphael Health Center. In 2023, MFCDC was awarded Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority (IHCDA). Over a 10-year period, the MFCDC will receive $10 million in tax credits to support Central@29. Additional costs will be supported by the Department of Metropolitan Development HOME and Community Development Block Grants, the city’s Housing Trust Fund, the IHCDA Housing Trust Fund, the Indiana Development Fund and development loans sourced through The Urban League and the Indianapolis African American Quality of Life Initiative. Construction of Central@29 is slated for completion by winter 2026.
DE PERE, WIS. — Marcus & Millichap has brokered the sale of Crow’s Nest Apartments, a 90-unit apartment property in De Pere near Green Bay. The sales price was undisclosed. Located along the Fox River and built in 1972, the asset features a mix of studio, one-, two- and three-bedroom units. Amenities include an indoor pool and sauna, resident lounge, updated laundry facilities and 96 underground parking spaces. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the undisclosed seller and procured the buyer, the MLG Legacy Fund. The property was originally home to several Green Bay Packers players given its location across the river from Lambeau Field, according to Hanlon.
SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz countertops and islands and wine fridges. Amenities include a resort-style pool and hot tub, two open-air courtyards, a fitness center with a sauna and cold plunge, coworking space, a pet spa and dog park and a club room.
TUCSON, ARIZ. — GDL Asset Management has received $22.6 million in refinancing for Villas de la Montaña, a 332-unit apartment community located at 4880 E. 29th St. in Tucson. Brad Miner and Drew Lydon of JLL Capital Markets’ Debt Advisory arranged the fixed-rate, non-recourse loan through Santander Bank for the borrower. Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Community amenities include a swimming pool, stadium-inspired soccer field, playground, resident laundry room, barbecue pits, courtyards, picnic areas, a fitness center, basketball court and a clubhouse. Since the acquisition of the asset in 2021, GDL Asset Management has completed renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, new paint and stainless steel appliances. Exterior renovations included enhanced common areas, pool areas, landscaping, signage and parking lots.
ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 one- and two-bedroom units with vinyl and tile flooring, ceiling fans and private patios or balconies. The gated property features courtyards, a swimming pool, two onsite laundry facilities and garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of Marcus & Millichap represented the seller, while Christian Tait of Marcus & Millichap procured the buyer in the deal.
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Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily
Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …