Multifamily

JLL Secures $48M Refinancing for Westshore Palm Bay Apartments on Florida’s Space Coast

by John Nelson May 29, 2025

PALM BAY, FLA. — JLL has secured a $48 million loan for the refinancing of Westshore Palm Bay, a 248-unit luxury apartment community located at 2331 Commerce Park Drive NE in Palm Bay, a city on Florida’s Space Coast. Brian Gaswirth, Ted Taylor, Kyle Butler, Aaliyah St. Louis and Noli Muratovic of JLL arranged the floating-rate loan through ACORE Capital LP on behalf of the borrower, Northshore Development. Built in 2023, Westshore Palm Bay features a 24-hour fitness center with on-demand virtual classes, resort-style pool with sun shelves, clubhouse and an 8-acre lake within a nature preserve. The property was 94 percent occupied at the time of financing.

May 29, 2025

Acquisitions Multifamily North Carolina Southeast

Berkadia Brokers $43.8M Sale of Highline North Apartments in Asheville, North Carolina

by John Nelson May 29, 2025

ASHEVILLE, N.C. — Berkadia has brokered the $43.8 million sale of Highline North, a 168-unit apartment community located at 602 Highline Drive in Asheville. The seller, North Carolina-based Carlisle Residential Properties, delivered the property in 2023. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. Jeremy Lynch and Jake Adoni of Berkadia’s Philadelphia office originated a Freddie Mac acquisition loan on behalf of the buyer, Greenville-based Graycliff Capital. Highline North features one-, two- and three-bedroom apartments, as well as three-bedroom townhomes, with units ranging in size from 822 to more than 1,500 square feet. Amenities include a fitness center with cardio and weight lifting equipment; clubhouse featuring a TV lounge, wet bar and shuffleboard; pet spa and park; salt-water swimming pool; Amazon package lockers; detached garages; and electric vehicle charging stations.

May 29, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $2.6M Sale of Multifamily Property in El Monte, California

by Amy Works May 29, 2025

EL MONTE, CALIF. — Marcus & Millichap has directed the purchase of a 12-unit apartment property located at 11122 and 11126 Bonwood Road in El Monte. A private investor acquired the asset for $2.6 million. David Covarrubias and Doug McCauley of Marcus & Millichap procured the buyer in the deal. Built in 1958, the property offers two-bedroom units, an onsite laundry room and 12 parking spaces. Recent capital improvements at the property include a new roof, windows, exterior painting and remodeling on select units.

May 29, 2025

Acquisitions Midwest Missouri Multifamily

CBRE Negotiates Sale of 180-Unit Multifamily Community in St. Peters, Missouri

by Kristin Harlow May 29, 2025

ST. PETERS, MO. — CBRE has negotiated the sale of The Station St. Peters, a 180-unit multifamily community in the western St. Louis suburb of St. Peters. Built in 2024, the property features a range of one- and two-bedroom floor plans averaging 870 square feet. Amenities include a pool, fitness center, clubhouse, coffee bar and outdoor grilling area. Matt Bukhshtaber of CBRE represented the seller, Mia Rose Holdings LLC. Nick Santangelo, Bruce Francis, Shaun Moothart, Bob Ybarra, Doug Birrell, Anna Britt and Amber Coleman of CBRE arranged a $21.7 million acquisition loan on behalf of the buyer, Oregon-based Bonaventure. The 10-year loan features a fixed interest rate and interest-only payments for the full term.

May 29, 2025

Affordable Housing Development Healthcare Multifamily Office Southeast Virginia

Advantage Capital Closes Financing for $51M Office-to-Residential Conversion Project in Falls Church, Virginia

by John Nelson May 28, 2025

FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.

May 28, 2025

Affordable Housing Development Florida Multifamily Southeast

McDowell Housing Partners to Develop 144-Unit Affordable Housing Community in Fort Myers

by John Nelson May 28, 2025

FORT MYERS, FLA. — McDowell Housing Partners, an affordable housing developer and investor with offices in Miami and Dallas, plans to develop Ekos on Evans, a 144-unit community in Fort Myers. The firm recently closed on the acquisition of the 9.3-acre site at 3501 Evans Ave., which is situated less than two miles from downtown Fort Myers. Set for completion in fourth-quarter 2026, Ekos on Evans will feature five garden-style apartment buildings housing one-, two- and three-bedroom units ranging in size from 644 to 1,161 square feet. The units will be income-restricted for households earning 30, 60 and 70 percent of the area median income (AMI). Amenities will include a clubhouse, computer room, fitness room, terrace, grills, swimming pool, playground/tot lot and a dog park. McDowell Housing is receiving $17 million in support through Lee County’s Community Development Block Grant-Disaster Recovery funding, which is designated for areas impacted by Hurricane Ian. The developer is also using 4 percent low-income housing tax credits (LIHTC) to fund the development.

May 28, 2025

Florida Loans Multifamily Southeast

CBRE Arranges $47M Refinancing for Apartment Community in Navarre, Florida

by John Nelson May 28, 2025

NAVARRE, FLA. — CBRE has arranged a $47 million loan for the refinancing of Elevate Navarre, a 332-unit apartment community located at 1900 Elevate Ave. in Navarre, a beach city situated near Pensacola, Fla. Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the three-year, fixed-rate, interest-only loan on behalf of the sponsor and developer, Branch Properties. Voya Investment Management provided the loan, which the Atlanta-based sponsor will use to refinance its existing construction loan. Built in 2022 adjacent to a Publix-anchored shopping center, Elevate Navarre features 11 three-story residential buildings and a clubhouse/leasing center. The property offers one-, two- and three-bedroom apartments with five different floor plans averaging 893 square feet in size. Amenities include a resort-style pool with sun deck, club room with lounge area and billiards, outdoor kitchen/dining area, fitness center with Peloton bikes, pet spa and 565 surface-level parking spaces.

May 28, 2025

Development Multifamily Washington Western

Koelsch Construction Completes 188-Unit Karlo Apartments in Lacey, Washington

by Amy Works May 28, 2025

LACEY, WASH. — Koelsch Construction, on behalf of Koelsch Communities, has completed Karlo Apartments, a $66.5 million, 227,587-square-foot multifamily development in the Hawks Prairie neighborhood of Lacey. Karlo Apartments offers 188 one-, two- and three-bedroom units designed with a focus on modern craftsmanship and resident-centered living. The development caters to a mix of military families, professionals and long-term residents. Situated on 8.7 acres, the property offers a clubhouse, fitness center, pickleball and basketball courts, a children’s playground and pet play areas.

May 28, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sale of Cypress Villa Apartment Property in Covina, California

by Amy Works May 28, 2025

COVINA, CALIF. — Marcus & Millichap has arranged the sale of Cypress Villa, a multifamily community at 19529 E. Cypress St. in Covina. Forgette Family Trust sold the asset to SRI Properties LLC for $2.8 million. Built in 1984, Cypress Villa offers 11 two-bedroom/one-bath units with central air conditioning and heat, two parking spaces per unit and access to an onsite laundry room. Additionally, each unit is individually metered for gas and electricity. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 28, 2025

Loans Multifamily New Jersey Northeast

Berkadia Provides $35.7M Agency Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams May 28, 2025

JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.

May 28, 2025

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