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Multifamily

123-W-Imperial-Ave-Las-Vegas-NV
DevelopmentMultifamilyNevadaWestern

CEDARst Cos., Bridge Investment Group Break Ground on $112M Flat Arts District Multifamily Development in Las Vegas

by Amy Works

LAS VEGAS — A joint venture between CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million multifamily project on 2.2 acres in Las Vegas. Constructed is slated to take 24 months, with delivery of the first units expected around mid-year 2026. Located at 123 W. Imperial Ave., Flats Arts District will feature 311 studio, one-, two- and three-bedroom units, 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems and keyless entry. Community amenities will include a large fitness center, resort-style spa facilities with water circuitry and saunas, coworking spaces and a sunset deck/lounge.

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Central-Station-Phoenix-AZ
ArizonaDevelopmentMixed-UseMultifamilyOfficeRetailStudent HousingWestern

GMH Communities Plans 1 MSF Central Station Mixed-Use Project in Phoenix

by Amy Works

PHOENIX — GMH Communities has unveiled plans for Central Station, a 1 million-square-foot, mixed-use, transit-oriented community in Phoenix. The project will consist of two residential towers that will offer market-rate, student and workforce housing, two levels of below-grade parking, a transit hub, retail space and office space. Adjacent to Civic Space Park and Arizona State University’s downtown Phoenix campus, the 22-story student housing tower will offer 655 beds, and the 33-story residential building will offer 338 units. The project team includes Medistar, Layton Construction, Multistudio and CBRE Investment Management.

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Bethesda-Senior-Living-Grand-Junction-CO
AcquisitionsColoradoMultifamilySeniors HousingWestern

Ziegler Brokers Sale of Bethesda Senior Living Community in Grand Junction, Colorado

by Amy Works

GRAND JUNCTION, COLO. — Ziegler has acted as exclusive financial advisor to Bethesda Senior Living on the sale of an assisted living community located in Grand Junction, near the Utah border. Bethesda Senior Living is a faith-based, nonprofit operator of over 20 seniors housing communities spanning the Midwest and West regions. Cornerstone Management purchased the community in conjunction with a private real estate fund and took over operations. The price was not disclosed.

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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InterFace Conference Investor Panel
Affordable HousingDevelopmentFeaturesMultifamily

InterFace Panel: Workforce Housing Growth Limited by Lack of Incentives for Developers, Investors

by Jeff Shaw

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically this means there is a large market to serve by building workforce housing communities. However, while some developers, owners and investors see a world of new opportunities in this sector, others are more skeptical that workforce housing projects can be developed on a larger scale without more support from federal, state and local governments. This was the topic of discussion during a panel titled “Who is building, developing and investing in the Southeast?” at the inaugural InterFace Affordable Housing Southeast conference. The event was held on Thursday, May 9 at the Cobb Galleria Center in Atlanta. France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine hosted the conference, which drew about 170 industry professionals.  Workforce housing targets the missing middle Workforce housing is designed to …

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GeorgiaLoansMultifamilySoutheast

Walker & Dunlop Secures $78.6M Refinancing for Ann Street Lofts Apartments in Savannah

by John Nelson

SAVANNAH, GA. — Walker & Dunlop has arranged a $78.6 million bridge loan for the refinancing of Ann Street Lofts, a six-story multifamily community located at 111 Ann St. in Savannah’s Historic District. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop’s New York office arranged the floating-rate loan through BentallGreenOak on behalf of the borrower and developer, Tidal Real Estate Partners LP. The five-year loan retires previous construction debt on the property provided by Cerberus Capital Management. Delivered last year by Tidal, Ann Street Lofts features 162 studio apartments, 51 one-bedroom units, 19 two-bedroom apartments and 10,000 square feet of retail space that is in lease-up. Amenities include coworking space, an art studio, fitness center and EV (electric vehicle) charging stations.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

CBRE Arranges $45.9M Acquisition Financing for Preston Apartments in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — CBRE has arranged $45.9 million in acquisition financing for The Preston, a 334-unit apartment community located at 100 Preston Creek Drive in McDonough, a southeast suburb of Atlanta. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, ARC Multifamily, which purchased the property for approximately $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of the borrower. Built in 2001, The Preston features a mix of one-, two- and three-bedroom apartments ranging in size from 767 to 1,794 square feet. Amenities include two swimming pools, a grilling area, business center and a resident lounge.

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Oaks-on-Marketplace-Kyle
AcquisitionsMultifamilyTexas

SPI Advisory Sells 254-Unit Oaks on Marketplace Apartments in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Texas-based private equity firm SPI Advisory has sold Oaks on Marketplace, a 254-unit apartment complex located in the southern Austin suburb of Kyle. The property was built in 2017 and offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, fitness center, clubhouse and a dog park. SPI Advisory acquired the property in 2019 as part of a portfolio deal and implemented a value-add program. The buyer was not disclosed, but the property website currently identifies metro Chicago-based Sherman Residential as the owner and operator. The new ownership has rebranded the property as Axis Marketplace.

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LoansMidwestMultifamilyWisconsin

Pearlmark Receives $7M Loan for Refinancing of Apartment Community in Suburban Milwaukee

by Kristin Harlow

BROOKFIELD, WIS. — Pearlmark has received a $7 million mezzanine loan for the refinancing of The Ruby at Brookfield Square, a 231-unit apartment community in the Milwaukee suburb of Brookfield. The property is part of the larger mixed-use development, Brookfield Square, which is a redevelopment of a shopping mall completed in September 2023. The community consists of two four-story buildings connected by a skybridge. Amenities include a pool, golf simulator, fitness studio, lounge, game room, coworking spaces, storage units and a pet spa. Värde Partners provided the senior loan on behalf of Pearlmark Mezzanine Realty Partners V LP. Mark Witt of Pearlmark arranged the financing. Wingspan Development Group was the developer of the property.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

SLIB Arranges Sale of 188-Unit Seniors Housing Property Near Chicago

by Kristin Harlow

CHICAGO — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 188-unit independent living, assisted living and memory care community in a southern submarket of Chicago. The seller was a Midwest-based institutional capital provider, and the buyer was a Midwest-based owner-operator looking to expand its footprint throughout the region. Brad Clousing, Daniel Geraghty and Ryan Saul of SLIB brokered the transaction.

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