Tuesday, June 10, 2025
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Multifamily

AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $2.7M Sale of Multifamily Property in Maplewood, Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Marcus & Millichap has brokered the $2.7 million sale of Van Dyke Village Townhomes in the northeastern St. Paul suburb of Maplewood. The 20-unit multifamily property is located at 2191 Van Dyke St. and features two- and three-bedroom units with attached garages. Built in 2004, the asset is situated on 3.6 acres near Maplewood Mall and Keller Regional Park. Evan Miller, Chris Collins, Eric Wagner and Matthew Shide of Marcus & Millichap represented the seller, Van Dyke Street Homes LP, the original developer. Miller and Collins procured the buyer, Dadder’s Estates LLC.

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Soma-Towers-Bellevue-WA
AcquisitionsMultifamilyWashingtonWestern

Su Development Disposes of Soma Towers Multifamily Community Near Seattle for $192.8M

by Amy Works

BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, an apartment property located at 288 106th Ave. NE in Bellevue, to The Sobrato Organization for $192.8 million. Consisting of two towers, Soma Tower features 273 apartments in a mix of studio, one- and two-bedroom floor plans and two- and four-bedroom penthouse suites. The towers also offer 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal.

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Azul-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Living Well Homes Sells Azul Apartment Property in Phoenix for $37.1M

by Amy Works

PHOENIX — Living Well Homes has completed the disposition of Azul, a multifamily community in Phoenix, to a private buyer for $37.1 million, or $163,436 per unit. Completed in 1986, Azul offers 227 studio, one- and two-bedroom apartments with an average unit size of 766 square feet and in-unit washers/dryers in most floor plans. The two-story, garden-style community features two swimming pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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21-West-Pittsburgh
DevelopmentMultifamilyNortheastPennsylvania

JLL Arranges $67M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams

PITTSBURGH — JLL has arranged a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. The site at 430 W. General Robinson St. is located within Pittsburgh’s primary entertainment district, with PNC Park, Acrisure Stadium, Rivers Casino and the Andy Warhol Museum all within walking distance. The project will comprise 313,000 rentable square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on the 11th floor, rooftop deck with pool, concierge services, coworking space, fitness center and wellness suite. Nick Unkovic and Zach Barone of JLL arranged the four-year, floating rate loan through Dollar Bank on behalf of the developer, a joint venture between Oxford Development Co. and RDC.

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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DevelopmentFloridaLoansMultifamilySoutheast

13th Floor, JSB Capital Group Obtain $67.5M Construction Loan for Multifamily Project in Davie, Florida

by John Nelson

DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit multifamily project in the north Miami suburb of Davie. Santander Bank provided the loan. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will feature studio, one-, two- and three-bedroom units ranging in size from 568 square feet to 1,415 square feet. Amenities at the property will include a clubhouse with a resort-style pool, fitness center, business center with coworking areas and about 6,200 square feet of ground floor retail space. The site for Parks at Davie is located on the east side of Broward College’s Davie campus near the Florida Turnpike. 13th Floor and JSB Capital expect to break ground later this month, with completion slated for 2027.

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DevelopmentFloridaMultifamilySoutheast

Vista Residential Breaks Ground on 221-Unit Multifamily Development in Palm Beach Gardens, Florida

by John Nelson

PALM BEACH GARDENS, FLA. — Vista Residential Partners has broken ground on Gardens Vista, a 221-unit multifamily development located in the South Florida city of Palm Beach Gardens. Situated on 6.7 acres, Gardens Vista is less than one mile from Gardens Mall and the Nova Southeastern University campus. Atlanta-based Niles Bolton Associates is designing the project. The four-story, Spanish colonial-styled community will offer 131 one-bedroom, 68 two-bedroom and 22 three-bedroom apartments, with 10 percent of its units designated as workforce housing. Amenities at the complex will include a resort-style swimming pool, gym, two pickleball courts, interactive game room, coworking spaces, 24/7 package concierge, electric vehicle charging stations, dog park and a nature preserve.  Vista Residential has partnered with a global asset manager representing an unspecified state-sponsored pension fund, as well as a Midwest insurance company, for the financing of the development.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $11.2M Sale of Brooklyn Multifamily Property

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Red Oak Capital Provides $8.7M Acquisition Loan for Multifamily Property in East Point, Georgia

by John Nelson

EAST POINT, GA. — Red Oak Capital Holdings has provided an $8.7 million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit multifamily community in the southwestern Atlanta suburb of East Point within three miles of Hartsfield-Jackson Atlanta International Airport. Underwritten within Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year term with a 73.9 percent loan-to-value ratio. Dave Christensen, Thomas Gorsk and James Myatt of Red Oak originated the loan. Arden Gist of Gist Group LLC arranged the financing on behalf of the borrower, Atlanta-based Miller Capital Properties. The loan proceeds will fund the property’s acquisition and approximately $1.3 million in capital improvements, equating to roughly $15,350 per unit. Interior upgrades will include new appliances, flooring, paint, doors, cabinetry and bathroom fixtures. Exterior renovations will address roofing, siding, landscaping, asphalt and HVAC system repairs, among other common area enhancements. Situated at 4060 Janice Drive, Garden Courts Apartments sits on 5.5 acres and comprises six, two-story buildings. Built in 1983, the property features 24 one-bedroom, 60 two-bedroom and one three-bedroom apartments, as well as a single-family rental home. Amenities at the complex include a swimming pool, laundry facilities, basketball court and a …

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