Multifamily

Lee & Associates: Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development

by Sarah Daniels April 29, 2025

The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending with oversupply and softening rent growth. Development is slow across property types. Retail, despite high-profile store closures in early 2025, remains historically tight on space as years of underbuilding keep availabilities near record lows. Office demand has stabilized in several major metros following years of contraction, though vacancy remains elevated. The pipeline of new construction is both drying up and favoring new types of tenants beyond traditional office spaces. Multifamily is seeing strong tenant demand in certain markets despite a flood of new deliveries. Lee & Associates has made their full market report available here (click through for detailed breakdowns and city-by-city information). The information below for the industrial, office, retail and multifamily sectors offers clarity on market-wide demand, rent growth trends and challenges likely to shape trajectories throughout 2025. Industrial Overview: Soft Markets Face Tariff Disruptions North America’s industrial markets …

April 29, 2025

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 164-Unit Apartment Complex in Arlington

by Taylor Williams April 28, 2025

ARLINGTON, TEXAS — Dallas-based investment firm Westmount Realty Capital has sold a 164-unit apartment complex in Arlington. Built on 7.4 acres in 1980, Westmount at Forest Oaks is a garden-style property that offers one- and two-bedroom units with an average size of 736 square feet. Amenities include a pool, playground and a fitness center. Westmount bought the property in 2016 and undertook renovations. William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Westmount in the transaction. The team also procured the undisclosed buyer, which plans to further implement capital improvements.

April 28, 2025

Development Multifamily New Jersey Northeast

Kushner Begins Leasing 265-Unit Apartment Complex in East Hanover, New Jersey

by Taylor Williams April 28, 2025

EAST HANOVER, N.J. — Locally based developer Kushner has begun leasing Livana East Hanover, a 265-unit multifamily project in the Northern New Jersey community of East Hanover. The community features a mix of one- to three-bedroom residences across four buildings and includes 53 affordable housing units. The amenity package comprises a pool, grilling stations, outdoor gaming area, fitness center with a yoga studio, theater room, residents-only clubroom, a conference and coworking facilities. Construction began in June 2022. Rents start at $2,500 per month for a one-bedroom apartment.

April 28, 2025

Development Southeast Student Housing Virginia

Subtext, Kayne Anderson Break Ground on 1,332-Bed Student Housing Development Near University of Virginia

by John Nelson April 28, 2025

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate has broken ground on VERVE Charlottesville, a 1,332-bed student housing project located adjacent to the University of Virginia campus at 100 Stadium Road in Charlottesville. The 12-story community will span 729,262 square feet and offer 463 units in studio, one-, two-, three- and four-bedroom floorplans. Amenities will include a fireside lobby lounge, coffee café, two-story fitness and wellness center, multi-sport gaming lounge, F1 driving simulator, pool terrace, dog spa and pet park, makerspace, an outdoor fitness lawn and dedicated library and study spaces. The joint venture will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of its development agreement with the City of Charlottesville. The development team for the project includes John Moriarty & Associates, Sumitomo Mitsui Banking Corp., ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A and Timmons Group. VERVE Charlottesville is slated for completion in summer 2027.

April 28, 2025

Acquisitions Maryland Multifamily Southeast

29th Street Capital, Willton Investment Acquire 311-Unit Multifamily Community in Metro D.C.

by John Nelson April 28, 2025

SILVER SPRING, MD. — A partnership between Chicago-based 29th Street Capital (29SC) and Willton Investment Management has acquired Fenwick Apartments, a 311-unit multifamily community located in the Washington, D.C. suburb of Silver Spring, three blocks from the Silver Spring Transit Station. Upon completion of the Metro’s Purple Line in 2027, the complex will offer direct access to the I-270 Tech Corridor. Originally built in 2014, Fenwick Apartments — which was 96.8 percent occupied at the time of sale — comprises studio, one- and two-bedroom floorplans ranging in size from 529 square feet to 1,017 square feet, according to Apartments.com. The property is LEED Gold-certified and includes amenities such as a resort-style pool, fitness center, business center and a rooftop lounge with a vertical garden. The partnership plans to renovate the property, with enhancements to the common and amenity areas. 29th Street Living, the in-house property management branch of 29SC, will oversee day-to-day operations at Fenwick.

April 28, 2025

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $8.5M Sale of Apartment Building in Meriden, Connecticut

by Taylor Williams April 28, 2025

MERIDEN, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $8.5 million sale of a 71-unit apartment building in Meriden, located roughly midway between Hartford and New Haven. The building at 32 Cook Ave. houses 10 studios, 27 one-bedroom units, 30 two-bedroom residences and four three-bedroom apartments. Unit interiors and building systems at the property, which was fully occupied at the time of sale, have also been upgraded in recent years. Steve Pappas of Chozick Realty represented the undisclosed seller in the transaction. The buyer was not disclosed.

April 28, 2025

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $18.4M Acquisition Loan for Multifamily Community in Hickory, North Carolina

by John Nelson April 28, 2025

HICKORY, N.C. — Berkadia has provided an $18.4 million bridge loan for the acquisition of Hawks Landing, a 144-unit, garden-style multifamily community located in Hickory. Brian Gould, Miles Drinkwalter and Pat Cunningham of Berkadia’s D.C. Metro team secured financing through Berkadia’s Proprietary Lending Group (PLG) on behalf of the buyers, Maryland-based Klein Enterprises and RM Communities. Constructed in 2018, Hawks Landing is situated at 2778 2nd East St. near Frye Regional Medical Center. The multifamily community offers one-, two- and three-bedroom floorplans ranging in size from 746 square feet to 1,173 square feet, according to Apartments.com. Amenities at the property include a swimming pool, poolside sun deck with ample seating, outdoor grilling area, fully equipped fitness center, fenced pet park, clubhouse and a business center.

April 28, 2025

California Loans Mixed-Use Multifamily Restaurant Retail Western

Dwight Mortgage Provides $48M Construction Loan for Multifamily Project in San Diego

by Amy Works April 28, 2025

SAN DIEGO — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $48 million construction loan for GH 25, a planned multifamily development in San Diego. CAST Development is the borrower and project developer. The loan will be used alongside sponsor equity to fund construction, establish an interest reserve and cover transaction costs for the borrower. The eight-story project will offer 114 studio, one- and two-bedroom apartments with ceiling heights up to 10 feet, floor-to-ceiling glass windows and private balconies. Onsite amenities will include a seventh-floor amenity terrace with a plunge pool, fire pits, barbecues and lounge areas. GH 25 will also feature 3,250 square feet of ground-floor retail space and commercial space anchored by a restaurant and wine bar concept. TFWA Architects is serving as architect for the project.

April 28, 2025

Loans Midwest Multifamily Ohio

Affinius Capital Provides $73.4M Construction Loan for Multifamily Property in Columbus

by Kristin Harlow April 28, 2025

COLUMBUS, OHIO — Affinius Capital LLC has provided a $73.4 million loan to finance the ground-up development of Rockpointe at Quarry Trails, an eight-building multifamily property in Columbus with 486 garden-style units. Thrive Cos. is the developer. The project marks the fourth phase of the Quarry Trails mixed-use development, which is owned by Thrive. Affinius Capital previously provided a bridge loan for the first phase. Amenities at Rockpointe will include a community kitchen, gaming areas, coworking facilities, a pool and cabanas. The 85-acre Quarry Trails will include 1,045 apartment units, 600 for-sale homes, 28,000 square feet of Class A office space and 30,000 square feet of retail and restaurant space. Residents will have access to kayaking, rock climbing and mountain biking, as the development is located within a natural, unmanicured 220-acre metro park. Chad Kiner, Conor Lee, Grant Proegler and Brody Hoying of BWE arranged the financing.

April 28, 2025

Acquisitions Midwest Multifamily Ohio Student Housing

JLL Brokers Sale of 756-Bed Student Housing Community at Miami University in Ohio

by Kristin Harlow April 28, 2025

OXFORD, OHIO — JLL Capital Markets has brokered the sale of Level 27, a 756-bed student housing community serving Miami University in Oxford. Built in 2006, the 216-unit property features a mix of three- and four-bedroom floor plans with an average unit size of 1,603 square feet. Amenities include a fitness center, private movie theater, gaming lounge, outdoor sports courts and clubhouse with study rooms. Teddy Leatherman, Scott Clifton, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented the undisclosed seller. Buyer information was also not provided.

April 28, 2025

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