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Multifamily

3490-S-Carr-St-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

Capstone Arranges $5.4M Sale of The Ridge at 285 Multifamily Property in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Capstone has brokered the sale of The Ridge at 285, a multifamily property located at 3490 S. Carr St. in Lakewood. The asset traded for $5.4 million. The names of the seller and buyer were not released. Constructed in 2020, the property features 12 townhome-style, three-bedroom/two-and-a-half bath apartments. All apartments feature stainless steel appliances, in-unit washers and dryers, and attached garages. Christian Burgdof and Sean Holamon of Capstone handled the transaction.

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ArkansasDevelopmentSeniors HousingSoutheast

HDG Opens First Senior Living Community in Maumelle, Arkansas

by John Nelson

MAUMELLE, ARK. — Health Dimensions Group (HDG) has opened Mira at Maumelle, which the developer asserts is the first senior living community in the Little Rock suburb of Maumelle. Mira at Maumelle provides independent living, assisted living and memory care services. The number of units was not disclosed. HDG manages the property, bringing its portfolio to 48 communities in eight states.

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Seabrook-Square-Austin
DevelopmentLoansMultifamilyTexas

Partnership Breaks Ground on 204-Unit Affordable Housing Project in East Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between nonprofit developer The NHP Foundation, Capital A Housing and the Austin Housing Finance Corp. has broken ground on Seabrook Square, a 204-unit affordable housing project in East Austin. Units will be reserved for households earning 60 percent or less of the area median income, and Seabrook Square will also house 3,000 square feet of commercial space. Financing for the project includes a $40 million tax-exempt bond issued by the City of Austin; $32.3 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated by Boston Financial; $13.5 million in subordinate debt financing from the Austin Housing Finance Corp.; and a $3.4 million construction loan from Citibank. Completion is slated for late 2025.

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Arcadia-Views-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Capro Acquires Arcadia Views Apartments in Phoenix for $8.5M

by Amy Works

PHOENIX — Las Vegas-based Capro Arcadia Views LLC has purchased Arcadia Views, a multifamily property at 2640 N. 52nd St. in Phoenix. Kinella Capital sold the asset for $8.5 million. Built in 2023, Arcadia Views features 16 one- and two-bedroom apartments with chef-inspired kitchens, outdoor areas and smarthome designs throughout. Select units also offer views of Camelback Mountain. David Fogler, Steven Nicoluzakis and Race Carter of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

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Gemma-Gramercy-Manhattan
LoansMultifamilyNew YorkNortheast

JLL Arranges $70.6M Agency Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has arranged a $70.6 million Fannie Mae loan for the refinancing of a 108-unit apartment building located at 200 E. 23rd St. in Manhattan’s Gramercy Park neighborhood. Known as Gemma Gramercy, the newly constructed building rises 20 stories and was 80 percent occupied at the time of the loan closing. Residences come in studio, one- and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace, coworking space, lounge and entertainment room, media room and package handling services. Evan Pariser, Michael Shmuely, Michael Zaremski and John Flynn of JLL originated the 10-year, fixed-rate loan on behalf of the borrower and developer, SMA Equities.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $26M Sale of Bronx Multifamily Property

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $26 million sale of a 237-unit multifamily property in The Bronx. The 17-story building sits on a five-acre site at 1500 Noble Ave., in between the West Farms and Parkchester neighborhoods. The unit mix consists of 50 one-bedrooms, 136 two-bedrooms and 51 three-bedrooms. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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DevelopmentMultifamilyNew JerseyNortheast

Fields Grade, Alpine Residential Begin Leasing 39-Unit Apartment Building in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Starling, a 39-unit apartment building in Jersey City’s Bergen-Lafayette neighborhood. Designed by GRT Architects, Starling offers studio, one-, two- and three-bedroom units and amenities such as a rooftop lounge, fitness center, coworking space, golf simulator and a package room, as well as ground-floor restaurant space. Rents start at $2,690 per month for a studio apartment.

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

Essex Capital, Ascend Property Group Break Ground on Front Row Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is now underway, following news last week that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated for delivery in late 2025, followed by apartments and office space in early 2026. Upon full build-out, the first phase of Front Row will comprise two six-story buildings featuring 545 apartments, 36,000 square feet of office space and 47,000 square feet of retail space. Further plans for the project — including a hotel, a class A office tower and luxury condos — will be disclosed at a later date, according to the developers. The development will be situated across from the Von Braun Center, a 170,000-square-foot entertainment center that opened its doors in 1975. The developers state that Front Row is intended to interlink the Von Braun Center with other key areas of the city, such as Big Spring Park, Fountain Circle, University of Alabama Huntsville and Downtown Greenway. The project’s team also includes …

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FloridaLoansMultifamilySoutheast

Terra, New Valley Obtain $127M Refinancing for Metro Miami Multifamily Community

by John Nelson

HIALEAH, FLA. — Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the refinancing. Delivered in 2023, Natura Gardens is a 460-unit, garden-style apartment community that was more than 97 percent occupied at the time of refinancing.

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AcquisitionsFloridaSoutheastStudent Housing

CBRE Brokers Sale of 592-Bed Student Housing Property Near University of Florida

by John Nelson

GAINESVILLE, FLA. — CBRE has brokered the sale of Social 28, a 592-bed student housing property located across the street from the University of Florida campus in Gainesville. Nimes Real Estate acquired the community and has partnered with Timberline Real Estate Ventures to begin repositioning efforts. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in the transaction, in partnership with CBRE Jacksonville Multifamily. Located at 311 SW 13th St., Social 28 offers fully furnished units and shared amenities including a fitness center with a yoga room; two social lounges; private study rooms; and a rooftop amenity space including a resort-style swimming pool, spa, fireplace and grilling station.

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