Multifamily

Archway Equities Acquires The Paseos at Montclair Apartments in California for $150M

by Jeff Shaw July 26, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit apartment community in the Inland Empire city of Montclair, for $150 million. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge. Pacific Urban Investors’ structured finance group provided preferred equity to facilitate the transaction. The seller was not disclosed.

July 26, 2023

Acquisitions Multifamily North Dakota Western

Friedman Real Estate Negotiates Sale of West River Apartments in Dickinson, North Dakota

by Jeff Shaw July 26, 2023

DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.

July 26, 2023

Development Loans Multifamily New Jersey Northeast

Titanium Realty Group Receives $42.5M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams July 26, 2023

JERSEY CITY, N.J. — Regional developer Titanium Realty Group has received a $42.5 million bridge loan for a newly built, 148-unit multifamily project in Jersey City. The 19-story building houses 80 studios, 46 one-bedroom units, 19 two-bedroom residences and three three-bedroom apartments, as well as 4,500 square feet of ground-floor retail space. Daniel Cohen and Tal Savariego of Meridian Capital Group arranged the debt through Lightstone Capital Group. Proceeds will be used to retire existing debt and fund lease-up costs.

July 26, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $16.3M in Financing for Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams July 26, 2023

WAREHAM, MASS. — MassHousing has provided $16.3 million in financing for the development of a 93-unit affordable housing project in Wareham, located near Cape Cod in the southern part of The Bay State. The development will consist of two complexes that will feature a range of floor plans and income restrictions, as well as shared amenities. The financing includes $8.4 million in permanent financing, a $6.6 million bridge loan and $1 million from the agency’s workforce housing initiative. The borrower is Pennrose LLC.

July 26, 2023

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8M Sale of Manhattan Apartment Building

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8 million sale of a 37-unit apartment building in Manhattan’s Gramercy Park neighborhood. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, a long-term owner, in the transaction and procured the purchaser, a private investor. Both parties requested anonymity. The property was 84 percent occupied at the time of sale.

July 26, 2023

Acquisitions Georgia Multifamily Southeast

Northland, Ascent Purchase 216-Unit Glenwood at Grant Park Apartments in Atlanta

by John Nelson July 25, 2023

ATLANTA — Northland has partnered with Ascent Property Management to purchase Glenwood at Grant Park, a 216-unit apartment community located in Atlanta’s Grant Park neighborhood. The seller and sales price were not disclosed. Built in 2016, the midrise property features a mix of studio, one- and two-bedroom apartments. Amenities include a 24-hour business center, fitness center, bocce ball court, coffee bar, resort-style pool and courtyard, pet washing station, a resident lounge and game room, package lockers, EV charging stations and access to the Atlanta BeltLine. This is Northland’s ninth acquisition in Georgia since entering the market in 2020.

July 25, 2023

Development Multifamily Texas

Partnership Breaks Ground on 436-Unit Multifamily Project in Carrollton, Texas

by Taylor Williams July 25, 2023

CARROLLTON, TEXAS — A partnership led by Atlanta-based Integral Group has broken ground on EVIVA Trinity Mills, a 436-unit multifamily project located in the northern Dallas metro of Carrollton. The project is being developed as part of Trinity Mills Station, a 25-acre urban village located adjacent to a Dallas Area Rapid Transit (DART) Green Line Station. The community will house studio, one- and two-bedroom units and roughly 11,000 square feet of retail space. Completion is slated for November 2025. Other members of the development team include Koa Partners and Artemis Real Estate Partners.

July 25, 2023

Affordable Housing Loans Multifamily Texas

BWE Provides $7.1M Agency Refinancing of Affordable Housing Complex in Houston

by Taylor Williams July 25, 2023

HOUSTON — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $7.1 million Freddie Mac loan for the refinancing of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. The 16-building property offers amenities such as a pool, courtyard and onsite laundry facilities. Units are reserved for renters earning up to 30, 50 and 60 percent of the area median income. Jon Killough and John Roberts of BWE originated the financing, which was structured with a fixed interest rate, 15-year term and a 40-year amortization schedule. The borrower was Alabama-based Envolve Communities.

July 25, 2023

Development Illinois Midwest Multifamily

McHugh Construction Tops Out Cassidy on Canal Apartment Tower in Chicago’s Fulton River District

by Kristin Harlow July 25, 2023

CHICAGO — McHugh Construction has topped out construction of Cassidy on Canal, a 33-story apartment tower in Chicago’s Fulton River District. The project team includes co-developers The Habitat Co. and Diversified Real Estate Capital LLC as well as architect Solomon Cordwell Buenz. In a nod to the site’s history, bricks from the former Cassidy Tire building were used a baseline for selecting bricks for the new structure. The 355-foot-tall tower will offer studios, one- and two-bedroom units. The fifth-floor amenity space will include a fitness center, game room, various clubrooms, a coworking center, spa with sauna, pool, sun deck and grilling areas. First move-ins are slated for spring 2024.

July 25, 2023

Acquisitions Midwest Multifamily Ohio

Reynolds Asset Management Acquires 125-Unit Multifamily Property in Suburban Cleveland

by Kristin Harlow July 25, 2023

BROOK PARK, OHIO — Reynolds Asset Management has acquired Park Place Apartments in Brook Park, a southwest suburb of Cleveland. The purchase price and seller were undisclosed. Northwest Bank provided acquisition financing. Renovations at the property are slated to begin in the next 90 days and are expected to be completed by next summer. Park Place Apartments was originally built in 1955 and more than half of its units were renovated in 2016.

July 25, 2023

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