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Multifamily

DevelopmentMixed-UseMultifamilyTexasTop Stories

Texas Rangers, Cordish Top Out 300-Unit One Rangers Way Apartments in Arlington, Texas

by John Nelson

ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit apartment development in the Dallas suburb of Arlington. The community is the multifamily component of Cordish’s Arlington Entertainment District and is situated steps away from Globe Life Field, the home ballpark of the Rangers. One Rangers Way will offer a mix of studio, one- and two-bedroom apartments with rental rates starting at the $1,500s, as well as penthouses with rates starting in the $4,000s. Each apartment will feature high-end interior finishes and appliances, including in-unit washers and dryers, high ceilings and floor-to-ceiling windows. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World Series title. “One Rangers Way will bring an upscale residential component to the Arlington Entertainment District, which has become one of the fastest-growing sports and entertainment destinations in the country,” says Ray Davis, managing partner and majority owner of the Rangers. “This project also reflects the tradition of the Rangers as many of the franchise’s legendary players are being incorporated into the branding of the building.” The property will feature 43,000 square feet of amenities, including an …

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Rivette-Tower-Austin
DevelopmentMultifamilyTexas

Ryan Cos. Begins Leasing 345-Unit Rivette Tower Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has begun leasing Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities include a pool, rooftop deck, coworking space and outdoor gathering areas. Construction began in March 2022 and topped out in November 2023. Rents start at $1,900 per month for a one-bedroom apartment.

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LoansMultifamilyNew JerseyNortheast

HKS Real Estate Arranges $46.5M CMBS Refinancing for Northern New Jersey Multifamily Property

by Taylor Williams

PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit multifamily property located in the Northern New Jersey community of Paramus. The newly built property consists of three buildings on a 35-acre site. According to Apartments.com, the property is named Soldier Hill Commons and exclusively houses two-bedroom units. John Harrington of HKS Real Estate arranged the loan through Citigroup on behalf of the undisclosed borrower.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Trinity Financial Begins Multifamily Redevelopment Project in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and New York City, has begun a multifamily redevelopment project in Worcester. The firm, in partnership with the Worcester Housing Authority, is redeveloping The Curtis Apartments, a 372-unit property that was originally built in the 1950s. The first phase of the project consists of 129 units in two buildings, replacing 90 former public housing units and adding 39 additional affordable units that will be reserved for households earning up to 60 and 80 percent of the area median income.

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DevelopmentFloridaMultifamilySoutheast

Doster Construction Completes 325-Unit Novel Parkway Apartments in Sanford, Florida

by John Nelson

SANFORD, FLA. — Working on behalf of Crescent Communities, Doster Construction Co. has completed Novel Parkway, a 325-unit apartment community situated along International Parkway in Sanford, a northeast suburb of Orlando. The property features a mix of one-, two- and three-bedroom apartments ranging in size from 656 to 1,527 square feet. Monthly rental rates range from $1,700 to $3,437, according to Apartments.com. Novel Parkway features 10,000 square feet of amenities, including a pool, fitness center, clubhouse, business center and walking/biking trails.

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AcquisitionsFloridaMultifamilySoutheast

Cortland Acquires 240-Unit Harbour Cove Apartments in South Florida, Plans Renovation

by John Nelson

PEMBROKE PINES, FLA. — Atlanta-based Cortland has acquired Harbour Cove, a 240-unit, Class B apartment community located in Pembroke Pines, a city in South Florida’s Broward County. Cortland has renamed the property as Cortland Harbour Cove. The community features two-bedroom apartments and three-bedroom units with dens, as well as a fitness center, clubhouse, playground, tennis courts and volleyball courts. Cortland plans to make capital improvements to the property, including full kitchen renovations, new lighting and plumbing fixtures, cosmetic upgrades to the clubhouse and fitness center and the addition of a new dog park and pickleball court. Nearby attractions to Cortland Harbour Cove include Pembroke Pines City Center and Miramar. The seller and sales price were not disclosed. With this acquisition, Cortland now owns and operates four assets in Broward County alone and 46 assets spanning more than 16,000 units across Florida.

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GeorgiaLoansMultifamilySoutheast

BWE Arranges $35M Refinancing of Sedgefield Apartments in Marietta, Georgia

by John Nelson

MARIETTA, GA. — BWE has arranged a $35 million bridge loan for the refinancing of Sedgefield Apartments, a 280-unit multifamily community located at 1136 W. Commons Lane in Marietta, a northwest suburb of Atlanta. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the interest-only loan on behalf of the borrower, RPM Living. Sedgefield Apartments features one-, two- and three-bedroom floor plans, as well as a fitness center, playground, green space, swimming pool, laundry facility and a grilling area.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Magnus Capital Partners Begins Development of 202-Unit Workforce Housing Community in West Michigan

by Kristin Harlow

HOLLAND, MICH. — Magnus Capital Partners has begun development of HōM Flats at 24 East, a 202-unit workforce housing development in western Michigan’s Holland. The three-building property will feature more than 13,000 square feet of retail space, including an onsite childcare center and suites reserved for locally owned businesses. Amenities will include a pickleball court, fitness studio, coworking lounge, café, indoor and outdoor play areas, art studio, package delivery area, pet-washing stations, indoor bike storage, rooftop terraces, walking paths and dog parks. Leasing is expected to begin in 2026. HōM Flats is the workforce housing platform of Magnus. Residents have access to monthly event programming like financial literary classes, art programs and career services. Hooker DeJong Inc. is the project architect, and Rhode Construction will serve as general contractor. Merchants Capital arranged more than $81 million in financing for the project, which is financed through private and public funding sources, including a 4 percent Low-Income Housing Tax Credit (LIHTC) allocation from Michigan State Housing Development Authority. Merchants Capital provided $14.2 million in LIHTC equity and a $27.9 million Freddie Mac unfunded forward tax-exempt loan. Merchants Bank provided a $31 million construction loan and $8 million equity bridge loan.  

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.1M Sale of Three-Property Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a three-property, 18-unit multifamily portfolio on Chicago’s Northwest Side for $3.1 million. The six-flat buildings, located at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave. and 5240 N. Oakview Ave., were all built in 1969. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership. Jay Chandran of Jay C. Realty represented the buyer, a local partnership.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Marcus & Millichap Brokers $13.3M Sale of Courtyard by Marriott Hotel in Charleston

by John Nelson

CHARLESTON, S.C. — Marcus & Millichap has brokered the $13.3 million sale of Courtyard North Charleston, a 123-room hotel located at 2415 Mall Drive in Charleston. Built in 1999, the hotel is situated near Charleston International Airport, Tanger Outlets Charleston and the Charleston Area Convention Center. The property features an outdoor swimming pool, fitness center, and meeting and banquet facilities. Jack Davis, Joce Messinger and Chase Dewese of Marcus & Millichap’s Charleston office procured the buyer, Baron Hospitality, in the transaction. The seller was not disclosed.

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