ERIE, COLO. — The Minneapolis office of Colliers Mortgage has provided a $19.3 million HUD 213 loan for the construction of Village Cooperative of Erie, an age-restricted cooperative residential property in Erie. The borrower is Village Cooperative of Erie. The property will feature 64 one-, two- and two-bedroom plus den units with stainless steel appliances, nine-foot ceilings and in-unit washers/dryers. Community amenities will include underground heated parking, a fitness center, community room with serving kitchen and private meeting room, hobby room, parcel/mail room, on-site management, an elevator, community deck and garden plots.
PLANO, TEXAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired the 302-unit Lakeshore at Preston Apartments in Plano. A lake lies at the epicenter of the garden-style property, which offers one- and two-bedroom units that are reserved for households earning 80 to 100 percent of the area median income. Other amenities include a pool, lounging areas, pickleball court and beach volleyball courts. CBRE represented Comunidad Partners and the seller, Chicago-based Waterton, in the transaction.
KANSAS CITY, MO. — MLG Capital has acquired Summit Crossing, a 336-unit multifamily property in Kansas City. The purchase price and seller were undisclosed. The garden-style townhome and apartment community was built in 2019. Amenities include two heated pools, a clubhouse, fitness center, business center and pickleball courts. Summit Crossing marks MLG’s fourth acquisition in metro Kansas City and brings its total number of units owned in the market to 1,249.
WALDWICK, N.J. — Locally based investment firm Invel Capital has acquired Waldwick Station, a 111-unit apartment complex in Northern New Jersey, for $39 million. Built in 2017, Waldwick Station features one- and two-bedroom units and roughly 1,000 square feet of retail space that is leased to a café/creperie. Amenities include a rooftop terrace, fitness center and a resident lounge. Brian Whitmer, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield brokered the off-market deal. The seller was not disclosed. Michael Klein, Gerard Quinn and John Cumming of JLL arranged acquisition financing through an undisclosed lender on behalf of Invel Capital. Ben Schlegel and Paul McCormick of Ariel Property Advisors arranged $9 million in joint venture equity for the deal through an undisclosed partner.
WESTFIELD, N.J. — REDCOM Design & Construction has completed a 22-unit supportive housing project in Westfield, about 25 miles southwest of Manhattan. The building at 1003 N. Avenue W houses one-bedroom units that are reserved for formerly homeless and at-risk veterans, who as residents will have access to mental health and career training services. REDCOM partnered with The Foundation for Sustainable Veteran Housing and American Legion on the project, with the Westfield chapter of the latter entity being the owner.
SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story multifamily tower located in downtown San Diego, for $309 million. The transaction is the largest multifamily acquisition in San Diego since 2020 and the third-largest multifamily acquisition in the city’s history, according to the locally based buyer. Built in 2018, the community is located adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, and within the Ballpark Village master-planned community. The property offers a mix of studio, one-, two- and three-bedroom units, including penthouse apartments with exclusive access to a lounge on the 32nd floor. Shared amenities include saltwater and heated pools with poolside event space, a 24-hour fitness center, golf simulator and putting green, sun deck and spa, dog park, coffee and herbal tea bar, clubroom, sports lounge, game room and courtyards with outdoor seating, grilling areas and fire pits. Joseph Smolen and Geoff Boler of Eastdil Secured represented the seller, Charleston, S.C.-based Greystar, in the transaction. Greg Stampley and Lee Redmond, also with Eastdil Secured, originated a Fannie Mae acquisition loan of an undisclosed amount on behalf of MG Properties. San Diego-based MG Properties is a privately owned real estate firm specializing …
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
ALEXANDRIA, VA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $165.9 million in acquisition financing for Town Square at Mark Center, a 678-unit apartment and townhome community located at 1459 N. Beauregard St. in Alexandria, about nine miles south of Washington, D.C. The borrower, Boston-based DSF Group, purchased the community from an undisclosed seller. IPA’s Los Angeles office arranged the financing, which was underwritten at a 70 percent loan-to-value ratio with a 35-year amortization schedule. Built in 1996, Town Square at Mark Center was 98 percent occupied at the time of financing.
AUBURN, ALA. — Cushman & Wakefield has arranged the sale of The HUB at Auburn, a 368-bed student housing community located at 626 Shug Jordan Parkway near the Auburn University campus in Alabama. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets team represented the seller, FPA Multifamily, in the transaction. The property was acquired by Capstone Real Estate Investments for an undisclosed price. Developed in 1989, the community consists of six three-story buildings that were 96 percent occupied at the time of sale. The property offers 96 units in two- and four-bedroom configurations, including townhomes. Shared amenities include a fitness center, resort-style pool, shared study spaces and a complimentary coffee bar.
BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two- and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the corner of Baseline Road and SW 170th Avenue, near the Elmonica MAX lightrail station. Metro — the regional government of the Portland metropolitan area in Oregon — provided a Transit Oriented Development grant, as well as an Affordable Housing Bond, for the development. The U.S. Treasury and Oregon Housing and Community Services provided a 4 percent Low-Income Housing Tax Credit. Additional financing sources for the project include Oregon Housing & Community Services, the City of Beaverton, Energy Trust of Oregon, Washington County’s Housing Opportunity Production Fund, HOME funds and Citibank. Elmonica Station is slated for completion in summer 2026. Colas Construction is the general contractor, and Salazar Architect designed the …