Multifamily

University of Utah, ACC Break Ground on 1,400-Bed Student Housing Development in Salt Lake City

by Amy Works February 3, 2025

SALT LAKE CITY — The University of Utah (The U) and American Campus Communities (ACC), in a public-private partnership, have broken ground on a $155 million student housing complex in Salt Lake City. The six-story residence hall will add 1,400 beds for first- and second-year students. The U will manage and program the first floor to feature common indoor and outdoor social areas, new dining facilities and fitness areas. The development is part of ACC’s American Campus Equity (ACE program), which enables universities to expand and enhance student housing without taking on additional debt. Under a 55-year lease agreement that includes two 10-year extensions for a final term of 75 years, ACC will manage and own a leasehold interest in the property. The project team includes MHTN Architects, Ayers Saint Gross and Okland Construction. The new residence hall is slated to open for occupancy in fall 2026.

February 3, 2025

Acquisitions Multifamily Washington Western

Northmarq Brokers $19.9M Sale of Richland Court Apartments in Richland, Washington

by Amy Works February 3, 2025

RICHLAND, WASH. — Northmarq has arranged the sale of Richland Court, a multifamily property located at 2433 George Washington Way in Richland. KEI Apartment Fund 9 LLC sold the asset to BLV-Richland Court LLC for $19.9 million. Built in 1994, Richland Court offers 88 one-, two- and three-bedroom apartments and 142 parking spaces, including 10 garage, 24 carport and 108 surface spots. Apartment amenities include full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings and ADA-accessible rooms. Community amenities include onsite maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, a recreation center, spa and tanning bed. Tyler Smith, Joe Kinkopf and Steve Fischer of Northmarq’s Seattle Multifamily Investment Sales team represented the seller in the deal.

February 3, 2025

Acquisitions Indiana Midwest Multifamily

Lauth Communities Acquires 296-Unit Apartment Property in Plainfield, Indiana

by Kristin Harlow February 3, 2025

PLAINFIELD, IND. — Lauth Communities has acquired Apex at Perry Crossing Apartments in the Indianapolis suburb of Plainfield for an undisclosed price. Built in 2023, the garden-style development features a resort-style pool, resident clubhouse, fitness center, coworking area, pickleball court, fenced pet park, game lounge and maker’s room. There are 15 residential buildings on the 26.2-acre property. Floor plans range from 721 to 1,381 square feet. There are also townhome-style floor plans with hallway garage access. Hannah Ott and Cam Benz of CBRE represented the undisclosed seller. Krieg DeVault assisted Lauth with its purchase.

February 3, 2025

Affordable Housing Development Illinois Midwest Multifamily

Skender Completes Construction of Fifth City Commons Affordable Housing Complex in Chicago

by Kristin Harlow February 3, 2025

CHICAGO — Skender has completed construction of Fifth City Commons, a 43-unit affordable housing complex in Chicago’s East Garfield Park neighborhood. The units are reserved for residents with incomes ranging between 30 and 80 percent of the area median income. Additionally, all units were built to Passive House standards of sustainable energy use. The project site was vacant land for decades. As a part of the global C40 Reinventing Competition for Cities, which encourages municipalities around the world to use vacant land for sustainable, net-zero redevelopment, the City of Chicago selected the site for redevelopment in 2019. Sitting at the gateway to a part of Garfield Park called Fifth City, the 1.5-acre development was named after this geography to honor the community development organization of the same name that was active in the neighborhood throughout the 1960s. Construction on the property began in July 2023. The new three-story facility includes community rooms, a resident terrace, fitness room, laundry facilities and onsite management offices. Skender and joint venture partner Ashlaur Construction collaborated with Nia Architects and Perkins&Will, and engineering firms dbHMS, Rubinos & Mesia Engineers, Omni Ecosystems and TERRA Engineering. Tandem Ventures managed regulatory compliance and maximized community engagement to create …

February 3, 2025

Acquisitions Multifamily Texas

S2 Capital Buys 590-Unit Apartment Community in North Dallas

by Taylor Williams February 3, 2025

DALLAS — Locally based investment firm S2 Capital has purchased Landmark at Gleneagles, a 590-unit apartment community in North Dallas. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 683 to 1,300 square feet. Amenities include a fitness center, business center, pool, playground, basketball court, tennis court, game room, lounge and outdoor grilling and dining areas, according to Apartments.com, which also noted that the property has been rebranded as The Monte. S2 Capital purchased the asset as part of a sale of a larger, 1,768-unit portfolio that included four properties in Tennessee.

February 3, 2025

Affordable Housing Development Multifamily New Jersey Northeast

Walters Completes 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams February 3, 2025

CHATHAM, N.J. — New Jersey-based developer Walters has completed Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The building sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023.

February 3, 2025

Development Florida Hospitality Multifamily Southeast Top Stories

Partnership Unveils Plans for $850M Hotel, Residential Skyscraper in Downtown Miami

by Taylor Williams February 3, 2025

MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …

February 3, 2025

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Multifamily Supply Hits Record High in Raleigh-Durham as Development Pipeline Empties

by John Nelson February 3, 2025

This year, multifamily housing starts nationally are on pace to hit their lowest levels since 2014, a period marked by the national economy’s gradual recovery from the Great Financial Crisis. Year to date, multifamily deliveries have exceeded starts by 218,500 units, creating a substantial shortfall that signals a significantly reduced apartment supply by 2026. The same trend is taking effect in Raleigh-Durham, where completions exceeded starts by 4,935 units. This is a key consideration for most apartment investment strategies today, explaining why many buyers are willing to accept Year 1 challenges such as softness or negative leverage. As the current supply wave peaks in the Triangle, the future pipeline of multifamily construction is shaping up quite different. Of the identified units that are scheduled for delivery in 2024, nearly 42 percent of units have been delivered as of this writing. Of the approximately 18,600 apartments currently under construction across the Triangle, 13,343 of those are expected to be delivered by the end of third-quarter 2025, with a majority in Central and Southeast Raleigh. However, new activity has slowed significantly — inventory growth by 2027 is projected to drop by more than 85 percent, plummeting to a 3.6 percent rate compared …

February 3, 2025

Acquisitions Multifamily Texas

JLL Brokers Sale of 752-Unit Retreat at Mesa Hills Apartments in El Paso

by Taylor Williams January 31, 2025

EL PASO, TEXAS — JLL has brokered the sale of Retreat at Mesa Hills, a 752-unit apartment community in El Paso. Developed in phases beginning in 1995, Retreat at Mesa Hills is located just off I-10 in the city’s Upper West Side neighborhood. Units come in one-, two- and three-bedroom floor plans and range in size from 538 to 2,127 square feet. Amenities include three pools with a tanning deck and private cabanas, a fitness center, two tennis courts, two sand volleyball courts, clubroom, game room, theater and an onsite Starbucks Coffee shop. Steven Hahn Jr., Art Barnes, Roberto Casas and William Jennings of JLL represented the seller, JRK Property Holdings, in the transaction. The buyer and sales price were not disclosed.

January 31, 2025

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 271-Unit Grand at Manor Apartments in Metro Austin

by Taylor Williams January 31, 2025

MANOR, TEXAS — Berkadia has arranged the sale of The Grand at Manor, a 271-unit apartment complex located on the northeastern outskirts of Austin. Built on 12.5 acres in 2021, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, business center and a dog park. Kelly Witherspoon, Justin Cole, Adam Sumrall and Justin Chambers of Berkadia represented the seller, California-based investment firm Bailard, in the transaction. The buyer was Texas-based investment and development firm Presidium. Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu, also with Berkadia, arranged joint venture equity for the deal through an undisclosed, foreign family office.

January 31, 2025

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