Multifamily

Standard, Arrow Street Sell 244-Unit Luxury Apartment Complex in Downtown Indianapolis

by Kristin Harlow January 24, 2025

INDIANAPOLIS — Standard Real Estate Investments LP and Arrow Street Development have sold Wesley Place, a 244-unit luxury apartment complex in downtown Indianapolis. The complex marks the only luxury residential building in the Medical District and was built in 2023 as part of Standard’s strategic investment program with Belay Investment Group LLC. Situated on 2 acres, the community is within walking distance of Indiana University Health Campus, a $4.3 billion expansion and redevelopment project that broke ground in 2022. Wesley Place was 91 percent leased at the time of sale. Amenities include a game room, resident lounge, pet spa, fitness center, bike storage and an interior courtyard with a pool deck. Wesley Place also includes 3,000 square feet of street-level retail space and parking for 327 vehicles. Amanda Friant, Ken Martin, Mark Stern, Zach Kaufman and Sam Grohe of JLL represented the sellers. The buyer and sales price were undisclosed.

January 24, 2025

Development Loans Mixed-Use Multifamily New York Northeast Office Retail Top Stories

NuVerse Advisors Receives $99M Construction Loan for Office-to-Residential Conversion Project in New York City

by Channing Hamilton January 24, 2025

NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space. The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed. The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor. BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing. “BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing …

January 24, 2025

Acquisitions Multifamily Northmarq Texas

Quannah Partners, VaultCap Sell 114-Unit Multifamily Property in Waxahachie, Texas

by Taylor Williams January 23, 2025

WAXAHACHIE, TEXAS — A partnership between Denver-based Quannah Partners and Dallas-based VaultCap Partners has sold The Townhomes at Bluebonnet Trails, a 114-unit multifamily property located in the southern Dallas suburb of Waxahachie. The property offers three- and four-bedroom residences with private patios/balconies as well as various outdoor amenities. Eric Stockley, Taylor Snoddy and Charles Hubbard of Northmarq arranged the sale of the property. The buyer and sales price were not disclosed.

January 23, 2025

Development Massachusetts Multifamily Northeast Student Housing

Shawmut Design and Construction Tops Out 276-Unit Student Housing Project in Boston

by Taylor Williams January 23, 2025

BOSTON — Shawmut Design and Construction has topped out 100 South Campus Drive, a 276-unit student housing project that is located in the Allston area of Boston but will serve graduate students, faculty and staff at Harvard University, which is located across the Charles River in Cambridge. Designed by Marvel Architects, the project is part of a larger transformation of 175 N. Harvard St., the thoroughfare that connects Allston and Cambridge, and which includes the new home for the American Repertory Theater. The number of beds was not disclosed. Completion is slated for 2026.

January 23, 2025

Acquisitions Massachusetts Multifamily Northeast

CP Capital Sells 190-Unit Apartment Complex in Medway, Massachusetts

by Taylor Williams January 23, 2025

MEDWAY, MASS. — New York City-based CP Capital has sold Hathon Medway, a 190-unit apartment complex located about 45 miles southwest of Boston. Built on 12.3 acres in 2023, Hathon Medway features 142 market-rate and 48 affordable units within four- and five-story buildings. Amenities include a pool, fitness center, coworking space, a clubroom, game room and bar area, demonstration kitchen, playground and a dog run. The buyer and sales price were not disclosed.

January 23, 2025

Development Multifamily New Jersey Northeast

AMS Acquisitions Completes 100-Unit, Age-Restricted Multifamily Project in Howell, New Jersey

by Taylor Williams January 23, 2025

HOWELL, N.J. — New Jersey-based investment firm AMS Acquisitions has completed Sylvan Woods at Howell, a 100-unit, age-restricted multifamily project located near the Jersey Shore. The property comprises four buildings on a 14-acre site that house one- and two-bedroom units. Amenities include a pool, great room with community kitchen and bar seating, fitness center, tenant lounge and outdoor dining and lounging space. Rents start at $2,300 for a one-bedroom unit.

January 23, 2025

Development Florida Multifamily Southeast

Focus, Group Fox Receive Site Plan Approval for 39-Story Brickell Starlite Multifamily Tower in Miami

by John Nelson January 23, 2025

MIAMI — Focus and Group Fox have received site plan approval for Brickell Starlite, a 39-story multifamily tower located in Miami’s Brickell financial district. Focus is a development and construction firm, and Group Fox is a property asset management firm, and both companies are headquartered in Chicago. Set for completion in 2028, Brickell Starlite will comprise 517 apartments and 7,500 square feet of retail space. Gensler designed the tower, which is now fully zoned and ready to break ground once the final permitting is completed. Focus has retained Chris Lentz, Chris Moyer, Jeff Altenau, Susan Tjarksen and Marc Royer of Cushman & Wakefield to fully capitalize the development.

January 23, 2025

Florida Loans Seniors Housing Southeast

Marathon Provides $154.5M Refinancing for Seniors Housing Portfolio in Florida

by John Nelson January 23, 2025

NEW YORK CITY — Marathon Asset Management has provided a $154.5 million loan for the refinancing of a senior living portfolio, dubbed The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower. Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018. According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market that is currently experiencing significant demographic growth. REDICO, which developed four of the communities, has been invested in the portfolio for roughly a decade. In 2017, REDICO expanded the portfolio through the acquisition of two additional communities. Monarch acquired the portfolio in 2021 through a recapitalization, wherein REDICO remained as a joint venture equity owner. REDICO manages the properties through its affiliate, American House SLC. Joseph Griffin of Marathon originated the loan. Aron Will and Adam Mincberg of CBRE secured the financing on behalf of the borrower.

January 23, 2025

California Development Loans Multifamily Western

JLL Arranges $46.5M in Construction Financing for Stella Apartments in San Diego

by Amy Works January 23, 2025

SAN DIEGO — JLL Capital Markets has arranged $46.5 million in construction financing for Stella Apartments, a multifamily development in San Diego. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory secured a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower, Murfey Cos. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the nine-story, 73,243-square-foot residential property will offer 149 studios, one- and two-bedroom units. Onsite amenities will include a rooftop terrace, community gym, large outdoor amenity space and lobby. Murfey Co., a vertically integrated developer, plans to begin construction this quarter with completion expected in second-quarter 2027.

January 23, 2025

Arizona Development Multifamily Western

Wespac Residential to Develop 215-Unit Multifamily Project in Scottsdale, Arizona

by Amy Works January 23, 2025

SCOTTSDALE, ARIZ. — Wespac Residential, a division of Wespac Construction, is developing an apartment community at the southwest corner of Scottsdale Road and Gold Dust Avenue in Scottsdale. Situated on 4.7 acres, the property will feature 215 one- and two-bedroom units, 10,000 square feet of indoor amenities and 20,746 square feet of outdoor amenity space, including underground parking, a landscaped community space, and pool and spa area, as well as yoga space and a fitness center. Construction is slated to start in early 2027.

January 23, 2025

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