Tuesday, June 17, 2025
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Multifamily

Affordable HousingGeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Atlanta Multifamily Market: Overcoming Historic Supply and Still a Winner

by John Nelson

Five years after the world shut down, the national multifamily market is still on a roller coaster ride. After the highs of 2021 quickly turned into the lows of 2023, the dust settled in 2024. Today, the market has begun to reactivate while continuing to grapple with the aftereffects of the run-up.  While national multifamily transactions soared 22 percent in 2024, Atlanta transaction volume was flat year-over-year as the investment community shifted a favorable view of Atlanta toward ambivalence. Perceptions surrounding new supply and non-paying tenants contributed to the city falling out of vogue with some investors, but Atlanta is a resilient market.  With new deliveries having peaked in 2024 and property-level fundamentals rapidly turning the corner, Atlanta may be beaten up, but the light at the end of the tunnel is coming into focus: Atlanta is still a long-term winner.  Days of peak supply are over While Atlanta experienced a record 24,000 units delivered in 2024, that figure represents just 4 percent of its total inventory. When compared to other Sun Belt markets like Charlotte (10 percent of total inventory delivered in 2024), Nashville (8 percent) and Dallas (5 percent), the number doesn’t seem as jarring.  Looking ahead to …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Hines, Urban Street Development Top Off Second Multifamily Building at $500M FAT Village in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Hines and Urban Street Development (USD) have completed vertical construction of the second multifamily building at FAT Village, an 835,000-square-foot, $500 million mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Upon completion of Phase I, FAT Village will feature 80,000 square feet of experiential retail, a 1,200-space commercial parking structure and 600 residential units across two multifamily buildings, the first of which was topped out in March. Later this year, Hines and USD will top off T3 FAT Village, a 180,000-square-foot mass timber office building. T3 (which is named for timber, transit and technology) is slated for completion in 2026. Blanca Commercial Real Estate is leading pre-leasing efforts for the office space. 

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ArizonaLoansMultifamilyWestern

BWE Secures $31.2M Loan for Refinancing of Cabana Bullard Multifamily Property in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — BWE, on behalf of Scottsdale, Ariz.-based Greenlight Communities, has arranged $31.2 million to refinance Cabana Bullard, an apartment community in Goodyear. Located at North Bullard Avenue and West Van Buren Street, Cabana Bullard offers studio, one- and two-bedroom apartments. Located at 14780 W. Van Buren St., Cabana Bullard was built in 2023. Charlie Williams and Matt Terpstra of BWE originated the three-year, full-term interest-only loan with a competitive rate and flexible terms. A national life company lender provided the financing.

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DevelopmentGeorgiaMixed-UseMultifamilyRestaurantRetailSoutheast

High Street, Third & Urban Plan Mixed-Use Development in Sandy Springs, Georgia

by John Nelson

SANDY SPRINGS, GA. — A partnership between High Street Residential (HSR), the residential subsidiary of Trammell Crow Co. (TCC), and Third & Urban have announced plans for the development of Hillcrest, an 8.1-acre mixed-use development located in the Atlanta suburb of Sandy Springs. Scheduled to break ground this month, the project will feature 362 apartment units, 30 for-rent townhomes and more than 18,000 square feet of retail space. In collaboration with the seller, Sandy Springs United Methodist Church, proceeds from the sale will fund capital improvements to the church’s primary campus. Improvements will also be made to the surrounding street infrastructure, adding on-street parking and connected walkability to the area. The project team will include Cooper Carry (architect), Square Feet Design (retail consultant and interior designer), New South Construction (general contractor), Citizens Bank (lender) and Wesley Community Development (church advisor). Amy Fingerhut of CBRE is handling leasing negotiations. The townhomes will offer two- and three-bedroom floorplans with two-car garages and rooftop patios, while the apartment building will measure up to five stories tall and feature a parking garage with more than 100 public parking spaces. Amenities at the apartment will include a rooftop swimming pool and clubroom, golf simulator lounge, …

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DevelopmentDistrict of ColumbiaLoansMixed-UseMultifamilySoutheast

Pearlmark Provides $58M Mezzanine Loan for Multifamily Development in D.C.

by John Nelson

WASHINGTON, D.C. — Pearlmark has provided a $58 million mezzanine loan for the development of Portals IV, a 356-unit multifamily project underway in the Southwest Waterfront neighborhood of Washington, D.C. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP.  David Webb and John Rehberger of CBRE arranged financing for the development, along with Mark Witt of Pearlmark.  Kennedy Wilson provided the senior loan. The borrower and developer is Republic Properties, a subsidiary of the Republic Family of Cos. Portals IV is situated within walking distance of two Metro stations and will be the final addition to the Portals complex, a 3 million-square-foot mixed-use development that comprises three office buildings, one luxury apartment building and a hotel. Amenities at Portals IV will include a rooftop swimming pool and walkway, resident package locker room with dry cleaning pickup, fireplace lounge, fitness center and spin room, library, golf simulator, game room, coworking spaces, concierge services and a rooftop amenity lounge on the 13th floor. Outdoor grilling stations, private dining rooms, commercial laundry facilities and a coffee bar will also be available for resident use.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Related Midwest Opens Three Mixed-Income Apartment Buildings in Chicago

by Kristin Harlow

CHICAGO — Related Midwest has opened three new residential buildings in Phase 3B of Roosevelt Square, the developer’s 67-acre multi-phase redevelopment project on Chicago’s Near West Side. Developed in partnership with the Chicago Department of Housing and Chicago Housing Authority (CHA), the latest phase adds 207 mixed-income apartment units — including 75 public housing, 40 affordable and 92 market-rate units — and 10,000 square feet of retail space to the former ABLA Homes site. The new buildings, located at 1002 S. Racine Ave., 1257 W. Roosevelt Road and 1357 W. Roosevelt Road, offer a mix of studio, one-, two- and three-bedroom units. The additions build on earlier phases, with nearly 900 mixed-income units completed since 2006. The Chicago Department of Housing invested $17 million in tax-increment financing and $2.5 million in donation tax credits. The City of Chicago issued $76.3 million in tax-exempt bonds, which generated $5.3 million in 4 percent low-income housing tax credits. In total, the redevelopment received approximately $101 million in public investment and financial support. Designed by Chicago-based DesignBridge, the six-story twin buildings at 1257 and 1357 W. Roosevelt each offer 70 units ranging from 556 to 1,191 square feet. Market-rate rents start at $1,650. Amenities …

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group Breaks Ground on $60M Affordable Housing Development in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — The Annex Group has broken ground on Union at Tower District, a roughly $60 million affordable housing community in Topeka. The 4-acre project will offer 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of the area median income. There will be two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of Topeka and Impact Housing Indiana Corp. Citi Community Capital served as both the construction lender and permanent lender. Stifel Public Finance underwrote $35 million in bonds issued by Shawnee County. The Kansas Housing Resources Corp. allocated 4 percent tax credits and tax-exempt bonds. Additional financial support came from WNC, the federal credit investor, and Advantage Capital, the state credit investor. The city provided RHID funding. The project marks Annex Group’s first community in Topeka and its third in Kansas. Completion is slated for January 2027.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires Two Cleveland Apartment Communities for $30.6M

by Kristin Harlow

CLEVELAND — Reynolds Asset Management has acquired Park Lamont and The Lumos in the heart of Cleveland’s University Circle for $30.6 million. The acquisition adds 119 newly constructed units to Reynolds’ portfolio. Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture. Rob Starrett and Steve Jones of Berkadia brokered the sale, while Suzanne Hamilton of ERIEBANK originated financing. Park Lamont and The Lumos were built in 2024 and feature fitness centers and multiple clubrooms. The buildings offer a mix of studio, one- and two-bedroom units as well as three-story townhomes with private rooftop decks and attached garages.

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AcquisitionsLoansMidwestMultifamilyOhio

Dwight Mortgage Trust Provides $29.5M Bridge Loan for Multifamily Property in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $29.5 million bridge loan for the acquisition and substantial rehabilitation of Colonial Village, a 508-unit multifamily property in Columbus. Situated on a 25-acre site, Colonial Village consists of 92 one- and two-story buildings with 204 one-bedroom units, 24 two-bedroom units and 280 two-bedroom townhomes. Amenities include a clubhouse, picnic area, dog park and onsite management. The planned interior renovations include updated kitchen appliances and cabinets, in-unit washers/dryers, quartz countertops, updated bathroom vanities, vinyl plank flooring and new hardware. Exterior improvements will include brick restoration and painting, roof repairs, renovation of the clubhouse and leasing office, installation of a central HVAC system, parking lot repairs and enhanced landscaping. Loan proceeds will finance the property acquisition, cover transaction costs, establish reserves and fund renovations. Pepper Pike Capital was the borrower. David Scheer of Dwight originated the loan.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

WinnCos. to Undertake Affordable Seniors Housing Renovation Project in Plainfield, New Jersey

by Taylor Williams

PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.

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