Thursday, June 19, 2025
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Multifamily

Windward at the Villages
AcquisitionsFloridaMultifamilySoutheast

Berkadia Institutional Solutions Arranges $132.5M Sale of Multifamily Portfolio in West Palm Beach

by Julia Sanders

WEST PALM BEACH, FLA. — Berkadia Institutional Solutions, a partnership between Berkadia and the apartment brokerage of Moran & Co., has arranged the sale of three multifamily properties in West Palm Beach: Windward at the Villages, The Royal St. George and Village Place. The three properties have a combined 622 units and were sold for a total of $132.5 million. Jaret Turkell, Roberto Pesant, Omar Morales and Jose Mota of Berkadia’s Miami office completed the sale on behalf of the seller, Massachusetts-based Northland Investment Corp. Pennsylvania-based Morgan Properties was the buyer. T.J. Piper of Berkadia’s Philadelphia office secured a bridge loan for the three properties. Located at 1441 Brandywine Road, Windward at the Villages is a 196-unit property that offers one- and two-bedroom floorplans. The units feature private balconies and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, tennis court and a playground. The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floorplans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a swimming pool, fitness center, picnic area and a dog park. Lastly, Village Place is a 202-unit …

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AcquisitionsMultifamilyTexas

Newmark Brokers Sale of 280-Unit Cordevalle Apartments in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Newmark has brokered the sale of Cordevalle, a 280-unit apartment community located in the northern Austin suburb of Round Rock. Built in 2014, the property offers a mix of one- and two-bedroom units averaging 789 square feet. Amenities include a pool, fitness center, business center, clubhouse, outdoor kitchen with grilling areas and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer and sales price were not disclosed.

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Sterling Bluff
AcquisitionsGeorgiaMultifamilySoutheast

Grubb Properties Sells Apartment Community in Savannah for $29M

by Julia Sanders

SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …

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Broadstone-McKinney-Apartments
AcquisitionsMultifamilyTexas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

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Marathon Village
AcquisitionsDevelopmentMultifamilySoutheastTennessee

RangeWater Purchases Land in Nashville, Plans Apartment Development

by Julia Sanders

NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.

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AcquisitionsMultifamilyTexas

Constellation Group Acquires 220-Unit Multifamily Property in San Antonio’s River Walk District

by Taylor Williams

SAN ANTONIO — Miami-based investment firm Constellation Group has acquired 120 Ninth Street, a 220-unit multifamily property in San Antonio’s River Walk District. Units at the newly built property come in one- and two-bedroom floor plans, and amenities include a pool, fitness center and a dog park, as well as an outdoor courtyard with grilling stations, a lounge and a fire pit. Spencer Roy of Walker & Dunlop brokered the transaction. The seller was not disclosed. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of Constellation Group.

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The-Brooklyn-Tower
DevelopmentMultifamilyNew YorkNortheast

JDS Development Group Tops Out 93-Story Brooklyn Tower Residential Building

by Taylor Williams

NEW YORK CITY — Locally based firm JDS Development Group has topped out The Brooklyn Tower, a 93-story residential tower that connects to the historic Dime Bank Savings Building in the borough’s downtown area. Designed by SHoP Architects and rising 1,066 feet, Brooklyn Tower will house 150 residences for sale and 400 units for rent, as well as approximately 100,000 square feet of ground-floor retail space. Thirty percent of the rentals will be designated as affordable housing. Sales are scheduled to begin in early 2022, and leasing is slated to begin in mid-2022. The development team expects the first units to be available for occupancy in late 2022.

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AcquisitionsDevelopmentMultifamilyNew JerseyNortheastOffice

AvalonBay Buys Princeton Office Buildings, Plans Multifamily Conversion

by Taylor Williams

PRINCETON, N.J. — Virginia-based AvalonBay Communities (NYSE: AVB) has purchased two office buildings totaling approximately 110,000 square feet in Princeton with plans to redevelop the site into a 221-unit apartment community and an 80-unit affordable seniors housing property. The future development will feature a four-story apartment building with an elevator, as well as three-story walk-up buildings and high-end luxury rental townhomes. A construction timeline was not disclosed. Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the previous owner and seller buildings, KABR Group, which bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay.

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ConnecticutLoansMultifamilyNortheast

JLL Provides $20.4M Agency Loan for Refinancing of Multifamily Asset in East Haven, Connecticut

by Taylor Williams

EAST HAVEN, CONN. — JLL has provided a $20.4 million Freddie Mac loan for the refinancing of 510 Main, a 214-unit multifamily asset in East Haven, located in the southern coastal part of the state. The property features studio and one-bedroom units that range in size from 425 to 482 square feet and include private balconies/patios. The amenity package consists of a fitness center, coffee bar, a Wi-Fi resident lounge and a package locker system. Elliott Throne, Mona Carlton, Alex Staikos and Amit Kakar of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Beachwold Residential.

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