Multifamilybiz-com News

WASHINGTON, DC -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with Marshall Heights Community Development Organization, Inc. (MHCDO), has closed on construction financing for Emblem, a 115-unit, entirely affordable housing community in the middle of the thriving NoMa and Union Market neighborhoods. The community will be entirely reserved for families and individuals earning up to 30% and 50% of the Area Median Income (AMI). Breaking ground on Emblem is a resounding win for affordable housing in Washington D.C., said Chris Marshall, Vice President of Development at The NRP Group. Together with our dedicated partners, NRP and MHCDO have set the standard for bringing deeply affordable housing to a high-profile, […]

ATLANTA, GA - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of The Levi, a 212-unit Class A multifamily community located in the Atlanta suburb of Stockbridge in Henry County. "With its central location along the I-75 corridor, Henry County serves as a major conduit between Atlanta, Savannah and Florida and has seen tremendous population growth in recent years," said Josh Purvis, managing partner for Thompson Thrift Residential. "Despite a competitive landscape with significant barriers to entry, our team's deep experience and unwavering commitment to quality enabled us to secure a prime location in this highly sought-after area." Located at 2245 Jodeco Road, The Levi will span […]

DALLAS, TX - Knightvest Capital, a vertically integrated multifamily investment firm, announced the acquisition of the Encore Apartments, located in the Legacy area of Plano in North Texas. The Encore Apartments represents the inaugural investment of Knightvest Capital's second fund. The Encore is a three-story, 240-unit community of one- and two-bedroom apartment homes constructed in 2013. The property also boasts a resort-style pool and fitness center. Knightvest plans to transform the community by renovating the unit interiors, modernizing the property amenities, and adding a resident lounge to further support the live-work-play environment for residents. The community is located in the fast-growing market of North Plano, in an area known for its concentration of high-wage jobs, […]

SYRACUSE, NY - Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, together with W5 Group, a leading global investor in Innovative Living projects, has closed on its acquisition of a 2-acre site in the University Hill neighborhood, one block from the northern border of the Syracuse University campus in Syracuse, New York. The partnership has commenced the development of The Standard at Syracuse, a 600+ bed, 210-unit student housing community at 910 Madison St. and will preserve the Temple Concord sanctuary, listed on the National Register of Historic Places, as part of the project. The Standard at Syracuse will be the first purpose-built student housing project in […]

DELRAY BEACH, FL - The Milestone Group announced its acquisition of the Axis Delray Beach Apartments, a 488-unit, garden-style multifamily community located at 1495 Spring Harbor Drive in Delray Beach, FL. The purchase price was not disclosed. "The acquisition of Axis Delray Beach compliments Milestone's current portfolio, and our team was again able to source an off-market opportunity and executed a creative transaction that met the seller's timing expectations," said Milestone Vice President of Acquisitions, Jason Wise. "And while the asset has been institutionally maintained and significant dollars have been spent on unit interior renovations by the seller, we have crafted a very thoughtful and thorough overhaul of the common area amenities, landscaping, and building exteriors that […]

MADISON, WI - Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, celebrated their groundbreaking yesterday on the future site of The View and The Victoria at Huxley Yards, during a ceremony with LAC leaders, local policymakers and partners. The Huxley Yards developments will provide a combined 553 affordable housing units to individuals, families and seniors in Dane County earning less than 50%, 60% or 70% of the Area Median Income. "Lincoln Avenue Communities is proud to break ground on the largest ground-up affordable housing property to be developed in Wisconsin," said Jeremy Bronfman, LAC CEO. "Once completed, Huxley Yards will provide hundreds of high-quality, affordable homes for Madison residents." The View will provide 303 affordable […]

COLORADO SPRINGS, CO - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, hosted a ribbon cutting for Alta25, a 264-unit Class A multifamily community in the Colorado Springs suburb of Monument. The first residents began moving in during spring of 2024 and the community is nearly 30% leased. "Thompson Thrift has been developing apartment communities in Colorado for more than 14 years, and we seek to leverage our experience to create communities that meet the needs and desires of area residents," said Angie Atkins, senior vice president of community management for Thompson Thrift. "We think Alta25 delivers on style, luxury and convenience." Located at 1320 Herman View Way, Alta25 offers one-, two- and […]

LOS ANGELES, CA - Weingart Center and Chelsea Investment Group, The Richman Group, a leading developer and syndicator of affordable housing, announced the grand opening of Weingart Tower 1, the largest homeless housing project in Los Angeles history. The grand opening held on June 19, 2024 featured the 278-unit, 19-story affordable apartment community in the heart of the Skid Row District which stands as a beacon of hope and a significant step forward in the city's commitment to addressing homelessness. Weingart Tower 1 is designed to provide secure and dignified housing for unsheltered individuals. The community offers 228 studio-apartments and 50 one-bedroom apartments, three of which are designated for onsite managers and 40 specifically reserved for veterans. "We are incredibly proud […]

NEW YORK, NY - KKR, a leading global investment firm, announced that KKR has acquired a portfolio of 18 multifamily assets from a closed-ended fund sponsored by Quarterra Multifamily, a premier multifamily real estate development and operating company, for approximately $2.1 billion. The recently-built, Class A portfolio consists of over 5,200 units concentrated primarily in growing coastal and sunbelt markets including California, Washington, Florida, Texas, Georgia and North Carolina, Colorado and New Jersey. The portfolio is a mix of mid-rise and high-rise buildings featuring convenient access to urban, metropolitan areas, high-quality construction, modern amenities and excellent energy, water and waste efficiency. "We are pleased to acquire this exceptional, well-located multifamily […]

TAMPA, FL - Hamilton Zanze, a San Francisco-based real estate investment firm that owns and operates multifamily communities nationwide, today announced it has purchased Jade at North Hyde Park, a 192-unit apartment community in the North Hyde Park neighborhood in Tampa, Florida. The acquisition closed on June 20 and marks Hamilton Zanze's entry into the Florida market as it continues to expand its national portfolio. "We are excited to announce our first acquisition in Florida," said David Nelson, President and Chief Investment Officer at Hamilton Zane. "After monitoring the market for several years, we have secured an infill property in Tampa at a meaningful discount to replacement cost. This is the right asset, at the right time. We look forward to utilizing our broker and owner […]

ATLANTA, GA - ECI Group with joint venture partner, The Griffin Fund, celebrated the grand opening of the newly-developed, 300-unit, The Corwyn Conyers apartment community in Conyers, GA. ECI leaders and team members were joined by officials from the City of Conyers, Old Towne Conyers, and the Conyers-Rockdale County Chamber of Commerce to commemorate the strong response from residents to the modern and fully amenitized community. ECI Development Vice President, Stephen Stover, welcomed the guests to the equine-themed ribbon-cutting, cocktail hour, reception, and open house that featured tours of the apartment models, saying, "ECI Group, along with our partners at The Griffin Fund, are so excited to present to the community The Corwyn Conyers, now almost 72% leased. The response to the […]

ORLANDO, FL - Wood Partners, a leading national multifamily developer, has started construction on V by Alta, a luxury apartment community located at 10149 Arise Loop in Orlando. V by Alta will be five stories tall and is Wood Partners' fifth community in the submarket; hence, the Roman numeral "V" in the name. "V by Alta's prime location benefits from tremendous drive-by visibility and access to some of Orlando's most prominent employers across the corporate, hospitality and tourism sectors," said Bryan Borland, Managing Director at Wood Partners. "We have continued to step up our game with each of our four prior communities in the vicinity, and V by Alta reflects the culmination of those efforts in bringing much-needed, high-quality rental housing to this dynamic submarket." V by Alta […]

CAMBRIDGE, MA - Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation's leading builder of luxury homes, along with joint venture partner PGIM, announced the grand opening of The Laurent, a new seven-story, 525-unit luxury mid-rise multifamily community in Cambridge, Massachusetts. Construction of The Laurent was financed through a $142 million construction loan facility from Wells Fargo Bank, N.A as Admin Agent, and BNY Mellon, and first occupancy began in October 2023. The community s grand opening celebration including a ribbon cutting event with local officials and development partners, as well as a reception for current and prospective residents. "The Laurent represents our commitment to bringing luxury living to vibrant locations positioned for growth," […]

SEATTLE, WA - Amazon is committing an additional $1.4 billion in funding to the Amazon Housing Equity Fund, bringing the total to more than $3.6 billion to fund more than 35,000 affordable homes across the Puget Sound region; the Arlington, Virginia / National Capital region; and Nashville, Tennessee. The extension of the Housing Equity Fund underscores Amazon s commitment to affordable housing and to helping thousands of families live closer to where they work or near transportation hubs, removing a major barrier to success. In January 2021, Amazon launched the $2 billion Housing Equity Fund with the goal of creating and preserving 20,000 affordable homes across three of its hometown communities within five years. The Fund is designed to help moderate- to low-income residents access […]

FARGO, ND - Gindi Equities announced the acquisition of the Osgood Townsite Apartments, a multifamily community in Fargo, North Dakota, from Property Resources Group. The purchase marks Gindi's entry into the Fargo market, as the firm expands its national portfolio of premier residential assets. Gindi plans to invest in a renovation program to modernize and enhance the Class-B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset. "Our strategic renovations will drive value and make Osgood one of the most sought-after housing […]

TAMPA, FL - Blaze Capital Partners announced the acquisition of Lector 85, a 254-unit apartment community located just minutes from downtown Tampa in Ybor City. "It's an incredibly challenging transaction market, but we are continuing to stay active finding compelling, long-term investment opportunities across the rental housing spectrum amidst this period of pricing dislocation," said Eddy O'Brien, co-founder and managing partner of Blaze. "We believe we are entering an exciting acquisition cycle that presents an opportunity to acquire institutional-grade assets in great markets at attractive entry points. The acquisition of Lector 85 exemplifies our data-driven approach in identifying and capitalizing on market dislocations and unlocking value through customized asset enhancement […]

SAN ANTONIO, TX - SilverPoint Senior Living, a leader in senior living management, announced a strategic partnership with SGL Acquisitions and the acquisition of two significant properties, WestMark Senior Living in San Antonio and The Eastman Senior Living in Longview, TX, both formerly owned by Brookdale Senior Housing. "SilverPoint's rapid integration of the WestMark and The Eastman properties marks the beginning of a transformative phase. We are dedicated to enhancing these communities with innovative care and significant improvements aimed at elevating the quality of life for our residents," remarked Shimon G. Levy, Principal of SGL Acquisitions. "Our approach focuses on nurturing resident well-being, fostering vibrant communities, and ensuring excellence in every aspect of our […]

MOUNTAIN VIEW, CA - Cityview, a premier multifamily investment management and development firm, and Greystar, a global leader in the investment, development, and management of real estate, have sold a 164-unit mixed-use project in Mountain View, California. Elan Mountain View features a prime corner location in the heart of Downtown Mountain View as well as 11,000 square feet of fully occupied ground-floor retail space. With its ideal location, ample amenities and unique retail offerings, Elan Mountain View has been extremely well received by residents and the surrounding community, said Sean Burton, CEO of Cityview. It s been a pleasure to partner with Greystar on this property and we look forward to seeing its continued success. The community features studio, one-, two- and […]

DENVER, CO - Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, announced the start of leasing at Dryden, a luxury community that blends urban activity and walkability with the elegance and culture of Denver's thriving Golden Triangle Neighborhood. Dryden is a 420-home high-rise community adjacent to Downtown Denver and featuring 9,241 square feet of leasable retail space. A sanctuary where a healthy lifestyle meets the opportunities of a metropolitan hub, Dryden positions residents amid destination restaurants and shopping, as well as art and music venues, sports stadiums, trails, parks and civic events. The community itself incorporates smart home technologies alongside timeless finishes […]

AUSTIN, TX - Wood Partners, a national multifamily real estate development leader, announced the grand opening of Alta Wildhorse Ranch, a luxury townhome community located directly off U.S. Highway 290 and Texas SH-130. Alta Wildhorse Ranch marks the third Wood Partners property opened in Austin within the past year. "We are excited to bring our latest community to Austin," said Bart Barrett, Managing Director for Wood Partners. "Located down the street from downtown Manor and with easy access to the Austin metro, Alta Wildhorse Ranch is a luxury townhome property that fits in well with the small town feel of the local community." Alta Wildhorse Ranch is situated in an ideal location, with access to major employers, recreation and shopping. Nearby employers include Samsung Semiconductor, […]