Multifamilybiz-com Press Releases

HOUSTON, TX - The Dinerstein Companies (TDC), a full-service real estate and development company, today announced strategic enhancements to its leadership team, positioning the company for accelerated growth and expansion. Effective immediately, Clay Hicks assumes the role of Chief Administrative Officer, bringing a wealth of expertise and vision to the executive suite. In his role, Hicks will spearhead efforts to streamline operations and ensure alignment across TDC's five company divisions. With a focus on optimizing performance and pursuing strategic initiatives, Hicks will work closely with key stakeholders to ensure a cohesive approach to achieving organizational objectives. "Taking on the role of Chief Administrative Officer presents an incredible opportunity to drive operational […]

MIAMI, FL - The Allen Morris Company, and its partner, the Alaska Permanent Fund Corporation, advised by L&B Realty Advisors, has closed on an $83 million construction loan and commenced construction on its signature Bayside Sarasota development. The loan was provided by Kennedy Wilson. Longboat Group will oversee leasing and management once complete. Located in Sarasota, Florida, one of the State s fastest growing areas, Bayside Sarasota is the initial phase of a broader mixed-use project in the Rosemary District, one block off of Sarasota Bay. This phase includes a 253-unit luxury rental community, along with 2,000 square feet of ground floor retail, and a future 96-unit tower with bay views that will commence later in the year. The Allen Morris Company commenced construction on […]

KIRKLAND, WA - Weidner Apartment Homes, a real estate investment and property management company headquartered in Kirkland, WA, earned national recognition this week by making the National Multifamily Housing Council s (NMHC) 2024 50 Largest Apartment Owners List. All listed apartment owners are ranked based on their portfolio holdings in the U.S. as of January 1, 2024. Weidner is the 12th largest apartment owner in the country, with 62,018 units owned and managed by the organization. Weidner s international portfolio is 68,462 units, including its 6,444 units in Canada. This exciting milestone serves as a humble reminder of how far our company has come in its 47 years and a strong motivator for our future goals. Said Kevin Colard, Weidner s Chief Investment Officer. We take pride in […]

MIAMI, FL - Cushman & Wakefield announced the commercial real estate services firm has arranged $70 million in construction financing for Domus Brickell Park, a 12-story, 172-unit residential condominium located at 1611 SW 2nd Avenue in Miami s Brickell neighborhood. The building will follow a flexible apartments for temporary stays (FLATS) model and allow unrestricted short-term renting. Robert Kaplan and Mark Rutherford of Cushman & Wakefield secured the financing through Forman Capital and Core Capital on behalf of the developer North Development, a joint venture between Miami-based Oak Development, led by veteran developer Ricardo Dunin, and Peru-based Edifica. The project is more than 50% pre-sold. Ricardo was a pioneer in the short term stay condo space decades ago and […]

PALM BEACH, FL - Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided a $54.56 million construction loan to the developer of a condominium-hotel project in Miami s Brickell Financial District. The 12-story, 172-unit Domus FLATS (Flexible Apartments for Temporary Stays) at Brickell Park will bring a new condo-hotel brand to the market and fill a void for flexible ownership product. Located at 1611 SW Second Ave., Domus FLATS is being developed by North Development, a joint venture that includes Ricardo Dunin s Oak Capital and Edifica, one of the largest developers and builders in Peru. More than 50% of the project s residential units were presold in advance of its groundbreaking. Domus FLATS also includes a commercial suite on the ground floor […]

DALLAS, TX - SPI Advisory, LLC ( SPI ), the Dallas and Austin-based multifamily private equity firm, and its Dallas-based investment partner, CR Capital, LLC, announce the successful close of the sale of the Parker Apartments in Tyler, Texas, marking the completion of a successful six-year period of ownership. Acquired by SPI and CR Capital in 2018, Parker Apartments, a Class-B, 192-unit apartment complex located at 5105 Old Bullard Road, underwent a transformative journey under SPI and CR Capital s stewardship. Over the years, SPI and CR Capital implemented extensive renovations, enhancing the property s appeal and marketability. These renovations included premium unit upgrades, modernization of the leasing office, revitalization of the pool and tennis court areas, installation of a […]

ATLANTA, GA - RangeWater Real Estate and Nippon Steel Kowa Real Estate (NSKRE) advised by Metzler Real Estate have acquired an expansive upscale garden apartment community in the dynamic Suwanee submarket of Northeast Atlanta. The joint venture purchased Provenza at Old Peachtree, which will be renamed Echo Ridge Suwanee, located at 1460 Distribution Drive in Suwanee. The acquisition is part of the rental housing industry leader RangeWater s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt. This is our second acquisition in partnership with NSKRE and we are excited to continue expanding our portfolio in burgeoning Gwinnett County, one of the fastest growing and most diverse counties in the state of Georgia, said […]

BALTIMORE, MD - M&T Realty Capital Corporation® is pleased to announce the closing of a $414,829,000 Freddie Mac conventional loan for Brooklyn Crossing, an 858-unit multifamily housing property, with 258-units dedicated to affordable housing, located in Brooklyn, NY. The team was able to successfully secure favorable permanent financing terms for their client The Brodsky Organization. Brooklyn Crossing, a luxury apartment building, is adjacent to the iconic Prospect Park and provides easy access to the cosmopolitan neighborhood s art, culture, and restaurants. The property offers brand new studio- and one- to three-bedroom residences for rent. Property amenities include a screening room, colossal fitness center, a rooftop terrace and lounge, and an outdoor pool. The transaction was […]

NEW YORK, NY - Taconic Partners and National Real Estate Advisors have unveiled The Ellery, a new luxury rental residential offering at 312 West 43rd Street in Manhattan. The newly announced name evokes a peaceful urban oasis representative of the property s sense of tranquility and calm across two connected high-rises—32 stories and seven stories—in the heart of New York. The Ellery offers best-in-class residences, expansive views, spa- and hospitality-level amenities, museum-quality art, and the feeling of shedding the bustle of the city when residents return home. The 400,000-square foot, mixed-use development is located at the vibrant confluence of Midtown and Hell s Kitchen. Designed by Handel Architects, the building will contain 330 rental residences with spacious, sunlit […]

NEW YORK, NY - Leasing has launched at Chelsea Canvas, a contemporary, 14-story, ground-up building located in Manhattan s vibrant Chelsea neighborhood. Located at 280 West 24th Street, the full-service rental building, which spans an entire city block from 23rd Street to 24th Street, will offer 190 contemporary studios to three-bedroom homes, some with private terraces, as well as an extensive amenity collection. With occupancy slated for this month, prospective renters can view several model residences on site with furnishings by Brooklyn-based interior design firm Hovey Design. With sophisticated and high-quality design, thoughtful amenities and one of Manhattan s most desirable living destinations, Chelsea Canvas offers the comprehensive lifestyle experience renters are looking for […]

CARTERSVILLE, GA - Trilogy Investment Co. is partnering with Greystar to manage its new Build-to-Rent (BTR) community, Rêve on the Creek, in Johns Island, South Carolina. Now pre-leasing, this community features 71 three-bedroom townhomes with views of the beautiful Rantowels Creek. The decision for Trilogy Investment Co. to collaborate with Greystar to manage our new Charleston area BTR community is a significant step toward establishing a mutually beneficial partnership, states Gina Davis, SVP of Asset Management for Trilogy and 24-year veteran in the property management industry. I am beyond ecstatic to join forces with one of the best in our industry. I have worked with Greystar in many different capacities during my professional career, and it was a no-brainer to select them for […]

GOSHEN, IN - Evergreen Real Estate Group today announced the completion of Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen, Ind. Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50% leased. Located at 282 Johnston St., approximately a mile north of downtown Goshen, the $30 million project replaces a vacant 3-acre lot on the city s north side, near an existing Salvation Army building and retail along Main Street. The state-licensed community is operated by Gardant Management Solutions, a Bourbonnais, Ill.-based firm that manages assisted living properties across the country. Through its construction and […]

DALLAS, TX - Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Remington Ridge, a 257-unit multifamily community consisting of two phases, located in Weatherford, Texas. The 133-unit Phase I was built in 2022, with construction already underway for an additional 124 units in Phase II. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Trinity Capital Group, in the transaction. The buyer sponsor was Juniper Investment Group. "Amidst the limited availability of core and core plus opportunities in the market, we observed a significant influx of potential buyers due to our strategic marketing efforts. The strong interest demonstrated by institutional and major private investors in multifamily properties in […]

CHICAGO, IL - The Saint Grand, a co-development and joint venture between Mavrek Development, Double Eagle Development, Luxury Living, and GW Properties, began welcoming its first residents last month. The mixed-use development is located in the heart of Chicago s Streeterville neighborhood. The Saint Grand includes 248 Class A luxury apartments at 218 E. Grand Ave, 45,000 square feet of offices at 535 N. St Clair, and 8,000 square feet of street-level retail at the corner of Grand Avenue and N. St. Clair. The Saint Grand s apartments fuse vibrant Chicago living into sophisticated design, seamlessly integrated with the thriving Streeterville community, said Aaron Galvin, Founder of Luxury Living. After the first few weeks of leasing, we are thrilled by the initial traction. The Saint […]

NEW YORK, NY - Greystone, a leading national commercial real estate finance company, announced that Colin Grayson has joined the firm as a Managing Director for its lending business platforms. Drawing on his nearly 15 years of commercial real estate experience, Mr. Grayson will focus on originating multifamily debt and finance solutions, including Fannie Mae, Freddie Mac, HUD, bridge and other proprietary debt products. He is based in Dallas, TX and reports to Vince Mejia, Senior Vice President of Agency Production. Prior to joining Greystone, Mr. Grayson was a Vice President, Multifamily Originations at Lument for eight years. Mr. Grayson also held positions in the commercial real estate industry at Legacy Partners Residential Development, Inc., and at CBRE. He earned a Bachelor of […]

DENVER, CO - Berkadia announced today that it has arranged $81.23 million in joint venture equity for Alexan Pena Station, a to-be-built, 578-unit multifamily development in Denver, Colorado. Cody Kirkpatrick, Chinmay Bhatt, and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, Trammell Crow Residential (TCR), to arrange the joint venture equity partnership. Alexan Pena Station, located on the northeast side of Denver, will be built over two phases and spread out over 12 buildings with an average unit size of 976 square feet. Berkadia arranged the equity through MBK Rental Living, a privately held real estate investment and development firm. MBK is a wholly owned subsidiary of Mitsui & Co., Ltd., a global Fortune 500 company. In today s challenging […]

MURFREESBORO, TN - National Healthcare Corporation (NYSE American: NHC) has partnered with Flournoy Development Group (FDG) on a new $115 million multifamily development in the flourishing Cool Springs commercial district of Franklin, TN. The class A community, to be named Ellison Cool Springs, will elevate the McEwen and Cool Springs Blvd landscape, introducing a dynamic blend of luxury residential apartments, retail, commercial, and hospitality spaces to the Cool Springs community. Ellison Cool Springs will feature 332 thoughtfully designed units comprised of a blend of one-, two-, and three-bedroom luxury apartment homes and 15 ground floor live/work units to amplify the already prevalent walkability of the Cool Springs corridor. The community will also feature a premier collection […]

NEW BRUNSWICK, NJ - TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged a fixed-rate loan on behalf of The Scion Group and PGIM Real Estate to refinance VERVE, a 181-unit, 696-bed luxury student housing property located near Rutgers University s main campus in New Brunswick, New Jersey. The loan, which includes a future funding component, was provided by an affiliate of QuadReal Property Group. The numbers on VERVE make for a great story: it s 100% occupied with high rent growth year-over-year, located two blocks from a Power 5 university, and there s no new supply in the market and high barriers for entry, said Timothy S. Bradley of TSB Capital Advisors. We re proud to put together this unique deal with […]

PHILADELPHIA, PA - Bayport Funding, a direct private bridge lender for real estate developers, closed a $6 million bridge loan to fund the vertical construction of a multifamily property in the Overbrook Farms section of Philadelphia, PA. Bayport is excited to support this highly experienced local area developer transforming a formerly vacant corner lot into highly-desirable, transit-oriented housing with immediate access to the SEPTA Subway-Surface Trolley Lines via the 63rd Street and Malvern Avenue station. Construction on the property is ongoing, with the project targeting Q1 2025 delivery. The Philadelphia market holds immense potential, with workforce housing developments with Overbrook Farms as a prime example, said Marcia Kaufman, CEO, Bayport Funding. This development aligns […]

PEMBROKE PINES, FL - ANF Group, Inc., a full-service construction firm providing construction management, general contracting, development, and design-build services to the South Florida market, announced the successful completion of Providence Living at Pembroke Pines, a new assisted living facility and memory care facility in Pembroke Pines, Florida. Providence Living at Pembroke Pines is a 114,003-square-foot community that provides best-in-class assisted living and memory care services and redefines senior living with a focus on luxury and leisure. The project is located on 3.15 acres on the west side of Palm Avenue, just south of Pines Boulevard at the entrance to the Pembroke Pines City Center. We are excited to bring an assisted living and memory care facility to the residents of […]