WESTFIELD, N.J. — Adoni Property Group has begun pre-leasing at The Franklin Westfield, a 40-unit building in the New York City suburb of Westfield. The Franklin Westfield offers flats, duplexes and penthouse duplex apartments. Units range from 750 to over 2650 square feet in size. Amenities include a pool and hot tub, putting green, pergola with grilling stations, lounge, dining/wine tasting room, fitness center, golf/multisport simulator, theatre, business center, library, dog park and pet wash. Monthly rents range from $4,300 to $8,000.
RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …
Developers have responded to Miami’s influx of well-heeled renters with a heavy Class A development pipeline and rents that rival some of the nation’s most expensive places to live. The city is also under the gun to create more housing for its low- and middle-income residents. Multifamily & Affordable Housing Business talked with real estate economist Carl Whitaker of RealPage’s data analytics division about rents, development and the Miami market’s unique ability to retain renters. MAHB: Could you share with us the most recent data on average effective rents, occupancies, deliveries and …
MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a $27 million capital raise for a 261-unit project in Milwaukee. The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. The development site is located at 245 Harbor Drive in the city’s Historic Third Ward. Construction began in March 2023, and the developers expect to begin leasing the community in January 2025.
LAVON, TEXAS — ONM Living has broken ground on The Cottages at Lavon Lake, a 268-unit build to rent community in the Dallas suburb of Lavon. The property is situated near the 1,500-acre Elevon master plan development in eastern Collin County. The complex will offer studio, one-, two- and three-bedroom layouts ranging from 340 to 1,230 square feet in size. After the completion of land development, vertical construction is expected to begin in May 2025. The first move-ins are slated for early 2026, with full completion in January 2027.
BETHESDA, MD. — Walker & Dunlop has added three new employees to its Midwest Investment Sales team in Bethesda. Steve LaMotte and Dane Wilson joined the firm as managing directors, while Ross Wettersten joined as an associate director. The new team joins Walker & Dunlop with over 50 years of combined experience. The team will represent institutional and private clients across the Midwest, specializing in the valuation and disposition of multifamily properties.
DENVER — JLL Capital Markets has added Managing Director Wick Kirby to the firm’s Denver institutional multifamily team. In this role, Kirby will oversee multifamily investment sales advisory transactions throughout the Denver metropolitan area. He will work alongside Jordan Robbins and Alex Possick and will report to the Denver capital markets office heads, Senior Manging Directors Peter Merrion and Leon McBroom. Kirby previously served out of JLL’s Chicago office for 15 years. He received a bachelor’s degree from University of Wisconsin-Madison and a master’s degree from DePaul University. He is also …
WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.
TEXARKANA, TEXAS — A joint venture between Reynolds Asset Management and Newport Capital Advisors has purchased two communities totaling 360 units in Texarkana, near the Texas-Arkansas border. The two properties were Westridge Apartments (176 units) and Park at Summerhill (184 units). The assets traded hands for $23 million. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements …
CHARLOTTE, N.C. AND ALEXANDRIA, VA. — FCA Management and Bonaventure have merged to create an enhanced third-party property management firm and platform. FCA Management is a third-party property management firm, which is based in Charlotte and serves clients in the southeast and mid-Atlantic. Bonaventure is an asset management firm with a focus on investment, development and construction in the southeast and mid-Atlantic. As part of the agreement, Bonaventure’s Property Management Services will become part of FCA Management, which will manage all current and future Bonaventure market-rate communities. The combined platform …