Author

Channing Hamilton

Maunakea in Honolulu
Affordable HousingHawaiiInvestment SalesNewsWestern

Public-Private Partnerships Acquires 379-Unit Affordable Housing Community in Honolulu

by Channing Hamilton

HONOLULU — A public-private partnership consisting of Standard Communities, Stanford Carr Development, the State of Hawaii, the U.S. Department of Housing and Urban Development, the City of Honolulu and the Hawaii Housing Finance & Development Corp. has acquired Maunakea, a 379-unit affordable community in Honolulu. According to Standard Communities, this is the largest FHA deal and largest Project-Based Section 8 transaction in Hawaii state history. The deal extends the affordability of all units at the property for 20 years. Maunakea was built in 1977 and renovated in 2000. Units come …

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Millennium Edina in Edina, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Brokers $74.7 Million Sale of Millennium Edina in Minneapolis Suburb

by Channing Hamilton

EDINA, MINN. — JLL Capital Markets has arranged the sale of Millennium Edina, a 227-unit mid-rise community in the Minneapolis suburb of Edina. A private investor acquired the asset from a joint venture between Dakota Pacific Real Estate and Landmark Cos. for $74.7 million. JLL worked on behalf of the new owner to secure the financing. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Millennium Edina was built in 2021. The property offers features studio, one-, two- and three-bedroom units. Amenities include a game room, …

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Investment SalesNewsTexas

Marcus & Millichap Brokers Sale of Tucasa Townhomes in Irving, Texas

by Channing Hamilton

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Tucasa Townhomes, a 128-unit community in the Dallas suburb of Irving. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured the buyer, an out-of-state partnership. According to Apartments.com, Tucasa Townhomes was built in 1964. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool and a courtyard.

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DevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $320 Million for Renovation of Affordable Complex in New York City

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx borough of New York City. The property was originally developed in the 1950s and is the second largest New York City Housing Authority property in the state. Edenwald Houses is currently home to more than 5,000 residents. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will be used …

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Reserve at Spencer in St. Peters, Missouri
Affordable HousingDevelopmentFinanceMidwestMissouriNews

TWG Begins Construction of $42.9 Million Affordable Community in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — TWG has broken ground on Reserve at Spencer, a $42.9 million affordable community in St. Peters. Reserve at Spencer will offer 192 units across four stories. Apartments will be affordable to tenants earning less than 60 percent of the area median income. Amenities include a community lounge and clubhouse, kitchenette, playground, dog park, fitness center, co-working spaces and package rooms. CREA, LLC, Merchants Bank, UMB Bank, and the Missouri Housing Development Commission are partners on the project. The Industrial Revenue Authority of St. Charles County provided bond financing. …

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The Drake at Deerwood in Jacksonville, Florida
FloridaInvestment SalesNewsSoutheast

American Landmark Apartments Acquires The Wimberly at Deerwood in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — American Landmark Apartments has acquired The Wimberly at Deerwood, a 322-unit property in the Deerwood neighborhood of Jacksonville. The community was built in 2000 and offers one-, two- and three-bedroom floor plans. American Landmark plans to renovate all units with granite countertops, new kitchen backsplashes, new cabinet faces, smart technology and new plumbing and lighting fixtures. American Landmark will also upgrade the community’s clubhouse, fitness center, and pool, as well as add EV charging stations and package lockers. Exterior renovations will include upgraded roofs, landscaping and exterior …

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An unnamed community developed by Milhaus and Banyan Residential in Phoenix
ArizonaDevelopmentFinanceNewsWestern

Milhaus, Banyan Residential Break Ground on $117 Million Community in Phoenix

by Channing Hamilton

PHOENIX — Milhaus and Banyan Residential have broken ground on a $117 million development on the southwest corner of 48th St. and Washington St. in Phoenix. The first phase of the 515-unit community is slated for completion in the fourth quarter of 2025. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. UMB provided a $63.3 million construction loan for the project, with syndication by First Merchants and Academy Bank.

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FinanceGeorgiaNewsSoutheast

Greystone Monticello Provides $68.2 Million Refinance for The Irby in Atlanta

by Channing Hamilton

ATLANTA — Greystone Monticello has provided a $60.2 million bridge loan and an $8 million mezzanine loan to refinance The Irby, a high-rise building in Atlanta’s northern Buckhead district. Greystone Commercial Capital originated the financing. The Irby was built in 2020 and is owned by an affiliate of Lone Star Funds. The property comprises 277 apartments across twelve stories, as well as 15,000 square feet of retail space. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, courtyard with fire pit and grilling station, an athletic …

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Solo at North Bergen in North Bergen, N.J.
Investment SalesNew JerseyNewsNortheast

Denholtz Properties Acquires Solo at North Bergen in Hudson County, New Jersey

by Channing Hamilton

NORTH BERGEN, N.J. — Denholtz Properties has acquired Solo at North Bergen in North Bergen, a city in New Jersey’s Hudson County. Solo at North Bergen was completed in 2023 and offers 214 units across four buildings. Amenities include a 5,000-square-foot clubhouse with billiards tables, fitness center, pool with grilling stations and a sauna, dog run and package room. The property is located near the Tonnelle Avenue Light Rail Station and an NJ Transit bus stop with direct access to New York City, as well as the Port Imperial/Weehawken ferry …

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DevelopmentInvestment SalesKansasMidwestNews

Block & Co. Brokers Sale of 12.8-Acre Development Site in Overland Park, Kansas

by Channing Hamilton

OVERLAND PARK, KAN. — Block & Co. Inc Realtors has brokered the sale of a 12.8-acre site on the southwest corner of 135th Street and Antioch Road in Overland Park. David Block and Mark McConahay of Block & Co. represented the undisclosed seller. The buyer plans to develop an apartment complex on the site. Construction is expected to begin immediately, with completion slated for 2024. Block & Co. will market the remaining 4.2 acres of land that runs along the north edge of the property along 135th Street. Four pad …

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