Author

Channing Hamilton

Venture on Colter in Phoenix
ArizonaInvestment SalesNewsWestern

Neighborhood Ventures Acquires 123-Unit Property in Phoenix

by Channing Hamilton

PHOENIX — Neighborhood Ventures (NV), a real estate crowdfunding company based in Phoenix, has purchased Venture on Colter, a 123-unit property in Phoenix. NV purchased the asset directly from an undisclosed lender for $13 million, a 20 percent discount from the community’s value in 2022. The company has raised $4.5 million from 95 investors for the property. NV estimates that, after implementing new property management and leasing strategies, Venture on Colter will be fully occupied within the next six months.

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Walters Underway on Affordable Housing Development in Hainesport, New Jersey

by Channing Hamilton

HAINESPORT, N.J. — New Jersey-based developer Walters is underway on the development of Cornerstone at Hainesport, a 73-unit affordable housing project in Hainesport, roughly 23 miles east of Philadelphia. The property will consist of six buildings. Units will come in one-, two- and three-bedroom layouts. The community will be available to households earning 60 percent or less of the area median income. Amenities include a basketball court, children’s play area and a clubhouse with computer workstations. The first apartments are expected to be available for occupancy by December.

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Firefly in Dallas
From the MagazinesMarket ReportsOperationsTexas

Will Dallas Rents Make a Comeback This Year?

by Channing Hamilton

There is a lot for a multifamily investor to like about Dallas. The metro area has benefitted from a steady influx of new companies and new jobs for the past decade, and there is no sign that this growth is letting up.  In the past five years alone, Frontier Communications (2023), Caterpillar (2022), AECOM (2021) and CBRE (2020) have all moved their corporate headquarters to Dallas, and the area has become a major U.S. financial hub, second only to New York City and Chicago. JP Morgan Chase now has more …

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Investment SalesNewsTexas

CenterSquare Acquires 352-Unit Community Near Dallas

by Channing Hamilton

FRISCO, TEXAS — CenterSquare has acquired Sorrel Phillips Creek Ranch, a 352-unit asset in Frisco, 30 miles north of downtown Dallas, in an off-market transaction. The community offers one-, two- and three-bedroom apartments. The acquisition was made on behalf of CenterSquare’s Value-Added Fund VI. The new ownership plans to renovate the units with new countertops and cabinets, add laminate vinyl plank to the upper floors and install a technology package in addition to updating the fitness center and tenant lounge area.

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Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Brisa Builders, PMG Affordable Secure $51.7 Million in Financing for Queens Affordable Housing Project

by Channing Hamilton

NEW YORK CITY — Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing for 19-19 Cornaga Ave., a 92-unit affordable housing project located in the Downtown Far Rockaway Special Purpose District in Queens. The financing package includes: Additionally, the developers are leveraging roughly $21.4 million in low-income housing tax credit (LIHTC) equity syndicated by Enterprise, $2.3 million in state LIHTC equity and $41,000 in solar tax credit equity. BWE is providing permanent financing through Freddie Mac. 19-19 Cornaga Ave. will offer a mix of studio, one- …

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CaliforniaDevelopmentFinanceNewsWestern

IPA Arranges $60.9 Million in Financing for 28.9-Acre Redevelopment Project in Huntington Beach, California

by Channing Hamilton

HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre redevelopment project in Huntington Beach. Gary Mozer of IPA secured the 18-month, nonrecourse loan on behalf of an undisclosed California-based investment and development firm. The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the site. The property will feature a 50-unit affordable housing community, with 25 units to be rented to hotel workers employed onsite and nearby. The …

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Cobbler Square in Chicago
IllinoisInvestment SalesMidwestNews

JDL Development, Centaur Capital Partners Purchase $88.2 Million Cobbler Square in Chicago

by Channing Hamilton

CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal. Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail …

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Ridge Crossings in Hoover, Alabama
AlabamaInvestment SalesNewsSoutheast

Avenue Living Buys 720-Unit Community Near Birmingham, Alabama

by Channing Hamilton

HOOVER, ALA. — Avenue Living has purchased Ridge Crossings, a 720-unit property located in Hoover, about 10 miles south of Birmingham, Alabama. The sales price was not disclosed. However, Birmingham Business Journal reported the property traded for $111 million. Ridge Crossings was originally constructed in 1991. The property offers one-, two- and three-bedroom units ranging in size from 861 to 1,520 square feet. According to Apartments.com, residents have access to amenities such as a pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, …

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The investment sales brokerage panel at InterFace Texas Workforce & Affordable Housing
Affordable HousingConference CoverageFeaturesInvestment Sales

InterFace Panel: Texas Affordable Housing Sales Volume Should Rebound Marginally in 2025

by Channing Hamilton

DALLAS — As is the case for many commercial asset classes and markets in 2025, there is an expectation of elevated deal volume for investment sales of affordable housing properties in Texas. But brokers in that space caution that the rebound will likely be marginal and is not necessarily indicative of ideal market conditions taking hold. A quintet of panelists broke down this notion and others at the InterFace Texas Affordable & Workforce Housing conference on Feb. 13 at the Westin Galleria Dallas hotel. Mary Ann Bennett, senior managing director …

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ArizonaDevelopmentNewsWestern

Thompson Thrift Opens 308-Unit Community Near Phoenix

by Channing Hamilton

SAN TAN VALLEY, ARIZ. — Thompson Thrift has opened Stella, a 308-unit community located roughly 48 miles southeast of downtown Phoenix in San Tan Valley. The property will consist of 12 two- and three-story buildings on a 20-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor pavilion, pickleball courts, two dog parks, gardens and Wi-Fi connectivity. The first move-ins began in winter 2024. The project is slated for full completion by the end of this summer. 

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