Author

Lynn Peisner

The-Meadows-Roseville
Affordable HousingInvestment SalesMichiganMidwest

Standard Communities Buys, Preserves Affordable Housing in Metro Detroit

by Lynn Peisner

ROSEVILLE, MICH. — Affordable housing investment and development firm Standard Communities has acquired The Meadows, a 124-unit property in Roseville, an unincorporated city 15 miles northeast of downtown Detroit. All units are income-restricted and supported by project-based Section 8 Housing Assistance Payment (HAP) contracts. Of the 124 units, 111 are restricted to households earning at or below 60 percent of area median income (AMI), and 13 are restricted at 40 percent AMI. Affordability was extended through a 20-year Section 8 renewal via a HAP assignment and assumption. Standard will complete …

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Douglas-Terrace-Racine
Investment SalesMidwestNewsWisconsin

MLG Capital Sells Douglas Terrace in Racine, Wisconsin, for $23M

by Lynn Peisner

RACINE, WIS. — Northmarq has arranged the $23 million sale of and acquisition financing for Douglas Terrace Apartments in Racine. Northmarq’s Chicago-based investment sales team led by Alex Malzone, Parker Stewart, Dominic Martinez and Jake Lamb represented seller Wisconsin-based MLG Capital. The buyer was a private capital group from Illinois. A debt and equity team led by Brett Hood and Kevin McCarthy arranged an $18.3 million Fannie Mae loan for the buyer. Douglas Terrace Apartments is a 202-unit garden-style community located at 3706 Douglas Ave. Built in 1966 and renovated …

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Harbor-Point-Baltimore
GeorgiaInvestment SalesNewsSoutheastVirginia

Harbor Group International Buys 11 Properties from AH Realty Trust for $562M

by Lynn Peisner

NORFOLK, VA. — Harbor Group International (HGI) will acquire 11 properties from AH Realty Trust (NYSE:AHRT) for $562 million. The 11 assets represent the majority of Virginia Beach-based AHRT’s multifamily portfolio. The REIT will retain Smith’s Landing and plans to separately market its remaining two properties, The Everly in Roanoke, Virginia, and Solis in Gainesville, Georgia. HGI has provided a $15 million nonrefundable deposit, and the all-cash transaction is not contingent on financing. The transaction is expected to close by mid-year. AHRT’s long-term goals are to simplify its platform by …

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DevelopmentNewsNorth CarolinaSoutheast

Alliance Residential Buys Land for Metro Charlotte’s Broadstone Bryton

by Lynn Peisner

HUNTERSVILLE, N.C. — Alliance Residential Co. has closed on a 20.4-acre land sale for the development of Broadstone Bryton, a 359-unit community in Huntersville, 12 miles north of Charlotte. The Arizona-based developer estimates the project will be complete by the second quarter of 2028. The Broadstone Bryton site is adjacent to the Bryton Town Center and part of the 450-acre Bryton master-planned community. Broadstone Bryton will feature 10 three story residential buildings and a freestanding clubhouse. Cline Design Associates is the architect. Amenities to support the one-, two- and three-bedroom …

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Bruce-Thompson-Scott-Manning
Affordable HousingDevelopmentIndustry VoicesInvestment Sales

Opportunity Zone Program Presents Strategic Window for Multifamily and Affordable Housing Investment

by Lynn Peisner

By Scott Manning and Bruce Thompson States will soon decide which low-income census tracts qualify as Opportunity Zones, giving developers, investors and community leaders a chance to weigh in on where those incentives could do the most good. Since the enactment of the program in 2017, Qualified Opportunity Zones across all 50 states, the District of Columbia, and U.S. territories have attracted significant private investment, fueling housing development, job creation and economic revitalization in underserved communities. With the current Opportunity Zone program set to sunset as of Dec. 31, 2026, …

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Jefferson-Cove-Grand-Prairie
Investment SalesNewsTexas

Newmark Arranges Sale of Jefferson Cove in Grand Prairie, Texas

by Lynn Peisner

GRAND PRAIRIE, TEXAS — Madera Residential has acquired Jefferson Cove, a 283-unit property completed in 2024, from TDI. Newmark’s Brian Murphy, Brian O’Doyle Jr. and Purvesh Gosalia arranged acquisition financing on behalf of Madera. Amenities include a pool, a game lawn, a clubhouse, controlled access parking, community-wide Wi-Fi and Luxer One package lockers.

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Alta-Preserve-Allen
DevelopmentNewsTexas

Wood Partners Breaks Ground on Alta Preserve in Allen, Texas

by Lynn Peisner

ALLEN, TEXAS — Atlanta-based developer Wood Partners has broken ground in Allen on Alta Preserve, a 311-unit community located within The Farm mixed-use, master-planned development about 30 miles north of Dallas. Completion is slated for the second quarter of 2027. At build out, residents will have access to pocket parks, a 2.5-acre lake and 2.5 miles of hiking and biking trails that connect to the city’s broader trail system. Alta Preserve marks Wood Partners’ third phase of construction at The Farm. The firm completed Alta at The Farm in 2023, …

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sage-on-prospect-Milwaukee
Investment SalesMidwestNewsWisconsin

CBRE Arranges Sale of Sage on Prospect in Milwaukee

by Lynn Peisner

MILWAUKEE — CBRE has arranged the sale of Sage on Prospect, a 34-unit community in Milwaukee’s Lower East Side neighborhood. The asset traded for approximately $8.3 million. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller, locally based Dominion Properties in the transaction. Three Sixty Real Estate Solutions, headquartered in La Crosse, Wisconsin, was the buyer. Dominion Properties purchased the asset in 2014 and embarked on a redevelopment project that converted a 1961-built assisted living facility into a LEED Platinum-certified multifamily community. The redevelopment included the …

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ArborRanch-Denton
Affordable HousingDevelopmentNewsTexas

The NRP Group Breaks Ground on $149M Affordable Housing Development in Denton, Texas

by Lynn Peisner

DENTON, TEXAS — The NRP Group has broken ground on Arbor Ranch, a 297-unit affordable housing community in the Dallas suburb of Denton. The $149 million project is slated for completion in 2027. Arbor Ranch is being developed in partnership with the Denton Housing Authority in order to provide rental homes affordable to families earning between 30 and 70 percent of area median income. According to guidelines set by the U.S. Department of Housing and Urban Development, the median income for a family of four in the Dallas metro area …

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Reside-on-Barry-Chicago
FinanceIllinoisMidwestNews

Northmarq Arranges $45M Refinancing of Reside on Barry in Chicago

by Lynn Peisner

CHICAGO — Newcastle Investors has obtained a $45 million loan to refinance Reside on Barry, a 161-unit high-rise in the Lakeview neighborhood of Chicago. Kevin McCarthy of Northmarq’s Chicago office arranged the financing. The lender was PGIM. Newcastle, a Chicago-based investment firm, bought the asset in 2011 for $33.3 million in an all-cash deal. Reside on Barry is a 17-story, 1970-vintage apartment community offering renovated one-, two- and three-bedroom residences.

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