Author

Lynn Peisner

Addison-Grove-Puyallup
Affordable HousingDevelopmentFinanceNewsWashingtonWestern

Great Expectations Secures Financing for Addison Grove in Puyallup

by Lynn Peisner

PUYALLUP, WASH. — Great Expectations, a Seattle-based affordable housing developer, has secured financing to build Addison Grove, a 102-unit affordable housing community in Puyallup, 36 miles south of Seattle. Great Expectations acquired the site in April. A construction timeline has not been disclosed. All units will be rent restricted at 50 and 80 percent of area median income, guaranteed for 60 years. According to the Washington State Housing Finance Commission, the project cost is approximately $34.2 million. Addison Grove was financed without tax credits, instead leveraging a subordinate loan from …

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Jordan-Calaguire-Quarterra
Company NewsNewsPeople News

Quarterra Hires Jordan Calaguire as Chief Investment Officer

by Lynn Peisner

CHARLOTTE, N.C. — Multifamily investment and development firm Quarterra has hired Jordan Calaguire as chief investment officer. Calaguire will lead Quarterra’s overall investment strategy, capital formation and allocation activities, investor relations and portfolio performance. Prior to joining Quarterra, Calaguire worked as chief investment and development officer at Kasa Inc., a New York based hospitality company. He also was previously a principal at Walton Street Capital, a private equity real estate investment firm based in Chicago.

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Avilla-Foothills-Surprise
ArizonaBuild-to-RentDevelopmentNewsOperationsWestern

NexMetro Opens Avilla Foothills BTR Project in Metro Phoenix

by Lynn Peisner

SURPRISE, ARIZ. — NexMetro Communities has completed and opened Avilla Foothills, a 108-unit build-to-rent development in Surprise, about 28 miles northwest of Phoenix. Avilla Foothills is comprised of single-level homes, some with optional garages, and amenities such as a resort-style pool and hot tub, outdoor kitchen and grills, landscaped open spaces, covered parking, a 24-hour maintenance team, pet parks and no breed or size restrictions for pets.

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Tides-on-McDowell-Phoenix
ArizonaInvestment SalesNewsWestern

Nitya Capital Buys Tides on McDowell in Phoenix for $41M

by Lynn Peisner

PHOENIX — Tides Equities has sold Tides on McDowell at 4620 W. McDowell Road in Phoenix to Nitya Capital for $41 million. Northmarq’s Phoenix-based team led by Jesse Hudson, Logan Baca and Chris Michl represented the Los Angeles-based seller. Nitya is headquartered in Houston. Built in 1985 and sitting on roughly 13 acres, Tides on McDowell features 27 two-story buildings with studio, one- and two-bedroom floor plans. The property features a mix of renovated, partially upgraded and original-condition units. Amenities include a pool, soccer field, playground, leasing office, fitness center, …

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Emerson-at-Red-Oak-Texas
Investment SalesNewsTexas

Phoenix Firm Acquires Emerson at Red Oak in Metro Dallas

by Lynn Peisner

RED OAK, TEXAS — CESM Real Estate has sold Emerson at Red Oak, a 306-unit community in Red Oak, approximately 20 miles south of Dallas. The buyer was Phoenix-based Professional Equity Management, while IPA arranged the transaction on behalf of the locally based seller. Completed in 2023, Emerson at Red Oak is a two-story, townhome-style property with a resort-style pool, fitness center, picnic and grilling areas, dog park, game room and business center. Apartments have full-size washers and dryers, stainless-steel appliances, built-in mudrooms and large closets. The average unit size …

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Parks-At-LegacyWest-Plano
DevelopmentNewsTexas

StreetLights Residential Breaks Ground on Plano, Texas, Luxury Tower

by Lynn Peisner

PLANO, TEXAS — Dallas-based StreetLights Residential has broken ground on Parks at Legacy West, a 22-story luxury high-rise at 6501 Legacy Drive in Plano. The development, located within the 100-acre former J.C. Penney headquarters campus, will include 261 one-, two- and three-bedroom units and three adjacent three-bedroom rental townhomes. The retailer was based at the site from 1992 until 2020. Legacy West, a 240-acre mixed-use development, is across the street. Amenities include a three-tiered, resort-style pool with private cabanas equipped with TVs; a sky lounge with dining area, card room, …

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Choice-Neighborhood-V-Newport-News
Affordable HousingDevelopmentNewsSoutheastVirginia

Pennrose, Partners Break Ground on Final Phase of $120M Newport News Redevelopment

by Lynn Peisner

NEWPORT NEWS, VA. — Construction has begun on the fifth and final phase of the Marshall-Ridley Choice Neighborhood Initiative (CNI) in Newport News. Ridley Place was public housing originally built in 1954 on approximately 18 acres. That community is now being replaced through the CNI, which is a HUD-backed redevelopment plan focused on mixed-income housing, resident services and broader neighborhood investment. Across the phases, Marshall-Ridley CNI leaders leveraged more than $120 million in housing investment. Pennrose’s Phase V, located at 2815 Washington Ave., will add 73 mixed-income units, amenities and …

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Freddie Mac
Affordable HousingDevelopmentFeaturesFinanceSeniors Housing

Fannie, Freddie Enter Bullish Phase

by Lynn Peisner

By John Nelson Fannie Mae and Freddie Mac are scaling up their multifamily loan production this year while their partner servicers and underwriters are aggressively pursuing new business. The Federal Housing Finance Agency (FHFA), which has been the conservator of the two government-sponsored enterprises (GSEs) since 2008, blew open the annual lending caps for the two agencies this year. The new caps are set at $88 billion apiece, which is a more than 20 percent increase from the 2025 cap and the highest dollar amount allotted by the FHFA since …

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dulce-vida-Miami
Affordable HousingDevelopmentFeaturesFlorida

Florida’s Live Local Amendments Remove Barriers and Open New Doors for Workforce and Affordable Housing

by Lynn Peisner

By Steve Wernick For years, church-owned land and government parcels sat unused in the middle of Florida’s housing shortage. They were available in theory, but off-limits in practice. Now, through House Bill (HB) 1389, a new round of amendments to the Live Local Act is unlocking that land, limiting local roadblocks and expanding how and where affordable housing can be built across the state. The amendments were approved in March and go into effect July 1. Florida’s housing market continues to gain momentum, and with it comes an opportunity to …

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Centreport-Lake-Fort-Worth
FinanceInvestment SalesNewsTexas

Newmark Arranges Sale of Centreport Lake in Fort Worth

by Lynn Peisner

FORT WORTH, TEXAS — Newmark has arranged the sale, acquisition financing and equity capitalization of Centreport Lake, a 452-unit community in Fort Worth’s CentrePort neighborhood. Richard Furr, Brian Murphy and Brian O’Boyle Jr. represented the seller, Marlin Spring US Realty, in the transaction. Henry Stimler and Ricky Warner arranged acquisition financing and equity capitalization on behalf of the buyer, whose identity was not disclosed. Located at 14301 Center Station Drive, Centreport Lake was constructed in 2008 on a 24-acre site. At the time of sale, the community was 91 percent occupied.

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