Author

Lynn Peisner

BondsRanchRoad-Fort-Worth
DevelopmentNewsTexas

HPI Breaks Ground on Three-Phase Project in Fort Worth

by Lynn Peisner

FORT WORTH, TEXAS — HPI Real Estate Services and Investments has begun construction on the first phase of a 55-acre project in northwest Fort Worth that will include 829 apartments, townhomes and detached cottages. The community’s name has not been disclosed. The site is situated at the southeast corner of Bonds Ranch and Blue Mound roads. It is Texas-based HPI’s first development in Fort Worth. The first phase will include 396 one-, two- and three-bedroom units. Zoning and site plans have been approved for 240 additional apartment units and 193 …

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DevelopmentIndianaMidwestNews

Thompson Thrift to Develop Revere in Indianapolis Metro

by Lynn Peisner

WESTFIELD, IND. — Locally based Thompson Thrift has broken ground on Revere, a 350-unit project in Westfield, 27 miles north of Indianapolis. Completion is slated for February 2027. The 23-acre community will feature units in one-, two- and three-bedroom configurations. The residences will be spread over six buildings, including four three-story garden-style buildings and two four-story elevator-serviced buildings. Amenities include a fitness center; a resort-style, heated pool; electric firepits with seating areas; a dog park and pet spa with a grooming station; grilling areas; and a business center with a …

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ColoradoFinanceFloridaNewsSoutheastTexasWestern

Walker & Dunlop Arrange $192 Million ReFi for Cortland

by Lynn Peisner

BETHESDA, MD. — Walker & Dunlop has arranged a $192 million Freddie Mac loan on behalf of Cortland, an Atlanta-based investment, development and property management firm. Cortland will use the funds to refinance mortgages of three properties: Cortland at the Hammocks I and II in Miami, Huntington Glen in Dallas and Cortland Congress Park in Denver. Together, the properties comprise 1,137 units. Across all three assets, Cortland has executed a capital improvement program, investing in interior and exterior upgrades to reposition the communities. The Walker & Dunlop capital markets team was …

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The-Opaline-Nashville
Affordable HousingDevelopmentNewsSoutheastTennessee

Holladay Begins Development of The Opaline, the First Phase of a Nashville Mixed-Use Project

by Lynn Peisner

NASHVILLE, TENN. — Locally based affordable and workforce housing developer Holladay Ventures has secured funding and is expected to break ground in late November on The Opaline, a 251-unit property for renters earning up to 60 percent of area median income. Completion is slated for 2028. The Opaline is the first of three phases of Holladay’s Artist Hill project, a 39-acre master planned community that is projected to include rental and for-sale residential, retail, creative workspaces, green spaces, walking trails and other community amenities. The Opaline’s development site is currently …

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Marea-Noblesville
Build-to-RentFeaturesMidwest

Stars Are Aligned For Build-to-Rent Developers

by Lynn Peisner

By Kristin Harlow Higher rents and lower turnover are a few of the key advantages build-to-rent (BTR) properties have over traditional multifamily product, according to investors. Meanwhile, the sector continues to experience strong demand from tenants priced out of the housing market as well as renters by choice who prefer flexible, maintenance-free living. BTR units typically have all the perks of a single-family home — privacy, garages and yards — without the hassles of landscaping or property maintenance. “The BTR sector is experiencing significant growth because it addresses a genuine …

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Lambert-Woods-Portland
Affordable HousingDevelopmentMaineNewsNortheast

POAH Breaks Ground on Affordable Housing in Portland, Maine

by Lynn Peisner

PORTLAND, MAINE — Preservation of Affordable Housing (POAH) has closed on construction financing for Lambert Woods North, a 72-unit affordable housing development that will be built in the North Deering neighborhood. POAH acquired the wooded lot from the City of Portland through an RFP process. The one-, two- and three-bedroom units will be reserved for renters earning 60 percent of area median income. The Maine State Housing Authority is providing 4 percent Low-Income Housing Tax Credits as well as construction and permanent loans. The project also is backed by several …

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Grove-Ridge-Cottage-Grove
Investment SalesMidwestMinnesotaNews

Centerspace Sells Twin Cities Portfolio for $76 Million

by Lynn Peisner

MINNEAPOLIS — San Francisco-based FPA Multifamily has purchased a 679-unit portfolio consisting of seven properties throughout the Twin Cities metro from Centerspace (NYSE: CSR), a Minot, North Dakota-based REIT. The Minneapolis/St. Paul Business Journal reports the portfolio traded for $76 million. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented Centerspace in the transaction. Properties in the portfolio range from historic redevelopments in the North Loop area to contemporary, boutique-style assets in the Edina and South Minneapolis submarkets. Several properties have undergone renovations. All seven properties are equipped with SmartRent …

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Investment SalesNewsTexas

Clover Capital Partners Buys Woodlands of Plano

by Lynn Peisner

PLANO, TEXAS — Clover Capital Partners has acquired The Woodlands of Plano in Northeast Plano, 20 miles north of Dallas. CBRE arranged the sale of the 232-unit community that was developed in 1968. The seller’s identity was not disclosed. The Dallas-based buyer will assume fixed-rate debt at a 3 percent interest rate with 10 years remaining on the loan. The property provides a mix of one-, two- and three-bedroom floor plans.

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Canopy-at-Babcock-Ranch
Company NewsFloridaIndianaMidwestNewsOperationsSoutheast

Milhaus Acquires Property Management Division of ContraVest

by Lynn Peisner

ALTAMONTE SPRINGS, FLA. — Milhaus, an Indianapolis-based developer, owner and property manager, has acquired the property management division of Altamonte Springs-based developer ContraVest, marking Milhaus’ entry into the third-party property management business and expanding its presence in Florida. Under the agreement, Milhaus will assume residential management at eight multifamily properties. Skyhawk Capital Advisors acted as financial advisor to ContraVest in the transaction. In Florida, Milhaus has developed and manages Canopy at Babcock Ranch, as well as projects in Tampa, such as The Hite and Notch Apartments, Lector 85 and Artistry …

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Palladium-Oak-Grove-Fort-Worth
Affordable HousingDevelopmentNewsTexas

Palladium USA Opens Fort Worth Affordable Housing Community

by Lynn Peisner

FORT WORTH, TEXAS — Dallas-based Palladium USA has completed Palladium Oak Grove, a 240-unit affordable housing community in Fort Worth. Rent caps range from 30 to 80 percent of area median income. The project cost was approximately $60 million and was developed in partnership with the Fort Worth Housing Finance Corp. Financing came from a variety of sources, including 4 percent Low-Income Housing Tax Credits. Units are offered in one-, two- and three-bedroom floor plans. Amenities include a resort-style pool, a fitness center, a conference room, a dog park, a …

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