Author

Lynn Peisner

Wellstead-at-Kinderton-Bermuda-Run
Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Canvas Residential, Kelley Properties to Develop Build-to-Rent Community Near Winston-Salem, North Carolina

by Lynn Peisner

BERMUDA RUN, N.C. — Canvas Residential Partners and Kelley Properties have broken ground on Wellstead at Kinderton Farms, a 141-home build-to-rent community in Bermuda Run approximately 15 miles southwest of Winston-Salem. The community will feature a mix of rental townhomes and detached single-family homes. Townhomes will range from 1,200 to 1,700 square feet, from two to four bedrooms. Some townhomes will include a private backyard. Single-family homes will range from 1,900 to 2,100 square feet with four bedrooms and two-car garages. First units are slated for completion in spring 2028.

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The-Summit-Avon
Affordable HousingColoradoDevelopmentNewsWestern

Grand Peak Breaks Ground on Mixed-Income Community in Avon, Colorado

by Lynn Peisner

AVON, COLO. — Denver-based developer Grand Peak, in partnership with Silverton Holdings, a Braselton, Georgia-based developer specializing in hospitality projects, has broken ground on The Summit, a 164-unit community in Avon, approximately 106 miles west of Denver and about 10 miles west of Vail, Colorado. Civitas Capital Group provided an undisclosed sum of construction financing for the project, which will include 16 workforce housing units reserved for tenants earning no more than 100 percent of area median income. Amenities will include a fitness center, game room, dedicated ski and gear …

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Sunsweet-Morgan-Hill
CaliforniaInvestment SalesNewsWestern

Keech Properties Buys Silicon Valley’s Sunsweet Apartments for $45M

by Lynn Peisner

MORGAN HILL, CALIF. — Redwood City, California-based Keech Properties has acquired Sunsweet Apartments in Morgan Hill, about 10 miles south of San Jose, California, for $45 million. According to The Mercury News, the seller was Republic Urban Properties, a San Jose-based developer represented in the deal by Northmarq’s Walnut Creek Investment Sales team led by Anthony Pappageorge and Zach LeBeouf. Built in 2020, Sunsweet Apartments is situated on a 1.9-acre site. A resort-style pool, fitness center, clubhouse, electric vehicle charging stations and multiple outdoor gathering spaces complement the 87 studios, …

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Greenline-Monona
DevelopmentMidwestNewsWisconsin

Galway Cos. Starts Construction of The Greenline in Wisconsin

by Lynn Peisner

MONONA, WIS. — Galway Cos. has broken ground on The Greenline, a 357-unit community with 16,000 square feet of ground-floor retail space in the Madison, Wisconsin, suburb of Monona. The Greenline is part of a broader redevelopment effort along Monona’s Broadway corridor that is being led by locally based Galway Cos. in partnership with the City of Monona and the Monona Community Development Authority. The corridor is a two-mile stretch along the southern border of the city where officials are hoping to develop future transit-oriented projects. The developer also will …

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1000-W-Jackson-Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Affinius Originates $130.4M Construction Loan for Aldi-Anchored Chicago Project

by Lynn Peisner

CHICAGO — Affinius Capital has originated a $130.4 million construction loan to finance 1000 W. Jackson, a 25-story development in Chicago’s West Loop submarket. The developer is a joint venture between Chicago-based Mavrek Development and Toronto-based Fengate Asset Management, a North American alternative investment manager. John Parrett of CBRE arranged the financing. The project will include 21,500 square feet of retail pre-leased to Aldi and 380 apartments, including 76 units set aside as affordable. Rent restrictions were not disclosed. Floor plans range from studios to three-bedroom units complemented by amenities …

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Lookout-Pointe-Selma
DevelopmentNewsTexas

Inland, Cambridge Near Completion of Metro San Antonio Project

by Lynn Peisner

SELMA, TEXAS — A joint venture comprised of affiliates of Inland Real Estate Group of Cos. and Cambridge Development Group is nearing completion of Lookout Pointe, a 281-unit development in the northeast San Antonio suburb of Selma. The first residences are slated for completion in October. The community is comprised of studios, one- and two-bedroom units complemented by a clubhouse, fitness center, business center, resort-style pool, dog park and a rooftop patio with a gas grill and outdoor entertainment areas.

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St-James-Milwaukee
Affordable HousingInvestment SalesMidwestNewsWisconsin

Weidner Sells Two-Asset Milwaukee Portfolio for $60M

by Lynn Peisner

MILWAUKEE — Weidner Apartment Homes has sold a two-property portfolio in Milwaukee’s Calumet Farms neighborhood for $60 million. Beverly Hills, California-based Bedford Affordable Housing Foundation, in partnership with Post Real Estate Group, acquired the 374-unit St. James Place and Arbor Ridge. The properties are less than a quarter mile apart. The new owners plan to convert the market-rate properties to affordable housing with rents restricted to 60 and 80 percent of area median income. Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim …

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High Park-New-Albany
IndianaInvestment SalesMidwestNews

Highgates Sells High Park in Indiana for $6.6M

by Lynn Peisner

NEW ALBANY, IND. — Highgates, a Louisville, Kentucky-based multifamily developer and operator, has sold High Park Apartments in New Albany, about 5 miles northwest of Louisville, for $9.5 million. Highgates acquired High Park in July 2019 for approximately $6.6 million and owned and operated the property through its in-house management for seven years. During that period, the firm invested about $500,000 in capital improvements, which covered roofing, HVAC systems and unit-interior upgrades. The property was financed at acquisition with a 10-year, fixed-rate Freddie Mac loan, which remained in place for …

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500-North-Michigan-Chicago
DevelopmentIllinoisMidwestNews

Commonwealth Development Partners Obtains Financing, Breaks Ground on Chicago Office-to-Residential Conversion

by Lynn Peisner

CHICAGO — Commonwealth Development Partners has broken ground on the $162 million redevelopment of 500 North Michigan Ave. in Chicago. JLL arranged a $71.5 million construction loan through Santander Bank and $41.8 million in equity from Washington Capital Management. The project will convert a 25-story office tower, built in 1968, to a 320-unit luxury apartment community in Chicago’s Magnificent Mile district. Twenty percent of units will be designated affordable, rent restricted to 40 to 80 percent of area median income. Connecticut-based Commonwealth Development and partner Triangle Capital Group acquired the …

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137-20-45th-Ave-Auburn-Flushing
Affordable HousingFinanceNew YorkNewsNortheast

Iris Holdings Group Obtains $86.4M Refinancing for Four-Property Affordable Housing Portfolio in Flushing, Queens

by Lynn Peisner

NEW YORK CITY — Walker & Dunlop has arranged an $86.4 million Freddie Mac refinancing for locally based Iris Holdings Group’s 506-unit portfolio in the Flushing neighborhood of Queens. The four properties are clustered together and are within walking distance. Iris Holdings partnered with the New York City Department of Housing Preservation and Development in 2024 to preserve the this project at varying levels of affordability for the next 40 years. As part of that effort, Iris completed major building-system upgrades, unit renovations and a range of energy-efficiency improvements. Walker …

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