Author

Lynn Peisner

Solana-Place-at-Carlton-Commons-Casa-Grande
ArizonaBuild-to-RentInvestment SalesNewsWestern

Northmarq Arranges $30 Million Sale in Casa Grande, Arizona

by Lynn Peisner

CASA GRANDE — D.R. Horton has sold Solana at Carlton Commons to CALCAP Advisors for $30 million. Northmarq’s Phoenix multifamily investment sales team arranged the sale of the 113-unit build-to-rent property, while Northmarq’s debt and equity team arranged a $21.8 million Fannie Mae acquisition loan for CALCAP. Completed in 2023, Solana at Carlton Commons is in Casa Grande, a city about 50 miles south of Phoenix and approximately 70 miles north of Tucson. The community features three- and four-bedroom units averaging 1,381 square feet. Each residence includes stainless steel appliances, …

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Willow-Grove-Apartments-Modesto
CaliforniaInvestment SalesNewsWestern

Mogharebi Group Arranges $34.6 Million Sale in Modesto

by Lynn Peisner

MODESTO, CALIF. — The Mogharebi Group has brokered the $34.6 million sale of Willow Grove Apartments in Modesto. The seller was a privately held real estate investment firm based in Northern California that had owned the property since 2017. The buyer was a high net worth private family also based in Northern California. Built in 1990, Willow Grove Apartments comprises 18 two- and three-story buildings offering one- and two-bedroom floor plans ranging from 700 to 900 square feet. Amenities include a resort-style pool and a fitness center.

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Forma-Miami
FinanceFloridaNewsSoutheast

Walker & Dunlop Arranges Permanent Financing for Forma Miami

by Lynn Peisner

MIAMI — Walker & Dunlop has arranged a $238.4 million, fixed-rate Freddie Mac loan for Forma Miami, a 588-unit project locally based developer Crescent Heights completed earlier this year. Forma Miami, located in the Edgewater neighborhood, was designed by Rockwell Group and Arquitectonica. Units are offered in a mix of floor plans ranging from studios to three-bedrooms. The property is home to approximately 85,000 square feet of indoor and outdoor amenity space as well as Edgewater’s first Whole Foods Market, occupying about 50,000 square feet at the base of the …

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Delta-Pearl-DC
Affordable HousingArchitecture & DesignFeatures

D.C. Adaptive Reuse: Five Smart Strategies for Cost-Effective, Affordable Housing

by Lynn Peisner

In Washington, D.C., access to affordable housing remains a critical challenge. According to the National Low Income Housing Coalition, as of 2023, more than 54,700 extremely low-income renter households lived in the city, yet only 17,300 affordable and available rental homes were on the market at that income level.   D.C. is far from alone. Nationwide, there are only 35 affordable homes for every 100 extremely low-income renters, leaving millions without access to stable, secure housing. Renovating affordable housing, whether for refinancing, RAD (Rental Assistance Demonstration) conversion or preservation, is …

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Ballston-Rendering-Arlington
DevelopmentFinanceNewsNortheastWashington, D.C.

FCP Contributes $47.1 Million to Joint Venture Development in D.C. Metro

by Lynn Peisner

ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …

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Meridian-at-Eisenhower-Alexandria
BerkadiaFinanceNewsNortheastWashington, D.C.

Berkadia Arranges $84.1 Million Refinancing for Paradigm Development Co.

by Lynn Peisner

ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co. Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the borrower for reinvestment …

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Viva-Apartments-Seattle
Investment SalesNewsWashingtonWestern

Transwestern Sells Viva in Seattle

by Lynn Peisner

SEATTLE — Transwestern Investment Group has sold Viva Apartments, a 105-unit community in Seattle’s Capitol Hill neighborhood. JLL arranged the sale, representing the seller as well as the buyer, SI-Viva LLC, an affiliate of Sequel Investment Co. and Evergreen Gavekal. JLL also arranged a $22.9 million acquisition loan. Built in 2014, Viva is a six-story building with studios, one- and two-bedroom units. The property includes 76 parking spaces across two underground levels and 7,450 square feet of ground-floor retail space that is approximately 85 percent occupied. Amenities include indoor bike …

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Bryant-AYL-Yorba-Linda
CaliforniaFinanceNewsWestern

IEC Secures ReFi for Bryant at Yorba Linda

by Lynn Peisner

YORBA LINDA, CALIF. — Walker & Dunlop has arranged $145.8 million in debt and equity for Interstate Equities Corp. (IEC). The Los Altos, California-based investment firm is refinancing Bryant at Yorba Linda, a 400-unit community in Yorba Linda, located 37 miles east of Los Angeles. IEC acquired the property in 2022. Developed in 1986, Bryant at Yorba Linda features one- and two-bedroom floor plans and amenities such as a clubhouse, a fitness center, a pool and hot tub, a playground, dog park and a sports court.

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Palladium-Houston-Ella
Investment SalesNewsTexas

Palladium Opens $35 Million Mixed-Income Property in North Houston

by Lynn Peisner

HOUSTON — Dallas-based Palladium USA has opened Palladium Houston Ella, a $35 million, 146-unit mixed-income community in the Greenspoint neighborhood of Houston. A portion of the units (115) are reserved for renters earning no more than 30 to 60 percent of area median income. The remainder of units are rented at market rates. Palladium developed the property in partnership with the Harris County Housing Finance Corp. Amenities include a pool, a fitness center, a conference center, a playground and more. HEDK Architects designed the property, and Brownstone Construction served as …

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The-International-at-Valley-Ranch
BerkadiaFeaturesFinanceInvestment SalesNews

Broadening Buyer Pool Signals Market Resilience

by Lynn Peisner

Multifamily fundamentals are showing encouraging signs for investors. CBRE reports that more than two units were absorbed for every unit completed during the second quarter of this year, lowering the national vacancy rate to 4.1 percent, down from 5.5 percent one year prior.  Year-over-year effective rent growth increased to 1.2 percent during the second quarter, the first time in two years the rate surpassed 1 percent.  CBRE estimates that multifamily construction starts at midyear were 74 percent below their 2021 peak and 30 percent below their pre-pandemic average. Yardi Matrix …

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