Author

Lynn Peisner

Homestead-Lehi
ArizonaDevelopmentNewsWestern

Evergreen Breaks Ground on $62.5 Million Project in Metro Phoenix

by Lynn Peisner

MESA, ARIZ. — Locally based Evergreen Devco has broken ground on The Homestead at Lehi, a $62.5 million, 222-unit community in Mesa. Completion is slated for August 2027. The development team includes MT Builders, BMA Architecture, Atwell (engineering services) and Collaborative V (landscape architect and land planning). The three-story garden-style property will feature one- and two-bedroom units averaging 922 square feet and amenities such as a hot tub, a fitness center, a dog park, coworking space and electric vehicle charging stations.

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Eleven33-Oak-Park
IllinoisInvestment SalesMidwestNews

Draper and Kramer Buy 263-Unit Luxury Property Near Chicago

by Lynn Peisner

OAK PARK, ILL. — Draper and Kramer has acquired Eleven33, a 263-unit property in Oak Park, about 10 miles west of downtown Chicago. The firm also will assume management of the property. Eleven33 was 95 percent leased at the time of sale and has averaged 94.4 percent occupancy since January 2024. It includes studio, one-, two- and three-bedroom units, with monthly asking rents currently starting at $1,945. Select floor plans feature a private balcony or terrace or access to a shared terrace. Amenities include a 24-hour fitness center with yoga …

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Parks-at-Delray-Skye
DevelopmentFinanceFloridaNewsSoutheast

13th Floor, Key International Break Ground on $79.2 Million Project in Delray Beach, Florida

by Lynn Peisner

DELRAY BEACH, FLA. — South Florida-based developers 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on Skye, a 327-unit community in Delray Beach. The project is being financed with a $79.2 million construction loan from CIBC Bank USA. Skye represents the second residential phase of the joint venture’s 50-acre Parks at Delray mixed-use development and follows the completion and lease-up of Savio, which delivered 420 apartments earlier this year. With construction now underway, Skye is slated for completion in 2027. …

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Cottonwood-Grove-Clovis
CaliforniaInvestment SalesNewsWestern

Mogharebi Group Arranges $61.8 Million Central California Sale

by Lynn Peisner

BAKERSFIELD AND CLOVIS, CALIF. — The Mogharebi Group has arranged a $61.8 million sale of two properties in California’s San Joaquin Valley. The properties were The Grove in Bakersfield and Cottonwood Grove in Clovis. A single undisclosed seller sold each property to separate California-based buyers. The Grove is a 142-unit gated community built in 1994. Situated on an 11-acre site at 4801 Fruitvale Ave., the property features townhome-style units with private garages. Amenities include two pools, a hot tub, a fitness center and grilling stations. Approximately 20 percent of the …

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Aurora-at-Summerfield
IllinoisInvestment SalesMidwestNews

Marquette Buys Aurora at Summerfield in Suburban Chicago

by Lynn Peisner

AURORA, ILL. — Marquette Cos. has acquired Aurora at Summerfield, a 368-unit community in Aurora, 42 miles southwest of Chicago. The property, located 1847 Clubhouse Drive, was 97 percent occupied at the time of sale. Marquette’s property management subsidiary, Marquette Management, is the property manager. Aurora at Summerfield comprises 26 two- and three-story buildings housing a mix of one-, two- and three-bedroom units. About a quarter of the units are two-story townhomes. Amenities include a fitness center, a business center, a pool, grilling stations and a playground. The seller and …

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Lockwood-Plaza-Townhomes-Providence
Affordable HousingDevelopmentNewsNortheastRhode Island

WinnCos. Completes Affordable Housing Redevelopment in Providence

by Lynn Peisner

PROVIDENCE, R.I. — WinnDevelopment, the development arm of WinnCos., has completed the $29.3 million renovation of 17 townhouse-style buildings at Lockwood Plaza Apartments in Providence. The redevelopment, completed in partnership with the City of Prividence and RIHousing, extends affordability at the property for 40 years. RIHousing is an agency created by the state legislature in 1973 to provide financing and resources to help Rhode Islanders afford housing through loans, grants, education and assistance. Multiple funding partners were involved, including Citizens Bank, which provided construction financing and Low-Income Housing Tax Credit …

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Mansions-at-Riverside-Tulsa
Company NewsInvestment SalesKentuckyMidwestNewsNortheastOhioOklahomaSoutheast

Morgan Properties Buys Dream Residential REIT for $345 Million

by Lynn Peisner

CONSHOHOCKEN, PA. — Morgan Properties has acquired Dream Residential Real Estate Investment Trust, a public Canadian REIT, for $345 million. Acquisition of the Toronto-based REIT included 15 properties now privately owned by Conshohocken-based Morgan Properties. The properties comprise 3,300 units in metro areas throughout Texas, Ohio, Kentucky and Oklahoma. Morgan will invest $58 million in interior and exterior enhancements and amenity upgrades in the 15 communities, which were developed between 1968 and 2002. In 2025, Morgan has completed $1.5 billion in acquisitions, comprising approximately 14,000 units and 80 properties. TD …

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Riva-Row-The-Woodlands
DevelopmentNewsTexas

Howard Hughes Communities Opens First High-Rise at The Woodlands

by Lynn Peisner

SPRING, TEXAS — Howard Hughes Communities has opened 1 Riva Row, a 13-story development located within The Woodlands, a 28,500-acre master-planned community 27 miles north of downtown Houston. The project is the first high-rise in the community, which consists of nine residential villages. Allford Hall Monaghan Morris was the architect, Hoar Construction was the general contractor, and Morgan Group is the property manager. Units are comprised of one-, two- and three-bedrooms that range in monthly asking rents from approximately $2,099 to $10,950 for upper-floor penthouses. The community’s amenities include a …

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12th+Greenway-Phoenix
ArizonaDevelopmentNewsWestern

EMBREY Breaks Ground on 340-Unit Phoenix Project

by Lynn Peisner

PHOENIX — EMBREY has begun construction of 12th & Greenway, a 340-unit property situated on 7 acres at North 12th Street and Greenway Parkway in Phoenix. This is EMBREY’s ninth project in Arizona since the San Antonio-based developer entered the business in 2006. Completion is slated for the third quarter of 2027. The four-story community will offer flats and townhomes and such amenities as a resort-style pool and hot tub surrounded by private cabanas, an outdoor kitchen and fireplace, a 24-hour package room, fitness and yoga studios, a game room, …

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WaltonLofts-Seattle
Investment SalesNewsWesternWyoming

Clarion Partners Sells Seattle High-Rise

by Lynn Peisner

SEATTLE — CBRE has arranged the sale of Walton Lofts, a 136-unit high-rise located at 75 Vine St. in Seattle’s Belltown neighborhood. The property was developed in 2015 by the Schuster Group. Clarion Partners was the seller, represented by CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper. Neither the buyer nor the sales price was disclosed, but Clarion purchased the property in 2016 for about $76 million. Walton Lofts includes studios and one- and two-bedroom units. Amenities feature a rooftop lounge with panoramic views of Elliott Bay, the …

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