Author

Lynn Peisner

2900-Terrace
DevelopmentFinanceFloridaInvestment SalesNewsSoutheast

Oak Row Equities Breaks Ground on $210.5 Million Miami Tower

by Lynn Peisner

MIAMI — Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. JLL arranged both loans for Oak Row Equities. Construction has begun with completion slated for the fourth quarter of 2027. Units at 2900 Terrace, designed by architecture firm Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity …

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750-Golden-Gate
Affordable HousingDevelopmentNews

MidPen Breaks Ground on Two San Francisco Affordable Housing Projects

by Lynn Peisner

SAN FRANCISCO — MidPen Housing, along with the City of San Francisco, has broken ground on two affordable housing communities in San Francisco. Combined, the buildings will include 167 units for low-income families and employees of the San Francisco Unified School District and the San Francisco Community College District. Rent restrictions and a construction timeline were not disclosed. In 2019, California Gov. Gavin Newsom signed an executive order allowing state agencies to use excess properties for affordable housing development. In May 2021, the state of California selected MidPen to develop …

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Village-at-Legacy
Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Decatur Housing, PAHI Complete First Phase of $49 Million Ground-Up Affordable Housing Development

by Lynn Peisner

DECATUR, GA. — The Housing Authority of the City of Decatur (Decatur Housing) and nonprofit developer partner Preserving Affordable Housing Inc. (PAHI) completed Phase I and broke ground on Phase II of Village at Legacy on June 18. Once completed, the two-phase development will offer 132 one-, two- and three-bedroom residences across two phases and in a variety of floor plans including townhomes and apartments. The first 66 units in Phase I are being delivered under a $20.4 million construction contract with total project costs reaching $27.9 million. The second …

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TruAmerica-Dominion-Park
Investment SalesNewsTexas

TruAmerica Acquires Dominion Park in San Antonio

by Lynn Peisner

SAN ANTONIO — TruAmerica has acquired Dominion Park Apartments in San Antonio. The 280-unit, garden-style community was developed in 2002 and marks TruAmerica’s second acquisition in the San Antonio market. The seller and sales price were not disclosed. Northmarq arranged the sale and financing. Approximately 96 units have undergone prior renovations. TruAmerica plans to renovate the remaining units and standardize all interiors.

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Agora
FinanceNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $106.3 Million Refinancing for WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged a $106.3 million Fannie Mae loan for WC Smith to refinance construction debt on Agora, a 334-unit property developed in 2018 in Washington, D.C.’s Capital Riverfront area. Walker & Dunlop’s team was led by Brendan Coleman and Connor Locke. WC Smith developed Agora as the second phase of The Collective, which is home to two other multifamily properties: Park Chelsea with 429 units and The Garrett with 373 apartments and 5,000 square feet of coworking space. Amenities for the three communities include …

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Oxlley-Apartments
DevelopmentNewsOklahoma

Milhaus, Humphreys Capital Open Oxlley near Oklahoma City

by Lynn Peisner

EDMOND, OKLA. — Milhaus and Humphreys Capital have completed and opened Oxlley in Edmond 15 miles north of Oklahoma City. Located at 101 West Main St. in the historic downtown area, Oxlley features 276 units offered as studios or in one-, two- or three-bedroom floor plans. Amenities include a 24-hour fitness center, electric vehicle charging stations, conference rooms for remote workers, a dog park and a pet spa. The community does not have breed or weight restrictions on pets.

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InterFace-Carolinas-Multifamily_Operators
Conference CoverageFeaturesLeasing & MarketingOperationsSoutheast

InterFace Conference Coverage: Multifamily Operators Are Utilizing Fee Transparency, Concessions to Woo Renters

by Lynn Peisner

CHARLOTTE, N.C. — The federal government has been cracking down on price gouging in recent months. In May, the Federal Trade Commission (FTC) implemented a rule to ban “junk fees” from live event platforms like Ticketmaster, as well as hotels and other short-term lodging. This rule precludes the vendor or property owner/management firm from being able to charge hidden fees on the back end by requiring them to put the total cost upfront, inclusive of all mandatory fees and charges. And in January, the U.S. Justice Department (DOJ), along with …

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Carmichael-Commons
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Woda Cooper, Parallel Housing Deliver First Phase of $36.7 Million Affordable Housing Project in Madison, Georgia

by Lynn Peisner

MADISON, GA. — Woda Cooper Cos. and Parallel Housing opened Carmichael Commons in Madison on June 18. The $18.2 million, 60-unit townhome community is comprised of eight one-bedroom, 32 two-bedroom and 20 three-bedroom townhomes. Units are reserved for residents with household incomes up to 50 and 60 percent of area median income (AMI). Six units are offered at market rates without income restrictions. The developers also are underway constructing Prior Farms, an $18.5 million, 40-unit build-to-rent community on adjoining land. The two-phase project will include a new park developed by …

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Camden-Midtown
Investment SalesNewsTexas

Camden Property Trust Sells Midtown Houston Asset

by Lynn Peisner

HOUSTON — Camden Property Trust, a publicly traded REIT, sold Camden Midtown to Bow River Capital for an undisclosed amount. JLL Capital Markets arranged the sale and financing of the 337-unit, three-story community in Houston. Camden Midtown was built in 1999 and features pools, 24-hour fitness centers, a pet park and a direct-access parking garage. Units include granite countertops, stainless steel appliances and wood-style flooring. Some feature private patios with attached garages in select townhome units. JLL Capital Market’s investment sales and advisory team was led by Dustin Selzer, Jett …

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Sugarmont-Apts
Investment SalesNewsUtahWestern

Centerspace Completes first Utah Acquisition with $149 Million Salt Lake Asset

by Lynn Peisner

SALT LAKE CITY — Publicly traded REIT Centerspace has acquired Sugarmont Apartments in Salt Lake City for $149 million. This marks Centerspace’s first owned asset in Utah. Northmarq’s Salt Lake City multifamily investment sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, arranged the sale and represented Centerspace. The seller was Cottonwood Communities, a publicly registered, non-listed REIT headquartered in Salt Lake City. Cottonwood was retained by Centerspace to manage the property. Built in 2021, Sugarmont Apartments features 341 units in a mix of studios, one-, two- and …

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