BALTIMORE — Benefit Street Partners sold a two-property portfolio in Baltimore to FPA Multifamily for $73 million on Sept. 11. The combined occupancy rate on that date was 95 percent. Berkadia DC Metro and Berkadia Richmond represented the seller with a team led by Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns. The seller is based in New York, and the buyer, which assumed a HUD loan in the acquisition, is headquartered in San Francisco. The portfolio consists of The Lofts, built in 2012, and …
Lynn Peisner
SAN DIEGO — Sunroad Enterprises has sold a 15-property portfolio to Fairfield for $1.1 billion. Both firms are based in San Diego. The portfolio includes properties in six states: six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. The deal took six years to put together. JLL, representing Sunroad, arranged the sale as well as a $415 million Freddie Mac loan for 10 of the assets and an additional $250 million in fixed-rate senior debt provided by KKR. …
WOODBURY, MINN. — A joint venture between Watermark and PCCP has sold two build-to-rent communities in Woodbury, 23 miles east of Minneapolis. The sales price and the identity of the buyer were not disclosed. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the sellers, who are the properties’ original developers, in the transaction. Canvas at St. Croix is located at 11483 Crestbury Drive. Completed in 2024, the 89 units feature attached garages, and amenities include a clubhouse, multipurpose room and a resort-style pool. The 81-unit Canvas at Woodbury, located …
AUSTIN, TEXAS — Dallas-based developer Presidium has completed construction of Presidium Waterford, a six-story, 283-unit community in Austin, about four miles south of The Domain, a mixed-use destination in North Austin. Residents will be able to take advantage of smart-home controls, including thermostats, lighting and unit access, through one smartphone app. Amenities include a resort-style pool, outdoor fireplaces, a water volleyball court, a courtyard with fire pits, a hammock grove, coworking lounges and a fitness center with spin and yoga studios connected to an outdoor lawn. The property also features …
CHICAGO — Chicago-based developer Mavrek along with capital partner ACRES Commercial Realty Corp. have secured the financing needed to begin redevelopment of the Millinery Mart at 65 E. Wacker Place. The building opened in 1928 and, as its first use, served as centralized operations for the city’s hatmakers. In recent years, the 24-story Art Deco building has been occupied primarily by offices with ground-floor retail and restaurant space. Mavrek will redevelop the historic property into a 252-unit luxury apartment complex called Wacker Place. The contractor is McHugh Construction, and the …
FORT WORTH, TEXAS — Trademark Property Co., a locally based mixed-use developer, is underway on the construction of Westbend Residences in Fort Worth’s University District. Completion is slated for the first quarter of 2027. The 321-unit property is being developed on 3.5 acres along the Trinity Trails, which make a loop around the Trinity River. The seven-story community will feature ground-floor restaurant space, two resort-style pools, a fitness center, a dog spa and a two-story parking garage. The project has been designed to meet National Green Building Standards to qualify …
SAN ANTONIO — Newmark has arranged the sale of River House in San Antonio. Locally based, private real estate investment company Hixon Properties, the seller, developed the community in 2015. According to the San Antonio Business Journal, OTH Capital out of Austin, Texas, acquired the 261-unit asset, which was 95 percent occupied at the time the deal closed. River House is located on the city’s pedestrian River Walk, less than half a mile from the San Antonio Museum of Art. Community amenities include an infinity-edge pool, a rooftop terrace and …
CHARLESTON, S.C. — Middlestreet Partners and Singerman Real Estate are developing Atlantic St. Thomas, a 71-unit, build-to-rent project in Daniel Island, a planned community and neighborhood located in Charleston. Middlestreet is a Charleston-based multifamily investment and development company, and Singerman is a Chicago-based real estate investment firm. Construction will begin in early 2026. First move-ins are expected by spring 2027. Middle Street Construction will serve as the development’s general contractor. Other partners include Sitecast as civil engineer, Cissell Design Studio as conceptual designer and land planner, Studioforme as landscape architect …
FORT WASHINGTON, PA. — Toll Brothers (NYSE: TOL) has agreed to sell its portfolio of stabilized and in-development apartment and student housing properties to Kennedy Wilson (NYSE: KW) for $347 million. The transaction is expected to close in October. As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with a combined total asset value of $2.2 billion. Kennedy Wilson also will acquire a pipeline of 29 sites in various stages of development which, if completed, would total approximately …
ATLANTA — RangeWater Real Estate along with equity partner ParkProperty Capital have sold The Vivian in Atlanta to JW Capital Corp for an undisclosed amount. Cushman & Wakefield’s Robert Stickel and Alex Brown arranged the transaction. The 325-unit asset is located along the Beltline — a 22-mile loop of trails built on former rail corridors — in Capitol View, a neighborhood in southwest Atlanta. It opened in 2023 and includes amenities such as a pool, dog park and an on-site coffee shop, Black Coffee Westside. The Vivian was RangeWater’s sixth …