MIAMI — CBRE has hired Greg Engler as vice chair to the firm’s Florida capital markets team. Engler will collaborate with CBRE’s existing sales and debt teams to increase multifamily business in Florida markets. Engler joins CBRE from Engler Realty Advisors, a multifamily investment sales company he founded in 2022. He also founded Engler Financial Group in 2003, which was acquired by Walker & Dunlop in 2015, after which time he served as executive vice president of investment sales.
AURORA, ILL. — Waterton has contributed $16 million in preferred equity for the development of Residences at Eastbank, a five-story, 258-unit, mid-rise project underway in downtown Aurora, about 40 miles west of Chicago. Geneva Capital Group arranged the equity and provided a $45 million senior loan. Further support came from the City of Aurora. Construction began in May 2024 and is expected to be completed in 2026. According to the developer, DAC Developments, the total project cost is $90.4 million. Floor plans will include a mix of studios, one-, two- …
Increasing the supply of affordable housing is critical to addressing the severe housing crisis the United States faces. However, many investors think the returns on affordable housing are not sufficient to merit the time and expense of development. New multifamily residential projects of all types are more expensive than ever, thanks to recent inflation and high interest rates, and in the affordable segment, balancing cost with quality livable design has never been more complex. With rent and income restrictions, affordable projects require a mindset beyond counting pennies to make the …
TEMPE, ARIZ. — McShane Construction and developers Banyan Residential and Milhaus have completed development of Northbend, a 310-unit property in Tempe. The garden-style community was designed by Todd & Associates, a Phoenix-based architecture firm. Northbend features a 4,300-square-foot clubhouse, a resort-style pool, a fitness center with a yoga studio, a courtyard with firepits and a dog park.
DENVER — JLL Capital Markets has arranged a $75 million loan through a national life insurance company for Trammel Crow and Cigna. The joint-venture partnership will use the funds to pay off the original construction loan for One Seven at Belleview Station in Denver. The 250-unit, mixed-use property includes 7,062 square feet of retail. It opened in 2023 and is currently 69 percent leased. One Seven Belleview Station has a roof-top pool, remote work center, clubroom, wellness center, bike storage, pet spa and a theater room. Units are offered as …
DENVER — GID has sold The District by Windsor in Denver to Chicago-based Mesirow Financial. Atlanta-based GID owns and operates approximately 55,000 units throughout the United States. The District by Windsor is a 276-unit property built in 2007. The sales price was not disclosed, but some media outlets are reporting the asset traded for $91 million. JLL represented GID and procured Mesirow Financial as the buyer. The District by Windsor, which consists of three buildings, features a resort-style pool, a fitness center and electric vehicle charging stations.
DALLAS — Blue Ocean, a value-add and opportunistic investment firm based in Maryland, has acquired Villa Ladera in Dallas from an undisclosed seller. CBRE represented both parties in the deal. The price of the trade not disclosed. Villa Ladera is a 184-unit property developed in 1972. Blue Ocean is planning to renovate several units. The seller has owned the property since 2017. Features include controlled access, a playground, two laundry facilities and approximately 400 parking spaces. Villa Ladera was 96 percent occupied at the time of sale. Chris Deuillet and …
GRAND PRAIRIE, TEXAS — Atlantic Multifamily has sold The Destino, 192-unit property in Grand Prairie to an undisclosed New York-based private investment company. The Destino was built in 2000 on 11 acres. Al Silva, senior managing director, and Ford Braly, senior vice president investments, of Marcus & Millichap’s Fort Worth office listed the asset on behalf of Atlantic Multifamily and secured the buyer. The 18-building, three-story, gated property features a pool, an outdoor kitchen, playground and dog park. The average unit size is 1,000 square feet.
MIAMI — Marcus & Millichap has brokered the sale of SK Apartments in North Miami. The asset, located at 14555 NE 145th St., was sold by an unnamed private investor for $16.5 million. Felipe Echarte, Evan Kristol and Nicholas McAndrew based out of Marcus & Millichap’s Fort Lauderdale office represented the seller. The property includes a mix of one- and two-bedroom units, averaging 645 square feet. According to Apartments.com, the building was constructed in 1963.
TYSONS, VA. — Hanover Co. and PCCP have sold Hanover Tysons, a 412-unit, high-rise property in the Washington, D.C., suburb of Tysons, Virginia. The buyer was Chicago-based Mesirow Financial. The deal closed for an undisclosed cost on Dec. 19, 2024. Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian of Berkadia’s metro D.C. office completed the sale on behalf of Hanover and PCCP. Located at 1500 Westbranch Drive, Hanover Tysons, which has been rebranded as The Jones at Tysons, includes studios as well as one-, two-, …
