Author

Lynn Peisner

Hyde-Park-Tower-Chicago
IllinoisInvestment SalesMidwestNews

LaTerra, Respark Acquire $455 Million Chicagoland Portfolio from Aimco

by Lynn Peisner

CHICAGO — LaTerra Capital Management, an affiliate of LaTerra Development, in partnership with Respark Residential, is under contract with Aimco (NYSE: AIV) to acquire a 1,495-unit, seven-property portfolio located across suburban Chicago submarkets including the cities of Evanston, Lombard and Elmhurst. The portfolio is being acquired at a purchase price of $455 million, with a closing targeted for the first quarter of 2026, pending the assumption of in-place mortgage loans. The joint-venture buyer has completed due diligence and partially funded a non-refundable deposit that will, under the terms of the …

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The-Hazel-Jersey-City
FinanceNew JerseyNewsNortheast

Alpine Residential Refinances The Hazel in Jersey City with $72 Million Loan

by Lynn Peisner

JERSEY CITY, N.J. — JLL has arranged a $72 million loan through Truist Bank on behalf of Alpine Residential for the refinancing of The Hazel, a 201-unit luxury community in Jersey City. The Hazel was developed in two phases. The 114-unit first phase was completed in late 2024, and the 87-unit second phase wrapped in late 2024. The seven-story mid-rise community features 190 market-rate and 11 affordable units in a mix of studio, one- and two-bedroom layouts. Tenants must earn more than 50 percent of area median income (AMI) but …

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Lisbon-Court-Milwaukee
Investment SalesMidwestNewsWisconsin

Metropolitan Associates Sells Milwaukee Portfolio for $29.7 Million

by Lynn Peisner

MILWAUKEE — CBRE has arranged a portfolio comprised of four Milwaukee properties for $29.7 million. Locally based Metropolitan Associates sold the portfolio to Brookfield, Wisconsin-based Coachlight Communities. The assets are Parkview Apartments (232 units), Lisbon Court (71 units), Hampton Gardens (30 units), and Grantosa Apartments (25 units). Metropolitan developed the properties in the 1960s and has owned them since then. CBRE’s Matson Holbrook, Gretchen Richards, Sean Beuche and Patrick Gallagher represented the seller in the transaction.

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Wrenly-Newnan
DevelopmentGeorgiaNewsSoutheast

Thompson Thrift to Develop Wrenly in Suburban Atlanta

by Lynn Peisner

NEWNAN, GA. — Thompson Thrift will develop Wrenly, a 214-unit property in Newnan, 40 miles southwest of downtown Atlanta. Indiana-based Thompson Thrift expects to welcome residents by April 2027 with full construction completion slated for early 2028. The 29-acre community will consist of six residential buildings with units offered as one-, two- and three-bedroom floor plans. Amenities include a 24-hour fitness center, a pool with a waterfall feature, a firepit with seating areas, grills, a pickleball court, a dog park and a business center.

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Verbena-at-Waterview-Richmond-Texasw
DevelopmentNewsTexas

JV Breaks Ground on Multifamily Project in Suburban Houston’s Waterview Town Center  

by Lynn Peisner

RICHMOND, TEXAS — Locally based Read King and Austin, Texas-based Wayfinder Real Estate have begun construction of Verbena at Waterview in Richmond, 30 miles southwest of Houston. The joint venture anticipates delivering the clubhouse and first units by the third quarter of 2026 with full build out slated for July 2027. Verbena at Waterview is situated on approximately 14 acres within the 134-acre Waterview Town Center retail destination. The community will feature one-, two- and three-bedroom units featuring balconies, patios or yards and such amenities as a resort-style pool, a …

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Morgan-Bay-Houston
Investment SalesNewsTexas

Eastham Capital Sells Two Suburban Houston Assets

by Lynn Peisner

HOUSTON — Eastham Capital has sold two value-add properties about 14 miles apart from each other in the northern ring of the Houston suburbs. The Boca Raton, Florida-based private equity firm purchased Kensington Crossing in 2018 and Morgan Bay in 2019 as part of the Eastham Capital Fund V portfolio alongside joint venture partner Mosaic Residential. Kensington Crossing Apartments includes a mix of one-, two- and three-bedroom units ranging from 759 to 1317 square feet. Morgan Bay Apartments includes a mix of one and two-bedroom units ranging from 561 to …

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Novel-Nona-Orlando
FloridaInvestment SalesNewsSoutheast

Crescent Communities Sells NOVEL Nona in Orlando

by Lynn Peisner

ORLANDO, FLA. — Crescent Communities has sold NOVEL Nona to an undisclosed private real estate management company. The Charlotte, North Carolina-based developer broke ground on the 260-unit, wellness-focused community in 2021. NOVEL Nona, located in Orlando’s Lake Nona area, features a fitness center with a dedicated studio for yoga and spin classes, coworking spaces, a saltwater pool with cabanas, bike storage, walking trails, a conservation area, a top-floor lounge with TVs and a craft cocktail bar, two courtyards, firepits and grills. Units feature circadian lighting (tunable lighting that mimics the …

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Laster-Farms-Farragut
DevelopmentNewsSoutheastTennessee

Trinitas, Millstone to Develop $80 Million Community in Suburban Knoxville

by Lynn Peisner

FARRAGUT, TENN. — Trinitas Ventures and Millstone will develop Laster Farms at Turkey Creek in Farragut, 18 miles west of Knoxville, Tennessee. The $80 million development will include 240 units in one-, two- and three-bedroom layouts with monthly asking rents ranging from $1,800 to $2,800. Both joint venture partners are based out of Indiana. Millstone, a development and construction firm, identified and entitled the site and will serve as the general contractor. The developers closed on financing for the project in November. A completion date was not disclosed. Amenities will …

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MFTX-Leasing-Management-Panel
Conference CoverageFeaturesOperationsTechnology

InterFace Panel: AI Has Infiltrated Multifamily Management Without Compromising Human Touch

by Lynn Peisner

By Taylor Williams DALLAS — Technological innovation has long been a cornerstone of managing and leasing multifamily properties, and that feature of the business has only been augmented in the era of artificial intelligence (AI). But for all the operational conveniences and efficiencies that AI potentially brings to the table, multifamily management has not yet reached the point of phasing out the human element. Almost immediately after the members of the leasing and management panel at the annual InterFace Multifamily Texas conference had introduced themselves, this fundamental premise of multifamily …

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HaverstockHills-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Acquires Houston Affordable Housing Property, Plans Redevelopment for $242 Million Total Investment

by Lynn Peisner

HOUSTON — Fairstead has acquired Haverstock Hills Apartments in Houston’s East Aldine neighborhood. The New York City-based affordable housing developer will renovate the 700-unit property over the next 24 months. The redevelopment and acquisition costs came to $242 million. PNC Multifamily Capital was the debt and equity provider. Harris County Housing Finance Corp. and Rainbow Housing Corp. will continue to provide on-site social services. Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two- and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and …

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