Author

Lynn Peisner

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DevelopmentFinanceIllinoisMidwestNews

JV Closes Financing for Historic Redevelopment in Chicago Loop

by Lynn Peisner

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 …

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Build-to-RentInvestment SalesMidwestMinnesota

Watermark, PCCP Sell Two BTR Properties in Minneapolis Metro

by Lynn Peisner

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 …

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Investment SalesNewsTexas

Hixon Properties Sells San Antonio River Walk Asset

by Lynn Peisner

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 …

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Build-to-RentDevelopmentNewsSouth CarolinaSoutheast

Middlestreet, Singerman Announce Charleston BTR Project

by Lynn Peisner

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 …

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The-Vivian-Atlanta
GeorgiaInvestment SalesNewsSoutheast

RangeWater Sells Atlanta Beltline Project

by Lynn Peisner

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 …

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

Joint Venture Secures Financing for Affordable Development Near Boston

by Lynn Peisner

EVERETT, MASS. — MassDevelopment has issued a $34.3 million tax-exempt bond to Impact Residential Development and The Neighborhood Developers as part of the funding for an affordable housing project in Everett, six miles north of Boston. The development will include 107 units rented to households earning up to 60 percent of area median income (AMI), 17 units rented to households earning up to 30 percent of AMI and one property-manager unit. Construction is underway and is expected to be completed in May 2027. The tax-exempt bond was purchased by First …

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Company NewsInvestment SalesNewsNortheast

Toll Brothers Exits Apartment Business With $347 Million Sale to Kennedy Wilson

by Lynn Peisner

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 …

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Investment SalesNewsOklahoma

Colliers Arranges Two Tulsa Deals

by Lynn Peisner

TULSA, OKLA. — Colliers has arranged two sales in the greater metro Tulsa area. Cedar Park Apartments, previously known as Westminster Apartments, traded for $31.3 million, and The Arlo at River’s Edge traded for an undisclosed amount. A local, unnamed investment group sold Cedar Park to Atlas Property Management. Two- and three-bedroom units account for the majority (94 percent) of the asset’s unit mix. The seller invested approximately $4 million in recent capital improvements during its hold period. Capital Assets acquired The Arlo at River’s Edge from Gold Wynn Residential. …

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The-Mason-Chicago
IllinoisInvestment SalesMidwestNews

Waterton Buys Fulton Market High-Rise for $90 Million

by Lynn Peisner

CHICAGO — Waterton has acquired The Mason, a 263-unit high-rise in Chicago’s Fulton Market district. According to CoStar, the asset traded for approximately $90 million, and the seller was a joint venture between Marquette Cos. and an affiliate of Deutsche Bank, which developed the property in 2019. Floorplans at The Mason include studios and one-, two- and three-bedroom apartments. Waterton plans to implement a light value-add program, which will include flooring upgrades in the units and enhancements to common areas and amenity spaces. The property features a pool, a fitness …

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DevelopmentFinanceNew JerseyNewsNortheast

Namdar Group Lands $220 Million Bridge Loan for Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. — Namdar Group has secured a $220 million bridge loan to refinance 626 Newark Avenue, a 576-unit, mixed-use project under development in Jersey City. The developer secured construction financing back in January 2024. Completion is slated for 2026. Walker & Dunlop arranged the financing with a team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer. TYKO provided the capital.

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