News

JLL Capital Markets Arranges Sale of 292-Unit Asset in Raleigh, North Carolina

by Channing Hamilton April 18, 2025

RALEIGH, N.C. — JLL Capital Markets has arranged the sale of and acquisition financing for the Greens at Centennial, a 292-unit community located at 320 The Greens Circle in Raleigh. Built in 2014, Greens at Centennial offers a mix of studio, one- and two-bedroom units. The average unit size is 941 square feet. Amenities include a pool, fitness center, fenced dog park and landscaped courtyards with grilling areas. JLL Capital Markets co-brokered the transaction in conjunction with Capital Associates, who represented the seller, an affiliate of Capital Associates. JLL also …

April 18, 2025

Connecticut Development Finance News Northeast

READCO Secures $41.5 Million Construction Financing for Mixed-Use Project in Stonington, Connecticut

by Channing Hamilton April 18, 2025

STONINGTON, CONN. — READCO has received $41.5 million in construction financing for Stonington Village, a 160-unit mixed-use development in Stonington, a town situated along the Long Island Sound in Connecticut’s New London County. Henry Schaffer and Madeline Joyce of JLL Capital Markets arranged the five-year, fixed-rate loan through Liberty Bank. Located at 85 Voluntown Rd., Stonington Village will feature six buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a clubhouse, pool and parking facilities. The project includes an affordable housing component. However, income …

April 18, 2025

California Development News Western

Partnership Breaks Ground on 200-Unit Community in Torrance, California

by Channing Hamilton April 18, 2025

TORRANCE, CALIF. — A partnership between Legacy Partners and DWS Group has begun the construction of Soto, a 200-unit project in Torrance, roughly 30 miles west of Anaheim, California. The project team includes Westport Construction as the general contractor and Architects Orange as the designer. Located at 3862 Carson St., Soto will offer studio, one- and two-bedroom floor plans. Units will range from 633 square feet to 1,118 square feet. Planned amenities include a rooftop pool and amenity deck with an indoor-outdoor fitness center, resident clubhouse, coworking area and two courtyards …

April 18, 2025

News Texas

Pelican Builders Breaks Ground on 380-Unit Project in Metro Houston

by Channing Hamilton April 18, 2025

PEARLAND, TEXAS — Houston-based developer Pelican Builders has broken ground on a 380-unit project located within Pearland Town Center in Pearland, about 20 miles southeast of Houston. Units will come in one- and two-bedroom floor plans and will range in size from 604 to 1,196 square feet. Amenities will include a pool, dog park, children’s play area, fitness center, business center and access to walking trails. Pelican Builders purchased the site at 3200 Business Center Drive from Tennessee-based REIT CBL Properties, the master developer of Pearland Town Center, about two …

April 18, 2025

Illinois Investment Sales Midwest News

Greystone Provides $120 Million Acquisition Loan for Chicago High-Rise

by Channing Hamilton April 18, 2025

CHICAGO — Greystone has provided a $120 million Fannie Mae loan for the acquisition of Fulbrix Apartments, a 375-unit apartment tower located at 160 N. Elizabeth St. in Chicago’s Fulton Market. The 27-story property features 375 units. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Normandy Real Estate. The loan features a 10-year term with seven years of interest-only payments. The $170 million purchase marked Chicago’s largest multifamily sales transaction since 2023, according to Greystone.

April 18, 2025

News

Leopardo, GMA Construction Break Ground on Office-to-Multifamily Conversion in Chicago

by Channing Hamilton April 17, 2025

CHICAGO — A joint venture between Leopardo Cos. and GMA Construction Group has broken ground on 79 W. Monroe, an office-to-multifamily conversion project in Chicago. The project will comprise the transformation of the Rector Building, a 14-story commercial asset in The Loop, into a mixed-use community. The property was originally built in 1905 and is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt. The renovation project includes converting seven floors to create 117 apartments, with 41 units designated as affordable housing. The property will also feature a …

April 17, 2025

Finance Investment Sales News North Carolina Southeast

Joint Venture Secures $25.4 Million Financing for North Carolina Build-to-Rent Asset

by Channing Hamilton April 17, 2025

GREENVILLE, N.C. — A joint venture partnership between Eminent Capital and Corten Real Estate has received a $15.7 million loan and $9.7 million of joint venture equity for Allen Ridge, a 125-unit build-to-rent (BTR) community in Greenville. Located at 1005 Allen Ridge Dr., the community features townhome-style duplex units. Allen Ridge was built in two phases, with phase I completed in 2008 and Phase II in 2023. The asset was 98.4 occupied at the time of the transaction. JLL Capital Markets helped create the joint venture partnership. JLL also worked …

April 17, 2025

Development News Texas

Partnership Breaks Ground on 336-Unit Project in Metro Austin

by Channing Hamilton April 17, 2025

HUTTO, TEXAS — A partnership between Wood Partners and ParkProperty Capital (PPC) has broken ground on a 336-unit development in Hutto, approximately 30 miles north of Austin. Located off of Ed Schmidt Boulevard, the community will comprise 10 three-story buildings. Amenities will include a fitness center, a business lounge, private offices, a clubroom with a coffee station, pool and fenced dog park. Additionally, in collaboration with city officials, the development will feature two pickleball courts, parkland with a walking trail and an 18-hole disc golf course that will also be …

April 17, 2025

Investment Sales News Washington Western

Institutional Property Advisors Brokers Sale of 18-Story Asset in Seattle

by Channing Hamilton April 17, 2025

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Skye, a 371-unit apartment building with 13,300 square feet of ground-floor retail space in Seattle’s Denny Triangle neighborhood. The 18-story community was originally built in 1949, and all units were renovated between 2014 and 2016. Tenants have access to a controlled-access parking garage, rooftop terrace, fenced dog park, walking trails and green lawns. Apartments come in studio, one-, and two-bedroom floor plans. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino …

April 17, 2025

Development News Northeast Washington, D.C.

Akridge, National Development Complete First Phase of Mixed-Use Project in D.C.

by Channing Hamilton April 17, 2025

WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two apartment communities situated within The Stacks, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. The openings of Colette and Everly mark the completion of the mixed-use project’s first phase. Phase I of The Stacks totals nearly 1 million square feet, including three apartment buildings with 1,116 units and more than 90,000 square feet of amenity spaces. Phase I also includes approximately 22,000 square feet of public parks, 40,000 square feet of retail …

April 17, 2025

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