News

Canterbury Court Apartments in Chicago

CHICAGO — Becovic Holdings Corp. has purchased Canterbury Court Apartments, a 176-unit asset located in the Gold Coast neighborhood of Chicago, for $25.7 million. The 16-story building houses a mix of 142 studios, 26 one-bedroom apartments and two two-bedroom residences, as well as six units utilized by previous ownership. The property also includes 1,268 square feet of ground floor retail, which is occupied by the Zebra Lounge piano bar. Zebra Lounge has been on the property since it was built in 1929. Nicholas Kanich and Kyle Stengle of Marcus & …

0 FacebookTwitterLinkedinEmail
Monterra in Tacoma, Washington

TACOMA, WASH. — Goodman Real Estate has completed the disposition of three properties totaling 557 units in Tacoma’s Parkland neighborhood. American Capital Group purchased the assets for $102.6 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The properties included in the sale were:

0 FacebookTwitterLinkedinEmail
Citadel at Castle Pines in Castle Pines, Colorado

CASTLE PINES, CALIF. — Thompson Thrift has completed the disposition of Citadel at Castle Pines, a 214-unit community located at 353 Edge View Circle in Castle Pines, about 25 miles south of Denver. Matt Barnett, Jake Young and Taylor Payne of Walker & Dunlop brokered the transaction. The buyer and sales price were not disclosed. Citadel at Castle Pines was completed in December 2023. The community features 145 one- and two-story paired villa-style homes, as well as 60 three-story townhomes. Residents have access to amenities such as a social lounge, pickleball …

0 FacebookTwitterLinkedinEmail

BRUNSWICK, GA. — Lockwood Cos., an affordable housing developer based in Southfield, Michigan, has opened a new office in Brunswick, about 80 miles south of Savannah, Georgia. According to Lockwood, the office will support the company’s development initiatives to create more affordable housing for families and seniors in the region. Lockwood’s first local project will be a 40-unit affordable housing community for seniors in Albany, a city in southwest Georgia. The company plans to break ground on the project in early 2025.

0 FacebookTwitterLinkedinEmail
Centro35 in San Marcos, Texas

SAN MARCOS, TEXAS — Cleveland-based developer The NRP Group has opened Centro35, a 330-unit affordable housing asset in San Marcos, approximately 50 miles northeast of San Antonio. The NRP Group developed the community in partnership with Capital Area Housing Finance Corp. Centro35 offers one-, two-, three- and four-bedroom apartments for households earning 60 percent or less of the area median income. Amenities include a pool, conference center with individual work pods, fitness center, children’s activity room and a game room. The project was financed with tax credit equity from Huntington …

0 FacebookTwitterLinkedinEmail
Villas at Princeton Lakes in Atlanta

ATLANTA — FCP has sold Villas at Princeton Lakes, a 210-unit community located at 751 Fairburn Road SW in Atlanta. A partnership between Monday Properties and RSN Property Group purchased the asset for $36.8 million. Travis Presnell and James Wilber of Cushman & Wakefield represented FCP in the transaction. Villas at Princeton Lakes was constructed in 2004. The garden-style community offers one-, two- and three-bedroom floor plans. FCP originally acquired the property in late 2020 for $30 million, including the assumption of an existing mortgage, and implemented upgrades to the property’s …

0 FacebookTwitterLinkedinEmail
Excel Miami in Miami, Florida

MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …

0 FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Boston-based The Fallon Co. has begun development on The Colwick, a 234-unit community in The Cotswold neighborhood of Charlotte. Units will come in one-, two- and three-bedroom layouts. Amenities will include a pool, coworking space, pet spa and dog park, fitness center and yoga studio, courtyard with activity lawn and fireside lounge, social lounge with game room, bike storage and golf simulator. Santander Bank provided an undisclosed amount of construction financing for The Colwick. Locally based EDIFICE Construction is building the project, which is slated to deliver …

0 FacebookTwitterLinkedinEmail

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …

0 FacebookTwitterLinkedinEmail
Flora in Chicago

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a 34-story high-rise project located in Chicago’s Fulton Market district. The community offers 368 apartments in a mix of studio, one-, two- and three-bedroom layouts, alongside penthouse units with condominium-like finishes. Residents at Flora have access to interior amenities such as a clubroom, golf and game simulator room, fitness center and yoga studio, dining area with chef’s kitchen, coworking spaces and a sound recording booth. The community also features an outdoor amenity deck on the second …

0 FacebookTwitterLinkedinEmail