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Affordable HousingCompany NewsInvestment SalesNews

Manulife, TruAmerica Team Up for $1 Billion Affordable Housing Venture

by Lynn Peisner

LOS ANGELES — Manulife Investment Management and TruAmerica Multifamily have forged a $1 billion, affordable housing-focused joint venture known as Anchor Point Residential. The partners’ debut investment is the acquisition of a 51-property, 6,000-unit LIHTC portfolio constructed between 2003 and 2023. The properties are located across major metro areas in California, Texas and Washington. The first portion of the investment closed in August with remaining deals to be completed through the fall. The names of the sellers were not disclosed. According to the two companies, the size of this acquisition, …

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Affordable HousingDevelopmentMidwestNewsOhio

NRP Group Breaks Ground on Second Phase of The Davis in Cleveland

by Lynn Peisner

CLEVELAND — The NRP group has begun construction of Churchill Gateway II, which is the 70-unit second phase of an affordable housing development in Cleveland’s Glenville neighborhood. The first phase, known as The Davis, opened in 2022. Churchill Gateway II will offer one-, two- and three-bedroom residences for individuals and families earning between 30 and 60 of the area median income. Together, both phases total 122 units. Completion is slated for 2026. Development and financial partners include KeyBank, the City of Cleveland and the Ohio Housing Finance Agency, with support …

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Veranda-Austin
Investment SalesNewsTexas

Joint Venture Buys East Austin Asset From Wayfinder Real Estate

by Lynn Peisner

AUSTIN, TEXAS — Missio Capital and Bow River Capital have acquired Veranda, a 362-unit community at 7205 E. Ben White Blvd, seven miles southeast of downtown Austin. The seller was Wayfinder Real Estate, which developed the asset in 2024. The sales price was not disclosed. Newmark arranged the sale on behalf of the seller with a team led by Patton Jones and Andrew Dickson. Newmark’s Adam Randall and John Wesley-Gibson arranged debt financing for the buyers. Veranda is made up of one-, two- and three-bedroom apartments and townhomes. Amenities include …

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PARK-PLACE-APARTMENTS
FloridaInvestment SalesNews

CGI Sells ‘Special Situation’ Orlando Asset to RMR Residential

by Lynn Peisner

ORLANDO, FLA. — CGI+ Real Estate Investment Strategies has sold Park Place in Orlando to RMR Residential. A sales price was not disclosed. CGI acquired the 275-unit asset in 2021 for approximately $69 million. At that time, the seller was facing costly insurance and construction issues following a lightning strike that sparked a fire and destroyed two buildings housing about 15 percent of the community’s rental units and two amenity spaces. CGI refers to these acquisition opportunities as “special situation real estate.” CGI, along with property manager Fogelman, rebuilt 33 …

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Rainbow-Village-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

ANF, HTG Top Out $185 Million Miami Affordable Housing Development  

by Lynn Peisner

MIAMI — Developer Housing Trust Group (HTG) and construction firm ANF, both locally based, have topped out the Rhapsody at Rainbow Village project in Miami’s Overtown neighborhood. The development team broke ground in June, and completion is slated for early 2027. Units will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70 and 80 percent of the area median income. Monthly rents for the one-, two- and three-bedroom apartments will range from $793 to $2,634. HTG reports Miami median rents range from $1,875 to $9,070 …

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BerkadiaCompany NewsNew YorkNewsNortheast

Berkadia Forms New Strategic Capital Group

by Lynn Peisner

NEW YORK CITY — Berkadia has hired Gordon Reynolds and Brian Myers, both with the title of senior managing director, and Vice President Conner Adkins. The three new hires will establish the Berkadia Strategic Capital Group, an international advisory team that will serve clients across multiple asset classes. The group will focus on asset-level equity financing and recapitalizations, portfolio-level equity financing and recapitalizations, and programmatic joint ventures. Reynolds, Myers and Conner will collaborate with Jeffries, a New York-based investment banking and capital markets firm, and Knight Frank, a property consultancy …

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Company NewsFloridaNewsPeople NewsSoutheast

Eastham Capital Hires Anthony Librot as CFO

by Lynn Peisner

BOCA RATON, FLA. — Eastham Capital has hired Anthony Librot as chief financial officer. In the new role, Librot will be responsible for accounting, compliance and risk management for the private equity multifamily investment firm. With more than 30 years of accounting and financial experience, Librot spent the past seven years as the chief operating and financial officer at AAM 15 Management LLC, a Massachusetts real estate investment company, where he oversaw day-to-day operating and financial activities for a real estate portfolio of $500 million.

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DevelopmentIllinoisMidwestNews

Joint Venture to Break Ground in Chicago Suburb

by Lynn Peisner

DOWNERS GROVE, ILL. — Co-developers Conor Commercial Real Estate and LCI Development Partners, along with investment partner Bailard, will develop 138 units at 750 Curtiss St. in Downers Grove, 30 miles west of Chicago. The development team also includes SGW Architecture & Design and McShane Construction Co. Completion is slated for spring 2027. The six-story residence will be comprised of studios and one-, two- and three-bedroom units as well as five two-bedroom, direct-entry townhomes. Amenities will include a coffee bar, pool, firepits, a dog park, a fitness center, coworking space …

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DevelopmentIndianaMidwestNews

BW Development, Skender to Break Ground on $105 Million Mixed-Use Project in Westfield, Indiana

by Lynn Peisner

WESTFIELD, IND. — BW Development will break ground later this year on The Grand on Main, a $105 million mixed-use development formerly dubbed Jersey 32. The builder is Chicago-based construction firm Skender, and the architect is Studio M Architecture and Planning. Completion is slated for 2027. The project, located in Westfield 20 miles north of Indianapolis, will include 216 multifamily units, 51,000 square feet of ground-floor retail and 15,000 square feet of office space. The plan to build a mixed-use site at the intersection of State Road 32 and Poplar …

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CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $25.3 Million Los Angeles Portfolio Sale

by Lynn Peisner

LOS ANGELES — Marcus & Millichap has arranged the $25.3 million sale of a seven-property, 275-unit portfolio in Los Angeles. The seller, a private unnamed group, has been assembling and managing the portfolio for the past 25 years. The portfolio is comprised of a mix of 1920s-era brick apartment buildings and an infill land site, concentrated in the Koreatown and Westlake neighborhoods. “The portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance and litigation,” said Neema Ahadian in a prepared statement. Ahadian is senior managing director of …

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