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Newton Towers in Washington, D.C.
Investment SalesNewsNortheastWashington, D.C.

Greysteel Arranges $48.1 Million Sale of Four-Property Portfolio in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Greysteel has negotiated the $48.1 million sale of a four-property portfolio in Washington, D.C. American Housing was the buyer, while the sellers were locally based real estate investors. Greysteel represented the sellers in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act. The portfolio includes Newton Towers, a 56-unit community located in the Columbia Heights neighborhood; The Park Regent, a 96-unit property in Mount Pleasant; an unnamed 28-unit building located at 3654 New Hampshire Avenue; and a 43-unit building located in Penn Quarter. …

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Investment SalesIowaMidwestNews

NAS Investment Solutions Purchases 120-Unit Broadway Apartments in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the property comprises 120 units across three stories. Units average 875 square feet in size. Broadway Apartments offers amenities such as an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $4.2 Million to Refinance Property in Sterling Heights, Michigan

by Channing Hamilton

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit community in the northern Detroit suburb of Sterling Heights. Dennis Bernard and Joshua Bernard of BFG arranged the loan through One Durham LP. Symetra Life Insurance Co. on behalf of the borrower, One Durham LP.

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Broadstone Edition in Irvine, California
CaliforniaDevelopmentLeasing & MarketingNewsWestern

Alliance Residential Opens 264-Unit Broadstone Edition in Irvine, California

by Channing Hamilton

IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Adoni Property Group Begins Pre-Leasing The Franklin Westfield Near New York City

by Channing Hamilton

WESTFIELD, N.J. — Adoni Property Group has begun pre-leasing at The Franklin Westfield, a 40-unit building in the New York City suburb of Westfield. The Franklin Westfield offers flats, duplexes and penthouse duplex apartments. Units range from 750 to over 2650 square feet in size. Amenities include a pool and hot tub, putting green, pergola with grilling stations, lounge, dining/wine tasting room, fitness center, golf/multisport simulator, theatre, business center, library, dog park and pet wash. Monthly rents range from $4,300 to $8,000.

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The Deco at Victorian Square in Reno, Nevada
Investment SalesNevadaNewsWestern

Tower 16 Capital Partners Acquires The Deco at Victorian Square in Reno, Nevada, for $43 Million

by Channing Hamilton

RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …

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DevelopmentFinanceMidwestNewsWisconsin

Inland Venture Partners Completes $27 Million Capital Raise for 261-Unit Development in Milwaukee

by Channing Hamilton

MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a $27 million capital raise for a 261-unit project in Milwaukee. The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. The development site is located at 245 Harbor Drive in the city’s Historic Third Ward. Construction began in March 2023, and the developers expect to begin leasing the community in January 2025.

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Build-to-RentDevelopmentNewsTexas

ONM Living Breaks Ground on 268-Unit Build-to-Rent Community Near Dallas

by Channing Hamilton

LAVON, TEXAS — ONM Living has broken ground on The Cottages at Lavon Lake, a 268-unit build to rent community in the Dallas suburb of Lavon. The property is situated near the 1,500-acre Elevon master plan development in eastern Collin County. The complex will offer studio, one-, two- and three-bedroom layouts ranging from 340 to 1,230 square feet in size. After the completion of land development, vertical construction is expected to begin in May 2025. The first move-ins are slated for early 2026, with full completion in January 2027.

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Investment SalesMarylandNewsNortheast

Walker & Dunlop Adds Three to Midwest Investment Sales Team

by Channing Hamilton

BETHESDA, MD. — Walker & Dunlop has added three new employees to its Midwest Investment Sales team in Bethesda. Steve LaMotte and Dane Wilson joined the firm as managing directors, while Ross Wettersten joined as an associate director. The new team joins Walker & Dunlop with over 50 years of combined experience. The team will represent institutional and private clients across the Midwest, specializing in the valuation and disposition of multifamily properties.

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ColoradoInvestment SalesNewsWestern

JLL Capital Markets Adds Wick Kirby to Denver Institutional Multifamily Team

by Channing Hamilton

DENVER — JLL Capital Markets has added Managing Director Wick Kirby to the firm’s Denver institutional multifamily team. In this role, Kirby will oversee multifamily investment sales advisory transactions throughout the Denver metropolitan area. He will work alongside Jordan Robbins and Alex Possick and will report to the Denver capital markets office heads, Senior Manging Directors Peter Merrion and Leon McBroom. Kirby previously served out of JLL’s Chicago office for 15 years. He received a bachelor’s degree from University of Wisconsin-Madison and a master’s degree from DePaul University. He is also …

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