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A 3D render of Versa, a multifamily building in Indianapolis.
DevelopmentIndianaMidwestNews

Joint Venture Breaks Ground on $70 Million Versa in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Local developers Milhaus, Gershman Partners and Citimark have broken ground on Versa, a $70 million mixed-use community in Indianapolis’ Broad Ripple Village. Lake City Bank provided financing for the project. The developers are working with DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering on the project. Versa will offer 233 studio, one- and two-bedroom units, as well as 245 parking spaces and amenities such as a pool, dog park with a pet spa, lounge, clubhouse, game room, fitness center, conference rooms and coworking space. The property …

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Affordable HousingDevelopmentNew JerseyNewsNortheastPeople News

The Michaels Organization Selects Rosa Estrada as Regional Vice President

by Channing Hamilton

CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …

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Steel Park Manor, a Spanish-style multifamily building in California.
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $12 Million Sale of Three-Property Portfolio in San Bernardino, California

by Channing Hamilton

SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles. CBRE’s Eric Chen represented both the buyer and the undisclosed seller in the transaction. The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans.

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A 3D render of Callia, a contemporary style apartment complex in Phoenix.
ArizonaDevelopmentNewsWestern

Toll Brothers, The Davis Cos. Open Callia in Phoenix

by Channing Hamilton

PHOENIX — A joint venture between Toll Brothers Apartment Living and The Davis Cos. has opened Callia, a 403-unit community in Phoenix’s midtown neighborhood. The project broke ground in 2021, with resident occupancy beginning in October 2022. Development was financed through a construction loan facility from Pinnacle Financial Partners and Trustmark. Callia is situated on an 8.2-acre site. The community was designed by Phoenix-based architect Biltform and interior designer Streetsense. Callia offers studio, one-, two- and three-bedroom apartments, as well as nine live-work units. Community features include surface parking and …

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The pool at Villa Annette
CaliforniaDevelopmentFinanceNewsWestern

Dwight Mortgage Trust Provides $36.3 Million Bridge Loan for New Inland Empire Development

by Lynn Peisner

MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of …

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A chart depicting national disasters across the U.S. Texas has the most disasters.
FinanceIndustry VoicesNewsOperations

Economic Headwinds Are an Opportunity in Disguise for Multifamily Sector

by Channing Hamilton

— By Marc Hershberg, Topaz Capital Group — The multifamily industry has grown massively over the past decade. Total transaction volume was up 250 percent from 2012 to 2018, the biggest year on record. For many, 2020 or 2021 were their best years yet. Even when faced with multiple headwinds in 2022 that included ongoing supply chain disruptions, rising inflation and interest rate hikes, the overall resiliency of commercial real estate was on display. Now, however, we are faced with more economic uncertainty than we’ve experienced in the past 15 …

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Klein Enterprises Breaks Ground on New Jersey Mixed-Income Development

by Lynn Peisner

METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …

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ArizonaInvestment SalesNewsWestern

RSN Property Group Buys Phoenix Value-Add Property for $20.3 Million

by Lynn Peisner

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. The Gallery is a two-story, …

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The Village at Eastpointe's pool area
BerkadiaContent PartnerFinanceFloridaNewsSoutheast

Berkadia Arranges $51.5 Million Refinancing of Village at Eastpointe in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Berkadia has arranged the $51.5 million refinancing of The Village at Eastpointe Apartments in Fort Lauderdale on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale. Freddie Mac provided a $42.5 million, five-year, fixed-rate loan. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal. The 296-unit property was developed in 1974 and renovated in 2022. Units are offered in one- and two-bedroom floor plans ranging from 750 to 950 square feet. Amenities include a fitness center, …

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Gindi Capital and Avery Hall's Brooklyn development
DevelopmentNew YorkNewsNortheast

Gindi Capital, Avery Hall Lock in $110 Million in Construction Financing For 193-Unit Development in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …

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