LOS ANGELES — Los Angeles-based developer Cypress Equity Investments (CEI) and an unnamed Florida-based investment firm have partnered to build or acquire approximately $1.2 billion worth of affordable housing communities. The venture is being launched with 11 ground-up projects that are already in place in California and Florida. Target markets for future opportunities include the Carolinas, Tennessee, Texas and some markets in the Northeast. Some of the deal characteristics CEI is seeking will include communities with on-site resident services, developments that partner with nonprofits and acquisitions of other existing institutional …
Florida
VENICE, FLA. — The NRP Group has completed development of Adria and Maren, two properties within 2 miles of each other in Venice, about 21 miles south of Sarasota. PointeOne Holdings was the equity partner in the development, marking the investment firm’s sixth project with NRP. Adria and Maren were designed by Slocum Platts Architects. Together, they include 665 units. The 335-unit Adria offers one-, two- and three-bedroom floor plans while Maren comprises 330 units offered as studios, one-, two- and three-bedroom layouts. Both communities include three-bedroom townhome options with …
BETHESDA, MD. — Walker & Dunlop has arranged a $192 million Freddie Mac loan on behalf of Cortland, an Atlanta-based investment, development and property management firm. Cortland will use the funds to refinance mortgages of three properties: Cortland at the Hammocks I and II in Miami, Huntington Glen in Dallas and Cortland Congress Park in Denver. Together, the properties comprise 1,137 units. Across all three assets, Cortland has executed a capital improvement program, investing in interior and exterior upgrades to reposition the communities. The Walker & Dunlop capital markets team was …
ALTAMONTE SPRINGS, FLA. — Milhaus, an Indianapolis-based developer, owner and property manager, has acquired the property management division of Altamonte Springs-based developer ContraVest, marking Milhaus’ entry into the third-party property management business and expanding its presence in Florida. Under the agreement, Milhaus will assume residential management at eight multifamily properties. Skyhawk Capital Advisors acted as financial advisor to ContraVest in the transaction. In Florida, Milhaus has developed and manages Canopy at Babcock Ranch, as well as projects in Tampa, such as The Hite and Notch Apartments, Lector 85 and Artistry …
BRADENTON, FLA. — Thompson Thrift has opened The Stadler, a 279-unit property in the Tampa suburb of Bradenton. The community is named in honor of Henry Stadler, who was the senior vice president and chief operating officer of Indiana-based Thompson Thrift Construction. Stadler passed away in 2022 at the age of 56. “The quality of construction and design of The Stadler reflects the high standards Henry championed throughout his 27 years with Thompson Thrift,” said CEO John Thompson. The property, located at 7120 Henry Drive, is the company’s first asset …
MIAMI — Casa Familia and Pinnacle have broken ground on Gardens at Casa Familia, a 50-unit affordable housing property designed to serve individuals with intellectual and developmental disabilities. The $27 million project is being funded through multiple sources including Low-Income Housing Tax Credit equity. Nonprofit Casa Familia, which specializes in affordable housing for people with disabilities, partnered with Miami-based developer Pinnacle to build the community. Construction began in September, and completion is slated for the first quarter of 2027. The four-story building will feature 50 one-bedroom apartments, each equipped with …
PALM BEACH GARDENS, FLA. — JLL has arranged a $77.5 million construction loan for New York City-based Abacus Capital Group to develop Arbor House in Palm Beach Gardens. A publicly traded real estate investment company was the lender for the four-year, floating-rate loan. JLL’s team was led by Mona Carlton, Joshua Odessky and Michael Romero. The 13-story, 302-unit Arbor House will feature an attached garage with 480 parking spaces and a 7,000-square-foot amenity deck on the eighth floor that will be the site of a wellness and fitness center, cold …
MIAMI — TruAmerica’s former co-chief investment officer Matt Ferrari has departed the Los Angeles-based investment and development company to launch PXV Multifamily based out of Miami. The private investment and operations firm will target middle-market, value-add and larger, investment-grade properties suitable for institutional capital. PXV plans to deploy approximately $2 billion in acquisitions over the next 36 months and is capitalized with funds from BroadVail Capital Partners, a Houston-based real estate private equity firm that partners with management teams to build institutional real estate investment platforms. This partnership marks BroadVail’s …
FORT LAUDERDALE, FLA. — Pinnacle, a Miami-based developer, has sold Elyps in Fort Lauderdale for $46.5 million. The buyer was an affiliate of Oakland Park, Florida-based Rental Asset Management (RAM). CBRE represented Pinnacle in the transaction. Completed in 2023, the waterfront Elyps is situated aside Osceola Creek. Amenities at the 140-unit community include a resort-style pool with grilling areas, a lounge with a wet bar and coffee station, a fitness center and bike storage and repair facilities. Pinnacle’s strategy for Elyps reflects the company’s focus on building, stabilizing and eventually …
Namdar Group Secures $460 Million in Funding for First and Second Phases of Two-Tower Miami Project
MIAMI — SCALE Lending has provided a $460 million funding package for Namdar Group’s new Miami development consisting of two 43-story towers in the central business district. The financing contains two parts: a $230 million bridge loan for the completion of 55 NE 2nd Street (Phase 1), which contains 680 units across 358,000 square feet; and a $230 million construction loan for an adjacent ground-up development at 50 NE 3rd Street (Phase II), containing 714 residential units across 395,000 square feet. SCALE Lending is the debt financing division of Slate …