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Lexington Park's facade in Smyrna, Georgia
GeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges $24 Million Value-Add Sale in Suburban Atlanta

by Lynn Peisner

SMYRNA, GA. — Cushman & Wakefield has arranged the $24 million sale of Lexington Park in Smyrna, an Atlanta suburb about 22 miles from downtown. Castlegate Property Group sold the 156-unit asset to Knickerbocker Asset Management. Cushman & Wakefield’s Travis Presnell, Nathan Swenson and James Wilber represented the seller. Lexington Park was built in 1963. A pool, dog park and business center are among the property’s amenities. The former owner updated Lexington Park’s exterior with new paint, replaced signage and renovated the leasing office. Cushman & Wakefield says additional value-add …

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Allen City Center, a white and brown contemporary-style multifamily building.
DevelopmentNewsTexas

Wolverine Interests Moves Forward on Construction of Dallas Mixed-Use Project

by Channing Hamilton

ALLEN, TEXAS — Locally based Wolverine Interests is moving ahead on Allen City Center, a mixed-use development in the central business district of Allen, 26 miles north of Dallas. The project has been in the planning phases since at least 2019, when zoning was approved for the 12-acre site according to the Dallas Morning News. In addition to retail, office and parks, Allen City Center will include 392 apartments. Construction will begin this summer and is expected to be complete by the summer of 2024.

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A drawing of a gray single-story house.
Build-to-RentDevelopmentNewsTexas

TruLife Communities, Advenir Oakley Capital Break Ground on BTR Project Near Fort Worth

by Channing Hamilton

WEATHERFORD, TEXAS — TruLife Communities and Advenir Oakley Capital have started construction on LEO at Bethel Place, a 200-unit build-to-rent (BTR) development in Weatherford, which is 30 miles west of Fort Worth, Texas. TruLife Construction, an affiliate of TruLife Communities, is the general contractor. The community was designed by Gaylen Howard Laing Architects of Arlington, Texas, and will be managed by Advenir Living. LEO at Bethel Place is expected to be completed by December 2024, with the first units delivering in the fourth quarter of 2023. Monthly rentals rates are …

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Investment SalesMichiganMidwestNews

Thompson Thrift Sells 320-Unit Community in Grand Rapids, Michigan

by Kari Lloyd

GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit Class A community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount. Jason Krug with Berkadia brokered the sale for Thompson Thrift. Completed in August 2022, the 24-acre community offers a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Amenities include a resident social lounge, 24/7 fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.

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Affordable HousingFinanceMidwestNewsWisconsin

NewPoint Provides $20.6 Million in Construction Financing for Affordable Development in Milwaukee

by Kari Lloyd

MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based developer Bear Real Estate Group is developing the project, which is scheduled for completion in spring 2024. The loan was arranged by Cesar Diaz, a managing director at NewPoint, and structured as a NewPoint Impact 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing and Economic Development Authority. Raymond James was the LIHTC equity syndicator. Launched …

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Investment SalesMidwestMissouriNews

Northmarq Arranges Sale of 456-Unit Property in Kansas City, Missouri

by Kari Lloyd

KANSAS CITY, MO. — Northmarq has arranged the sale of 456-unit Timberlane Village in Kansas City. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq’s Midwest investment sales team arranged the sale on behalf of the original developer. The sale price was undisclosed. Daniel Stickane, senior vice president of debt and equity at Northmarq, secured acquisition financing for the buyer, Houston-based Venterra Realty, with a fixed-rate loan through Northmarq’s in-house Fannie Mae team. Built in 1987, Timberlane Village features 456 one-, two- and three-bedroom units across 40 two- …

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A building which is part of Arches Apartments. It is white with orange accents.
ArizonaInvestment SalesNewsWestern

Storm Properties Acquires The Arches Apartments in Glendale, Arizona for $33.5 Million

by Channing Hamilton

GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …

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IllinoisInvestment SalesMidwestNews

ShainRealty Capital Sells 200-Unit Portfolio in Chicago’s Kenwood Neighborhood for $28.5 Million

by Kari Lloyd

CHICAGO — Los Angeles-based investment firm ShainRealty Capital has sold an eight-building, 200-unit portfolio located in Kenwood neighborhood on the South Side of Chicago for $28.5 million. The eight-building, value-add portfolio was sold to a locally based syndicate led by Eagle Infinite Investments. Lucas Fryman and Ted Stratman of Interra Realty arranged the transaction. The properties within the portfolio are all within a two-mile radius of each other and are within walking distance from the University of Chicago. Units across the properties consist of primarily two- and three-bedroom units approximately …

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Affordable HousingFinanceNewsNortheastWashington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

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A bird's eye 3D render of Los Arcos, a multifamily community with dark brown roofing.
Affordable HousingDevelopmentNewsTexas

City of San Antonio Breaks Ground on Los Arcos at VIDA 

by Channing Hamilton

SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …

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