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M2-at-Millenia
FloridaInvestment SalesNewsSoutheast

JSB Capital, BLD Group Sell Orlando Asset

by Lynn Peisner

ORLANDO, FLA. — JSB Capital Group and BLD Group have sold M2 at Millenia, a 403-unit property in Orlando. JLL Capital Markets, representing the sellers, arranged the transaction. The buyer was Independence Realty Trust. The acquisition cost was not disclosed. Built in 2019, M2 at Millenia is a five-story community consisting of one-, two- and three-bedroom units. Amenities include a resort-style pool, 24-hour fitness center, yoga studio and an entertainment lounge with a kitchen, bar and outdoor grilling areas. M2 at Millenia also includes 4,216 square feet of ground-floor retail …

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Rock-Run
DevelopmentIllinoisMidwestNews

Cullinan Breaks Ground on Multifamily Portion of Chicago Mixed-Use Project Rock Run Collection

by Lynn Peisner

JOLIET, ILL. — Cullinan Properties has broken ground on the first phase of The View at Rock Run, a 573-unit apartment community set on 30 acres within the larger 310-acre Rock Run Collection mixed-use development in Joliet. PREMIER Design + Build Group and Humphreys & Partners Architects are, respectively, constructing and designing the community that will consist of fourteen three-story, garden-style apartment buildings. Amenities will include a pool, volleyball and bocce ball courts and a fitness center with a separate yoga area. Phase I of The View includes three residential …

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Nichols-Park-Apartments
FinanceInvestment SalesNewsTexas

Mesa West Capital Provides $23.4 Million Loan for Acquisition of Austin Property

by Lynn Peisner

AUSTIN, TEXAS — DreamField Capital has secured a $23.4 million first mortgage loan provided by Mesa West Capital for the acquisition of Nichols Park, a 200-unit community in Austin. Thrive FP was the seller. The property, which was built in 1985 and features a mix of one- and two-bedroom units, was 96 percent occupied at closing. Amenities include a community lounge and coffee bar, a barbecue and picnic pavilion, a pool with poolside cabanas, a basketball court and a dog park. Three out of the 200 units have been recently …

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Shiloh-Oaks
FinanceInvestment SalesNewsTexas

Rise48 Buys Shiloh Oaks Near Dallas

by Lynn Peisner

GARLAND, TEXAS — Rise48 Equity has acquired Shiloh Oaks in Garland, 20 miles northwest of Dallas. The seller, represented by Northmarq’s Dallas Multifamily Investment Sales team, was an undisclosed California-based investor. Northmarq also arranged acquisition financing for Rise48. The 248-unit Shiloh Oaks was built in 1983 and features updated kitchens with quartz countertops, smart locks, a pool, fitness center and a playground.

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Residences-at-Rubi
Affordable HousingDevelopmentNewsTexas

PPR Completes Austin Mixed-Income Development

by Lynn Peisner

AUSTIN, TEXAS — PPR Capital Management has completed The Residences at Rubi, the private equity firm’s first ground-up construction project. PPR broke ground on the $21.7 million development in October 2023. IE2 Construction was the general contractor, and Avita Property Management is handling lease-up and property management. The 101-unit property offers a mix of affordable and market-rate units. Ten percent of units are reserved for tenants earning 30 percent of area median income (AMI) or below, 20 percent are rent capped at 50 percent AMI, and 20 percent are reserved …

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Lofts-at-Reynolds-Village
Investment SalesNewsNorth CarolinaSoutheast

Lone Star Funds Sells Asheville Asset to Continental Realty

by Lynn Peisner

ASHEVILLE, N.C. — Lone Star Funds has sold the Lofts at Reynolds Village in Asheville to Continental Realty Corp. Financial terms of the transaction were not disclosed. The 201-unit community includes approximately 63,000 square feet of retail space. The transaction was structured as a sale of REIT stock and represents the first disposition from a 42-asset portfolio acquired by Lone Star in September 2022. Walker & Dunlop served as advisors to Lone Star, a private equity firm that invests globally in real estate and other assets. Continental Realty is a …

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Mill-and-Miss
Affordable HousingDevelopmentMidwestMinnesotaNews

Oppidan Breaks Ground on Workforce Housing in Grand Rapids

by Lynn Peisner

GRAND RAPIDS, MINN. — Oppidan Investment Co., a national property development firm headquartered in Excelsior, Minnesota, has broken ground on Mill + Miss, a new workforce housing project in Grand Rapids, located 178 miles north of Minneapolis. The 121,000-square-foot, 132-unit development is comprised of one-, two- and three-bedroom floor plans. The developer expects to complete the project in March 2027. Oppidan partnered with the City of Grand Rapids, the Grand Rapids Economic Development Authority, Iron Range Resources & Rehabilitation Board and the Minnesota Housing Finance Agency through the state’s Workforce …

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Madison-Bradenton
DevelopmentFinanceFloridaNewsSoutheast

Peachtree Group Approved for Immigrant Investor-Funded Bradenton Project

by Lynn Peisner

BRADENTON, FLA. — Peachtree Group has received federal funding approvals for the development of Madison Bradenton, a 240-unit property in Bradenton. The EB-5 Immigrant Investor program, which is funding the development, allows residents of other countries to apply for a permanent U.S. residence (also known as a green card) provided they make commercial investments in the United States. The minimum investment is $800,000, and the project must create or preserve at least 10 full-time jobs. The program is administered by U.S. Citizenship and Immigration Services. Peachtree Group is pairing the …

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The-Lofts-at-Helmetta
FinanceNew JerseyNewsNortheast

Kaplan Cos. Secures $38.4 Million ReFi Loan for New Jersey Adaptive Reuse Project

by Lynn Peisner

HELMETTA, N.J. — Kaplan Cos. has secured a $38.4 million loan to refinance The Lofts at Helmetta, a 200-unit community in Helmetta, located midway between New York and Philadelphia. JLL Capital Markets arranged the five-year, fixed-rate loan funded by Nuveen Capital. The Lofts at Helmetta is an adaptive reuse project. Kaplan Cos. converted a former factory, known as the Helme Snuff Mill Complex, into apartments back in 2017. The Helme Snuff Mill Complex was originally built in 1886 and operated for over a century before ceasing operations in 1993. The …

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DevelopmentNew JerseyNewsNortheast

Woodmont Properties Breaks Ground on Transit-Oriented Project in Woodbridge, New Jersey

by Lynn Peisner

WOODBRIDGE TOWNSHIP, N.J. — Locally based Woodmont Properties has broken ground on Woodmont Rail at Metropark, a 300-unit, transit-oriented community in Woodbridge Township, located 30 miles south of Manhattan. Completion is expected in 2028. The six-story property will be made up of studios, one-, two- and three-bedroom units that feature Energy Star appliances, quartz countertops and balconies. Woodmont Rail at Metropark will include approximately 23,000 square feet of amenities, including a fitness center, a coworking center with conference rooms, a clubroom, multi-sport simulator, resort-style pool, rooftop bar and lounge, dog …

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