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Sterling Plaza Apartments in Laguna Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $7.4 Million Sale of Sterling Plaza Apartments in Laguna Beach, California

by Channing Hamilton

LAGUNA BEACH, CALIF. — CBRE has brokered the sale of Sterling Plaza Apartments, a 12-unit community located at 2607 Solana Way in Laguna Beach, approximately 25 miles south of Anaheim, California. The asset traded hands for $7.4 million. Built in 1962 and 1963, Sterling Plaza Apartments consists of 9,823 square feet of rentable space. The community offers one- and two-bedroom floor plans, including a two-bedroom penthouse. Each apartment is individually metered for electricity. The property also features 14 parking spaces, including 11 carports and three open spaces, as well as …

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The Maddox in Buckeye, Arizona
ArizonaDevelopmentNewsWestern

Thompson Thrift Opens 252-Unit The Maddox in Phoenix Suburb

by Channing Hamilton

BUCKEYE, ARIZ. — Thompson Thrift has opened The Maddox, a 252-unit community located at 23683 W Yuma Road in Buckeye, roughly 40 miles west of Phoenix. The garden-style asset consists of seven buildings that each rise three stories, as well as 80 detached garages. Units come in one-, two- and three-bedroom layouts and average about 1,000 square feet. Community amenities include a clubhouse, heated pool, fitness center, Amazon package hub, outdoor game area, grilling stations, courtyards, firepits with seating area, a dog park, pet spa with grooming station and a …

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Canterbury Court Apartments in Chicago
IllinoisInvestment SalesMidwestNews

Becovic Holdings Corp. Acquires Canterbury Court Apartments in Chicago for $25.7 Million

by Channing Hamilton

CHICAGO — Becovic Holdings Corp. has purchased Canterbury Court Apartments, a 176-unit asset located in the Gold Coast neighborhood of Chicago, for $25.7 million. The 16-story building houses a mix of 142 studios, 26 one-bedroom apartments and two two-bedroom residences, as well as six units utilized by previous ownership. The property also includes 1,268 square feet of ground floor retail, which is occupied by the Zebra Lounge piano bar. Zebra Lounge has been on the property since it was built in 1929. Nicholas Kanich and Kyle Stengle of Marcus & …

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Citadel at Castle Pines in Castle Pines, Colorado
CaliforniaInvestment SalesNewsWestern

Thompson Thrift Divests of 154-Unit Citadel at Castle Pines in Denver Suburb

by Channing Hamilton

CASTLE PINES, CALIF. — Thompson Thrift has completed the disposition of Citadel at Castle Pines, a 214-unit community located at 353 Edge View Circle in Castle Pines, about 25 miles south of Denver. Matt Barnett, Jake Young and Taylor Payne of Walker & Dunlop brokered the transaction. The buyer and sales price were not disclosed. Citadel at Castle Pines was completed in December 2023. The community features 145 one- and two-story paired villa-style homes, as well as 60 three-story townhomes. Residents have access to amenities such as a social lounge, pickleball …

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Affordable HousingCompany NewsDevelopmentGeorgiaNewsSoutheast

Lockwood Cos. Opens New Office in Brunswick, Georgia

by Channing Hamilton

BRUNSWICK, GA. — Lockwood Cos., an affordable housing developer based in Southfield, Michigan, has opened a new office in Brunswick, about 80 miles south of Savannah, Georgia. According to Lockwood, the office will support the company’s development initiatives to create more affordable housing for families and seniors in the region. Lockwood’s first local project will be a 40-unit affordable housing community for seniors in Albany, a city in southwest Georgia. The company plans to break ground on the project in early 2025.

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Centro35 in San Marcos, Texas
Affordable HousingDevelopmentNewsTexas

NRP Group Completes 330-Unit Affordable Housing Development in San Marcos, Texas

by Channing Hamilton

SAN MARCOS, TEXAS — Cleveland-based developer The NRP Group has opened Centro35, a 330-unit affordable housing asset in San Marcos, approximately 50 miles northeast of San Antonio. The NRP Group developed the community in partnership with Capital Area Housing Finance Corp. Centro35 offers one-, two-, three- and four-bedroom apartments for households earning 60 percent or less of the area median income. Amenities include a pool, conference center with individual work pods, fitness center, children’s activity room and a game room. The project was financed with tax credit equity from Huntington …

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Villas at Princeton Lakes in Atlanta
GeorgiaInvestment SalesNewsSoutheast

FCP Sells Villas at Princeton Lakes in Atlanta for $36.8 Million

by Channing Hamilton

ATLANTA — FCP has sold Villas at Princeton Lakes, a 210-unit community located at 751 Fairburn Road SW in Atlanta. A partnership between Monday Properties and RSN Property Group purchased the asset for $36.8 million. Travis Presnell and James Wilber of Cushman & Wakefield represented FCP in the transaction. Villas at Princeton Lakes was constructed in 2004. The garden-style community offers one-, two- and three-bedroom floor plans. FCP originally acquired the property in late 2020 for $30 million, including the assumption of an existing mortgage, and implemented upgrades to the property’s …

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DevelopmentNewsNorth CarolinaSoutheast

The Fallon Co. Breaks Ground on 234-Unit The Colwick in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Boston-based The Fallon Co. has begun development on The Colwick, a 234-unit community in The Cotswold neighborhood of Charlotte. Units will come in one-, two- and three-bedroom layouts. Amenities will include a pool, coworking space, pet spa and dog park, fitness center and yoga studio, courtyard with activity lawn and fireside lounge, social lounge with game room, bike storage and golf simulator. Santander Bank provided an undisclosed amount of construction financing for The Colwick. Locally based EDIFICE Construction is building the project, which is slated to deliver …

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Affordable HousingFinanceNewsNortheastOperationsWashington, D.C.

FHFA Increases Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by Channing Hamilton

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …

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Exchange at St. Augustine in St. Augustine, Florida
FloridaInvestment SalesNewsSoutheast

TriBridge Residential Purchases 312-Unit Community in St. Augustine, Florida

by Channing Hamilton

ST. AUGUSTINE, FLA. — TriBridge Residential has acquired Exchange at St. Augustine, a 312-unit property in St. Augustine, about 40 miles south of Jacksonville, Florida. The garden-style community rises three stories at 250 Moultrie Landing Blvd. Amenities include a pool, fitness center, walking paths and a package locker room. JLL Capital Markets represented the seller, Varden Capital Properties (VCP), in the deal. VCP and Tellus Partners developed the property in 2023. Cliff Taylor, Joe Ayers, Ryan Hixon, Tucker Brooks and Mike Scott led the JLL Capital Markets investment and sales …

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