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IllinoisInvestment SalesMidwestNews

LaTerra, Respark Acquire $455 Million Chicagoland Portfolio from Aimco

by Lynn Peisner

CHICAGO — LaTerra Capital Management, an affiliate of LaTerra Development, in partnership with Respark Residential, is under contract with Aimco (NYSE: AIV) to acquire a 1,495-unit, seven-property portfolio located across suburban Chicago submarkets including the cities of Evanston, Lombard and Elmhurst. The portfolio is being acquired at a purchase price of $455 million, with a closing targeted for the first quarter of 2026, pending the assumption of in-place mortgage loans. The joint-venture buyer has completed due diligence and partially funded a non-refundable deposit that will, under the terms of the …

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Laster-Farms-Farragut
DevelopmentNewsSoutheastTennessee

Trinitas, Millstone to Develop $80 Million Community in Suburban Knoxville

by Lynn Peisner

FARRAGUT, TENN. — Trinitas Ventures and Millstone will develop Laster Farms at Turkey Creek in Farragut, 18 miles west of Knoxville, Tennessee. The $80 million development will include 240 units in one-, two- and three-bedroom layouts with monthly asking rents ranging from $1,800 to $2,800. Both joint venture partners are based out of Indiana. Millstone, a development and construction firm, identified and entitled the site and will serve as the general contractor. The developers closed on financing for the project in November. A completion date was not disclosed. Amenities will …

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HaverstockHills-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Acquires Houston Affordable Housing Property, Plans Redevelopment for $242 Million Total Investment

by Lynn Peisner

HOUSTON — Fairstead has acquired Haverstock Hills Apartments in Houston’s East Aldine neighborhood. The New York City-based affordable housing developer will renovate the 700-unit property over the next 24 months. The redevelopment and acquisition costs came to $242 million. PNC Multifamily Capital was the debt and equity provider. Harris County Housing Finance Corp. and Rainbow Housing Corp. will continue to provide on-site social services. Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two- and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and …

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Perry-Row-Dallas-Texas
FinanceInvestment SalesNewsTexas

Mesa West Capital Originates $42 Million Loan for JV Acquisition in Dallas

by Lynn Peisner

DALLAS — A joint venture consisting of Knightvest Capital and TPG Angelo Gordon has secured a $42 million acquisition loan originated by Mesa West Capital. The loan was used to buy and to finance an upcoming renovation of Perry Row, a 149-unit community at 6044 E. Lovers Lane in northeast Dallas, approximately six miles north of downtown. Built in 2009, the property offers a mix of one-, two- and three-bedroom townhome-style units. Amenities include a 24-hour fitness center, a resort-style pool, an outdoor kitchen and a business center. The new …

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Village-at-Cedar-Hills-Jacksonville
Affordable HousingDevelopmentFloridaNewsOperationsSoutheast

Ability Housing Opens $31 Million Affordable Community in Jacksonville

by Lynn Peisner

JACKSONVILLE, FLA. — Ability Housing has completed Village at Cedar Hills, an affordable housing community in Jacsksonville’s Westside neighborhood. Rent restrictions for the property’s 90 units vary, ranging from 30 to 60 percent of area median income (AMI). Monthly rents are based on household size and income and range from approximately $500 for a one-bedroom unit for a household earning 30 percent or less of AMI to approximately $1,380 for a three-bedroom unit for a household earning up to 60 percent of AMI. Six units are reserved for individuals or …

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Exodus-Minneapolis
Affordable HousingDevelopmentMidwestMinnesotaNews

Aeon, Kraus-Anderson Break Ground on $24 Million Deeply Affordable Redevelopment in Minneapolis

by Lynn Peisner

MINNEAPOLIS — Aeon, a locally based affordable housing developer, owner and manager, along with contractor Kraus-Anderson, has broken ground on Exodus, a $24 million community that will include 72 studio units to support individuals experiencing homelessness or housing instability. The project consists of the redevelopment of and an addition to an existing eight-story building. Residents will be referred through Hennepin County’s behavioral health system and will be provided with comprehensive supportive services on-site by Touchstone Mental Health. Aeon is ground-leasing the site from St. Olaf Catholic Church, which owns the …

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Residences-at-Palm-Court-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Related Group, Miami-Dade County Break Ground on Mixed-Income Project

by Lynn Peisner

MIAMI — Related Group and Miami-Dade County have broken ground on The Residences Palm Court, a 316-unit mixed-use, mixed-income LIHTC project at 950 NW 95th St. in Miami. Out of the 316 homes, 191 will be reserved specifically for seniors. Rents are capped at levels varying across the community from 20 to 80 percent of area median income. Completion is slated for late 2027. The project is a redevelopment that will replace two former public housing communities built during the 1970s. According to Related Group, all current on-site senior residents …

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Hom-Flats-Wyoming
Affordable HousingDevelopmentFinanceMichiganMidwestNews

Merchants Capital Arranges $91 Million for Mixed-Income Development in Metro Grand Rapids, Michigan

by Lynn Peisner

WYOMING, MICH. — Merchants Capital has arranged approximately $91 million in financing for the development of HōM Flats at 28 West, the third phase of a mixed-use, mixed-income development in Wyoming. Grand Rapids, Michigan-based investment and development firm Magnus Capital Partners is the developer. The financing package includes a $30.6 million Freddie Mac loan, $16.7 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity and a $43.5 million construction bridge loan provided by Merchants Bank. HōM Flats at 28 West will connect to 28 West Place, a recently renovated …

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The-Square-Athens
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Public and Private Partners to Build $65 Million Affordable Housing Community in Downtown Athens, Georgia

by Lynn Peisner

ATHENS, GA. — Columbia Residential, in partnership with the Athens Housing Authority and Jonathan Rose Cos., has closed on $65 million in financing for development of The Square at NoDa. The 146-unit affordable housing community represents the second phase of a larger redevelopment of approximately 12 acres in north downtown Athens that was formerly home to the Bethel Midtown Village housing development, which was constructed in the early to mid-1970s and demolished in 2021. Phase I consisted of The View at NoDA, a 120-unit mixed-income community that opened in December …

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Landmark-Apartments-Chesapeake
Affordable HousingInvestment SalesNewsSoutheastVirginia

Fairstead Acquires, Plans to Renovate Affordable Community in Hampton Roads Region

by Lynn Peisner

CHESAPEAKE, VA. — Fairstead has acquired Landmark Apartments, a 120-unit affordable housing community in Chesapeake, for $34.8 million. The New York City-based affordable housing developer is also planning to redevelop the property. Construction on the renovations is slated to begin in January 2026 and to be complete by mid-2027. All units are reserved for tenants earning no more than 60 percent of the area median income. Located at 2900 Fireside Road, Landmark Apartments consists of 15 two-floor garden-style buildings that offer 72 two-bedroom units and 48 three-bedroom units. Fairstead’s renovation …

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