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Investment SalesNewsNorth CarolinaSoutheastVirginia

Newbrook Capital Partners Buys Two-Property Portfolio for $58.2 Million

by Lynn Peisner

CHESAPEAKE, VA., ELIZABETH CITY, N.C. — Newbrook Capital Properties has acquired a two-property portfolio for $58.2 million. The assets are Green Tree, a 208-unit garden-style property in Chesapeake, and Emerald Lake, a 132-unit garden-style property about 40 miles south in Elizabeth City. Both communities were developed in the 1990s. The buyer is planning to update approximately 70 percent of the portfolio’s units. Newbrook Capital Properties was co-founded in late 2023 by hedge fund manager Robert Boucai and James Broyer, former president of multifamily investments at JRK Property Holdings. The unnamed …

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The-Opaline-Nashville
Affordable HousingDevelopmentNewsSoutheastTennessee

Holladay Begins Development of The Opaline, the First Phase of a Nashville Mixed-Use Project

by Lynn Peisner

NASHVILLE, TENN. — Locally based affordable and workforce housing developer Holladay Ventures has secured funding and is expected to break ground in late November on The Opaline, a 251-unit property for renters earning up to 60 percent of area median income. Completion is slated for 2028. The Opaline is the first of three phases of Holladay’s Artist Hill project, a 39-acre master planned community that is projected to include rental and for-sale residential, retail, creative workspaces, green spaces, walking trails and other community amenities. The Opaline’s development site is currently …

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Investment SalesMidwestMinnesotaNews

Centerspace Sells Twin Cities Portfolio for $76 Million

by Lynn Peisner

MINNEAPOLIS — San Francisco-based FPA Multifamily has purchased a 679-unit portfolio consisting of seven properties throughout the Twin Cities metro from Centerspace (NYSE: CSR), a Minot, North Dakota-based REIT. The Minneapolis/St. Paul Business Journal reports the portfolio traded for $76 million. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented Centerspace in the transaction. Properties in the portfolio range from historic redevelopments in the North Loop area to contemporary, boutique-style assets in the Edina and South Minneapolis submarkets. Several properties have undergone renovations. All seven properties are equipped with SmartRent …

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OscarJames-San-Francisco
Affordable HousingCaliforniaDevelopmentNewsWestern

Jonathan Rose Cos. Opens $133 Million Affordable Housing Community in San Francisco

by Lynn Peisner

SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. This project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor …

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Fairstead-Alexandria
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Fairstead Breaks Ground on $120 Million Adaptive Reuse Project in Metro D.C.

by Lynn Peisner

ALEXANDRIA, VA. — Fairstead has broken ground on an affordable housing adaptive reuse project in the Washington, D.C., suburb of Alexandria. On the site of Samuel Madden Homes, originally built to house African American defense workers during World War II, the company will build 207 residences, ranging from one- to four-bedroom units, reserved for families earning 30 to 80 percent of area median income as well as a new community food bank. Completion is slated for fall 2027. Financial partners include permanent and construction lenders Boston Financial, Freddie Mac and …

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Viking-Mill-Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

Chatham Bay Group Secures $37.5 Million Loan from 3650 Capital for Philadelphia Redevelopment

by Lynn Peisner

PHILADELPHIA — Developer Chatham Bay Group has secured a $37.5 million loan to complete construction of Viking Mill in the East Kensington neighborhood of Philadelphia. The lender was 3650 Capital. Viking Mill is being developed in two phases that are slated to deliver in the first and the fourth quarter of 2026, respectively. The project includes the repositioning of an 1800s-era mill into 77 loft-style apartments as well as the ground-up construction of an additional adjacent building that will house 100 units. The community will provide approximately 7,750 square feet …

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Affordable HousingInvestment SalesMarket ReportsNews

Multifamily Investor Sentiment Strengthens, Urgency Builds to Deliver More Affordable Housing, 2026 Emerging Trends Forecast Reveals

by Lynn Peisner

Commercial real estate industry leaders are more bullish on the investment prospects for the multifamily sector than they were a year ago, according to the newly released 2026 Emerging Trends in Real Estate forecast conducted by the Urban Land Institute (ULI) and PwC. Among major property types on a scale of 1 to 5 — where 1 is abysmal and 5 is excellent — multifamily (including single-family rentals) achieved a rating of 3.67, second only to mixed-use/alternative assets, which posted a rating of 3.69. The industrial/distribution sector scored 3.61, followed …

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casa-familia-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Casa Familia, Pinnacle Break Ground on $27 Million Inclusive Community in Miami

by Lynn Peisner

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 …

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Black-Rock-Crossing-Marquette
Affordable HousingDevelopmentMichiganMidwestNews

Woda Cooper Opens Affordable Housing Community in Marquette, Wisconsin

by Lynn Peisner

MARQUETTE, MICH. — Woda Cooper Cos. and the Keweenaw Bay Indian Community (KBIC) have opened Black Rock Crossing in Marquette. Black Rock Crossing offers 50 affordable rental homes, including 26 one-bedroom apartments and 24 two-bedroom apartments. The units are reserved for residents earning a mix of incomes ranging from 30 to 80 percent of area median income. Nine units are set aside for members of KBIC. Amenities include a second-floor outdoor terrace, a multipurpose room with a kitchenette, a fitness center, a laundry area, an outdoor playground and a patio …

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Jefferson-Quail-Creek-Denton
Affordable HousingDevelopmentNewsTexas

JPI Breaks Ground on $103 Million Workforce Housing Community in Denton, Texas

by Lynn Peisner

DENTON, TEXAS — JPI has broken ground on Jefferson Quail Creek, a $103.2 million, 415-unit development in the Dallas suburb of Denton. Located at 3855 Hudsonwood Road, Jefferson Quail Creek will include one-, two- and three-bedroom units and such amenities as a resort-style pool, a courtyard with grills, a beer garden with an outdoor kitchen and seating, a main club room with a café, a resident lounge with TVs and gaming stations, an indoor-outdoor fitness center and yoga studio, open green space and an enclosed dog park. An indoor mail …

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