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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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Advenir-at-Lighthouse-Point-Pompano-Beach
FinanceFloridaInvestment SalesNewsSoutheast

JLL Arranges $53.3 million in Acquisition Financing for Pompano Beach Property

by Lynn Peisner

POMPANO BEACH, FLA. — JLL has arranged a $53.3 million Freddie Mac acquisition loan on behalf of Miami-based Advenir Azora, which has acquired Avenir at Lighthouse Point. The property was built in 2015 and consists of a six-story building with one-, two- and three-bedroom units averaging 887 square feet. Amenities include a rooftop lounge with ocean views, a resort-style pool, a 24-hour fitness center and a parking garage. Advenir at Lighthouse Point was 95 percent occupied at the time of sale. The seller was not disclosed. JLL’s Jesse Wright, JJ …

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Hacienda-Hills
Affordable HousingCaliforniaInvestment SalesNewsWestern

Eagle Partners Buys San Gabriel Valley Asset for $107 Million, Converts to Affordable Housing

by Lynn Peisner

HACIENDA HEIGHTS, CALIF. — Eagle Partners has acquired Hills at Hacienda Heights, a 350-unit community about 20 miles east of Los Angeles in Hacienda Heights. The asset traded for $107 million. Institutional Property Advisors (IPA) arranged the sale, representing the undisclosed seller, and $71 million in acquisition financing for the buyer. Kevin Green, Joseph Grabiec and Gregory Harris led IPA’s team. Eagle Partners will convert the property from market-rate to affordable housing, restricting rents at 80 percent of area median income. Project partners in the conversion included Red Stone Equity …

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Parks-at-Delray-Skye
DevelopmentFinanceFloridaNewsSoutheast

13th Floor, Key International Break Ground on $79.2 Million Project in Delray Beach, Florida

by Lynn Peisner

DELRAY BEACH, FLA. — South Florida-based developers 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on Skye, a 327-unit community in Delray Beach. The project is being financed with a $79.2 million construction loan from CIBC Bank USA. Skye represents the second residential phase of the joint venture’s 50-acre Parks at Delray mixed-use development and follows the completion and lease-up of Savio, which delivered 420 apartments earlier this year. With construction now underway, Skye is slated for completion in 2027. …

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Cottonwood-Grove-Clovis
CaliforniaInvestment SalesNewsWestern

Mogharebi Group Arranges $61.8 Million Central California Sale

by Lynn Peisner

BAKERSFIELD AND CLOVIS, CALIF. — The Mogharebi Group has arranged a $61.8 million sale of two properties in California’s San Joaquin Valley. The properties were The Grove in Bakersfield and Cottonwood Grove in Clovis. A single undisclosed seller sold each property to separate California-based buyers. The Grove is a 142-unit gated community built in 1994. Situated on an 11-acre site at 4801 Fruitvale Ave., the property features townhome-style units with private garages. Amenities include two pools, a hot tub, a fitness center and grilling stations. Approximately 20 percent of the …

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Mansions-at-Riverside-Tulsa
Company NewsInvestment SalesKentuckyMidwestNewsNortheastOhioOklahomaSoutheast

Morgan Properties Buys Dream Residential REIT for $345 Million

by Lynn Peisner

CONSHOHOCKEN, PA. — Morgan Properties has acquired Dream Residential Real Estate Investment Trust, a public Canadian REIT, for $345 million. Acquisition of the Toronto-based REIT included 15 properties now privately owned by Conshohocken-based Morgan Properties. The properties comprise 3,300 units in metro areas throughout Texas, Ohio, Kentucky and Oklahoma. Morgan will invest $58 million in interior and exterior enhancements and amenity upgrades in the 15 communities, which were developed between 1968 and 2002. In 2025, Morgan has completed $1.5 billion in acquisitions, comprising approximately 14,000 units and 80 properties. TD …

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The-Aries-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Secures $152.3 Million for Affordable Housing Development in Suburban Columbus, Ohio

by Lynn Peisner

WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in financing for the construction of The Aries Lofts, a 315-unit affordable housing community LDG Development is building in Whitehall, located about 8 miles east of downtown Columbus, Ohio. The financing package includes a $42.7 million Freddie Mac permanent loan, a $60 million tax-exempt construction loan, an $8 million equity bridge loan provided by Merchants Bank and $41.6 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Upon completion, which is estimated to be 2027, The Aries Lofts will offer …

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Emerald-Lake-Elizabeth-City
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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