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The Boulders Apartments in Walnut Creek, California
CaliforniaInvestment SalesNewsWestern

Granite Capital Purchases The Boulders Apartments in Walnut Creek, California, for $58 Million

by Channing Hamilton

WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has acquired The Boulders Apartments in Walnut Creek, a city located within the San Francisco Bay Area. Institutional Property Advisors’ Northern California team brokered the deal. GCG purchased the property from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. The Boulders Apartments was built in 1972. The community offers 164 apartments in one- and two-bedroom layouts. Units feature washers and dryers, vinyl …

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Discovery Park in Lee’s Summit, Missouri
DevelopmentMidwestMissouriNews

Intrinsic Development Breaks Ground on $900 Million Discovery Park in Lee’s Summit, Missouri

by Channing Hamilton

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in the southeast Kansas City suburb of Lee’s Summit. Plans for Discovery Park include 2,791 apartments within a development named Alura, as well as two hotels, office space, medical office buildings and retail space. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Discovery Park will be constructed in four phases from now until 2031. The first phase is The Village, which will include 585 apartment units, …

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St. Regis Residences in Boston
FinanceMassachusettsNewsNortheast

Cottonwood Group Provides $240 Million in Financing for St. Regis Residences in Boston

by Channing Hamilton

BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million in senior mortgage financing for the St. Regis Residences in Boston’s Seaport District. The borrower was Cronin Development. The high-rise development features 114 apartments across 22 stories. Amenities include a pool, spa, fitness center, lounge, concierge services and an onsite restaurant.

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NOVO Broadway Apartments in Tempe, Arizona
ArizonaInvestment SalesNewsWestern

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona, for $100.2 Million

by Channing Hamilton

TEMPE, ARIZ. — MG Properties has purchased NOVO Broadway Apartments, a recently built apartment community in the eastern Phoenix suburb of Tempe, from Evergreen Devco Inc. for $100.2 million. The seller originally delivered the property as Parc Broadway in 2022. According to Apartments.com, NOVO Broadway Apartments totals 324 units in studio, one-, two- and three-bedroom floor plans. Units range in size from 632 to 1,262 square feet and feature stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies or patios. Amenities include a pool, fitness center, outdoor …

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Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii
Affordable HousingDevelopmentHawaiiNewsWestern

EAH Housing Selected to Develop $193 Million Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii

by Channing Hamilton

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of …

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The Fitzgerald in Denver
ColoradoFinanceNewsWestern

JLL Capital Markets Arranges $99 Million Refinancing for The Fitzgerald in Denver

by Channing Hamilton

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, a 282-unit property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital. The borrower was Greystar.  Built at 1840 Market St. in 2022, The Fitzgerald rises 11 stories and offers studio, one- and two-bedroom units. Units feature stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Amenities include an indoor/outdoor …

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Affordable housing property in Pennsylvania
Affordable HousingFinanceInvestment Sales

FHFA Announces 2024 Multifamily Loan Purchase Caps for GSEs

by Lynn Peisner

​​​​​​​​​​​Washington, D.C. — The Federal Housing Finance Agency (FHFA), the organization that regulates Fannie Mae and Freddie Mac, has set 2024 multifamily loan purchase caps for $70 billion for each enterprise for a combined total of $140 billion. FHFA will require that at least 50 percent of the enterprises’ multifamily businesses be mission-driven, affordable housing. Examples of “mission-driven” housing include loans on properties subsidized by the Low-Income Housing Tax Credit (LIHTC) program, loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes …

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The Pearl in Downtown Silver Spring, Maryland
FinanceMarylandNewsNortheast

PGIM Provides $188 Million Refinancing for Five-Property Portfolio in Downtown Silver Spring, Maryland

by Channing Hamilton

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for The Blairs, a five-property portfolio in downtown Silver Spring. The borrower, Tower Cos., will use the fixed-rate loan to refinance the portfolio, which comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are located within a master-planned community that Tower Cos. owns, and offer 1,396 units altogether. According to PGIM, The Blairs was the first residential campus to receive the LEED Gold certification for operations and maintenance.

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An undisclosed manufactured housing site.
FinanceInvestment SalesNewsTexas

JLL Capital Markets Arranges $300 Million for 40-Community Manufactured Housing Portfolio

by Channing Hamilton

DALLAS — Dallas-based JLL Capital Markets has arranged more than $300 million in acquisition financing for a 10,000-pad portfolio of manufactured housing communities. The portfolio consists of over 40 assets — including manufactured housing, RV housing, apartments and single-family home sites — across six different states. Jody Thornton, Tony Nargi, Zach Koucos, Chris Collins, Jacob Martin and Jack Wood worked on behalf of the borrower to secure the loans. The borrower and communities were not disclosed.

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Village at Golden Triangle in Fort Worth, Texas
Build-to-RentDevelopmentFinanceNewsTexas

Empire Group Breaks Ground on $72.8 Million Village at Golden Triangle in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Empire Group of Cos. has secured a $72.8 million loan to develop Village at Golden Triangle, a build-to-rent development roughly 14 miles north of downtown Fort Worth. Tower Capital arranged the financing. BBL Building Co. is the general contractor. The developer has broken ground on the community, which is slated for delivery in 2025. Village at Golden Triangle will consist of 317 units on a 29.7-acre site. Residences will come in one-, two- and three-bedroom layouts that range from 680 to 1,300 square feet in size. Planned …

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