News

Downtown Chicago Apartment Conversion Project Begins Pre-Leasing

Chicago & Midwest + Apartment Buildings

Cross Street, Mavrek Development, and ACRES Commercial Realty announced the start of pre-leasing at Wacker Place, a new office-to-residential conversion at 65 E. Wacker Place, in the heart of downtown Chicago. Upon completion, the community will feature 252 apartments offered in studio, convertible, one- and two-bedroom floor plans. “Wacker Place represents a thoughtful reinvention of...

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Fitzrovia Begins Leasing 898-Unit Marlow Apartment Project in Toronto

Canada + Apartment Buildings

Fitzrovia has begun leasing its 898-unit Marlow purpose-built rental community at the intersection of Bloor Street West and Dufferin Street in Toronto. Phased move-ins are scheduled to begin this fall, said Fitzrovia.. The development, located on former Toronto District School Board lands at 980 Dufferin St., is a key component of the broader Bloor-Dufferin Project...

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Canadian Multi-Family Building Permits Fall 8%: StatCan

Canada + Apartment Buildings

Canadian municipalities authorized 8% fewer multi-family building permits in April compared to March, says a new report from Statistics Canada. A total of 19,900 multi-family building permits were issued in April, driving a broader slowdown in residential construction activity across the country, says StatCan. According to the report, the value of multi-family building permits fell...

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452-Unit Value-Add Multifamily Community Trades in FW

Texas + Apartment Buildings

Marlin Spring sold Centreport Lake, a 452-unit multifamily community in Fort Worth. Located at 14301 Center Station Drive, Centreport Lake was constructed in 2008 on a 24-acre site, with an average unit size of 946 square feet. At the time of sale, the community was 91% occupied and offered a value-add investment opportunity through a...

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Richman Raises $535M Across Two Affordable Housing Tax Credit Funds

Apartment Buildings

The Richman Group Affordable Housing Corporation, an affiliate of The Richman Group, has closed on $535 million of equity across two affordable housing tax credit multi-investor funds. The funds will finance the acquisition, rehabilitation, and new construction of nearly 50 properties across 27 states, representing a total development cost of more than $1.5 billion. Investors...

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KETTLER, Stillman Trade 276-Unit N. Charleston Rental Asset

Atlanta & Southeast + Apartment Buildings

Newmark announces the Company has completed the sale and financing of Waverly Place, a 276-unit multifamily community located at 1900 Waverly Place Lane in North Charleston, South Carolina. The asset was sold by a joint venture between KETTLER and The Stillman Group to the Charleston Workforce Housing Fund, an impact fund led by Ascent Housing,...

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Killam Apartment REIT Pauses New Developments

Canada + Apartment Buildings

Killam Apartment REIT is pausing new development projects in the near term, citing challenging market conditions and water infrastructure constraints in key growth markets. During REIT’s first-quarter earnings call, CEO Philip Fraser pointed to the Kitchener-Waterloo region as an example of infrastructure-related hurdles after local officials halted support for some development approvals due to water...

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Equiton Opens New Dallas Office, Prepares to Expand Across U.S.

Canada + Apartment Buildings

Equiton has opened a new office in Dallas as the firm prepares to expand into U.S. multi-family real estate. A company spokesman told Connect that Equiton is in the final stages of launching a U.S. apartment fund, with an open-ended structure aimed at Canadian investors. The forthcoming fund is similar in design to Equiton’s flagship...

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