News

West Chelsea Condo Project Scores $155M Construction Financing

New York & Tri-State + Apartment Buildings

Legion Investment Group and partner AVRS Partners LP closed on a $155-million construction loan from Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, for 550 W. 21st St., a condominium project that will bring 83 residences to West Chelsea. The financing coincides with visible progress onsite, where concrete superstructure pours have been underway since...

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TruAmerica Acquires Baltimore Apartment Building

Washington DC + Apartment Buildings

TruAmerica Multifamily has acquired two apartment communities, including the Arbor Ridge multifamily property in the Baltimore metro area. “These acquisitions showcase our ability to unlock value through comprehensive asset management,” said Bob Hart, Founder and CEO of TruAmerica. “We see tremendous opportunity to enhance the resident experience, improve community operations, and deliver lasting value.” Arbor...

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InterRent’s $4B Acquisition Moves Closer to Finish Line

Canada + Apartment Buildings

InterRent REIT’s friendly takeover has taken another step closer to completion. The proposed $4-billion deal has received federal Investment Canada Act approval, overcoming another key regulatory hurdle. The agreement previously passed a Competition Act test. Plans call for Carriage Hill — a newly formed entity owned by Ottawa-based CLV Group and Singapore-based GIC — to...

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Newmark Arranges $100M Sale, $62M Financing of Suburban KC Multifamily

Chicago & Midwest + Apartment Buildings

Newmark has assisted KBS in the $100 million sale and DFW Land in arranging a $62 million acquisition loan for Park Place Village, a 10-building, 480,000-square-foot trophy office and retail property in Leawood, Kansas, a suburb of Kansas City. Park Place Village is a mixed-use campus completed in phases from 2007 to 2013. Newmark’s Chicago...

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Marcus & Millichap Brokers Distressed MF Sale in DC

Washington DC + Apartment Buildings

Marcus & Millichap has brokered the sale of a 14-unit multifamily property at 920 Madison Street NW in the Brightwood Park neighborhood of Washington, D.C., for $1.68 million. “This was a challenging deal with many twists and turns, but our experience with distressed assets and the Brightwood and Upper Northwest neighborhoods helped us guide the...

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Vancouver Industry Leaders Concerned About Unsold New Condos

Canada + Apartment Buildings

Metro Vancouver’s real estate industry leaders are becoming increasingly concerned about a glut of unsold new condominium units, CBC reported. The unsold new-condo industry has doubled year-over-year to about 2,500, according to Canada Mortgage and Housing Corporation figures. Anne McMullin, president and CEO of the Urban Land Institute, attributed the increase to higher prices. “Costs...

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Mesirow Acquires Bothell MXU Apartment Complex for $177M

Seattle & Northwest + Apartment Buildings

Mesirow, a Chicago-based real estate investment firm, has acquired a Bothell mixed-use apartment complex this week for $177 million. The 451-unit Villas at Beardslee span four parcels that have a total tax assessment value of $184 million, reported the Puget Sound Business Journal. The transaction represents the region’s third-largest real estate deal so far this...

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Aging Baby Boomers and Commercial Real Estate Transformations

It isn’t news that the Baby Boomer cohort (those born between 1946 and 1964) is getting older. The U.S. Census Bureau offers all kinds of facts about this, including: The U.S. population age 65 and older increased by 3.1% to 61.2 million from 2023 to 2024 The share of the 65-and-older population increased from 12.4%...

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