Other Multifamily News
Mesa West Capital has provided a joint venture led by United Properties with $47 million in short-term, first-mortgage debt to refinance Bishop Momo, a recently completed 274-unit multifamily community in Austin, TX.
Delivered to market in 2024 by United Properties, Bishop Momo offers a mix of studio and one- and two-bedroom units. High-end interior finishes feature quartz countertops, stainless steel appliances, hardwood flooring and in-unit washer/dryers. Community amenities include a courtyard pool, grotto lounge, fitness center and a resident lounge with an outdoor deck. The property also includes 5,835 square feet of ground-floor retail space, which is 100% leased to community-serving tenants.
The asset is situated within the St. Elmo District, a 275-acre mixed-use redevelopment that has transformed a former industrial zone into a premier live-work-play destination. St. Elmo currently encompasses 223,000 square feet of office, retail, dining and entertainment, with roughly 900,000 additional square feet still planned. Nearby Interstate 35 provides direct access to the Austin Central Business District, home to approximately 132,000 jobs.
“We are seeing the supply-demand imbalance in Austin pivot in a favorable direction as new starts slow significantly,” said Brian Hirsh, Head of Mesa West Capital’s Central Region, who led the origination team out of Chicago along with Jonah Sacks. “Bishop Momo is a high-quality, well-located asset that is well situated to benefit from these shifting market fundamentals.”
“We are thrilled to be partnering with Mesa West on the financing of Bishop Momo,” said Victor Young, Senior Vice President and Austin Market Lead for United Properties. “We have worked extremely hard to create a unique multifamily asset, and we view Mesa West as the perfect partner to help position the property for its next stage of ownership.”
Austin continues to rank among the fastest-growing metropolitan areas in the country, supported by a business-friendly environment and a diverse economic base spanning healthcare, technology and manufacturing. According to the U.S. Census Bureau, Austin’s population grew 3.3% from April 2020 to July 2024.
The financing was arranged by Chris McColpin of Newmark’s Austin office.
Students and their families from Norfolk Public Schools recently visited Market Heights Apartments as part of the school division’s annual services expo bus tour, connecting young adults with disabilities to resources that support independent living after graduation.
Monument Real Estate Services (MRES) has ranked nationally among the Best Places to Work Multifamily® list within the Management/Owners up to 4,999 Units category, and among the Best Places to Work Multifamily® for Women list. The program is produced annually by the Multifamily Innovation® Council.
Mesa West Capital has provided Knightvest Capital with $81 million in first mortgage debt to refinance Domain Memorial, a 313-unit townhome rental community in Houston, TX.
Built in 2016, Knightvest acquired the property from the developer in 2022. Located at 14800 Memorial Drive in Houston’s Briar Forest/West Memorial submarket, the community offers a mix of one- , two- , and three-bedroom two-story townhomes with an average size of 1,300 square feet, housed in 29 residential buildings on a 12.7-acre site.
During its ownership, Knightvest has implemented extensive interior renovations across a majority of units, along with exterior and common area upgrades including improvements to the parking lot, installation of a new EV charging station, enhanced lighting and landscaping, and updates to the clubhouse, pool area and fitness center.
A portion of the proceeds from the five-year, floating-rate loan will be used by Knightvest to complete the interior renovations that have resulted in increased occupancy and meaningful rent premiums during its hold period. The property is currently 95.2% occupied.
Domain Memorial benefits from strong demand drivers including its proximity to the Energy Corridor, which is home to 111,000 jobs making it Houston’s third largest employment center. Additionally, the property is served by the A-rated Spring Branch School District and more than 2 million square feet of retail, dining and entertainment options within a five-mile radius. With abundant retail and recreational amenities including more than 500 acres of parkland, the area has become a top destination for homebuyers, which has created demand for cost-effective rental solutions with more space like Domain Memorial.
“Since acquisition, Knightvest has driven meaningful rent growth through strategic capital investment and hands-on management,” said Brian Hirsh, Head of Mesa West Capital’s Central Region, who led the origination team out of Chicago along with Jonah Sacks. “We expect this trend to continue as Knightvest finishes the final phase of the business plan and demand for townhome product in the market continues to grow.”
NEW YORK, NY (March 30, 2026) – Greystone, a leading national commercial real estate finance company, has provided $64,960,000 in FHA/HUD-insured financing for the refinance of a three-property healthcare portfolio in Pennsylvania. The financing was originated by Christopher Clare, Senior Managing Director, with additional team members including David Young, Ben Rubin, Ryan C. Harkins, Parker Nielsen, and Liam Gallagher assisting on the transaction.
NEW YORK, NY (March 26, 2026) – Greystone, a leading national commercial real estate finance company, has provided a $46,700,000 bridge-to-HUD loan to refinance a portfolio of five seniors housing properties with 153 beds in total in Minnesota. The financing was originated by David Young, Managing Director at Greystone. Chris Clare, Ryan Harkins, Ben Rubin, Parker Nielsen, and Liam Gallagher assisted on the transaction.
Two multifamily communities owned and managed by Continental Realty Corporation (CRC), a Baltimore-based commercial real estate and investment firm, have been named to the 2025 Elite 1% ORA™ Power Ranking. The ranking is a statistical model that evaluates the Online Reputation Assessment (ORA™) score of more than 140,000 communities nationwide. The report and analysis are compiled by J Turner Research, a reputation management and market research firm that exclusively serves the multifamily industry.
RKW Residential and A Residential, premier multifamily management firms operating under parent company Alfred, earned national recognition in the 2025 J Turner Research Elite ORA® (Online Reputation Assessment) Power Ranking. A combined 18 communities managed by the two firms were named to the Elite 1% list, which honors the top 1% of conventional apartment communities nationwide for outstanding online reputation.
