ATLANTA, GA – Atlanta Housing announced a major new development that will make living on the Atlanta BeltLine a reality for 116 working and low-income families. The Madison Reynoldstown development at 872 Memorial Drive will house working families earning up to 80 percent of the area median income, and Atlanta Housing will provide long-term subsidies to 46 families. The project is 100 percent affordable.
“Atlanta Housing is proud to help spearhead this partnership to bring affordability to one of the fastest growth areas of our city,” said Eugene E. Jones, Jr., president and CEO of Atlanta Housing. “Madison Reynoldstown demonstrates that by working together, we can bring working and low-income families close to the city’s jobs and some of its best amenities.”
The $43.6 million development sits on a 1.2-acre site in the Reynoldstown community at Memorial Drive and Chester Avenue. With direct frontage on the Atlanta BeltLine Eastside Trail extension, the property is within walking distance of jobs and neighborhood amenities including a grocery store, entertainment facilities, restaurants and a host of retail shops and services in the Madison Yards development.
Atlanta Housing will invest $8.87 million for construction, permanent and acquisition funding, in addition to long-term housing subsidies for 46 families. Both private and public financing sources make Madison Reynoldstown possible, including a $3.6 million loan from Bank of America, a $4.4 million award from the National Housing Trust Fund, low-income tax credits from the Georgia Department of Community Affairs, a $21.5 million tax-exempt bond commitment from Invest Atlanta, and a $2 million grant from the BeltLine Affordable Housing Trust Fund.
“Madison Reynoldstown is an exemplary example of interagency cooperation, bringing together private banking, Atlanta Housing, Invest Atlanta, Atlanta BeltLine, Inc., the Georgia Department of Community Affairs, the National Housing Trust Fund and the City of Atlanta,” said CEO Jones. “By working together, we will continue to build affordable housing for those in need in Atlanta.”
Madison Reynoldstown will include 71 one-bedroom, one-bath units; 36 two-bedroom, two-bath units and nine three bedroom, two-bath units in two midrise elevator buildings. The development will also include 2,700 square feet of commercial or retail space.

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SCOTTSDALE, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, Arizona. The property sold for $193.5 million, which equates to $543,539 per unit. The price per unit is the highest in Arizona s history for an institutionally sized apartment building. The transaction is also the largest single asset core multifamily sale and second-largest single asset multifamily sale overall in Arizona history.
An incredible acquisition opportunity for the buyer, Roadrunner on McDowell is a newly constructed landmark asset that juxtaposes timeless mid-century architecture with modern, resort-style luxury to establish a new standard of Arizona apartment living, said Steve Gebing, IPA executive managing director. Developed by JLB Partners, the property was built to attract a top-tier resident profile of high-wage earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale s outstanding citywide demographics. Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth. Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
Roadrunner on McDowell was built as an homage to the history and context of mid-century architecture that is so present in South Scottsdale, said Kevin Ransil, Arizona partner for JLB Partners. As a community at the gateway entrance into Scottsdale, it was vital to pay exceptional attention to detail with artistic nods to the past while also embracing today s modern design. We focused on place-making and incorporated fun and unique features such as a linear park that follows the Arizona Canal, Vespa wall, Zen Garden and a vintage Airstream that make the property recognizable across the Valley as a completely distinct, one-of-a-kind multifamily asset.
Completed in 2022, the mid-rise, garden-style asset is located in the center of Greater Phoenix, adjacent to Papago Park. The potential renter pool of working professionals living within a 10-mile radius of the property is 700,000. Major employers in the area include General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor. Ancient Town Scottsdale, home to designer art galleries, lively nightlife, and Scottsdale Stadium is three miles away.
Apartments at Roadrunner on McDowell feature high-end finishes, including hand-scraped hardwood floors and walk-in closets with custom wood shelving. Ceilings are nine feet high or taller and three-panel sliding Arcadia doors lead to private patios or balconies. Select apartments have city views and spacious walk-in showers with seats and glass enclosures. Common area accommodations including an expansive, resort-style swimming pool and spa with private poolside cabanas reflect the property s first-class setting and dedication to luxury living. Adjacent to the poolside amenities, an outdoor entertainment ramada with social seating, flatscreen televisions, a misting system, and barbecue grilling stations are a pass through to a Zen Garden. The leasing office and clubhouse are accentuated by lofty ceiling heights and wood accents that lay the foundation for a Wi-Fi-enabled entertainment lounge with flat-screen television, plush seating, and a dedicated co-working area with individual offices and a conference room.

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BETHESDA, MD – Walker & Dunlop, Inc. announced that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop’s Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
“Taylor Williams and his team are experts,” said Gideon Friedman, CEO of Beachwold Residential. “They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction.”
“It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team,” Mr. Williams added. “We were able to effectively do the deal with an brilliant rate, thanks to our skilled team and solid partnership with Freddie Mac.”
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.

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