OVERLAND PARK, KS – Freshwater Investments in partnership with Griffis/Blessing, Inc. finalized the acquisition of Savoy Luxury Apartments in Overland Park, Kansas.
Built in 2002, Savoy Luxury Apartments consists of 254 apartment homes with five floor plans and an average unit size of 1,224 SF. The property is ideally positioned in Johnson County, traditionally one of the top-performing sub-markets in the region. It is within minutes of significant thoroughfares, easily accessible to many major employers, and close to award-winning Overland Park schools.
Having witnessed massive exodus from the expensive coastal cities, we’ve been on a search mission to find expanding, vibrant and still affordable markets, and Greater Kansas City fits the bill, with Johnson County being one of the fastest growing counties in the country , said Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments. I really loved my visit to Overland Park, as it has this vibe of an upbeat, happening place. It s super energizing to enter the new market, and our investors responded with enthusiasm to this new multifamily investment opportunity. Savoy is our second acquisition in partnership with Griffis/Blessing, and we value immensely our long-standing relationship. As always, acquisition like this is a result of tremendous effort by many players, and I am grateful to everyone contributing to making it across the end line .
Our strategic plot consists of upgrading the unit interiors, including new fixtures and improved outdoor space livability and privacy. We plot to renovate the clubhouse and update the pool area to a resort style atmosphere , said William J. Hybl, Jr., President and COO of Griffis/Blessing.
The Newmark team of Mac Crowther and Whittaker Potts brokered the transaction.

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CHICAGO, IL – Walker & Dunlop, Inc announced that it structured $80,110,000 in financing for Ellyn Crossing, a newly renovated garden-style multifamily community with 1,155 total units. Located in Glendale Heights, Illinois, the property is less than 30 miles from Downtown Chicago.
The financing assignment was completed on behalf of Rockwell Partners, an experienced multifamily property owner, skilled value-add investor, and a repeat client of Walker & Dunlop. Since acquiring the property, Rockwell has invested $4.5 million in unit upgrades, and $1.5 million in common area upgrades, and the loan provided $1,000,000 to complete renovations at the property. Rockwell will complete all unit renovations within six to nine months of closing.
Led by Senior Managing Director Pat Dempsey, Walker & Dunlop arranged the loan through Freddie Mac’s floating rate program. The team worked to ensure maximum flexibility for the client, locking in an attractive index rate, two years of interest-only payments, and a flexible prepayment schedule. Said Mr. Dempsey, “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community. The investments they have made in this vintage property have defined it as a desirable place to live outside of the urban bounds of Chicago.”
Jason Fishleder, Principal of Rockwell, noted, “Walker & Dunlop, led by Pat Dempsey, went beyond the traditional mortgage banking role by providing excellent advice and guidance throughout the 6-year process of acquiring, renovating, and leasing 1,155 units.”
Ellyn Crossing was built in phases, from 1973 to 1978, and as Rockwell bought units from 2014 to 2020, they renovated units and all common areas. The property features 30 buildings, all with three-tale walk-ups and enclosed stairways. Units feature open floor plans, patios or balconies, gourmet kitchens, and spacious closets. Community amenities include a resident clubhouse and business center, activity room, fitness center, pool and sundeck, tennis court, sand volleyball court, playground, picnic areas, ample parking, as well as on-site management and maintenance. All unit and community amenities have been updated to Class B+ standards.

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NEW YORK, NY – Affiliates of Cantor Fitzgerald Investors, LLC, a subsidiary of Cantor Fitzgerald, L.P., along with an affiliate of CAF Management, LLC bought, through a joint venture, a 444-unit Class A multifamily property known as The Station at MacArthur located in the Las Colinas submarket of Irving, TX.
The property is centrally located on the DART transit line and offers simple access to both DFW and Like Field airports, as well as the Dallas Central Business District. Las Colinas is the second largest employment node in North Texas and the property is adjacent to Verizon’s Hidden Ridge development, which is expected to host 7,000 jobs and include an office building, a hotel, retail, restaurants and green space when completed.
“The property is ideally located in Las Colinas, a submarket that boasts strong demographics, high occupancy and a growing job market,” said Chris Milner, Head of Cantor Fitzgerald Investment Management (“CFIM”). “Corporate relocations continue to drive demand in the area making this an attractive addition to our growing real estate platform,” added Jay Frank, COO at CFIM.
The property features townhouse style layouts with an average unit size of 1,031 square feet and 100% private garage access. Community amenities include a two-tale fitness facility, business center, four outdoor pools, gated entry and a pet park. As of October 2020, the property is 94.6% leased, which is consistent with the Las Colinas submarket that has had an average occupancy of 94.4% since 1996.
“We are thrilled to partner with Cantor Fitzgerald on this acquisition. Our extensive Dallas multifamily management expertise melds well with Cantor Fitzgerald’s real estate investment prowess,” said Chris Faulkner, CEO of CAF Management. “This partnership represents a high-quality asset in a fantastic location that we hope will make value for investors.”
The transaction marks the second acquisition between affiliates of CFI and CAF in the greater Dallas area, with CAF acting as the property manager. CFI, in coordination with its operating partners, manages investments in 13 multifamily properties (4,325 units) in addition to over 6.2 million square feet office, industrial and retail space in 115 properties. In 2019, Cantor Fitzgerald participated in more than $84.0 billion of real estate transactions. Founded in 2010, CAF is a Dallas-Fort Worth-based real estate management firm which manages 50 properties (15,827 units) in Texas and 29 properties in the Dallas MSA.

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