FPA Multifamily Executes Series of Multifamily Real Estate Acquisitions and Dispositions Across U.S. Markets

San Francisco-based FPA Multifamily has executed a series of multifamily real estate acquisitions and dispositions across the United States, with deals spanning Chicago, Boston, Connecticut, the Twin Cities, and Baltimore markets, according to transaction records published on the firm's news page.

The activity, which spans late 2024 through late 2025, includes purchases totaling hundreds of millions of dollars as well as selective asset sales.

Major Multifamily Acquisitions: Chicago, Boston, and Beyond

Among the larger transactions, FPA Multifamily paid $97 million for The Gateway at Malden Center, a 203-unit, 100% market-rate apartment community in Malden, Massachusetts. A CBRE team led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler brokered the sale, according to Connect CRE.

In the Boston area, FPA Multifamily also acquired the Residences at Brentwood, a 240-unit apartment community in North Providence, Rhode Island, for $52.5 million. The same CBRE team — Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler — arranged that transaction, according to ApartmentBuildings.com.

FPA Multifamily also acquired a 99-unit apartment building in Easton, Massachusetts, with CBRE negotiating the sale, and a 192-unit apartment complex in Danbury, Connecticut, brokered by JLL Capital Markets.

In the Chicago area, the firm purchased the 356-unit Huntington Apartments in Naperville, Illinois, from Rockwell Partners for $68 million, a deal that involved assumable debt financing, according to The Real Deal. FPA Multifamily also acquired the 204-unit Cascade at Town Center community in Eden Prairie, Minnesota, approximately 18 miles southwest of Minneapolis, with JLL Capital Markets brokering the transaction.

In December 2025, CoStar reported that FPA Multifamily paid $89 million for a tower in Chicago's Streeterville neighborhood, following what the publication described as the highest-priced multifamily sale in Chicago since 2023.

Connecticut Portfolio and Twin Cities Real Estate Acquisition

One of the firm's larger single transactions was the $121 million acquisition of a four-property, 693-unit multifamily portfolio in Connecticut. Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of the Central & Southeast Connecticut Portfolio. Multiple trade publications, including Multi-Housing News, Multifamily & Affordable Housing Business, and Rebusiness Online, covered the transaction in late June 2025.

In November 2025, FPA Multifamily purchased a 679-unit portfolio consisting of seven properties throughout the Twin Cities metro from Centerspace (NYSE: CSR), a Minot, North Dakota-based real estate investment trust, for $76 million, according to Multifamily & Affordable Housing Business.

Baltimore and Earlier Acquisitions

In Baltimore, Berkadia arranged the $73 million sale of 1901 South Charles, a two-property, LEED Gold-certified residential community totaling 345 units in South Baltimore. The community consists of The Lofts, a 193-unit building at 1901 S. Charles St. built in 2012, and The Flats, a 152-unit building at 2 E. Wells St. built in 2015, according to Rebusiness Online.

Earlier in 2024, FPA Multifamily paid $221 million for a 696-unit, garden-style apartment community in Waltham, Massachusetts — reported by Bisnow as the Boston area's largest multifamily sale of that year. CBRE represented the seller, an affiliate of Harbor Group International, and procured the buyer. The community was subsequently renamed ReNew Waltham.

Also in 2024, FPA Multifamily acquired the ground lease for a 535-unit apartment building at 6201 Hollywood Blvd. in Los Angeles from DLJ Real Estate Capital Partners in a deal that valued the property at $191 million, according to the Los Angeles Times. The firm also purchased the 47-story Paragon apartment tower in Chicago's South Loop for $144 million, which CoStar described as the largest multifamily deal in Chicago in early 2024.

Dispositions: Portfolio Recycling in Multifamily Real Estate

Alongside its acquisitions, FPA Multifamily has also been an active seller. The firm sold ReNew Danbury, a 192-unit multifamily community in Danbury, Connecticut, to Jones Street Investment Partners for an undisclosed sum, with JLL representing FPA in the transaction, according to Multifamily & Affordable Housing Business.

In February 2025, The Real Deal reported that FPA Multifamily sold a property in its Chicago portfolio to Laramar Group. The firm also sold a 92-unit apartment building in Worcester, Massachusetts — ReNew Worcester — for $25.73 million to The Micozzi Cos., a Boston-based firm, according to the Worcester Business Journal.

Earlier dispositions include the sale of the Union Wharf apartment complex in Baltimore's Fells Point neighborhood for $79 million, according to the Baltimore Business Journal, and the sale of a 52-unit multifamily property, The Hills, in Thousand Oaks, California for $18.2 million, arranged by Newmark.

Sources

• FPA Multifamily News & Events
• Multifamily & Affordable Housing Business – Centerspace Twin Cities Portfolio
• Connect CRE – FPA Acquires Malden Apartments
• Multi-Housing News – Connecticut Portfolio
• Rebusiness Online – Baltimore Sale
• Bisnow – Waltham Acquisition
• Los Angeles Times – Hollywood Blvd. Ground Lease
• CoStar – Chicago South Loop Tower
• The Real Deal – Laramar Acquisition
• Worcester Business Journal – ReNew Worcester Sale