Wednesday, December 18, 2024
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Multifamily

AMLI-Treehouse-Addison
AcquisitionsDevelopmentMultifamilyRetailTexas

AMLI Residential Buys Midway Square Shopping Center in Metro Dallas, Plans Conversion

by Taylor Williams

ADDISON, TEXAS — AMLI Residential has purchased Midway Square Shopping Center in the northern Dallas metro of Addison with plans to convert the property into a multifamily community. The center, which was originally constructed in the 1980s, is located within the 79-acre Midway South neighborhood and has struggled in the aftermath of the pandemic, according to the brokers who worked on the deal. The new apartment community will be known as AMLI Treehouse and will consist of 570 apartments, 30 luxury rental townhomes, 56 for-sale townhomes, 3.7 acres of green space and 12,500 square feet of standalone retail space. Demolitions will begin in the coming days. The first move-ins are expected to commence during the first half of 2026, with full completion slated for 2027. Ben McCutchin and Sam Kartalis of locally based brokerage firm Younger Partners represented the seller in the transaction and procured AMLI as the buyer.

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FIdelis-Willis
DevelopmentMultifamilyTexas

Cresset, Fidelis Break Ground on 252-Unit Multifamily Project in Willis, Texas

by Taylor Williams

WILLIS, TEXAS — A newly formed joint venture between Chicago-based Cresset Real Estate Partners and Houston-based Fidelis has broken ground on a 252-unit multifamily project in Willis, about 50 miles north of Houston. The nine-building development will be known as Fidelis Willis and will be located within the Moran Ranch master-planned community along the I-45 corridor. Fidelis Willis will consist of 120 one-bedroom units, 114 two-bedroom apartments and 18 three-bedroom residences. Amenities will include a pool, fitness center, clubhouse, game room and a dog park.  Construction is expected to be complete in the third quarter of 2026. 

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DevelopmentSoutheastStudent HousingVirginia

Subtext, Kayne Anderson to Break Ground on 1,332-Bed Student Housing Community Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate is set to break ground on VERVE Charlottesville, a 1,332-bed development located at 100 Stadium Road near the University of Virginia campus in Charlottesville. Spanning 729,262 square feet, the community will offer 463 units in studio through four-bedroom configurations. Shared amenities will include a fireside lobby lounge, café, dedicated library, open and private study areas, a two-story fitness center, club room, maker space, multi-game simulator, pool terrace, dog spa and park and an outdoor fitness lawn. The developer will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements. Groundbreaking is scheduled for this month with completion slated for summer 2027. The development and financing team for the project includes Sumitomo Mitsui Banking Corp., John Moriarty & Associates, ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A, Timmons Group and Williams Mullen as local counsel.

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ConnecticutDevelopmentMultifamilyNortheastSeniors Housing

Connect55+ Begins Leasing 128-Unit Active Adult Community in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — New York-based operator Connect55+ has begun leasing a 128-unit active adult community located at 140 Spencer St. in Manchester, about 10 miles east of Connecticut. Connect55+ Manchester offers one- and two-bedroom apartments that all have private patios/balconies. Amenities include a movie theater, fitness center, library and a community center. Information on starting rents was not disclosed. The facility is the first in Connecticut for Connect55+.

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GCU-Campus-Phoenix-AZ
ArizonaLoansMultifamilyStudent HousingWestern

Colliers Arranges $520M Bond Refinancing for Grand Canyon University in Phoenix

by Amy Works

PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix.  Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021.  Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction.  “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller. 

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Gilbane-Uni-Idaho-Moscow-ID
DevelopmentIdahoMultifamilyStudent HousingWestern

Gilbane, Rocky Mountain Cos. to Begin $162.8M Redevelopment at University of Idaho

by Amy Works

MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced. 

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Smith-Rio-Tempe-AZ.jpg
AcquisitionsArizonaMultifamilyWestern

PGIM Real Estate, HSR Sell 310-Unit Smith & Rio Multifamily Community in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — A partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has completed the disposition of Smith & Rio, an apartment property in Tempe. A global investor acquired the asset for an undisclosed price. Completed by HSR in 2023, Smith & Rio offers 310 apartment units, a rooftop deck, resident clubhouse with gaming tables, a fireplace and seating areas, and a central courtyard including a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, reception area and leasing office, multiple seating areas, coworking offices, pet spa and another outdoor courtyard with a dog park and yoga lawn. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

Berkadia Negotiates Sale of Two-Property Seniors Housing Portfolio in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS AND AVON, IND. — Berkadia has negotiated the sale of two seniors housing properties totaling 242 units in metro Indianapolis for an undisclosed price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a private equity firm. A publicly traded REIT was the buyer. Traditions Management operates both communities and will continue to do so. Built in 2014, Traditions of Reagan Park in Avon features 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Built in 2014, Traditions of Solana in Indianapolis features 117 independent living, assisted living and memory care units, including 24 independent living villas built in 2014 and 2016.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Marcus & Millichap Brokers $5.5M Sale of Affordable Senior Living Property in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.

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MFSE2024-Capital-Markets
Conference CoverageFeaturesMultifamily

InterFace Panel: Multifamily Markets Can Work With New Interest Rate Ranges

by Taylor Williams

By Taylor Williams ATLANTA — There is nothing wrong with the new interest rate environment that currently governs capital markets activity in commercial real estate, and borrowers just need to adjust their expectations, put them into historical context and get back to making deals. This is the view of at least a couple veteran lenders who spoke at the InterFace Multifamily Southeast conference on Dec. 4 at the Cobb Galleria Centre in Atlanta. The event is now in its 15th year and continues to attract hundreds of multifamily developers, investors and lenders from across the region. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Following two cuts totaling 75 basis points earlier this year, the target range for the federal funds rate, or the overnight interest rate at which banks lend to each other, currently sits at 4.5 to 4.75 percent. This year’s cuts marked the first monetary easing by the Federal Reserve in more than four years, and while at least a couple more slashes to the overnight rate are anticipated in the coming months, …

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