REBusinessOnline

Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island

PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and …

JPI to Develop 400-Unit Apartment Community in Fort Worth

FORT WORTH, TEXAS — Irving-based JPI will develop Jefferson River East, a 400-unit multifamily community that will be located adjacent to the Trinity River near downtown Fort Worth. Amenities will include two pools, two clubhouses, two sky lounges, a fitness center and a yoga studio. Fifth Third Bank is the senior lender on the project and CrossHarbor Capital Partners is providing preferred equity. JPI broke ground on the property on Oct. 19. The first units are expected to be available for …

CA Senior Living Starts Construction of 137-Unit Seniors Housing Community in Metro Denver

WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to …

CA Student Living Renovates 628-Bed Student Housing Community Near University of Alabama

TUSCALOOSA, ALA. — CA Student Living has completed capital improvements on Harbor on Sixth, a 628-bed property located near the University of Alabama in Tuscaloosa. Improvements to the community — now named Evolve Tuscaloosa — included a fitness center expansion with the addition of a new yoga studio; and upgrades to the pool area including the addition of cabanas, grilling areas and in-pool lounges. The property offers two- and three-bedroom fully furnished units with bed-to-bath …

Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas

JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing. Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- …

SLIB Brokers $5.8M Sale of North Georgia Assisted Living

DAWSONVILLE, GA. — Senior Living Investment Brokerage has arranged the sale of North Georgia Assisted Living, a 32-unit community in Dawsonville, approximately 60 miles north of Atlanta. Gryphon Senior Living and Senior Solutions acquired the property from a local partnership for $5.8 million. The property was 97 percent occupied at the time of sale. The price represents an 8.1 percent capitalization rate and a price per unit of $181,250. Hunt Real Estate Capital provided a $6.2 …

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly 17 miles outside Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop …

ClearWorth Capital Acquires 212-Unit Apartment Property in Metro Houston

CONROE, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Redford Park Apartments, a 212-unit multifamily property in Conroe, a northern suburb of Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a tennis court, pool and resident clubhouse. ClearWorth Capital will implement a value-add program to the asset, the seller of which was not disclosed. Nathan Stone of Berkadia arranged acquisition financing for the

Colliers Brokers $20M Sale of Tyee, Levere Apartments in Seattle’s University District

SEATTLE — Colliers International has arranged the sale of Tyee Apartments and Levere Apartments, two multifamily properties located in Seattle’s University District. Kennedy Tyee LLC and Levere LLC sold the properties to Seattle University District LP for $20 million. The transaction is the first time the assets have traded in more than 50 years. Built in 1963 and located at 4115 Brooklyn Ave. NE, Tyee Apartments features 48 units in a mix of studios and one-bedroom units. Constructed …

subscribe


Conferences