Multifamily

McShane to Build 285-Unit Apartment Project at Naperville’s CityGate Centre

by Kristin Harlow April 9, 2021

NAPERVILLE, ILL. — Lincoln Property Co. and Calamos Real Estate have selected McShane Construction Co. to build a 285-unit luxury apartment project at CityGate Centre in Naperville, a western suburb of Chicago. Known as Lincoln at CityGate, the four-story project will include a 430-space parking garage and a shell for a 37,893-square-foot rooftop event center. Residents will have access to amenities such as a lounge, library, fitness and yoga rooms, bike lounge, storage, dog spa and pool area. Completion is slated for February 2023. CallisonRTKL is the architect. CityGate Centre is home to a hotel, office space and bars and restaurants.

April 9, 2021

Acquisitions Multifamily New Jersey Northeast

Time Equities Acquires Multifamily Portfolio in Trenton for $28.8M

by Taylor Williams April 9, 2021

TRENTON, N.J. — New York City-based Time Equities Inc. has acquired the Trenton Loft Portfolio, a collection of three multifamily buildings totaling 200 units in Trenton, for $28.8 million. The three buildings are located in the Trenton Transit Center/Chambersburg neighborhood. Michael Oliver, Fran Coyne and Jose Cruz of JLL represented the undisclosed seller in the transaction.

April 9, 2021

Misty-Creek-Village-New-Oxford-Pennsylvania

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $17M Sale of 110-Unit Multifamily Property in New Oxford, Pennsylvania

by Taylor Williams April 9, 2021

NEW OXFORD, PA. — The Kislak Co., a New Jersey-based brokerage firm, has arranged the $17 million sale of Misty Creek Village, a 110-unit multifamily property in New Oxford, located in the southern-central part of the state. Built in 2016, the property consists of several two-story, vinyl-sided buildings with one-, two- and three-bedroom residences. Homes feature granite countertops, individual washers and dryers and private patios or balconies. Matt Wolf and Robert Holland of Kislak represented the buyer and seller in the deal. Both parties requested anonymity.

April 9, 2021

Affordable Housing Development Illinois Midwest Multifamily

Interfaith Housing Development Corp. Opens 72-Unit Affordable Housing Project in Suburban Chicago

by Kristin Harlow April 8, 2021

MAYWOOD, ILL. — Interfaith Housing Development Corp. has opened Fifth Avenue Apartments in Maywood, a western suburb of Chicago. The 72-unit affordable housing project is situated at 800 S. 5th Ave., a site purchased from the Village of Maywood in 2019. A 5,500-square-foot retail space on the ground floor is slated for grocery store use. Of the apartment units, 19 are set aside for special needs populations, eight for homeless veterans and 11 for residents from the Illinois State Referral Network. The building’s first occupants are being selected based on their ability to meet the federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of 40 years, the five-story development will provide housing for households at or below 60 percent of the area median income. HED was the project architect and McShane Construction Co. was the general contractor. Additional project team members include SITE Design for landscape architecture and Ericksson Engineering for civil engineering. Interfaith Management Services will serve as property manager. Financial partners for the project included Illinois Housing Development Authority, the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corp. and Bank of America. The Chicago Community Loan Fund …

April 8, 2021

Development Multifamily Texas

Greystar Opens 152-Unit Ellison Heights Apartment Community in Houston

by Taylor Williams April 8, 2021

HOUSTON — Charleston, S.C-based Greystar has opened Ellison Heights, a 152-unit apartment community in the Houston Heights neighborhood. Designed by Meeks + Partners, the property features one- and two-bedroom units that average 1,192 square feet and are furnished with quartz countertops and custom cabinetry. Amenities include a business center with coworking offices, a fitness and wellness studio, pet spa, sky lounge and a dog run. Rents start at $1,875 per month for a one-bedroom unit.

April 8, 2021

Acquisitions Multifamily Southeast Student Housing Virginia

Graystone Fund I Acquires 456-Bed Student Housing Portfolio Near Virginia Tech for $33.8M

by Julia Sanders April 8, 2021

BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its footprint in the Virginia Tech market.

April 8, 2021

Bohler Development Massachusetts Multifamily Northeast

Trinity Financial Completes 118-Unit Multifamily Redevelopment Project in Worcester, Massachusetts

by Taylor Williams April 8, 2021

WORCESTER, MASS. — Regional developer Trinity Financial has completed Worcester Courthouse Lofts, a 118-unit multifamily project in Central Massachusetts that is a redevelopment of the historic Worcester Courthouse. The building was originally constructed in the 1840s. Valued at $60 million, the project was partially financed with federal and state historic tax credit equity and features studio, one-, two- and three-bedroom units. Amenities include a fitness center, pet spa, lounge and a game room. MassHousing provided the majority of the construction debt. Tocci Building Corp. served as the general contractor for the project, and Bohler served as the civil engineer.

April 8, 2021

Acquisitions Multifamily New York Northeast

Alpha Realty Brokers $4.8M Sale of Multifamily Building in The Bronx

by Taylor Williams April 8, 2021

NEW YORK CITY — Alpha Realty has brokered the $4.8 million sale of a 27-unit multifamily building located at 1580 Edison Ave. in The Bronx. The property, which includes retail space, traded at a cap rate of 6.3 percent and a price that equates to $209 per square foot. Lev Mavashev and Yehuda Leser of Alpha Realty represented the buyer and seller in the off-market deal. Both parties requested anonymity.

April 8, 2021

Affordable Housing Development Midwest Missouri Multifamily Top Stories

Cordish Cos. to Break Ground on Two Multifamily Developments in Kansas City’s Power & Light District

by Katie Sloan April 8, 2021

KANSAS CITY, MO. — The Cordish Cos. has announced plans to break ground on two multifamily developments in Kansas City’s Power & Light District. Projects include Three Light Luxury Apartments, a $140 million, 26-story tower set to offer 288 units at the corner of Truman Road and Main Street; and Midland Lofts, a repositioning of the historic Midland office building to offer 139 affordable housing units. Three Light Luxury Apartments will feature 19 floors of studio, one- and two-bedroom units alongside penthouse-style apartments; a seven-story garage with 472 parking spaces; and 7,600 square feet of ground-floor retail. Amenities are set to include a deck overlooking 14th Street, an infinity pool, bar, demonstration kitchen, theater room and a sky bridge above Walnut Street linking to the company’s Two Light multifamily community, allowing residents of both towers to share building amenities. The groundbreaking for the project to be built by JE Dunn Construction is scheduled to take place this May, with completion slated for May 2023. The Midland office building has been vacant for more than 20 years. Following renovations, Midland Lofts will offer a mix of studio and one-bedroom units with rents starting at $700 per-month. Amenities will include a coffee …

April 8, 2021

Build-to-Rent Development Features Multifamily Single-Family Rental

Build-For-Rent Sector Gains Traction As Renters Seek More Space

by Jeff Shaw April 8, 2021

As more renters consciously choose not to become homebuyers, the build-for-rent (BFR) industry is quietly emerging as a new force in commercial real estate. In fact, both the burgeoning BFR and single-family rental (SFR) sectors are generating considerable interest from institutional investors in the wake of the pandemic. Industry experts outlined some of the causes and effects taking place within the BFR and SFR business segments during a webinar hosted by France Media on Wednesday, April 7. The event was titled “Everything You Need to Know About the Single-Family Rental and Build-For-Rent Market.” Moderated by David Howard, executive director of the National Rental Home Council, panelists included Keaton Merrell, managing director, Walker & Dunlop; Jonathan Ellenzweig, chief investment officer, Tricon Residential; Don Walker, managing principal and chief financial officer, John Burns Consulting; and Mark Peterson, director of the Build-for-Rent (BFR) division at SVN | SFRhub Advisors. Strong Real Estate Vital Signs Single-family rentals have hit a 25-year high in occupancy, according to John Burns Consulting. Occupancy rates for the product type are at 95 percent as of the fourth quarter of 2020. The BFR and SFR sectors have grown as more of the population yearns for a home, but finds …

April 8, 2021

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