Multifamily

DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.

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WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

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SOUTHFIELD, MICH., and CHARLOTTE, N.C. — A national survey of independent living community residents, staff and prospective residents showed that those in the community overwhelmingly felt safe so far during the COVID-19 pandemic. Additionally, respondents said they were confident that communities had taken appropriate precautions to keep them safe. Plante Moran Living Forward, the Southfield-based senior living development consulting division of Plante Moran Cresa and an affiliated entity of Plante Moran, partnered with Retirement Dynamics, a Charlotte-based senior living consulting firm, to complete the research. In June and July of this year the companies surveyed more than 23,000 residents and staff at senior living communities across the country, along with prospective future residents. While prospects worried about social isolation, shopping and other daily tasks when living in their own homes, survey results showed only a slight decrease in their likelihood to move into an independent living community as a result of the pandemic. The survey also revealed: 92 percent of staff felt the community where they worked responded well to the COVID-19 pandemic. 93 percent of residents felt their community took all precautions to keep them safe. 85 percent of staff agreed residents “are safer in their community than in …

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NEW HAVEN, CONN. — Houston-based Hines has broken ground on The Whit Wooster Square, a 230-unit multifamily project that will be located in New Haven. The property will feature one, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. The project also includes 5,600 square feet of retail space. Residents will have access to amenities such as communal workspaces with private offices, a fitness center with a yoga studio, coffee bar and a rooftop terrace with grilling stations, a bar and lounge seating. Bank of America is financing the project, which will be Hines’ first multifamily development in Connecticut. Completion is slated for summer 2022.

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KANSAS CITY, MO. — The Opus Group has completed Westley on Broadway, a 254-unit luxury apartment complex in Kansas City’s historic Westport neighborhood. Located at the corner of Westport Road and Broadway Boulevard, the six-story project features three levels of underground parking and 10,000 square feet of retail space. Floor plans vary from studios to two-bedroom units. Amenities include a pool, podcast lab, fitness center, pet spa, coworking spaces and onsite storage. Many of the existing buildings in Westport date back to the late 19th century and feature red brick. Opus selected a blend of red brick to complement the building’s surroundings. Opus served as developer, design-builder, interior designer and structural engineer. Monthly rents start at $1,139 for studios.

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CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

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NEW YORK CITY — Marcus & Millichap has negotiated the $17 million sale of a 12-unit residential building located at 180 W. 81st St. on Manhattan’s Upper West Side. The property spans 21,568 square feet and includes three commercial spaces. Daniel Handweiler, Haley Hasho, Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both companies were private investors that requested anonymity.

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NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.

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AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.

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SACRAMENTO — Tampa-based DeBartolo Development and SKK Developments have completed the disposition of The Press at Midtown Quarter, an apartment community located in Sacramento’s Midtown district. San Rafael-based Oakmont Properties acquired the asset for $118 million. Marc Ross of CBRE brokered the sale, while Andrew Behrens of CBRE’s Debt and Structured Finance group arranged financing for the buyer. Completed in June 2020, The Press at Midtown Quarter features 277 apartments and 8,600 square feet of ground-floor retail space. Amenities include a two-level coworking space; fitness center and yoga studio; rooftop lounge; pet spa and run area; bike lounge with repair and wash stations; car wash; and car charging stations. Additionally, the property offers an acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.

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