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Multifamily

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AcquisitionsMultifamilyTexas

GREA Arranges Sale of 161-Unit Multifamily Property in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

NewCourtland Completes 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

CASTO Begins Development of $70M Westrich Multifamily Project in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Completes 751-Bed VERVE West Lafayette Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Greystone Provides $28.2M HUD-Insured Loan for Construction of Multifamily Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.

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AcquisitionsMultifamilyWashingtonWestern

Glencrest Group Buys 177-Unit Meadowscape Apartments in Lacey, Washington for $40.9M

by Amy Works

LACEY, WASH. — Glencrest Group has purchased Meadowscape Apartments in Lacey for $40.9 million. The property was acquired as part of the bankruptcy proceedings of Tacoma-based Harbor Custom Development. Located at 7641 3rd Way SE, Meadowscape features 177 units in a mix of studio, one- and two-bedroom apartments with high ceilings, modern finishes, in-unit laundry and private patios and balconies. Community amenities include a heated pool, barbecue area, dog run and oversized clubhouse with fitness center, entertainment lounge, business center and package lockers. At the time of sale, Meadowscape was 50 percent leased.

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AcquisitionsColoradoGeorgiaIllinoisMidwestMultifamilyNew YorkNortheastSoutheastTexasTop StoriesWestern

Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M

by Katie Sloan

CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal.  The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed.  The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …

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DevelopmentMidwestMultifamilyOhio

Nationwide Realty Investors Unveils Plans to Build $100M Parkline Multifamily Building at Grandview Yard in Ohio

by Kristin Harlow

GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million multifamily building at the Grandview Yard development in Grandview Heights, just north of Columbus. Located along the north side of Ray DeGraw Park, the six-story property will house 385 apartment units designed in a “s-shaped” configuration to maximize views of the park and courtyards. The project will feature first-floor amenities and commercial spaces along Yard Street. Plans also call for an adjacent parking structure, bringing the neighborhood total to nearly 6,000 parking spaces. Since the first phase opened in 2010, Grandview Yard has transformed what was once a blighted industrial district into a mixed-use development. National Realty Investors’ total investment in Grandview Yard has surpassed $1 billion. Construction of Parkline is expected to begin in late 2024 with completion slated for 2026.

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LoansMichiganMidwestMultifamily

Dwight Mortgage Trust Provides $51.3M Bridge Loan for Southgate Apartments in Michigan

by Kristin Harlow

SOUTHGATE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $51.3 million bridge loan for the refinancing of Southgate Apartments, a 624-unit garden-style multifamily property in the Detroit suburb of Southgate. The asset consists of 12 buildings with studio, one- and two-bedroom units across more than 21 acres. Amenities include a fitness center, pet grooming station, dog park, clubhouse, pool and barbecue area. The loan proceeds will retire existing debt and finance community improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Standard Communities Acquires 152-Unit Affordable Seniors Housing Community in Duluth, Minnesota

by Kristin Harlow

DULUTH, MINN. — Standard Communities led a public-private partnership in acquiring Lenox Place Apartments in Duluth, an eastern Minnesota city along Lake Superior. The transaction is capitalized at $37.1 million. Built in 1980 and located at 701 W. Superior St., the affordable housing property features 152 units. There are 143 one-bedroom units and nine two-bedroom residences for seniors and individuals with disabilities. Standard will extend the affordability of Lenox Place Apartments for 30 years, with resident income restricted to 60 percent of the area median income. Funding for the acquisition included Low-Income Housing Tax Credits secured through the Minnesota Housing Finance Agency, and the Housing Redevelopment Authority of Duluth issued tax-exempt bonds. Huntington Bank provided the tax credit equity. Standard will significantly renovate the 14-story property at a cost of approximately $12 million. Residents will not be relocated during the renovations.

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