Multifamily

White Point Breaks Ground on Multifamily Community in Downtown Charleston

by Camren Skelton November 1, 2017

CHARLESTON, S.C. — White Point Partners has broken ground on Huger Street, a 190-unit multifamily development located between King and Meeting streets in downtown Charleston. White Point’s capital advisor, Patterson Real Estate Advisory Group, arranged a construction loan through Worthington Hyde Partners on top of a senior construction loan from Synovus Bank for the development. Huger Street will feature an elevated fitness center, sky deck pool and a café. Construction on the property is expected to take 24 months, with lease-up commencing at the end of 2018.

November 1, 2017

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

New Jersey Multifamily Demand Keeps Pace With Stepped-Up Supply

by Taylor Williams November 1, 2017

With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway point of 2017, according to Reis. Vacancy had been trending down since mid-2016, with a slight tick up in the second quarter of 2017, currently resting at 5.2 percent due to the delivery of 1,600 units in the last three months. Compare this to a $1,336 average rent and 4.4 percent vacancy rate nationwide, and New Jersey’s sustained appeal to investors and developers is unquestionable. However, multifamily investment sales to date in 2017 have been fairly measured — with fewer opportunities coming onto the market. For sales in excess of $10 million through August 2017, the volume has totaled $1.07 billion with the number of units sold totaling 4,708 (down 12 percent and 43 percent respectively compared to the same time in 2016) …

November 1, 2017

California Loans Multifamily Student Housing Western

Positive Investments Receives $16.9M Refinancing for Student Housing Property in Riverside, California

by Nellie Day October 31, 2017

RIVERSIDE, CALIF. — Positive Investments has received a $16.9 million refinancing for International Village, a 341-bed student housing community located on the University of California, Riverside campus. Positive Investments acquired the property, which is subject to a ground lease agreement with regents of the University of California, in 2016. The community partners with the University of California, Riverside, to provide housing for students from around the world attending the university’s International Education programs. Capital One provided the Fannie Mae, fixed-rate loan, which features a 30-year amortization schedule. Andrew Kwok of Capital One originated the transaction. The property offers studio, loft, two-, three- and five-bedroom units. Shared amenities include a fitness center, music room with a piano, soccer field, bike rental, basketball court, barbecue areas, study lounges and TV lounge with billiards tables.

October 31, 2017

Multifamily New Jersey Northeast

Post Brothers Acquires 320-Unit Multifamily Development in North Bergen, New Jersey

by Amy Works October 31, 2017

NORTH BERGEN, N.J. — Philadelphia-based Post Brothers has purchased The Duchess, a 320-unit multifamily high-rise development located at 7601 River Road in North Bergen. The developer, LWH Urban Renewal LLC sold the property for $166 million. Comprised of three interconnected 12-story buildings, The Duchess features a mix of studio, one-, two- and three-bedroom layouts, ranging from 600 square feet to a three-bedroom/three-bath, 2,600-square-foot penthouse. On-site amenities include a water terrace with a heated outdoor pool, private cabana beds and sun chaises and a veranda with yoga decks, a sandbox, co-working space and child-friendly spaces. Joseph Brecher, David Oropeza, Eli Rosen and Nicholas Nicolaou of Gebroe-Hammer represented the seller and buyer in the transaction.

October 31, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $14.4M Expansion at Seniors Housing Property in Pennsylvania

by Amy Works October 31, 2017

OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.

October 31, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $29.8M Land Sale in Atlanta for Future Mixed-Use Development

by Camren Skelton October 31, 2017

ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.

October 31, 2017

Maryland Multifamily Southeast

UIP Acquires Multifamily Community in Metro D.C. for $31.8M

by Camren Skelton October 31, 2017

GAITHERSBURG, MD. — Urban Investment Partners (UIP) has acquired Walker House, a 212-unit apartment community located along the Interstate 270 corridor in Gaithersburg, roughly 23 miles northwest of Washington, D.C. CBRE represented the seller, Washington REIT, in the $31.8 million transaction. Capital One provided acquisition financing for the asset. Walker House includes 196 apartment units constructed in 1971, plus 16 garden apartments constructed in 2003. UIP will renovate the property with updated cabinets, counters, appliances, lighting and flooring. UIP will also update the existing fitness center, lounge and other amenity spaces. Walker House was fully occupied at the time of sale.

October 31, 2017

Multifamily Texas

Hines to Develop 396-Unit Multifamily Project in San Antonio

by Taylor Williams October 31, 2017

SAN ANTONIO — Hines will develop a four-story, 396-unit multifamily property within The Rim, a retail development located in northwest San Antonio. Designed by Meeks + Partners, the property will feature amenities such as a clubhouse, collaborative work room, fitness center, pool, game room and dog park. Units will range in size from 682 to 1,479 square feet. Construction is scheduled to begin during the first quarter of 2018, with occupancy slated for spring 2019. The project will be Hines’ first multifamily development in San Antonio.

October 31, 2017

Multifamily Texas

Allied Orion Begins Leasing 281-Unit Apartment Community in Houston

by Taylor Williams October 31, 2017

HOUSTON — Allied Orion Group has begun leasing The Beacon at Buffalo Pointe, a 281-unit multifamily community located at 10301 Buffalo Speedway in Houston. The property offers convenient access to the Texas Medical Center and NRG Stadium, as well as the Galleria and downtown areas. Floor plans include one-, two- and three-bedroom units and amenities include a pool with cabanas, grilling stations, a fitness center, pet park and a cybercafé. Houston-based Steinberg Design Collaborative Architects designed the project.

October 31, 2017

Indiana Loans Midwest Multifamily

Pillar Provides $23.3M Refinancing for Two Apartment Properties in Indianapolis

by Kristin Harlow October 31, 2017

INDIANAPOLIS — Pillar Financial has provided $22.3 million in Fannie Mae loans for the refinancing of two apartment properties in Indianapolis. Echo Ridge, constructed in 2003, features 208 apartment units. English Village also consists of 208 one- and two-bedroom units. Both properties are located on the southeast side of Indianapolis in a workforce housing area, which targets renters earning incomes of approximately 80 percent of the area median income. Joe Markech of Pillar originated a $13.3 million loan for Echo Ridge and a $10 million loan for English Village. The 10-year loans feature 30-year amortization schedules. David Ross of Crossroads Realty Advisors arranged the financing.

October 31, 2017

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