Multifamily

CF Real Estate Services Opens 283-Unit Apartment Community in North Atlanta

by Camren Skelton August 14, 2017

CHAMBLEE, GA. — CF Real Estate Services has opened Olmsted Chamblee Apartments, a 283-unit multifamily community located at 5193 Peachtree Blvd. in Chamblee, roughly 15 miles north of downtown Atlanta. The asset is situated across the street from the Chamblee MARTA rail station and two blocks from a new Whole Foods Market opening at Peachtree Station. The apartment community includes one-, two- and three-bedroom units with granite countertops, energy-efficient appliances and windows, Nest thermostats and walk-in closets. Community amenities include co-working office space, a swimming pool, outdoor grills, 24-hour fitness facility, indoor bocce ball court, movie room, community kitchen, artist studio, mailroom, bike storage and The Workshop, which features tables and sinks for DIY projects. The property also features a 37-foot wide marquee sign. Olmsted Chamblee Apartments was 50 percent occupied at opening.

August 14, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group to Develop $36M Affordable Housing Community in Miami

by Camren Skelton August 14, 2017

MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.

August 14, 2017

Florida Market Reports Multifamily Southeast Southeast Market Reports

Miami Multifamily Market Remains Strong, But Where are the Deals?

by John Nelson August 14, 2017

The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond the usual period as immense demand from investors is causing an incredible scarcity of Class A product, and the lifestyle preferences of millennials are intersecting with the luxury condo boom. Opportunities, Challenges In 2005 and 2006, adequate inventory kept the multifamily market in balance. Today, buyers are plentiful, capital is available and interest rates are affordable. What we don’t have is product, a phenomenon not exclusive to Miami and Fort Lauderdale. Why? Sellers have few options. They’re thinking, “If I sell at a premium and I want to stay in a similar market, I’m going to pay a premium. So, what’s the point of selling?” Therefore, owners are putting properties on the market …

August 14, 2017

Massachusetts Multifamily Northeast Top Stories

BHA Selects WinnCompanies for $1.6B Redevelopment of Public Housing Property in Boston

by Taylor Williams August 14, 2017

BOSTON — The Boston Housing Authority (BHA) has selected WinnCompanies, a Boston-based developer of mixed-income multifamily properties, to deliver a $1.6 billion redevelopment of the Mary Ellen McCormack public housing development in South Boston. The redevelopment project will demolish the 27 three-story buildings that comprise the property. It will replace all of the existing 1,016 units with a combination of workforce housing for middle-income residents, as well as market-rate apartments and condominiums. The total number of units will remain the same. The BHA intends for the project to leverage the 27-acre property’s market value to avoid displacement of and preserve affordability for the city’s low-income residents. It also aims to ensure that the property will remain operational in the long run. “It is important that we think outside the box to preserve our existing affordable housing and develop new housing to meet the future needs of all our city’s residents,” says Boston Mayor Martin Walsh. “This project has the potential to meet the housing needs of people from a broad spectrum of economic backgrounds.” Mary Ellen McCormack was built in the 1930s and is the first public housing project in New England. The redevelopment site will be located along Old …

August 14, 2017

Multifamily New York Northeast Student Housing

United Group Opens 268-Bed Community Near Hudson Valley Community College in Troy, New York

by Amy Works August 11, 2017

TROY, N.Y. — United Group of Companies Inc. has opened College Suites at Hudson Valley, a 268-bed student housing community located near Hudson Valley Community College in Troy, New York. The $24 million property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center and bike storage, laundry facility, and computer studio, as well as study and lounge areas.

August 11, 2017

Connecticut Multifamily Northeast

Northeast Private Client Group Facilitates $3M Sale of Apartment Property in Ashford, Connecticut

by Amy Works August 11, 2017

ASHFORD, CONN. — Northeast Private Client Group has brokered the sale of Ashford Hills Apartments, a 52-unit apartment community located at 95 Varga Road in Ashford. Brookline, Mass.-based Naviah Investment LLC acquired the property from Affordable Realty One LLC for $3 million. Bradley Balletto and Taylor Perum of Northeast Private Client Group represented the undisclosed seller and sourced the buyer in the deal. The property features 28 one-bedroom, 20 two-bedroom and four three-bedroom units with parking.

August 11, 2017

Florida Loans Multifamily Southeast

Related Development Secures $52M in Construction Financing for Multifamily Project in Tampa

by Camren Skelton August 11, 2017

TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.

August 11, 2017

California Multifamily Western

Lowe, AECOM Capital, Rockwood Capital Start Construction on $300M Mixed-Use Development in Culver City

by Nellie Day August 11, 2017

CULVER CITY, CALIF. — Lowe, AECOM Capital and Rockwood Capital have begun construction on Ivy Station, a transit-oriented mixed-use development adjacent to the Culver City Station of the Los Angeles Metro Expo light-rail line in Culver City. Situated on 5.2 acres, the $300 million development will feature 200 apartments, 55,000 square feet of ground-floor retail and restaurant space, a 148-room boutique hotel and a 200,000-square-foot office building. Additionally, the project will feature 1,500 spaces of below-grade parking, 300 of which will be dedicated for use by Metro riders. Killefer Flammang Architects and EYRC are providing architectural services for the project, which is slated for completion in fall 2019. Bernards is serving as general contractor for the development.

August 11, 2017

California Multifamily Western

Progressive Real Estate Arranges 9,776 SF in Leases at Metro at Main in Corona

by Nellie Day August 11, 2017

CORONA, CALIF. — Progressive Real Estate Partners has arranged 9,776 square feet in retail leases at Metro at Main, a mixed-use community located at the corner of North Main and Rincon streets in Corona. Metro at Main features 60,000 square feet of retail space and 868 luxury high-rise residential units. The new tenants include a 1,845-square-foot Coffee Bean & Tea Leaf, a 3,138-square-foot America’s Best Vision, a 1,398-square-foot Poki Cat, an 859-square-foot Organic Junkie, a 1,337-square-foot Meraki Salon and a 1,199-square-foot Union Barber & Beer Lodge. Paul Galmarini and Gretchen Lastra of Progressive Real Estate represented the landlord internally in the lease transactions.

August 11, 2017

Illinois Loans Michigan Midwest Multifamily

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

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