FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.
TEMPE, ARIZ. — Arizona State University and American Campus Communities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate students in the university’s engineering school. The “dorm for engineers” features on-site digital classrooms and state-of-the-art maker spaces complete with 3D printers, laser cutters and design tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat dining facility, Bluetooth-enabled laundry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Campus Communities has developed seven communities totaling 7,719 beds for ASU, an investment in excess of $540 million.
Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock LUBBOCK, TEXAS — Dallas-based Vanguard Real Estate Advisors has negotiated the sale of Siena Townhomes, a 92-unit rental community located at 2102 34th St., approximately 1.8 miles south of Texas Tech University in Lubbock. The property was 95 percent occupied at the time of sale. Jordan Cortez of Vanguard represented the New York-based seller in the transaction and procured the buyer, a North Texas-based private investor.
HOUSTON — Dallas-based BMC Capital has arranged a $1.9 million loan for the acquisition of a 61-unit multifamily property in the Oak Forest neighborhood of Houston. Clayton Wells of BMC Capital arranged the non-recourse bridge loan, which features two years of interest-only payments. The funds will also be used to make capital improvements to the property.
OSHKOSH, WIS. — KTGY Architecture + Planning has unveiled the design for Annex 71, a 140-unit apartment property located one-quarter mile from the University of Wisconsin-Oshkosh. The site was rezoned from industrial to residential in April 2017. The property was formerly home to Lamico Inc., a manufacturer of wooden crutches. Developer Annex Student Living is targeting young professionals and students as residents. Residences at Annex 71, currently under construction, will range from 500 to 1,300 square feet. Floor plans include 60 one-bedroom units, 35 two-bedroom units and 45 four-bedroom suite-style apartments. Amenities will include a clubhouse with a kitchen for community functions and private gatherings, as well as a fitness room and study lounge. Plans also call for an outdoor patio that may be used as an event area. Completion is slated for summer 2018.
CHICAGO — Essex Realty Group Inc. has brokered the sale of two apartment buildings located at 1521 & 1608 W. Sherwin Ave. in Chicago for $11 million. The vintage corridor-style buildings are within one block of each other in the Rogers Park neighborhood. Vintage corridor buildings were built primarily in the 1920s or 1930s and feature layouts with one main hallway per floor. The properties total 138 units. Matt Welke of Essex represented the undisclosed buyer, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed seller.
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.
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.
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 …
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 …