Multifamily

Jefferson Apartment Group to Develop High-Rise Multifamily Tower in Metro D.C.

by John Nelson April 19, 2017

ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.

April 19, 2017

Florida Multifamily Southeast

Pollack Shores to Break Ground on Apartment Community in Central Florida

by John Nelson April 19, 2017

MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.

April 19, 2017

Multifamily Top Stories

Blackstone Buys Six-Property TA Realty Multifamily Portfolio for $430M

by Nellie Day April 19, 2017

BOSTON — Blackstone Real Estate Income Trust has purchased a six-property multifamily portfolio that spans four states for $430 million. The assets contain a total of 2,514 units. TA Realty LLC sold the portfolio on behalf of its Realty Associates Fund IX. The assets are situated in high-barrier-to-entry markets such as Dallas, Chicago and Orlando, supported by favorable demographic trends and positive economic indicators, according to TA Realty. Although the specific properties were not disclosed, CoStar notes that TA recently sold a 461-unit complex in Orlando for $105 million. Other properties CoStar believes to be included in the acquisition are the 483-unit Preserve at Osprey in Gurnee, Ill.; the 479-unit San Merano at Mirasol in Palm Beach Gardens, Fla.; the 312-unit Mason Park in Katy, Texas; and the 309-unit West End at City Center in Lenexa, Kan. “We believe the outcome of this transaction represents compelling value for Fund IX investors,” says Tom Landry, managing partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.” This is TA Realty’s second major disposition this month. On April 4, …

April 19, 2017

Multifamily Texas

Cadence McShane Breaks Ground on 220-Unit Apartment Complex in San Antonio

by Taylor Williams April 18, 2017

SAN ANTONIO — Cadence McShane Construction Co. has broken ground on 120 Ninth Street Apartments, a 220-unit multifamily property that will be located along the River Walk area of San Antonio. Situated on 2.2 acres, the five-story building will house four studio apartments, 165 one-bedroom units and 40 two-bedroom units. Amenities will include a fitness center, central courtyard with a bocce ball court, pool and grilling stations. SC Bodner Co., an Indianapolis-based firm, is the developer of the project, the first phase of which is slated for September 2018 completion.

April 18, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $15.4M Financing for Skilled Nursing Facility in Harlingen, Texas

by Taylor Williams April 18, 2017

HARLINGEN, TEXAS — KeyBank Real Estate Capital has arranged $15.4 million in first mortgage financing for Regency-Windsor Atrium View, a skilled nursing facility in the south Texas city of Harlingen. Located at 1814 Atrium Place Drive, the facility, which was built in 2012, offers 120 beds. John Randolph of KeyBank arranged the loan, which has a 35-year amortization schedule, to refinance existing debt on the property.

April 18, 2017

Multifamily Texas

Allied Orion Begins Leasing 242-Unit Midrise in Downtown Houston

by Taylor Williams April 18, 2017

HOUSTON — Allied Orion Group has begun leasing Eighteen25, a 242-unit midrise apartment community located at 1825 San Jacinto St. near Interstate 45 in downtown Houston. The property, which is slated for August move-ins, consists of studio, one- and two-bedroom apartments. Amenities include a rooftop pool, fitness center, business center, parking garage and 24-hour dry cleaning service.

April 18, 2017

Illinois Midwest Multifamily

High Street Residential, Carlson Break Ground on Luxury Apartment Community in Downers Grove, Illinois

by Kristin Harlow April 18, 2017

DOWNERS GROVE, ILL. — Developer High Street Residential and general contractor Carlson Construction have broken ground on Maple&Main, a 115-unit luxury apartment community in Downers Grove, a western suburb of Chicago. The six-story building will include 4,000 square feet of ground-floor retail space. The community will offer one-, two- and three-bedroom units. Amenities will include a pet spa, bike lounge, coffee station, fitness center, yoga studio, pool and sky deck. Maple&Main is slated to open for occupancy in the second quarter of 2018. ESG Architects is the project architect. David Paino and Jerry Ebert of High Street Residential are overseeing project development. Jacob Dell of CBRE is handling retail leasing.

April 18, 2017

Midwest Minnesota Multifamily Seniors Housing

Catholic Eldercare to Develop 65-Unit Seniors Housing Property in Minneapolis

by Kristin Harlow April 18, 2017

MINNEAPOLIS — Catholic Eldercare has unveiled plans to develop a 65-unit seniors housing property in Minneapolis. Construction will begin this August with occupancy slated for summer 2018. In addition to one- and two-bedroom units, the community will feature food and concierge services. Apartment sizes will range from 800 to1,300 square feet. Catholic Eldercare has owned the land site, located at 2nd Street and Broadway Avenue, since 1994. Miller Hansen Partners is designing the new building, while Frana Cos. Inc. is serving as contractor.

April 18, 2017

Multifamily New York Northeast

Cadre Sells Multifamily Portfolio in NYC for $70M

by Haisten Willis April 18, 2017

NEW YORK CITY — Cadre has closed on the $70 million sale of a portfolio consisting of four multifamily apartment buildings in the Astoria neighborhood of Queens. Acquired in January 2015, the portfolio was renovated during Cadre’s ownership, including improvements to common areas and individual units, such as the addition of bedrooms and bathrooms to some units.

April 18, 2017

Multifamily New York Northeast

Rosewood Realty Arranges $20.9M Sale of Multifamily Property in NYC

by Haisten Willis April 18, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the $20.9 million sale of an apartment property located at 188-30 and 188-34 87th Dr. in the Holliswood neighborhood of Queens. A Brooklyn-based family purchased the six–story, 68,466-square-foot property, adding to its other holdings in Queens, Brooklyn and the Bronx. The 1950-built building includes 96 apartments as well as a storage area, laundry room and indoor parking for up to 40 vehicles.

April 18, 2017

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