Multifamily

KRE Group, Mark Built Homes Break Ground on 135-Unit Multifamily Property in New Jersey

by Amy Works May 12, 2016

MADISON, N.J. — The KRE Group and Mark Built Homes have broken ground on a multifamily development on Green Village Road in Madison. The development will feature Rose Hall, a collection of 100 rental residences, and Madison Place, a boutique collection of 35 condominiums. Additionally, Rose Hall will include ground-floor retail and restaurant space, a 3,000-square-foot community center and landscaped outdoor gathering spaces. The project is slated for completion in second quarter 2017. KRE and Mark Built Homes jointly acquired the five-acre property, which is the former site of Green Village Road School, in January from the Madison Board of Education.

May 12, 2016

Loans Multifamily New York Northeast

JLL Secures $29M Construction Loan for 38-Unit Multifamily Property in Brooklyn

by Amy Works May 12, 2016

NEW YORK CITY — JLL has secured a $29 million construction loan on behalf of Adam America Real Estate for the development of 308 North Seventh Street, a multifamily property in Brooklyn’s Williamsburg neighborhood. Aaron Appel and Keith Kurland of JLL arranged the loan, which was provided by CapitalSource. The seven-story development will feature 38 residential units, a fitness center, a courtyard, bike storage and rooftop common area with views of Manhattan and Brooklyn. Additionally, the building will provide access to the L and G subway lines, as well as the Brooklyn-Queens freeway and Citi Bike stations.

May 12, 2016

Multifamily Texas

M&M Arranges Sale of 132-Unit Apartment Building in Irving

by Haisten Willis May 12, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of North Oak, a 132-unit apartment property located in Irving. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private California-based investor. Silva also secured the buyer, a local partnership. North Oak is a 132-unit community that was built in 1982 and is located at 1417 N. Nursery Road. Community amenities include a swimming pool, individual meters and on-site laundry facilities.

May 12, 2016

The Arbor Terrace at Burnt Hickory Marietta

Georgia Loans Seniors Housing Southeast

NorthMarq Arranges Construction Financing for Seniors Housing Property in Metro Atlanta

by John Nelson May 12, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.

May 12, 2016

Indiana Midwest Multifamily Student Housing

ICAP Development to Break Ground on Highland Quarters Near Indiana State University

by Christina Cannon May 12, 2016

TERRE HAUTE, IND. — ICAP Development is set to break ground on Highland Quarters, a 60-unit, 224-bed student housing community located at 627 Cherry St. adjacent to Indiana State University in Terre Haute. The 106,000-square-foot, five-story project will feature fully furnished apartments with bed to bath parity and in-unit washers and dryers. The ground level of the project will provide roughly 6,000 square feet of retail space, secured parking for tenants and amenity spaces that will include a full-service fitness facility, study rooms and an entertainment lounge. The project is slated for completion by August 2017.

May 12, 2016

Market Reports Midwest Midwest Market Reports Multifamily Ohio Uncategorized

Why Cleveland’s Thriving Downtown Apartment Market is on Solid Footing

by Christina Cannon May 12, 2016

It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back. Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units. Last year alone saw 573 new units come on line as the direct result of converting nearly 500,000 square feet of former commercial and office space to residential. But despite this additional inventory, the occupancy rate has increased nearly 2 percent over the last five years, ending 2015 at 97.5 percent. Population surge in CBD The downtown area contains approximately 14,000 residents, a 79 percent increase since 2000, according to a newly released report from the Downtown Cleveland Alliance. The average rent …

May 12, 2016

California Loans Multifamily Western

Brooks Street Affiliate Receives $9.8M Loan to Purchase Koreatown Land

by Nellie Day May 11, 2016

LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.

May 11, 2016

Arizona Multifamily Seniors Housing Western

Nakoma Sky Luxury Seniors Community to Debut Near Tucson

by Nellie Day May 11, 2016

ORO VALLEY, ARIZ. — Nonprofit owner/operator La Posada and architecture firm three: living architecture have unveiled plans for Nakoma Sky, a 268-unit independent living, assisted living and memory care community in Oro Valley, just north of Tucson. The community will be a resort-style complex situated on 79 acres in the foothills of the Catalina and Saguaro mountain ranges. The main building will be 500,000 square feet and five stories tall. Development costs are estimated at between $90 million and $100 million. When complete, the community will offer 220 independent living units, 24 assisted living units and 24 memory care units. The development team expects Nakoma Sky will open in early 2019. Diversified Design and Construction, landscaping firm Talley Associates, interior design firm THW Design, and three: living architecture will collaboratively design the project.

May 11, 2016

Indie-Apartments-1648-east-sixth-street-austin-texas

Multifamily Texas

Transwestern Development to Build Micro Apartment Community in Austin

by Haisten Willis May 11, 2016

AUSTIN, TEXAS — Transwestern Development Co. plans to develop Indie Apartments, a micro-unit community at 1648 E. Sixth St. in Austin. Transwestern acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, an entertainment district just east of downtown. Groundbreaking is scheduled for June with the first units expected to deliver in August 2017. The 55,814-square-foot property will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units. The fully furnished apartments will maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables. Located less than one block from the Plaza Saltillo metro station, Indie Apartments will feature a large communal area, fire pits, outdoor TVs and 108 below-grade parking spaces. Martines Palmeiro Construction is the general contractor, and Wilder Belshaw Architects is the architect. Comerica provided the financing for the project.

May 11, 2016

Central-Park-at-Craig-Ranch-mckinney-texas

Multifamily Texas

SWBC Real Estate Acquires Land for Multifamily Developments in Metro Dallas

by Haisten Willis May 11, 2016

MCKINNEY, TEXAS — SWBC Real Estate LLC has purchased 9.3 acres within the 2,200-acre Craig Ranch master planned community in McKinney to develop two Class A multifamily properties. Craig Ranch is located on the north side of State Highway 121, also known as the Sam Rayburn Tollway. SWBC will develop the site in two phases. The first phase will be named Central Park at Craig Ranch and will consist of 269 units. At total build-out, the site is projected to contain 550 units. Central Park at Craig Ranch will include one-, two- and three-bedroom units. Amenities will include a clubhouse with a community business center, attached parking garage, 24-hour fitness center, pool and spa. Units will feature 10-foot ceilings, granite countertops, stainless steel appliances and washer/dryer hookups. Cross Architects is the architect for the project, Stantec is the engineer and SWBC Builders LLC is the general contractor. SWBC Real Estate plans to break ground on the project in the fourth quarter.

May 11, 2016

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