Multifamily

NRP Group, Marshall Heights Break Ground on 115-Unit Affordable Housing Project in DC

by John Nelson July 2, 2024

WASHINGTON, D.C. — A partnership between The NRP Group and Marshall Heights Community Development Organization Inc. (MHCDO) has broken ground on Emblem, a 115-unit affordable housing community located at 301 Florida Ave. NE in Washington, D.C. Situated in the District’s NoMa and Union Market neighborhoods, the property will be reserved for households earning up to 30 and 50 percent of the area median income (AMI). Residents of Emblem will be within walking distance of a Metro station, two bus lines, the Metropolitan Branch Trail and Union Market District. The 13-story, flatiron building will feature a dedicated toddler playroom, bike storage room and a multi-purpose community room. NRP Group and MHCDO plan to break ground this year and deliver Emblem in 2026. Financial partners for the project include DC Housing Finance Agency (DCHFA), Department of Housing and Community Development (DHCD), DC Housing Authority (DCHA), DC Green Bank and Bank of America.

July 2, 2024

Development Loans Multifamily North Carolina Southeast

IPA Capital Markets Arranges $30.5M Construction Financing for Apartment Development in Greensboro, North Carolina

by John Nelson July 2, 2024

GREENSBORO, N.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $30.5 million in construction financing for Brooks North Apartments, a 340-unit multifamily development located at 4005 N. Church St. in Greensboro. Frank Montalto of IPA Capital Markets’ Chicago office arranged the financing with a regional lender on behalf of the borrower, a local development company. The ground-up development will feature three- and four-story garden-style buildings with an amenity package that includes a fitness center, pool, cabana clubhouse and a bark park. Brooks North will be delivered in phases, with Phase I (244 units) set to open next summer.

July 2, 2024

Development Loans Multifamily New York Northeast

BHI Provides $95M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams July 2, 2024

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $95 million construction loan for a 226-unit multifamily project in Brooklyn. The site at 2359 Bedford Ave. is located in the Flatbush neighborhood, and the development will house 72 studios, 86 one-bedroom units and 68 two-bedroom units, as well as 23,000 square feet of commercial and storage space. Thirty percent of residences will be set aside as affordable housing. Specific income restrictions on those units were not disclosed. A tentative completion date was also not disclosed. The borrower is a partnership between David Bistricer of Clipper Equity and Anshel Friedman of Nalcorp.

July 2, 2024

Development Multifamily New York Northeast

Davis Cos. Tops Out 97-Unit Multifamily Project in Harlem

by Taylor Williams July 2, 2024

NEW YORK CITY — Boston-based developer The Davis Cos. has topped out a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. The building will also house a 2,500-square-foot community center. Construction began in late 2023. Completion is slated for late 2025.

July 2, 2024

Acquisitions Arizona Development Multifamily Western

CBRE Negotiates Sale of 400-Unit The Blake Multifamily Development in Phoenix

by Amy Works July 2, 2024

PHOENIX — CBRE has arranged the sale of The Blake, a multifamily community currently under development in Phoenix. A venture between StreetLights Residential and an affiliate of RED Development sold the asset to a venture between RXR and Korman Communities for an undisclosed price. Slated for completion in early 2025, The Blake will offer 400 apartments featuring 10-foot ceilings with coves in the living rooms; wood-style flooring in living areas and bedrooms; tile flooring in bathrooms; both granite and quartz countertop design options in bathrooms; walk-in closets; washers/dryers; energy-efficient stainless steel appliances; custom cabinetry and hardware; and Sonos speaker systems in all units. Community amenities will include a clubhouse with library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. The private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills and dining areas. The Blake is part of the mixed-use project being developed on the former Paradise Valley Mall site. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the sellers in the transaction.

July 2, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.7M Sale of Copper Gold Apartments in Golden, Colorado

by Amy Works July 2, 2024

GOLDEN, COLO. — NorthPeak Commercial Advisors has brokered the sale of Copper Gold Apartments, a 14-unit multifamily building located at 510 24th St. in Golden, a suburb west of Denver. The 4,464-square-foot asset traded for $2.7 million, or $192,857 per unit. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors handled the transaction. The names of the seller and buyer were not released.

July 2, 2024

Build-to-Rent Development Features Multifamily Single-Family Rental

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Jeff Shaw July 2, 2024

— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home. New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals. Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses. In the past month, Oxenfree has hosted nearly 50 in-person tours and …

July 2, 2024

Development Maryland Southeast Student Housing

MCB Real Estate Tops Out 473-Bed Student Housing Project Near Morgan State University in Baltimore

by John Nelson July 1, 2024

BALTIMORE — MCB Real Estate has completed vertical construction on The Enolia, a 473-bed, off-campus student housing development located in Baltimore near Morgan State University. According to the developer, this marks the first off-campus housing project for the university in 20 years. Scheduled to open in 2025, the property will feature 151 units at 4529 Harford Road. The project is named after civil rights icon Enolia Pettigen McMillan.

July 1, 2024

Acquisitions Multifamily Texas

Excelsa Properties Buys 168-Unit Apartment Complex in North Dallas

by Taylor Williams July 1, 2024

DALLAS — Maryland-based investment firm Excelsa Properties has purchased Pear Ridge, a 168-unit apartment complex in North Dallas that was originally built in 1986. According to Apartments.com, the property exclusively offers one-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Excelsa plans to invest more than $4 million in capital improvements to unit interiors, building exteriors and amenity spaces. The seller and sales price were not disclosed.

July 1, 2024

Loans Multifamily New York Northeast Walker & Dunlop

Invictus Real Estate Provides $69M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams July 1, 2024

NEW YORK CITY — Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit apartment complex in Brooklyn’s Crown Heights neighborhood. The seven-story building houses 110 market-rate units, most of which are one-bedroom residences, and 48 affordable housing units as well as a 9,000-square-foot community facility space. Mike Diaz and Aaron Appel of Walker & Dunlop arranged the loan on behalf of the borrower, Hope Street Capital, which will use the proceeds to complete construction and fund leasing costs.

July 1, 2024

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