Multifamily

Gorman & Co. Delivers 60-Unit Mixed-Income Apartment Community in Atlanta

by John Nelson March 7, 2024

ATLANTA — Gorman & Co. has delivered Residences at Westview, a 60-unit mixed-income apartment community located at 1991 Martin Luther King Jr. Drive SW in Atlanta. Atlanta Mayor Andre Dickens attended the ribbon-cutting ceremony in late February. Situated near the West Lake MARTA Station, Residences at Westview features one-, two- and three-bedroom apartments, with 90 percent of the units affordable for households earning 50 to 60 percent of the area median income (AMI). Amenities include a playground, community garden and outdoor gathering spaces, as well as after-school services provided by Catholic Charities. Capital sources for Residences at Westview include Georgia Department of Community Affairs, Invest Atlanta, RBC, US Bank and Catholic Charities. Gorman & Co. has 350 units in its development pipeline in the metro Atlanta area over the next two years.

March 7, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates Sale of 60-Unit Apartment Portfolio in Hartford, Connecticut

by Taylor Williams March 7, 2024

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of four apartment buildings totaling 60 units in Hartford. The buildings are located at 125–131 Washington St. and 338-342 Jefferson St. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

March 7, 2024

Loans Multifamily Texas

IPA Arranges $37M Loan for Refinancing of Dane Park Apartments in Grapevine, Texas

by Taylor Williams March 6, 2024

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $37 million loan for the refinancing of Dane Park, a 392-unit apartment community in Grapevine. The property is located in the northern-central part of the metroplex and features one- and two-bedroom units. Amenities include a pool, fitness center, game room, sports court, resident clubhouse and outdoor grilling and dining stations. Dane Park also offers pet daycare, grooming and concierge services. Brian Eisendrath and Cameron Chalfant of IPA arranged the debt. The borrower and direct lender were not disclosed.

March 6, 2024

Affordable Housing Development Multifamily Texas

Temenos, NHP Foundation Open 95-Unit Supportive Housing Complex in Houston

by Taylor Williams March 6, 2024

HOUSTON — Temenos Community Development Corp. and The NHP Foundation have opened a 95-unit supportive housing complex in Houston. The property includes an entire floor dedicated to at-risk youth, and 80 units replace those lost to The Texas Department of Transportation to make way for highway improvements. The City of Houston Housing & Community Development provided $12.5 million for the project, and The Harris County Community Services Department provided $11 million. The Houston Housing Finance Corp. and the Texas Department of Housing & Community Affairs also contributed to the capital stack.

March 6, 2024

Development Florida Multifamily Southeast

Dezer, Bentley Motors Break Ground on 62-Story Condo Tower in Sunny Isles Beach, Florida

by John Nelson March 6, 2024

SUNNY ISLES BEACH, FLA. — A partnership between Dezer Development and luxury automobile company Bentley Motors has broken ground on Bentley Residences Miami, a 62-story condominium tower. Located at 18401 Collins Ave. in Sunny Isles Beach, the beachfront development will feature 216 condos, each with glass-covered, three- and four-car sky garages all made possible utilizing four car lifts and a car elevator dubbed The Dezervator. The development will also feature a food-and-beverage program by chef Todd English, as well as a beach club and oceanfront pool deck. Other amenities will include a whiskey bar, cigar lounge, spa, cinema and salon. The general contractor, Coastal Construction, expects to deliver Bentley Residences Miami by the end of 2027. Dezer Development says that 40 percent of the condominiums have been sold, with prices starting at $5.6 million. Designed by Sieger Suarez Architects, residences will include high-end finishes including saunas, outdoor showers in select units and behind-mirror TVs.

March 6, 2024

Development Multifamily North Carolina Southeast

Portman, National Real Estate Advisors Top Out 25-Story Apartment Tower in Charlotte’s South End

by John Nelson March 6, 2024

CHARLOTTE, N.C. — Portman and National Real Estate Advisors have topped out Linea at the Line, a 25-story apartment tower underway in Charlotte’s South End. The residential property is situated adjacent to The Line, a 16-story mixed-use property that Portman and National developed and sold in 2022. Portman and National plan to begin preleasing at the 370-unit high-rise in June and begin move-ins in February 2025. Linea at the Line will include connectivity to the Rail Trail and Lynx Blue Line light rail. In addition to luxury residences, Linea will feature ground-level retail space that will house True Food Kitchen, BAR ONE South End and Night Swim Coffee. Amenities will include concierge service, a rooftop pool, coworking spaces, pet spa, game room, climbing wall and an indoor/outdoor fitness center. Units will come in studio, one-, two- and three-bedroom floor plans, as well as lofts and penthouse suites.

March 6, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $46.9M Sale of Two-Property Creekside Park Multifamily Portfolio in Napa, California

by Amy Works March 6, 2024

NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

March 6, 2024

California Development Multifamily Western

Alliance Residential, KTGY Open 264-Unit Broadstone Edition Apartment Community in Irvine, California

by Amy Works March 6, 2024

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

March 6, 2024

Colorado Development Multifamily Western

Joint Venture Tops Off 255-Unit Tempo Nine Mile Apartment Project in Aurora, Colorado

by Amy Works March 6, 2024

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.

March 6, 2024

Development Multifamily North Carolina Southeast

Woodfield, American Asset Corp. to Open 264-Unit Apartment Community in Raleigh

by John Nelson March 6, 2024

RALEIGH, N.C. — A joint venture between Woodfield Development and American Asset Corp. plans to soon open The Keaton at Brier Creek, a 264-unit apartment community located at 3920 Macaw St. in Raleigh. The property will serve as the multifamily component of Brier Creek Town Center, which features an 800,000-square-foot shopping center called Brier Creek Commons Shopping Center. Woodfield and American Asset Corp. have begun leasing The Keaton, which will include studio, one-, two- and three-bedroom apartments commanding monthly rental rates starting at $1,414, according to the property website. Shelton Taylor + Associates designed the unit interiors. Amenities will include an 8,000-square-foot clubhouse, resort-style pool, fitness center, rooftop sky lounge, courtyards, dog park and spa, car wash station and detached garages. Move-ins are slated to begin later this month.

March 6, 2024

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