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Multifamily

Affordable HousingDevelopmentFloridaMixed-UseMultifamilySoutheastTop Stories

Whitman Family Development Unveils Plans for Mixed-Use Expansion at Bal Harbour Shops in Miami

by Kristin Harlow

MIAMI — Whitman Family Development has submitted plans for a mixed-use project at its Bal Harbour Shops in Miami’s Bal Harbour village. Plans call for 600 apartment units, 40 percent of which are earmarked for workforce housing and 60 percent of which will be luxury housing. There will also be a 70-room, 20-story hotel and an additional 45,700 square feet of retail space. Bal Harbour Shops comprises more than 100 shops, restaurants and entertainment options. The open-air, luxury retail center, which is home to brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The expansion will accommodate the addition of 35 new upscale stores and restaurants. The new housing development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build at higher density and building heights, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial …

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FeaturesMultifamilyOffice

Developers Meet Renter Demands with Office-to-Residential Conversions

by Taylor Williams

By Michael Brookshier, vice president of development, Keystone The COVID-19 pandemic sent renters flocking to spacious apartments in the suburbs. Now, in this post-pandemic world, just as companies revert to in-office work and homeownership becomes increasingly unattainable, renters are moving back to cities and seeking an urban lifestyle. This re-acceleration to urban centers drives another trend in commercial real estate: converting outdated and vacant office buildings into stylish, amenity-filled residential buildings. To keep up, developers must strategically identify the right building, location and amenities in order to meet renters’ demands. Philadelphia is a perfect example of an 18- to 24-hour city in which a large residential population in the central business district drives foot traffic outside of regular office hours. The Center City area also boasts an attractive downtown landscape of diverse uses such as office, residential, retail, award-winning restaurants and nightlife. Find the Right Building The ideal candidate for a successful office-to-residential conversion in an urban setting is often an office building constructed before World War II. These types of properties feature intricate designs, high-level finishes, ample natural light, outstanding views and beautiful and inviting lobbies that lend historical architectural details that are conducive and appealing to residential living. …

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Arranges $1.1M Loan for Construction of 40-Unit Affordable Seniors Housing Project in East Canton, Ohio

by Kristin Harlow

EAST CANTON, OHIO — BWE has arranged a $1.1 million loan for the construction of HOPE Senior Village in East Canton, about 30 miles southeast of Akron. Bob Morton of BWE structured the USDA RHS 538 GRRHP loan, which features a 40-year, fixed-rate term and a 40-year amortization schedule. The development will consist of eight buildings, each containing five one- and two-bedroom units. Of the 40 units, seven are designated for residents earning up to 30 percent of the area median income (AMI), 17 are reserved for those earning up to 50 percent AMI and 16 are designated for residents earning up to 60 percent AMI. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.

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DevelopmentMultifamilyTexas

Hillwood Completes 300-Unit Casey at Frisco Station Apartments in Metro Dallas

by Taylor Williams

FRISCO, TEXAS — Hillwood has completed The Casey at Frisco Station, a 300-unit multifamily project located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building is Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened in September 2021. Units come in studio, one- and two-bedroom floor plans, range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. Rents start at roughly $1,600 per month for a studio apartment.

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AcquisitionsMultifamilyTexas

Momentum Multifamily Acquires 296-Unit Apartment Community in Metro Houston

by Taylor Williams

HUMBLE, TEXAS — Texas-based investment firm Momentum Multifamily has acquired The Henry at Lake Houston, a 296-unit apartment community in the northeastern suburb of Humble. The property, formerly known as The Cobalt at Lake Houston, consists of 14 three-story buildings that house a mix of one-, two- and three-bedroom units. Residences feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, business center, game room, clubhouse, fitness center, putting green and storage lockers. Timbercreek Capital provided the senior acquisition loan for the deal that was arranged by Taylor Coy of JLL, with Chicago-based Pearlmark supplying mezzanine financing. The loan amounts and the name of the seller were not disclosed.

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DevelopmentMultifamilyNew HampshireNortheast

North & South Construction Completes 35-Unit Multifamily Project in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — Developer and general contractor North & South Construction Services has completed Signature on Elm, a 35-unit multifamily project in Manchester, located near the Massachusetts-New Hampshire border. Signature on Elm houses studio, one- and two-bedroom units, with 15 residences being earmarked as workforce housing, as well as 8,000 square feet of retail space. Rents for market-rate units start at $1,500 per month for a studio apartment. North & South developed the project in partnership with the Strafford Economic Development Corp.

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AcquisitionsMultifamilyNew YorkNortheast

Wexcor Capital Buys Two Manhattan Apartment Buildings for $5.8M

by Taylor Williams

NEW YORK CITY — Long Island-based investment firm Wexcor Capital has purchased two contiguous apartment buildings in Manhattan’s Washington Heights area for $5.8 million. The six-story buildings were constructed in 1914 and house 61 rent-stabilized units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented both Wexcor Capital and the seller, Barberry Rose Management, in the transaction. The deal traded at a cap rate of 9 percent.

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheastTop Stories

Terra, Grass River Property Complete Grove Central Mixed-Use Development in Miami

by John Nelson

MIAMI — Terra and Grass River Property, two Miami-based development firms, have completed construction of Grove Central, a transit-oriented, mixed-use development in Miami’s Coconut Grove neighborhood. The property comprises a 23-story apartment tower, 1,250-space public parking garage and 170,000 square feet of retail space leased to tenants including Target and Sprouts Farmers Market. Grove Central is a public-private partnership between the co-developers and Miami-Dade County, which owns the land. The development is located at the intersection of US Highway 1 and SW 27th Avenue and connects to the adjacent Coconut Grove Metrorail Station. The project interfaces directly with The Underline, a 10-mile linear park that stretches from the Dadeland South Metrorail Station to the Miami River in downtown’s Brickell district, as well as Miami-Dade County’s bus system and the City of Miami’s trolley network. According to Terra and Grass River Property, Grove Central generated more than 1,600 construction jobs during its development and nearly 500 permanent full-time and part-time positions. The project has also spurred tens of millions of dollars in lease revenue to Miami-Dade County, which can collect property tax revenues for the first time in the site’s history. “Grove Central is an exciting milestone and a shining example …

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BohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastOfficeRetailSoutheastWestern

Adaptive Reuse Developers Repurpose Antiquated Real Estate to Benefit Contemporary Consumers

by Sarah Daniels

Commercial property conversions can offer significant advantages over conventional ground-up real estate developments. Conversions can provide a head start on construction with established entitlements, existing structures, in-place utilities and entry to choice locations in otherwise built-out submarkets. Consider the Universal Buildings, Post Brothers’ conversion of two 1960s-era office buildings into more than 600 residential units and ground-floor retail just north of the District of Columbia’s Dupont Circle. The 15-story complex will feature a two-level, glass-walled fitness and recovery center with more than 10,000 square feet of training zones, equipment and classrooms. The developer is housing the fitness center and other amenities in a new atrium that replaces the upper levels of structured parking originally built within one of the former office buildings. “The location is incredible — there is probably no greater location in any major city in the country for conversion,” says Josh Guelbart, Post Brothers’ Co-Chief Operating Officer. “Having the entire block means we have light, air and hilltop views of Kalorama, Adams Morgan and Dupont Circle, three of the finest residential neighborhoods in the District. There isn’t room for new buildings of scale in those neighborhoods, and that really made this existing, large building attractive to us.” …

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DevelopmentMississippiSoutheastStudent Housing

Mississippi State University Begins $80M Residence Hall Development

by John Nelson

STARKVILLE, MISS. — Mississippi State University has announced plans for an $80 million residence hall development on its campus in Starkville. The five-story project will span 155,000 square feet and offer 400 beds. The development is also set to include a dining hall, offices, a storm shelter and shared amenity spaces. The development team for the project includes Roy Anderson Corp. and Wier Boerner Allin Architecture. Construction is expected to begin in February with completion scheduled for spring 2025.

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