Multifamily

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Affordable Housing Development Georgia Multifamily Southeast

Tribridge Residential Underway on 209-Unit Goat Farm Apartment Development in Atlanta

by John Nelson January 29, 2024

ATLANTA — Tribridge Residential is underway on the development of The Goat Farm, a 209-unit apartment community located in Atlanta. Situated on four acres within the 12-acre The Goat Farm arts complex, the development is a collaboration with the arts-based social enterprise of the same name. In addition to apartments in studio, one- and two-bedroom layouts, the property will feature 24,000 square feet of artist studio and exhibition space, and 32 units will be reserved as affordable housing for households earning 80 percent or less of the area median income (AMI). Amenities will include a rooftop pool, fitness center and a dog washing station. Move-ins are scheduled to begin this spring. The partnership between Tribridge and The Goat Farm will comprise additional phases, including the restoration of historic structures at the complex.

January 29, 2024

Development Georgia Mixed-Use Multifamily Office Southeast

Alliance Residential Opens Broadstone Peachtree Corners Mixed-Use Community in Metro Atlanta

by John Nelson January 29, 2024

PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.

January 29, 2024

Acquisitions Multifamily Southeast Virginia

Jones Street Acquires 296-Unit Multifamily Community in Suburban Richmond

by John Nelson January 29, 2024

BON AIR, VA. — Jones Street Investment Partners has acquired Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air. Locally based Capital Square sold the property for an undisclosed price. Residences at the 28-acre community include one-, two- and three-bedroom apartments across 37 two-story buildings. Amenities at the property include a resident lounge, business center, dog park, fitness enter, swimming pool with a sun deck and a playground. A majority of units have recent undergone renovations, and the buyer plans to implement improvements to the remaining 77 units.

January 29, 2024

Affordable Housing Company News Maryland Multifamily Southeast Student Housing

Walker & Dunlop Named Top Fannie Mae Multifamily Lender by Volume in 2023

by John Nelson January 29, 2024

BETHESDA, MD. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a volume of $4.6 billion. “With rate cuts expected in 2024, and banks and other capital sources still reluctant to lend, it is our expectation that the need for GSE [government-sponsored enterprise] capital…remains strong in the coming year,” says Willy Walker, chairman and CEO of Walker & Dunlop.

January 29, 2024

Development Multifamily Texas

Fein to Develop 326-Unit Multifamily Project in North Houston

by Taylor Williams January 29, 2024

HOUSTON — Locally based developer Fein will build Echo Lake, a 326-unit multifamily project that will be located at 2002 Spring Stuebner Road in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development. Designed by Steinberg Dickey Collaborative, Echo Lake will offer one-, two- and three-bedroom units that will range in size from 556 to 1,824 square feet. Amenities will include a pool, fitness center, clubroom, outdoor grilling and dining stations and access to a 1.3-acre lake and surrounding walking trails. Fein purchased the land from CDC Houston, a subsidiary of Coventry Development Corp. and the master developer of CityPlace. Construction is scheduled to begin later this year.

January 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 276-Unit Apartment Community in Metro Dallas

by Taylor Williams January 29, 2024

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cypress Apartments, a 276-unit multifamily community located in the northern Dallas suburb of McKinney. Built on 21 acres in 2007, Cypress Apartments primarily offers two- and three-bedroom units with an average size of 1,082 square feet and amenities such as a pool, outdoor kitchen, playground and business and car care centers. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope of IPA represented the seller, Rockport Equity, in the transaction and procured the buyer, Dallas-based Knightvest Capital.

January 29, 2024

Affordable Housing Development Multifamily Texas

FTK Construction Completes $12.4M Renovation of Affordable Housing Complex in North Houston

by Taylor Williams January 29, 2024

HOUSTON — FTK Construction Services has completed $12.4 million in renovations at The Park at Kirkstall, a 240-unit affordable housing complex in North Houston. Updates to the property included enhancements to flooring, appliances, countertops, doors and cabinet hardware, as well as bathroom and light fixtures. The property’s roofing and HVAC systems were also upgraded, and the project team added a new playground and grilling patio. Benton Design Group served as the project architect. Blue Ridge Atlantic owns the building, income restrictions within which were not disclosed.

January 29, 2024

Loans Multifamily Texas

BridgeCore Provides Acquisition Loan for Multifamily Property in Brownsville, Texas

by Taylor Williams January 29, 2024

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan of an undisclosed amount for an unnamed, 60-unit multifamily property in the South Texas city of Brownsville. The loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

January 29, 2024

Burbank-Boulevard-Senior-Housing-Los-Angeles-CA

Affordable Housing California Development Multifamily Seniors Housing Western

TCA Architects, Mercy Housing Complete Affordable Seniors Housing Project in Los Angeles

by Amy Works January 29, 2024

LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.

January 29, 2024

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