Multifamily

JLL Arranges $115M Refinancing for Metro Edgewater Apartments in Miami

by John Nelson December 21, 2023

MIAMI — JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block Realty. MF1’s team working on the deal included Michael Squires, Phil Pesant and Connor Pensabene. The 279-unit property comprises one-, two- and three-bedroom units averaging 955 square feet in size. Amenities include a hotel-style pool with cabanas and day beds, fitness center, live-work club room, sky lounge, private dining room and a coffee bar.

December 21, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Development Florida Leasing Activity Mixed-Use Multifamily Retail Southeast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Negotiates Sale of 119-Unit Seniors Housing Property in Seattle

by Amy Works December 21, 2023

SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.

December 21, 2023

Acquisitions California Multifamily Western

CBRE Arranges Acquisitions of Five Multifamily Properties in California Totaling $17M

by Amy Works December 21, 2023

TORRANCE AND LONG BEACH, CALIF. — CBRE has brokered the purchases of five multifamily properties in Torrance and Long Beach, totaling $17 million. The transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.8-acre property in Torrance. Dan Blackwell and Trey Mitchell of CBRE Multifamily SoCal represented the San Diego-based exchange buyer. The properties were sold by five different private sellers. The transactions include:

December 21, 2023

Development Multifamily New York Northeast

Davis Cos. Breaks Ground on 97-Unit Multifamily Project in Harlem

by Taylor Williams December 21, 2023

NEW YORK CITY — Boston-based developer The Davis Cos. has broken ground on 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 percent of the residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. Completion is slated for late 2025.

December 21, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat, P3 Markets Top Off Second Apartment Building at 43 Green Development in Chicago

by Kristin Harlow December 21, 2023

CHICAGO — Habitat and P3 Markets have topped off construction of the second apartment building at 43 Green, a $100 million mixed-income development in Chicago’s Bronzeville neighborhood. The transit-oriented development is centered around the 43rd Street Green Line L station. The new building rises 10 stories with 80 units, 44 of which will be designated as affordable. Completion is slated for late summer 2024. The developers have fully leased the first apartment building, which also rises 10 stories. The 99-unit property consists of 50 affordable units for households earning up to 60 percent of the area median income. Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, the first building is the largest of three planned buildings at 43 Green. Amenities include a fitness center, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The second building will have similar amenities.

December 21, 2023

Acquisitions Illinois Midwest Multifamily

Quantum Brokers $2.7M Sale of Chicago Multifamily Property

by Kristin Harlow December 21, 2023

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 38-unit multifamily property in Chicago for $2.7 million. The courtyard building is located at 4126 W. 24th Place in Little Village. Clay Maxfield of Quantum represented the seller, which had owned the asset for 25 years. The property sold to a local owner with multiple assets in Chicago and the surrounding suburbs.

December 21, 2023

Affordable Housing Development Mixed-Use Multifamily New York Northeast Retail Top Stories

Related Cos., Sterling Equities Break Ground on 2,500-Unit Willets Point Affordable Housing Project in Queens

by Katie Sloan December 21, 2023

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and $123.5 million Low-Income Housing Tax Credit investment. Phase I of the development will feature two mid-rise buildings offering a combined 880 units of affordable housing. Forty percent of units will be reserved for residents earning at or below 60 percent of the area median income, and 15 percent of units will be set aside for tenants that formerly experienced homelessness. Amenities will include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. The development will also include infrastructure investments like new streets, signage, sidewalks, trees, lights, drainage, stormwater management, water hydrants, sewers and utilities. Future components of the development will include a 650-seat standalone public school, New York …

December 21, 2023

Development Features Student Housing

Demand for Student Housing Development Persists Despite Economic Headwinds

by Katie Sloan December 21, 2023

It would be impossible to write a development or design article without mentioning the elephant in the room — the state of the capital markets and the current hurdles in securing financing of any sort, but especially for new development projects. While demand for new communities exists in many markets, getting projects to pencil out is the tricky part. For those developments that can move forward, innovative architecture and design are being employed to make the projects as functional and efficient as possible. Out are some of the flashier amenities from the days of yore, and in is design that helps student residents be the happiest and healthiest versions of themselves, both mentally and physically. From the developer perspective, there is no question about the desire to build — especially in Power Five university markets. “Almost all of the Power Five universities have seen 7 percent to 10 percent rental rate increases over the past three years and are showing approximately 98 percent occupancy at most properties,” says Greg Faulkner, president of Humphreys & Partners Architects. “But math has to work with the rates, like equity requirements of 45 percent or higher. Hard costs have moderated, but some are still …

December 21, 2023

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