Multifamily

Urban Catalyst Sells Apartment Project Site in San Jose for $23.4M

by Amy Works December 19, 2023

SAN JOSE, CALIF. — Urban Catalyst, in partnership with a trust affiliated with the late local architect Thang Do, has completed the disposition of an approved multifamily development site in San Jose. The Santa Clara Valley Transportation Authority (VTA) acquired the asset for $23.4 million. The deal enables the buyer and a group of local government and transit agencies to redevelop the Diridon Station area. The transaction includes 1.2 acres spanning two adjacent parcels at 32 and 60 Stockton Ave., situated between a Whole Foods Market and SAP Center. Urban Catalyst acquired the site in two separate transactions for $15.1 million in 2021 and last year. Working with Do and his firm, Aedis Architects, Urban Catalyst received entitlements for a 20-story, 472-unit development project called Apollo. The project involved demolishing existing structures on the Stockton Avenue and replacing them with apartments ranging from studios to three-bedroom units. The planned development was unilaterally approved last year by the city. After Apollo received planning approval in November 2022, it was discovered that the site is within an area anticipated for future rail infrastructure, as a designated property among the right-of-way parcels needed for the first phase of California’s bullet train. VTA and the …

December 19, 2023

Affordable Housing Development Multifamily New Jersey Northeast Seniors Housing

Alpert Group Breaks Ground on 65-Unit Affordable Seniors Housing Project in West Orange, New Jersey

by Taylor Williams December 19, 2023

WEST ORANGE, N.J. — The Alpert Group LLC has broken ground on a 65-unit affordable seniors housing community in West Orange, approximately 20 miles west of Manhattan. Located at 46 Mount Pleasant Ave., the five-story building will include one- and two-bedroom units, onsite parking, modern amenities and age-friendly features. Five units will be reserved for formerly homeless residents. Completion is slated for late summer 2024. Project partners include the New Jersey Housing & Mortgage Finance Agency, Enterprise Community Partners, TD Bank, Essex County and the Township of West Orange.

December 19, 2023

Development Multifamily New Jersey Northeast

Coldwell Banker Begins Leasing 43-Unit Apartment Complex in Union, New Jersey

by Taylor Williams December 19, 2023

UNION, N.J. — Coldwell Banker Realty New Homes has begun leasing a 43-unit apartment complex in the Northern New Jersey community of Union. The complex is an adaptive reuse of the historic former Union Center Bank facility. Units come in studio and one-bedroom floor plans. Rents start at $1,900 per month for a studio apartment. Nicholas Wong, head of Titan Engineers PC, developed the project.

December 19, 2023

Features Multifamily

How Modern Residences Can Combat Climate Change

by Taylor Williams December 19, 2023

By Richard Ross, CEO of Quinn Residences Climate change is an enormous topic with implications so expansive that it can be difficult to understand how — or even if — we can make a positive impact. While companies and individuals can make essential changes on the margins, like advocating for public policies that promote better climate outcomes, there is one place where everyone can make a distinct difference: at home. The built environment is one of the most significant contributors to climate change, and our residences account for much of our carbon footprint. Changing how we build and what we buy or rent can alter this dynamic, and for new builds, this process starts on day one. Here are five ways in which developers, builders, buyers and renters can make that possible. Implement a Solar Program Rooftop solar panel adoption is soaring, setting installation records for six consecutive years. More than 700,000 homeowners installed solar panels in 2022, and over half of U.S. adults say they “want to power their home with solar panels in the future.” Meanwhile, the costs of installing and maintaining solar panels have never been lower, thanks to cheaper material costs, streamlined permitting processes and workforce …

December 19, 2023

Florida Loans Multifamily Southeast

KeyBank Secures $77.5M Refinancing for Ocean Walk Apartment Community in Key West, Florida

by John Nelson December 18, 2023

KEY WEST, FLA. — KeyBank Real Estate Capital has secured a $77.5 million Fannie Mae non-recourse loan for the refinancing of Ocean Walk, an apartment community located in Key West. Built in 1991 and renovated in 2016, the property comprises 297 units across two buildings situated on 17 acres. Amenities at the community include a clubhouse, swimming pool, tennis courts and a basketball court. Caleb Marten and Chris Neil of KeyBank arranged the financing on behalf of the borrower, Passco Cos., which acquired the community in 2017 for $101.5 million. The 10-year loan features a seven-year interest-only period and will amortize on a 30-year schedule.

December 18, 2023

Affordable Housing Development Florida Seniors Housing Southeast

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by John Nelson December 18, 2023

HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.

December 18, 2023

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

JCCG Breaks Ground on 201-Unit Build-to-Rent Townhome Development in Huntsville

by John Nelson December 18, 2023

HUNTSVILLE, ALA. — General contractor Jim Chapman Construction Group (JCCG) has broken ground on Nestledown Farm, a build-to-rent (BTR) residential community in Huntsville. Upon completion, the development will feature 201 attached townhomes in two- and three-bedroom layouts ranging from 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and 24-hour emergency maintenance services. Move-ins are scheduled to begin in fall 2024.

December 18, 2023

Acquisitions Development Multifamily Office Texas

Sava Holdings Buys 285,312 SF Office Complex in West Dallas, Plans Multifamily Conversion

by Taylor Williams December 18, 2023

DALLAS — Locally based hospitality development firm Sava Holdings has purchased Stemmons Towers, a 285,312-square-foot office complex in West Dallas, with plans to convert the property to multifamily use. Stemmons Towers consists of two 12-story buildings that were originally developed in the 1960s by Trammell Crow and John Stemmons, and Sava plans to add a 13th floor to each building as part of the project. The 13-acre site also includes open space for a residential pocket park and greenbelt area. Sava will rebrand the property as Lumiere. Construction is scheduled to begin in mid- to late 2024. John St. Clair and Trae Anderson of Dallas-based brokerage firm Younger Partners represented the seller in the disposition of the property.

December 18, 2023

Talia-Apartments-Marlborough-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $74M Sale of Talia Apartments in Marlborough, Massachusetts

by Taylor Williams December 18, 2023

MARLBOROUGH, MASS. — CBRE has brokered the $74 million sale of Talia, a 225-unit apartment complex located in the western Massachusetts suburb of Marlborough. Talia offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, outdoor grilling and dining stations, a pet spa, game room, coffee bar, courtyard and walking/jogging trails. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership between Fairfield Properties and an unnamed institutional investor, in the transaction. The buyer was a fund advised by regional investment firm The DSF Group.

December 18, 2023

California Development Multifamily Western

Cityview Plans 378-Unit Portico Apartment Community in Oakland, California

by Amy Works December 18, 2023

OAKLAND, CALIF. — Cityview is developing Portico, a 378-unit multifamily community located in an Opportunity Zone in Oakland’s Brooklyn Basin neighborhood. Slated for completion December 2023, the eight-story project will feature studio, one-, two- and three-bedroom apartments, as well as townhomes, with more than 80 percent of the units overlooking the waterways separating Oakland from Alameda. All units will feature stainless steel appliances, smart thermostats, large closets, air conditioning, full-sized washers/dryers, keyless entry, luxury vinyl plank flooring, and kitchens with fully tiled backsplashes and quartz countertops. Community amenities will include 331 parking spaces for residents and guests, a rooftop sky lounge, pool and spa deck, courtyard, an outdoor pet spa, indoor and outdoor fitness areas, a movement studio, clubroom, wine cellar, game room and leasing lobby lounge. Managed Wi-Fi will be available throughout the community and a coworking space will provide private and community workspaces for residents. Designed to meet LEED Silver standards, Portico will feature low-flow fixtures, Energy Star-certified appliances, a solar thermal system that helps provide hot water for units and energy efficient windows. The project team includes James E. Roberts Obayashi and Webcor as general contractors, AC Martin as architect and Nadia Gellar Designs as interior designer. Portico …

December 18, 2023

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