Multifamily

Roxann Campbell Pavlov Media Multifamily Wi-Fi

Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …

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BROOKSVILLE, LAKE PLACID AND SPRING HILL, FLA. — Grandbridge Real Estate Capital has arranged the sale of three seniors housing communities in Florida on behalf of a national REIT. Florida-based TJM Properties Inc. acquired two of the properties: The Grande, a 144-unit independent living, assisted living and memory care community in Brooksville, and Balmoral, a 125-unit assisted living and memory care community in Lake Placid. An undisclosed, Florida-based buyer purchased the third property — Forest Oaks, an 80-unit assisted living and memory care community in Spring Hill. This sale completes the disposition of a portfolio totaling eight properties that Grandbridge arranged for the seller. Dave Kliewer and Jay Jordan led the Grandbridge team in selling the communities.

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MIDDLEBURG, FLA. — Housing Trust Group (HTG) has completed the development of the Apartments at Bryce Landing, a $21.9 million affordable housing project in Middleburg, roughly 30 miles outside of Jacksonville. Located at 1914 Bryce Landing Way, the community features one-, two- and three-bedroom apartments across four buildings. Apartments range from 717 to 1,191 square feet, and amenities include a fitness center, media center, swimming pool, playground, picnic pavilion and a 15,000-square-foot park. Units will be reserved for residents earning at or below 30 and 60 percent of the area median income (AMI), and residents will have access to literacy training, financial assistance and employment assistance services. JPMorgan Chase provided a $16.5 million construction loan and a $6.3 million permanent loan for the project. Funding also included $1.7 million in annual low-income housing tax credits (LIHTC) provided by Florida Housing Finance Corp. through Raymond James Tax Credit Funds. Kellogg & Kimsey was the general contractor for the development, and Fugleberg Koch was the architect. Landscape architect Wood and Partners and engineering firm CHW Consultants were also part of the project team.

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ROGERS, ARK. — Cushman & Wakefield has brokered the sale of The Fitzroy Grove, a 250-unit apartment community located in Rogers. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Lurin Capital acquired the property for an undisclosed price. Built in 2021, Fitzroy Grove features studio, one-, two- and three-bedroom apartments. Community amenities include a 24-hour health club, bocce ball and pickleball courts, business center, coworking spaces, dog park, coffee bar, putting green and a resort-style swimming pool with cabanas, according to the property website.

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WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.

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The-Wright-Centennial-CO

CENTENNIAL, COLO. — Draper and Kramer Inc. has purchased The Wright, an apartment community at 6465 S. Xanadu Way in Centennial, a suburb of Denver. Terms of the transaction were not released. Completed in early 2023, The Wright features seven three-story residential buildings offering a mix of 132 one-bedroom units, 65 two-bedroom units and six three-bedroom units. Residences ranges from 675 square feet to 1,351 square feet, with rents starting at $1,769 per month. The units feature plank-style flooring, stainless steel appliances, quartz countertops, private patios or balconies, walk-in closets and in-unit washers/dryers. Community amenities include a clubhouse with communal kitchen, dining area and hospitality bar; fitness center with state-of-the-art equipment and a private studio for on-demand spin classes and training; private game room; business center; and conference room. Outdoor amenities include a resort-style pool and spa, outdoor kitchen, dining area, grilling stations, a fire pit lounge, basketball court and playground. The pet-friendly property also features a pet washroom and dog park. Mission Rock manages the community.

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1115-Logan-St-Denver-CO

DENVER — NorthPeak Commercial Advisors has arranged the sale of a residential property located at 1115 Logan St. in Denver’s Capitol Hill neighborhood. The property traded for $6.2 million, or $221,428 per unit. Situated in the Capitol Hill neighborhood, the 14,415-square-foot property features 28 multifamily units. Greg Johnson and Conner Piretti of NorthPeak Commercial Advisors represented the undisclosed seller, while Justin Brockman and Chris Student of The Brockman Group represented the buyer in the deal.

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CHICAGO — McHugh Construction has topped off 1000M, a 73-story luxury apartment tower located at 1000 S. Michigan Ave. in Chicago’s Grant Park. McHugh Concrete poured the final concrete floor and completed the roof this month. Upon completion in 2024, 1000M will be one of the city’s tallest apartment buildings. The next phase of construction includes managing the glass façade installation and interior build-out. Apartments will be delivered in phases throughout 2024. There will be 738 units, ranging in size from studios to four-bedroom penthouses. Residents will have access to more than 80,000 square feet of indoor and outdoor amenity spaces, including Chicago’s highest rooftop observation deck to be located on the 73rd floor. Time Equities Inc., JK Equities and Oak Capitals are the developers, and the late Helmut Jahn designed the property. Chicago-based interior designer Kara Mann designed the unit and amenity area interiors. Cullen Construction Management is the owner’s representative.

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CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.

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SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.

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