Multifamily

Rosewood Realty Brokers $33.1M Sale of Multifamily Portfolio in Memphis

by John Nelson April 21, 2023

MEMPHIS, TENN. — Rosewood Realty Group has brokered the $33.1 million sale of a three-property multifamily portfolio in Memphis totaling 802 units. Aaron Jungrels of Rosewood represented both the seller, The Chetrit Group, and the buyer, Capstone Realty and Management. The portfolio includes The Lakes at Ridgeway, a 374-unit community at 5995 Waterstone Oak Way; the 208-unit Stonegate Apartments at 4500 Stonegate Drive; and the 220-unit Reserve at Mount Moriah at 2778 Pickering Drive. Amenities at the communities include swimming pools, picnic areas with grills, dog parks, clubhouses and green spaces. Each property was built in the 1970s and comprises two stories.

April 21, 2023

Acquisitions California Multifamily Western

ABI Brokers Sale of Apartment Community in East Phoenix for $2.2M

by Jeff Shaw April 21, 2023

PHOENIX — ABI Multifamily has brokered the sale of an eight-unit apartment community in east Phoenix for $2.2 million. The complex is located at 3526 East Montecito Ave. in the Arcadia Lite District. The property recently underwent a full renovation, which included the addition of stainless steel appliances, white shaker cabinets, backsplashes, countertops and more. The exterior has been renovated with desert landscaping and the installation of private front patios and private backyards. The buyer is based out of California. The seller is local to Arizona. ABI Multifamily’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented both the buyer and seller.

April 21, 2023

Acquisitions Multifamily Texas

JLL Brokers Sale of 270-Unit Caliza Apartments in Metro Austin

by Taylor Williams April 21, 2023

CEDAR PARK, TEXAS — JLL has brokered the sale of Caliza, a 270-unit apartment community located in the northern Austin suburb of Cedar Park. Built in 2020, Caliza offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, custom cabinetry and private yards. Amenities include a pool, fitness center, outdoor pavilion and a clubhouse with a catering kitchen. Ryan McBride and Robert Arzola of JLL represented the seller, Internacional Realty, an investment firm with offices in Austin and San Antonio, in the transaction. Austin-based Virtus Real Estate Capital acquired the asset for an undisclosed price.

April 21, 2023

Development Multifamily New York Northeast

Douglaston Development Nears Completion of 938-Unit Multifamily Project in Manhattan

by Taylor Williams April 21, 2023

NEW YORK CITY — New York City-based Douglaston Development is nearing completion of 3Eleven, a 938-unit multifamily project located at 311 Eleventh Ave. in Manhattan’s West Chelsea neighborhood. The 60-story building houses 703 market-rate apartments and 235 affordable housing units, as well as 60,000 square feet of indoor and outdoor amenity space and 15,000 square feet of retail space. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances and individual washers and dryers. Amenities include an outdoor pool, multiple roof decks, a fitness center, children’s play area, multiple resident lounges, music studios and indoor and outdoor dog runs. Rents start at roughly $4,200 per month for a studio apartment.

April 21, 2023

Affordable Housing Loans Michigan Midwest Multifamily

Greystone Provides $13.9M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Property

by Kristin Harlow April 21, 2023

BATTLE CREEK, MICH. — Greystone has provided a $13.9 million HUD 223(f) loan for the refinancing of Bent Tree Apartments in Battle Creek. Constructed in 1981, the 164-unit Section 8 affordable housing property consists of one mid-rise building and 14 two-story buildings. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property. Lisa Fischman of Greystone originated the loan on behalf of the borrower, The Altman Cos. The fixed-rate loan features a 35-year term and a 35-year amortization schedule. Loan proceeds enable the borrower to make improvements to the property and monetize a portion of equity in the property.

April 21, 2023

Development Florida Multifamily Restaurant Retail Southeast Top Stories

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Features Student Housing

Rental, Occupancy Rate Growth Bring Benefits and Potential Pitfalls for Student Housing Sector

by Katie Sloan April 21, 2023

From a leasing and rental rate perspective, the outlook couldn’t be brighter in the student housing space. Yardi’s National Student Housing Report saw 96.6 percent of beds leased and an annual rent growth of 4.1 percent for the fall 2022 preleasing season at its ‘Yardi 200’ universities. These numbers are, for obvious reasons, a boon for the industry at large — particularly following several abnormal years surrounding the COVID-19 pandemic. But it isn’t all sunshine and roses where higher rental rates are concerned. Raising the price to live in your properties is a delicate balance, and while there are many inherent benefits to owners and operators, there are also a number of issues that need to be considered — chiefly as it relates to a higher level of expectations from both students and parents. Levels On The Rise The industry’s performance ahead of the fall 2022 semester was nothing short of robust, and Casey Petersen, chief operating officer of PeakMade Real Estate, anticipates rent growth going into the 2023-2024 academic year to be even stronger. “We’ve budgeted for higher rent growth this year, and based on current velocity, we expect to significantly outperform,” he says. This experience is not unique to PeakMade; …

April 21, 2023

Affordable Housing Colorado Development Loans Multifamily Western

BWE Secures $43.1M Construction Loan for Affordable Housing Development in Aurora, Colorado

by John Nelson April 20, 2023

AURORA, COLO. — Bellwether Enterprise (BWE) has secured $43.1 million to fund the new construction of 15 Sable Apartments, an affordable housing community in Aurora. Developed by DBG Properties and Featherstone Development, the community will be a four-story apartment complex situated on a walkable, transit-oriented site. BWE provided tax-exempt and taxable loans through its BWE Private Placement platform. The loan features an 18-year term with 40-year amortization schedule, and interest-only payments for the first six years from closing. Anthea Martin in BWE’s Denver office originated the loan through a private placement on behalf of the borrowers. The project was made possible through the support of the City of Aurora; a property tax abatement partnership with Aurora Housing Authority; a private activity bond allocation from Colorado Housing and Finance Authority; a subordinate loan from Colorado Department of Local Affairs Division of Housing; a tax credit equity investment from Arizona-based Affordable Housing Partners; and a sale of property by the Regional Transportation District.

April 20, 2023

Acquisitions California Multifamily Western

CBRE Brokers $6.8M Sale of Jackson Apartments in Rialto, California

by John Nelson April 20, 2023

RIALTO, CALIF. — CBRE has brokered the $6.8 million sale of Jackson Apartments, a 41-unit apartment community located at 205-242 W. Jackson St. in Rialto. Cray Carlson of CBRE represented both the buyer and seller in the transaction. Both parties requested anonymity. Built in 1971, Jackson Apartments is situated west of San Bernadino and near several employment centers, including distribution centers for Staples, Under Armour and Target, according to Apartments.com.

April 20, 2023

Development Midwest Multifamily Wisconsin

Greywolf Partners Begins Development of 258-Unit Apartment Complex in Eau Claire, Wisconsin

by Kristin Harlow April 20, 2023

EAU CLAIRE, WIS. — Greywolf Partners Inc. has begun development of Station 955, a 258-unit apartment complex in Eau Claire, a city in western Wisconsin. The project at 955 W. Clairemont Ave. is situated near both the University of Wisconsin-Eau Claire and Chippewa Valley Technical College. Station 955 will offer studio, one-, two- and three-bedroom units. Amenities will include a lounge, game area, business center, fitness center, heated underground parking and an outdoor patio with courtyards. Completion is slated for fall 2024. Eau Claire-based Royal Construction is the general contractor, JSD Professional Services is providing civil and landscaping engineering services, and JLA Architects is the project architect.

April 20, 2023

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