Multifamily

Mews-at-Annandale-New-Jersey

In a fast-paced, post-pandemic world, the amenities and services that renters expect in multifamily communities are constantly changing. Owners and managers must anticipate what residents will ask for next in order to stay competitive. Predicting What Residents Want There is no crystal ball that allows multifamily owners to foresee what amenities and services future residents will seek when searching for a new home, but there are a few ways in which developers and managers can make sure they’re keeping up with the trends. Although focused on a different customer, sectors such as office and hotel are often ahead of the curve when it comes to meeting the shifting demands of their clientele. Multifamily owners and operators should keep a close eye on what industry leaders in these sectors are doing, such as installing pickleball courts and providing open workspaces and find ways to duplicate those experiences at their own communities. These specific examples have helped Morgan Properties to provide residents with the balance they seek — an active lifestyle that supports the new normal of work from home life. For example, in response to resident demand, we recently began installing outdoor fitness equipment that focuses on body weight and gravity …

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Edgemere-Dallas

DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. Bay 9 plans to install a new operator, Long Hill at Edgemere LLC, a wholly owned subsidiary of United Methodist Homes (UMH). The initial phase of development opened in 2001. The asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022.

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HERNDON, VA. — Brightview Senior Living has opened Dulles Corner in Herndon, a Washington, D.C. suburb near Dulles International Airport. Dulles Corner offers 196 units of independent living, assisted living and memory care. The development marks Brightview’s 46th community and its third in Fairfax County. The property is the seniors housing component of Innovation Center Station, a $1 billion mixed-use development by Penzance that will also feature offices, residences, a hotel, shops, restaurants and parks.

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CHICAGO — McHugh Construction and its joint venture partner Brown & Momen have completed construction of 508 Pershing at Oakwood Shores, a $24.3 million affordable housing development in Chicago’s Bronzeville neighborhood. The project rises four stories with 53 units. The Community Builders was the developer for the project, which is part of the larger Oakwood Shores. The 55,000-square-foot building was constructed on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. Of the 53 units, 36 are financed through the Low-Income Housing Tax Credit program and are designated for households earning up to 80 percent of the area median income. The remaining 17 units are market rate. National Affordable Housing Trust provided funding in partnership with UnitedHealth Group. Nia Architects and Antunovich Associates designed the project.

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CRESTVIEW, FLA. — Housing Trust Group (HTG) and nonprofit AM Affordable Housing have broken ground on Princeton Grove, an affordable housing development in Crestview catered to seniors aged 62 and older. Located at 475 Aplin Road, the community will comprise four stories with a mix of one- and two-bedroom units. Apartments, which will be reserved for residents who earn at or below 22, 30 and 60 percent of area median income (AMI), will range in cost from $363 to $1,188 per month. Five units have been committed for veterans who meet the household income and age criteria. Amenities will include a clubhouse, fitness center, pickleball court, putting green, media room with computer stations, swimming pool and a dog park. Funding sources for the $23.5 million project, which is scheduled for completion next fall, include a $14 million construction loan from Truist Bank, $9.1 million in 4 percent Low Income Housing Tax Credit (LIHTC) equity syndicated through Truist Community Capital and three additional loans from the Florida Housing Finance Corp. Grandbridge Real Estate Capital additionally provided a $7.5 million Freddie Mac loan. Bayern Construction is the general contractor on the project, with PQH Group acting as architect and interior designer and …

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STROUDSBURG, PA. — Regional brokerage firm Scope Commercial Real Estate Services has arranged the $4.3 million sale of Bridge Street Apartments, a 52-unit affordable housing complex in the Lehigh Valley community of Stroudsburg. The eight-building, garden-style complex originally opened in 2000 and exclusively offers four-bedroom units. A national multifamily investment firm sold the asset to a regional buyer, with both parties requesting anonymity. Jonathan Massaro of Scope Commercial brokered the deal.

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ATLANTA AND CHARLOTTE, N.C. — Carter has plans to develop two apartment communities in Atlanta and Charlotte under its Story brand. Patterson Real Estate Advisory Group arranged construction financing through Truist for Story Mt. Zion on Atlanta’s south side and South State Bank for Story University North on Charlotte’s north side. The projects represent the sixth and seventh Story communities that Carter is developing in the Southeast. Summit Contracting Group is developing both properties, which will feature one-, two- and three-bedroom layouts and comprise 300 to 330 apartments. The construction timelines for the communities were not disclosed.

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Coral-Hills-Apartments-Houston

HOUSTON — Envolve Communities, an Alabama-based multifamily owner-operator, has received $24.8 million in financing for the acquisition and rehabilitation of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. Built in 1973, the property consists of 16 two-story buildings that house one- and two-bedroom units that are reserved for households earning 30, 50 or 60 percent or less of the area median income. The financing includes $14.6 million in Low-Income Housing Tax Credit equity, which was provided by Hunt Capital Partners, as well as $11.8 million in construction financing from M1 Bank. Bellwether Enterprise Real Estate Capital also provided a $6.7 million permanent loan.

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ANAHEIM, CALIF. — A joint venture between MBK Rental Living and Haseko Corp. has started construction of the 315-unit Zia multifamily community in Anaheim.  Located at 1600 W. Lincoln Ave., the development will feature luxury interior finishes and sustainable elements, including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows.  Zia will offer studio to three-bedroom floorplans ranging from 600 to 1,900 square feet. The grand opening is scheduled for mid-2024.

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