Multifamily

Coral Rock to Develop 342-Unit Card Sound Key Apartments in Metro Miami

by John Nelson February 6, 2023

FLORIDA CITY, FLA. — Coral Rock Development Group has unveiled plans for Card Sound Key Apartments, a 342-unit multifamily community to be developed at 35800 S. Dixie Highway in Florida City, roughly 35 miles southwest of Miami. Upon completion, the development will comprise six four-story buildings, with units in one-, two- and three-bedroom layouts. Twenty percent of the units will be reserved for workforce housing, with the other 80 percent rented at market rates. Amenities at the community will include a Vita Course with several workout stations, a pool, barbecue area, two-story clubhouse, dog park, children’s playground and pickleball court. Construction of the project, which is designed by Pascual, Perez, Kiliddjian, Starr & Associates, is scheduled to begin in the first quarter of 2024. Completion is expected in early 2025.

February 6, 2023

Development Loans Maryland Multifamily Southeast

UC Funds Provides $20M Loan for Multifamily Development Near Annapolis

by John Nelson February 6, 2023

ANNAPOLIS, MD. — UC Funds has provided a $20 million first mortgage for a multifamily project located in the Washington, D.C.-Baltimore market near Annapolis. Upon completion, the development will feature 60 units and 19,000 square feet of retail space. Further details on the project and construction timeline were not disclosed.

February 6, 2023

The-District-at-1515-Parsippany-New-Jersey

Development Multifamily New Jersey Northeast

Partnership to Develop 498-Unit Multifamily Project in Parsippany, New Jersey

by Taylor Williams February 6, 2023

PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit multifamily project in the Northern New Jersey community of Parsippany. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast casual restaurants, as well as fitness users and soft goods merchandisers. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. Completion is slated for early 2025.

February 6, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.2M Sale of Apartment Building in Chicago

by Kristin Harlow February 6, 2023

CHICAGO — Interra Realty has arranged the sale of a 42-unit apartment building located at 4070 N. Kenmore Ave. in Chicago’s Buena Park neighborhood for $5.2 million. All of the units are studios and were recently renovated. Originally constructed in 1929, the property was fully occupied at the time of sale. Joe Smazal of Interra represented the private local seller as well as the buyer, a local private investor. As part of the transaction, the buyer assumed the existing loan on the asset.

February 6, 2023

Development Multifamily New Jersey Northeast

Accurate Begins Leasing 105-Unit Apartment Complex in Bound Brook, New Jersey

by Taylor Williams February 6, 2023

BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio

February 6, 2023

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Brokers $2.4M Sale of Campus Cottages Apartments in Hattiesburg, Mississippi

by John Nelson February 3, 2023

HATTIESBURG, MISS. — Marcus & Millichap has brokered the sale of Campus Cottages, a 44-unit apartment community located at 119 North 35th St. in Hattiesburg, less than a half-mile from the University of Southern Mississippi. Built in 1967, the community features apartments in one- and two-bedroom layouts. Andrew Jacobs, Josh Jacobs and Royce Emerson of Marcus & Millichap represented the undisclosed seller in the $2.4 million transaction. The buyer was also not disclosed.

February 3, 2023

Development Multifamily Texas

Sueba USA to Develop 292-Unit Multifamily Project in West Houston

by Taylor Williams February 3, 2023

HOUSTON — Locally based developer Sueba USA will build San Paseo, a 292-unit multifamily project that will be located just off Grand Parkway in West Houston. The community will offer 272 apartments in studio, one-, two- and three-bedroom floor plans, as well as 20 townhomes. Apartments will range in size 496 to 2,088 square feet and will feature stainless steel appliances, tile backsplashes and full-size washers and dryers. Private patios/balconies will also be available in select units. Townhomes will come in three-bedroom formats and will feature attached garages. Amenities will include a pool, spa, fitness center and an internet café. Construction will begin later this year, with preleasing set to commence in March 2024.

February 3, 2023

Acquisitions Midwest Multifamily Wisconsin

CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Metro Milwaukee

by Kristin Harlow February 3, 2023

MILWAUKEE — CBRE has arranged the sale of an 11-property multifamily portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a family-owned investment and property management firm established in Milwaukee in 1932. Katz Properties was the buyer.

February 3, 2023

Development Loans Multifamily New York Northeast

Northwind Group Provides $313M in Financing for Completion of Manhattan Residential Tower

by Taylor Williams February 3, 2023

NEW YORK CITY — Northwind Group, a locally based private equity firm, has provided $313 million in financing for the completion of an 88-story residential tower located at 125 Greenwich St. in Manhattan. Vertical construction of the tower was completed in 2020, but progress has since stalled. Residences will come in studio, one-, two- and three-bedroom floor plans, and the 912-foot building will have multiple floors dedicated to lifestyle and wellness amenities. The borrower, a joint venture between Fortress Investment Group, Bizzi & Partners and the U.S. Immigration Fund, plans to rebrand the building and launch condo sales this fall. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop arranged the financing.

February 3, 2023

Development Loans Multifamily Washington Western

First Citizens Bank Arranges $65.7M in Development Financing for Sparks Apartments in Redmond, Washington

by Amy Works February 3, 2023

REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond. The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center. The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.

February 3, 2023

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