Multifamily

Anthem Development Receives $63M in Financing for Multifamily Project in Metro Dallas

by Taylor Williams February 1, 2023

GARLAND, TEXAS — Dallas-based Anthem Development has received $63 million in construction debt and joint venture equity for a 340-unit multifamily project in Garland, a northeastern suburb of Dallas. The community, named Lofts iThirty, will consist of five four-story buildings with two pools, two fitness centers, a pet park, coffee bar, game room and outdoor kitchens. Construction is set to begin this summer and to be complete in 2025. Los Angeles-based Nova Capital arranged the financing through Bank OZK and secured an undisclosed, institutional investment firm as the joint venture equity partner.

February 1, 2023

Development Multifamily Student Housing Utah Western

Utah Tech University to Break Ground on 564-Bed Campus View Suites Residence Hall

by Amy Works February 1, 2023

ST. GEORGE, UTAH — Utah Tech University is set to break ground on the 564-bed third phase of its Campus View Suites residence hall project in St. George. Set to open in fall 2024, the final phase of the development will span 164,600 square feet. Shared amenities will include a fitness room; multipurpose room; laundry facilities, common kitchens and living rooms on each floor; indoor bike storage; game room; grocery store stocked with fresh fruit, vegetables and dairy; private and shared study rooms; and housing staff offices. The 352-bed first phase of development was delivered in fall 2016. The second phase of the project was completed in fall 2021 and offers 534 beds. The development team for Phase III includes DFCM, Layton Construction and Method Studio.

February 1, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE Investment Management Acquires 226-Unit Madison Place Apartments in Charlotte

by John Nelson February 1, 2023

CHARLOTTE, N.C. — CBRE Investment Management has acquired Madison Place, a 226-unit apartment community located at 3125 Furr Court in Charlotte. The firm purchased the newly constructed property on behalf of a separate account client. The seller and sales price were not disclosed. Madison Place is a multifamily component within Berewick, a 1,070-acre master-planned community in southwest Charlotte. The property includes one-, two- and three-bedroom units, as well as amenities including a saltwater pool with a tanning deck, fitness studio, clubroom, pet grooming spa, outdoor kitchen, grilling areas and a fire pit.

February 1, 2023

Development Multifamily Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Buy Land for 310-Unit Project in Metro Philadelphia

by Taylor Williams February 1, 2023

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to begin in February and to be complete in late 2024.

February 1, 2023

Affordable Housing Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $10M Permanent Loan for Affordable Housing Complex in Union, New Jersey

by Taylor Williams February 1, 2023

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox has arranged a $10 million permanent loan for an 88-unit affordable housing complex in the Northern New Jersey community of Union. The two-building complex is situated within the Vermella Union mixed-use development. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, an affiliate of Russo Development. The direct lender was not disclosed.

February 1, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $5.1M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams February 1, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $5.1 million sale of a 42-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 17 Summit St. was originally constructed in 1926 and offers 35 one-bedroom units and seven two-bedroom residences. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

February 1, 2023

Affordable Housing District of Columbia Market Reports Maryland Multifamily Southeast Southeast Market Reports Virginia

More Affordable Housing Options Needed in Greater D.C. Region, Says Fossi of Enterprise Community Development

by John Nelson February 1, 2023

WASHINGTON, D.C. — In 2019, the Metropolitan Washington Council of Governments issued a report stating that the D.C. region — comprising the city, Northern Virginia and suburban Maryland — needed to add 320,000 more housing units between 2020 and 2030, and that at least 75 percent of this new housing should be affordable to low- and medium-income households. Rob Fossi, senior vice president of real estate development at Enterprise Community Development, says the figure has only climbed in recent years due to macroeconomic and local challenges. “In the three years since that report was issued, this demand has only intensified while supply chain interruptions, interest rate spikes and competing resource challenges precipitated by the COVID-19 pandemic have all been challenges to maintain pace,” says Fossi. Enterprise Community Development, an affiliate of Enterprise Community Partners, is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic with a portfolio spanning about 13,000 apartments that house more than 22,000 residents. The firm is actively developing and preserving affordable housing across the region in order to address the demand, which Fossi says shows no signs of abating anytime soon. “There is little doubt that the demand for quality affordable housing will …

February 1, 2023

Affordable Housing Development Features Multifamily Southeast Feature Archive

City Leaders, Private Sector Need to Safeguard Affordability for Legacy Residents

by Jeff Shaw January 31, 2023

— By Dennis Richards Jr., Atlanta BeltLine Inc. — Rapid development of Class A apartments across major U.S. cities has left many community leaders struggling to create affordable housing for its citizens. Atlanta is no exception. City leaders recognize the demand for new housing supply, but they know that once new developments are delivered to areas in and around formerly underserved and underinvested neighborhoods, long-time residents are at greater risk of displacement due to rising rents or rising tax assessments. As we look to the future, it’s imperative that development projects advance equitably. Here in Atlanta, Mayor Andre Dickens pledged about $59 million from the city and in May assembled the Affordable Housing Strike Force, a task force comprised of leaders from government and nonprofit sectors. The group’s goal is to build and preserve 20,000 affordable housing units while also preventing the displacement of city residents. According to the city of Atlanta, 1,739 affordable units have been built and 3,940 are under construction since the mayor issued this mandate. Executing the Vision The Atlanta BeltLine Inc. (ABI) is the agency responsible for developing the Atlanta BeltLine, a 22-mile, multiuse trail that runs through the core of the city. This project includes programming …

January 31, 2023

Development Multifamily Southeast Tennessee

Capital Square to Break Ground on 348-Unit Apartment Community in Knoxville, Tennessee

by John Nelson January 31, 2023

KNOXVILLE, TENN. — Capital Square plans to break ground soon on Livano Knoxville, a 348-unit apartment community in south Knoxville. To fund the $116 million development, the firm is launching CSRA Opportunity Zone Fund VIII LLC, a project-specific opportunity zone fund that seeks to raise $46.7 million in equity from accredited investors. Capital Square has previously secured a $70.4 million construction loan from Truist Bank, as well as a $6.5 million commitment from the City of Knoxville due to the project including 35 workforce housing apartments, which will be affordable to households earning 80 percent of the area median income. Capital Square has also formed a joint venture with LIV Development for the project. Situated at 451 W. Blount Ave. adjacent to University of Tennessee’s Neyland Stadium, Livano Knoxville will include studio, one-, two- and three-bedroom apartments averaging approximately 930 square feet. The development team, including general contractor Southern Building Group Inc., plans to break ground on the community in February.

January 31, 2023

Loans Multifamily Washington Western

Marcus & Millichap Arranges $4.1M Acquisition Loan for Powerhouse Villas in Yakima, Washington

by Amy Works January 31, 2023

YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.

January 31, 2023

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