Multifamily

FTK Completes $19M Rehabilitation of Fairway Village Apartments in Dallas

by Taylor Williams June 2, 2023

DALLAS — FTK Construction Services has completed the $19 million rehabilitation of Fairway Village Apartments, a 250-unit affordable housing complex in Dallas that was originally built in 1969. Benton Design Group served as the project architect, and KeyBank provided construction financing. A partnership between Denver-based investment firm Monroe Group and Steele Properties owns Fairway Village. Exterior renovations included new roofs, paint, parking lot pavement, sidewalks and perimeter fencing. Infrastructural upgrades targeted the heating and air conditioning systems, as well as the plumbing and electrical systems. Interior improvements involved updating kitchens with new appliances, cabinets and countertops; enhancing bathrooms with new vanities, toilets and tub surrounds; and adding new flooring, interior doors, windows and fixtures. Lastly, the project team delivered a new community building with a kitchen, computer lab, playground and pavilion and also renovated the leasing and management office.

June 2, 2023

Development Illinois Midwest Multifamily

Focus Completes Construction of 8o8 Luxury Apartment Tower in Downtown Chicago

by Kristin Harlow June 2, 2023

CHICAGO — General contractor Focus has completed construction of a high-rise, luxury apartment tower in downtown Chicago named 8o8. Located at 808 N. Cleveland Ave., the 23-story building features 200 apartment units, 20,000 square feet of office space and 7,500 square feet of retail space. DAC Developments and Bayview USA Holdings developed the property, which features amenities such as a pool, spa, fitness spaces, game rooms, coworking space, dog run and pet spa. Designed by Pappageorge Haymes, the project features multiple outdoor areas and 101 parking stalls. The development also features 20 affordable housing units. Monthly rents for market-rate units start at $2,175.

June 2, 2023

Development Illinois Midwest Multifamily

Wingspan Development, Tucker Development to Redevelop Office Building Site in Skokie into Multifamily Space

by Kristin Harlow June 2, 2023

SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has acquired 5400 Old Orchard Road in Skokie with plans to redevelop it into a luxury apartment project with 294 units. The site currently houses an office building, demolition of which is scheduled to begin this fall. Nicholas & Associates will serve as general contractor. Plans call for 245 apartment units and 49 rental townhomes as well as commercial space. Designed by HKM Architects + Planners, the project will feature amenities such as a courtyard, pool, lounge, fitness center and coworking stations. A timeline for completion was not provided.

June 2, 2023

Development Illinois Midwest Multifamily

McHugh Construction Completes Platform 4611 Apartment Building in Chicago’s Uptown Neighborhood

by Kristin Harlow June 2, 2023

CHICAGO — McHugh Construction has completed Platform 4611, a nine-story apartment building in Chicago’s Uptown neighborhood. The John Buck Co. and Free Market Ventures developed the project at 4611 N. Broadway St. The property features 200 apartment units and 9,000 square feet of ground-floor retail space. Designed by Pappageorge Haymes, the development features a mix of studio, one- and two-bedroom units on floors two through eight as well as two- and three-bedroom penthouse units on the top floor. Amenities include a fitness center, reservable office space and a rooftop amenity floor with coworking space, an outdoor terrace and grilling stations. The property was 43 percent occupied as of late May. Platform 4611 is a transit-oriented development located steps from the Wilson CTA train station’s Red and Purple Lines. Monthly rents start at $1,890.

June 2, 2023

Loans Multifamily New Jersey Northeast

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Development Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions, Vector Group Break Ground on 100-Unit Seniors Housing Project in Howell, New Jersey

by Taylor Williams June 2, 2023

HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.

June 2, 2023

Arizona Development Loans Mixed-Use Multifamily Top Stories Western

McBride Cohen Receives Financing for First Phase of 3.2 MSF Mixed-Use Project in Tempe, Arizona

by Jeff Shaw June 2, 2023

TEMPE, ARIZ. — The McBride Cohen Co. has received a $53.2 million mezzanine loan to develop the first phase of South Pier at Tempe Town Lake, a waterfront mixed-use project in Tempe. South Pier is a seven-phase project that will span 18 acres and 3.2 million square feet along the southern shoreline of Tempe Town Lake. The first phase of South Pier will consist of 724 multifamily units across three towers, as well as parking garage with 850 spaces, 280 spaces of surface parking and 26,500 square feet of ground-floor commercial space. Construction on the first phase began in January and is slated for completion by spring 2026. The Davis Experience is the architect for the project and Clayco is the general contractor. At full build-out, South Pier will offer 18 total buildings, including thousands of housing units, 600,000 square feet of high-rise office space, two hotels and South Pier Isle, an entertainment district providing dining, retail, night life and entertainment venues. South Pier Isle also includes the Arizona Amazing Wheel, an 80-meter-tall observation wheel. The development site is located adjacent to the main campus of Arizona State University. Pearlmark originated the mezzanine loan on behalf of Pearlmark Mezzanine Realty …

June 2, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

by Hayden Spiess June 1, 2023

CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.

June 1, 2023

Development Florida Multifamily Southeast

Crest Residential Breaks Ground on 251-Unit Multifamily Development in Palm Coast, Florida

by Hayden Spiess June 1, 2023

PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.

June 1, 2023

Development Multifamily Southeast Student Housing Tennessee

Landmark, Manulife to Develop 834-Bed Student Housing Project in Knoxville, Tennessee

by Hayden Spiess June 1, 2023

KNOXVILLE, TENN. — A joint venture between Landmark Properties and Manulife Investment Management has announced plans for an 834-bed student housing project in Knoxville, in the University of Tennessee market. Upon completion, the community will feature units in studio, one-, two-, three-, four- and five-bedroom layouts. Amenities at the property will include a rooftop pool, 24-hour study lounge, pickleball court, clubhouse, fitness center and a 25,000-square-foot courtyard with fire pits, grilling stations and hammock groves. Construction is scheduled to begin in June for a planned opening in August 2025. Landmark Construction will serve as general contractor on the project.

June 1, 2023

Newer Posts

Older Posts