Multifamily

Urban Atlantic, Inlivian Secure $84M in Debt and Public Financing for Mixed-Income Project in Uptown Charlotte

by John Nelson January 19, 2023

CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category. Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant. Other capital …

January 19, 2023

Acquisitions Multifamily North Carolina Southeast

Northmarq Arranges Sale of 33-Story Ascent Uptown Apartment Tower in Charlotte

by John Nelson January 19, 2023

CHARLOTTE, N.C. — Northmarq has arranged the sale of Ascent Uptown, a 33-story apartment community comprising 300 units in Uptown Charlotte. Located at 225 S. Poplar St., the property features a rooftop pool, sky lounge, penthouse lounge with bar, private massage room, fitness center and a pet spa and grooming salon. Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Jeff Glenn of Northmarq arranged the sale on behalf of the seller, Charleston-based Greystar, which delivered the high-rise in 2017. Faron Thompson, David Vinson, Grant Harris and Jeff Erxleben of Northmarq secured acquisition financing for the property on behalf of the undisclosed borrower. The sales price and financing amount were not disclosed.

January 19, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $12.5M Acquisition Loan for Multifamily Property in Rochester, Minnesota

by Kristin Harlow January 19, 2023

ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.

January 19, 2023

Acquisitions Colorado Multifamily Student Housing Western

Amplify Development Acquires Vista Apartments Near University of Denver for $41.3M

by Amy Works January 19, 2023

DENVER — Amplify Development Co. has acquired Vista Apartments, a multifamily asset near the University of Denver, for $41.3 million. The community was developed in 2008 and offers 284 beds across 84 units. Located at 1920 S. University Blvd. in Denver, the off-campus, student-focused apartment community features fully furnished two-, three- and four-bedroom units with private bathrooms, flat-screen TVs in the living room and floor-to-ceiling windows. Onsite amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking. Amplify plans to begin an extensive renovation at the property, which will include unit updates, common area upgrades and the addition of utility infrastructure. Denver-based Capstone Management Partners will manage the asset. Jack Brett with Newmark’s student housing group represented the undisclosed seller, while Nick Steele and Tyler King with Berkadia Denver represented the buyer in the deal.

January 19, 2023

Acquisitions California Multifamily Western

IPA Negotiates $38.2M Sale of South Hills Apartments in West Covina, California

by Amy Works January 19, 2023

WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.

January 19, 2023

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges $11M Sale of Aspen Cove Apartment Community in Payson, Arizona

by Amy Works January 19, 2023

PAYSON, ARIZ. — Taylor Street Advisors has arranged the sale of Aspen Cove, a multifamily property at 801 E. Frontier St. in Payson. A local private investment group sold the asset to an out-of-state 1031 exchange buyer for $11 million, or $186,440 per unit. Built in 1984, the 59-unit property is individually metered for electricity and each unit features an individual hot water heater and full kitchens with dishwashers. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street represented the buyer and seller in the deal.

January 19, 2023

Affordable Housing Development Illinois Midwest Multifamily Top Stories

Related Midwest Underway on 43-Story Multifamily Tower in Chicago’s Fulton Market District

by Katie Sloan January 19, 2023

CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district. The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline. The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …

January 19, 2023

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 132-Unit Skilled Nursing Facility in Sherman, Texas

by Taylor Williams January 18, 2023

SHERMAN, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Homestead of Sherman, a 132-bed skilled nursing facility in Sherman, approximately 65 miles north of Dallas. The community spans 39,211 square feet and sits on five acres. A Dallas-based private partnership sold the property to a Fort Worth-based owner-operator for an undisclosed price. Matthew Alley and Ryan Saul of SLIB brokered the deal.

January 18, 2023

Acquisitions Multifamily Texas

SPI Advisory Acquires 120-Unit Park Place Apartments in Hurst, Texas

by Taylor Williams January 18, 2023

HURST, TEXAS — Texas-based investment firm SPI Advisory has acquired Park Place Apartments, a 120-unit multifamily complex located in the northern-central metroplex city of Hurst. Built in 1978, the property offers one- and two-bedroom units and amenities such as a pool, tennis court, basketball court and outdoor grilling and dining areas. The seller and sales price were not disclosed. SPI Advisory plans to implement a value-add program.

January 18, 2023

The-District-at-15fifteen-Parsippany-New-Jersey

Loans Multifamily New Jersey Northeast

New York Life Provides $146.6M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams January 18, 2023

PARSIPPANY, N.J. — New York Life has provided a $146.6 million construction loan for The District at 15fifteen, a 498-unit multifamily project that will be located in the Northern New Jersey community of Parsippany. The three-building development will include 58,866 square feet of retail space and 1,062 parking spaces. The amenity package will comprise a pool, rooftop lounge, fitness center, conference center and sport simulator rooms. John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, a joint venture between Claremont Development, Stanbery Development Group and PCCP.

January 18, 2023

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