Multifamily

Alta-Cypress-Springs-Houston

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has broken ground on Alta Cypress Springs, a 330-unit project that will be located on the northwestern outskirts of Houston. Alta Cypress Springs will feature one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Completion is slated for August 2023.

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CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.

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EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities is underway on construction of Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development will comprise one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities will include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Garden Communities plans to begin leasing Legacy Place in mid-2023.

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NEW YORK CITY — A partnership between locally based firm Quinlan Development Group and global investment group GTIS Partners will develop a 197-unit multifamily project in the Gowanus neighborhood of Brooklyn. The 17-story building will house parking and retail space and have an affordable housing component. Units will come in one- and two-bedroom formats, and amenities will include a fitness center, gaming lounge, coworking spaces and a rooftop terrace. Christopher Peck, Peter Rotchford, Nicco Lupo, Jeff Julien, Rob Hinckley, Jillian Mariutti, Phil Cadorette and Joy Ryoo of JLL arranged construction financing through Los Angeles-based CIT on behalf of the partnership.

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COATESVILLE, PA. — KeyBank has provided a $12.2 million construction loan for The Willows at Valley Run, a 60-unit affordable housing project in Coatesville, located west of Philadelphia in Chester County. The property will offer one-, two- and three-bedroom units across a trio of three-story buildings. The amenity package will consist of a fitness center, meeting room, basketball court, clubhouse, playground and a common kitchen. Eric Steinberg of KeyBank structured the financing on behalf of the developer, Ingerman Group. KeyBank also provided tax credit equity through its partnership with Enterprise Community Partners Inc. A tentative completion date was not disclosed.

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Glenn Meyer Pavlov bulk internet

Multifamily properties have witnessed a rapid expansion in Internet needs, a trend presaged by burgeoning Internet demands in student housing. Multifamily residents have increased their connection demands and are becoming increasingly sophisticated in their requirements for high-quality Internet. What can the lessons of student housing connectivity teach us about traditional multifamily trends, especially when it comes to bulk Internet? Bulk Internet approaches allow for more sophistication in multifamily properties, as demonstrated by student housing best practices. Student housing pioneered built-in networks to keep mobile devices from competing for Wi-Fi bandwidth, minimize downtime and use fiber connections to ensure speed and reliability. This style of network is becoming the gold standard for constant, heavy-duty Internet use in multi-dwelling units (MDUs). High-level connectivity is becoming an absolute necessity for multifamily properties, drawing in residents and improving their Internet-driven lifestyles. And as never-before-seen demand for bandwidth is graduating from dorm rooms to traditional apartments, well-planned multifamily Internet connections can help operators adapt gracefully. COVID’s Role in Internet Use Expansion COVID lockdowns accelerated already growing Internet requirements, which pushed Internet quality to the forefront as connectivity became increasingly important. “COVID put the spotlight on properties to make sure they had great infrastructure. The demand …

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NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.

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MIAMI — Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio Fernandez of Colliers represented the buyer. The buildings, constructed between 1970 and 1972, occupy a 1.3-acre site with a combined lot size of 57,950 square feet. Units at the properties include one- and two-bedroom layouts.

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COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.

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Alta25-Monument-CO

MONUMENT, COLO. — Thompson Thrift unveiled plans to develop Alta25, a Class A apartment property in Monument, a suburb of Colorado Springs. The 264-unit community is slated to open in 2025. Located at 16218 Jackson Creek Parkway, Alta25 will comprise eight three-story, garden-style buildings and 96 detached garages. The one-, two- and three-bedroom apartments will average 987 square feet and feature gourmet bar-kitchens with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. The units will also offer patio, balcony and private yard options. Community amenities will include a clubhouse, swimming pool, 24-hour fitness center, Amazon package hub, storage and work spaces, courtyards, grilling stations, outdoor game area, electronic firepit with seating area, dog park and pet spa with grooming station. Alta25 is adjacent to Monument Marketplace, which features more than 658,000 square feet of retail and restaurant space, and within The Village at Jackson Creek, a mixed-use project currently in development.

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