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Multifamily

DevelopmentFloridaSoutheastStudent Housing

Landmark, Atlantic American Partners Break Ground on 702-Bed Student Housing Project Near FSU

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has broken ground on The Metropolitan at Tallahassee, a 702-bed student housing development near Florida State University. The community will be located at 1701 W. Pensacola St. near the university’s Doak S. Campbell Stadium. The development is set to offer two- to four-bedroom, fully furnished units. Shared amenities will include an outdoor putting green, 24-hour study lounge, computer lab, fitness center, resort-style swimming pool and a grilling area. Landmark Construction will serve as the general contractor for the project, which is scheduled for completion in August 2024.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Negotiates $8.7M Sale of Harlem Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $8.7 million sale of a 56-unit apartment building in Harlem. The six-story building was originally constructed in 1909. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, a private investor, and the seller, an entity doing business as 610 Realty Associates LLC, in the transaction. The deal traded at a cap rate of 4.8 percent.

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DevelopmentIllinoisMidwestMultifamily

Sterling Bay Breaks Ground on $155.6M Apartment Development in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Sterling Bay has broken ground on 225 N Elizabeth, a $155.6 million apartment development in Chicago’s Fulton Market district. The developer received $91.7 million in construction financing from Citizens and Old National Bank. The 28-story building will feature 350 units, 20 percent of which will be designated as affordable housing. Plans also call for roughly 9,000 square feet of retail space, 95 parking spaces and indoor and outdoor amenities on the third and top floors of the building. Sterling Bay is developing the project in partnership with Ascentris, a Denver-based private equity firm. Chicago-based McHugh Construction is the general contractor and Hartshorne Plunkard is the lead architect. Completion is slated for the second quarter of 2024.

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AcquisitionsIllinoisMidwestMultifamilyNorthmarq

Northmarq Arranges $45M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — Northmarq has arranged the sale of Prairie Vista Apartments in Peoria for $45 million. Built in 2006, the 304-unit multifamily property features 38 buildings as well as a clubhouse, pool house and garages. The units are nearly fully occupied. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq brokered the sale. Dan Baker of Northmarq originated a $27 million Freddie Mac acquisition loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. California-based Prairie Vista SPE Owner LLC was the buyer.

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AcquisitionsMidwestMinnesotaMultifamily

Monument Capital Management Acquires 192-Unit Apartment Community in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Talus in Plymouth, just west of Minneapolis. The purchase price was undisclosed. The 192-unit apartment community was built in 1974. Floor plans range from 800 to 1,100 square feet. Amenities include a dog area, walking paths, fitness center, outdoor pool, indoor heated pool, laundry centers, underground heated parking and a newly renovated clubhouse. Monument plans to upgrade units and amenities. Ted Abramson of CBRE represented the seller, Curtis Capital Group. This property is the first acquisition for Monument’s newly launched fund, Monument Opportunity Fund V. Monument now owns or manages eight communities in the Minneapolis market totaling more than 1,000 units.

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Multifamily Rent Growth Hugh Cobb Asset Living
Content PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWestern

Asset Living: What’s Fueling Apartment Rent Growth?

by Sarah Daniels

As the commercial real estate market adjusts to how much of an effect higher interest rates will have on investment sales and property values, the rental housing sector continues to witness robust resident demand and rent growth as home ownership has become even more difficult for first-time buyers. According to a recent report by the National Multifamily Council (NMHC) and the National Apartment Association (NAA), by 2035 the U.S. needs to build 4.3 million new residential rentals to meet housing needs amid shifting demographics, the existing shortage and the loss of 4.7 million affordable units with monthly rental rates of $1,000 or less, the organizations report. “We’re just not seeing enough new apartments being built, and as a result, we’re seeing significant demand in the rental housing market,” says Hugh Cobb, a principal of Asset Living, one of the nation’s largest property managers of multifamily, affordable, student, active adult, single-family rentals and build-to-rent housing. “Because we’re seeing a decrease in demand in the single-family sales market due to higher mortgage rates, people are staying in apartments longer. And as their families grow, they’re looking for alternative rental housing, such as the build-to-rent space,” says Hugh Cobb. “Through our proprietary data …

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Market ReportsMidwestMidwest Market ReportsMissouriMultifamily

Metro St. Louis Multifamily Market Caters to Aging Population

by Kristin Harlow

By Dan Thies, Sansone Group We are more than halfway through the year and the multifamily market in the St. Louis metropolitan area continues to grow. As of the first quarter, there were 5,112 multifamily units under construction in the metropolitan area. So far, the rise in interest rates and the increase in construction costs has not dampened the enthusiasm of investors and developers for constructing new units in this market. Vacancy rates continue to stay low and lease rates continue to increase. As long as these market conditions continue, developers are going to bring new units to market. The new units being built will reflect new design features, which many developers are implementing in their communities.  One of the many design trends taking place across the country and in the St. Louis area addresses the rise in the older population becoming renters. Many members of the baby boomer generation are looking to sell their suburban homes to downsize into smaller, more practical spaces. Their children have moved out of the home, and they no longer need all the space or maintenance of a home. They want to pull the equity out of their home and place it in a …

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BLIS-Apts-Bainbridge-Island-WA
AcquisitionsMultifamilyWashingtonWestern

Newmark Arranges $65.5M Sale of BLIS Apartments in Bainbridge Island, Washington

by Amy Works

BAINBRIDGE ISLAND, WASH. — Newmark has negotiated the sale of BLIS Apartments, a multifamily property located on Bainbridge Island, just across Elliot Bay from Seattle. Sound West Group sold the asset to Cairn West for $65.5 million. Marty Leith of Newmark represented the seller in the deal. Located at 747 Hanami Lane LE, BLIS Apartments features 114 residences comprising 107 apartments and seven loft townhomes. Units offer large laundry rooms, luxury vinyl plank flooring, quartz countertops, USB wall chargers, stainless steel appliances, undermount sinks and walk-in closets. Built in 2019 on 1.4 acres, the community features a courtyard terrace, controlled entry access, fitness center, grilling stations, rooftop deck, electric vehicle charging stations, community spaces and a conference room.

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Arranges Sale of 336-Unit Multifamily Property in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of Island Villas, a 336-unit multifamily property in Corpus Christi. The property was built in 2008 and features a pool, billiards room, fitness center, package room and a pet play area. Moses Siller of Northmarq represented the buyer and seller, both of which requested anonymity, in the transaction. Bryan Mummaw, Brandon Harrington, Bryan Liu and Tyler Woodard, also with Northmarq, originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The financing was structured with a 10-year term and seven years of interest-only payments followed by a 30-year amortization schedule.

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LoansLumentMultifamilyTexas

Lument Provides $15.4M Acquisition Loan for Denton Apartment Complex

by Taylor Williams

DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.  

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