Multifamily

Cottonwood Group Buys Two Apartment Communities in Las Vegas for $122.5M

by Amy Works November 10, 2022

LAS VEGAS — Cottonwood Group has purchased Summit on Nellis (formerly The Boulevard) and The Quinn, two apartment communities in Las Vegas, for $64 million and $58.5 million, respectively. The acquisition marks Cottonwood’s entry into the Las Vegas multifamily market. The Summit on Nellis, located at 3050 S. Nellis Blvd., features 296 units, and The Quinn, at 5500 S. Mountain Vista St., offers 237 units. For both transactions, Cottonwood partnered with experienced operators and contributed the majority of the equity. This year, Cottonwood has invested in six multifamily properties, including these two in Las Vegas.

November 10, 2022

Development Florida Multifamily Southeast

Crescent Communities, CP Capital Break Ground on 277-Unit Apartment Development in Tampa

by John Nelson November 10, 2022

TAMPA, FLA. — Crescent Communities and CP Capital US have broken ground on Novel Independence Park, a 277-unit apartment community located in Tampa’s Westshore Business District. The property will serve as the multifamily component of Independence Park, a 44-acre mixed-use development site. Units will feature stainless steel appliances, stone surface countertops and vinyl wood flooring, and amenities will include a fitness center with a private yoga and spin studio, pool deck overlooking a pond, rooftop lounge, indoor-outdoor private events space, dog park, detached garages and a pedestrian nature trail. The site is situated within walking distance to Rocky Point Golf Club, Skyway Sports Complex and the trailhead for the Skyway Park Trail. The design-build team for Novel Independence Park includes architectural firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction is serving as the general contractor. The construction timeline was not disclosed.

November 10, 2022

Development Multifamily Texas

Presidium Delivers 290-Unit Multifamily Project in Grand Prairie, Texas

by Taylor Williams November 10, 2022

GRAND PRAIRIE, TEXAS — Texas-based multifamily developer Presidium has delivered Presidium Hill Street, a 290-unit community located in the central metroplex city of Grand Prairie. Designed by Dallas-based O’Brien Architects and situated on 13 acres, Presidium Hill Street offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and various smart home features. Amenities include a pool with cabanas, business center with private coworking spaces, clubroom, fitness center, dog park and a package handling system. Rents start at $1,370 per month for a one-bedroom apartment.

November 10, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Arranges Sale of 137-Unit Maverick Oak Lawn Apartments in Dallas

by Taylor Williams November 10, 2022

DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.

November 10, 2022

Loans Michigan Midwest Multifamily

Greystone Provides $14.9M Bridge Loan for Acquisition of Multifamily Property in Ann Arbor

by Kristin Harlow November 10, 2022

ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.

November 10, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $25.9M in Financing for Affordable Housing Redevelopment in Lawrence, Massachusetts

by Taylor Williams November 10, 2022

LAWRENCE, MASS. — MassHousing has provided $25.9 million in financing for an affordable housing redevelopment project in Lawrence, a northern suburb of Boston. The project will convert a 177-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 will be rented to households earning 30 percent or less of the area median income (AMI); 58 will be reserved for renters earning up to 60 percent of AMI; and the other 17 will be rented at market rates. WinnCos. is the developer of the project. The financing package comprised a $4.6 million tax-exempt permanent loan, a $20.4 million bridge loan and $900,000 from the Capital Magnet Fund, an initiative designed to attract private capital to affordable housing projects in economically distressed areas.

November 10, 2022

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in Cambridge, Massachusetts

by Taylor Williams November 10, 2022

CAMBRIDGE, MASS. — General contractor Nauset Construction has broken ground on 605 Concord, a 49-unit multifamily project that will be located across the Charles River from Boston in Cambridge. Designed by Piatt Associates, the six-story project will include 2,500 square feet of street-level retail space. Floor plans will come in studio, one-, two- and three-bedroom formats, and 15 percent of the units will be designated as affordable housing. Completion is slated for summer 2024.

November 10, 2022

Development Florida Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Top Stories

LD&D Plans $200M Mixed-Use Development in Downtown Tampa

by Jeff Shaw November 10, 2022

TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …

November 10, 2022

Development Multifamily Texas

Legend Communities Breaks Ground on 360-Unit Residential Project in Lakeway, Texas

by Taylor Williams November 9, 2022

LAKEWAY, TEXAS — Locally based developer Legend Communities has broken ground on a 360-unit residential project in Lakeway, located northwest of Austin, that will comprise 210 age-restricted multifamily units and 150 single-family homes of various styles. The project, which will also deliver multiple pieces of new infrastructure, represents Phase I of The Square at Lohmans, a $500 million development that will include office, hospitality and retail/restaurant uses. DTJ Design provided architectural services for the project, with Carlson, Brigance & Doering Inc. serving as civil engineer. Completion of Phase I is slated for late fall 2023.

November 9, 2022

Florida Loans Multifamily Southeast

Berkadia Provides $93.6M Agency Financing for Two Multifamily Properties in Boynton Beach, Florida

by John Nelson November 9, 2022

BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.

November 9, 2022

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