COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.
GREENVILLE, S.C. — Monument Capital Management, an A-Rod Corp. company, has sold Park West Apartments in Greenville. Tai Cohen of Cushman & Wakefield represented the seller in the $39 million transaction. The buyer was not disclosed. Located on 20 acres at 357 Hillandale Road, the 359-unit Park West Apartments comprises 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Monument Capital Management originally purchased the community in 2016 and immediately upgraded unit interiors, amenities and common areas.
By John Stark, Popp Hutcheson Student housing valuation is often saddled by two common units of comparison that multiply the opportunities for confusion and disagreement in appraising value for property taxation. For a more convincing property tax appeal, it is important for the taxpayer to ensure their property’s valuations line up on both a per-square-foot and a per-bed basis. This article will discuss the importance of a proper unit mix and rent roll analysis to reconcile values between these units of comparison. We will also discuss current trends in student housing, including free services and concessions designed to boost occupancy, that should be accounted for in an income analysis to make sure appraisal districts do not overvalue the real estate. Price Per Square Foot vs. Price Per Bed Although student housing owners typically lease their properties by the bed and calculate investment value by that metric, many appraisal districts value student housing on a price per-square-foot basis. This can lead to errors in an assessor’s potential gross income assumptions. Further exacerbating overvaluations, many appraisal districts do not distinguish lease-per-bed student housing from traditional, lease-per-unit multifamily apartments. This failure to differentiate leads to erroneous assumptions of market rents and cap rates. …
CHANDLER, ARIZ. — Berkadia Institutional Solutions has arranged the sale of 2150 Arizona South, an apartment community located at 2150 S. Arizona Ave. in Chandler. San Diego-based MG Properties acquired the asset from an undisclosed seller for $107 million. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Charles Christensen of Berkadia Irvine secured $58 million in permanent acquisition financing for the buyer. The 10-year loan was financed through Fannie Mae. Built in 2001, 2150 Arizona South features 289 one-, two- and three-bedroom apartments with an average unit size of 994 square feet. Community amenities include two swimming pools and spas, a fitness center, clubhouse, detached garages, barbecue area, playgrounds, a theater, game room and dog park.
LAKE ELSINORE, CALIF. — Northmarq has brokered the sale of River’s Edge Apartments, a multifamily community located at 2088 E. Lakeshore Drive in Lake Elsinore. Weidner Apartment Homes sold the asset to an entity of Atlantic Pacific Cos. for $64.5 million. Built in 2007, River’s Edge Apartments features 184 apartments. Kyle Pinkalla of Northmarq’s San Diego investment sales team represented the buyer and seller in the deal.
PORTLAND, ORE. — Dwight Capital has provided a $17.5 million HUD 223(f) loan for Everett Street Lofts, a mixed-used development in Portland. Josh Sasouness of Dwight Capital originated the transaction, and Lake Oswego-based McBride Capital was the correspondent. Built in 2021, the property features 117 apartments and three ground-floor retail spaces. Community amenities include a dog wash station, keyless security access system, indoor bicycle storage and in-unit washers/dryers. Mikiko Mochi Donuts and Concrete Treehouse Salon occupy the retail space.
DALLAS — A partnership between two multifamily developers, Chicago-based Equity Residential (NYSE: EQR) and metro Philadelphia-based Toll Brothers (NYSE: TOL) will develop three multifamily projects totaling 1,053 units in the Dallas-Fort Worth metroplex. The Settler will be a 362-unit community in Fort Worth’s River District; Remy, located within Frisco Town Square, will total 357 units; and Lyle will comprise 334 apartments that will be constructed on the north side of Dallas. Each community will feature its own parking garage and Class A amenity package. U.S. Bank is the construction lender on The Settler, and Santander Bank provided construction financing for Remy and Lyle. Construction timelines were not disclosed.
HOUSTON — Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower, an entity doing business as Broadway Park-SI LLC. Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments. Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements.
CHARLOTTE, N.C. — Portman has unveiled plans for 2161 Hawkins, a transit-oriented, mixed-use development in Charlotte’s South End. In addition to 370 apartments, the 24-story property will feature 18,700 square feet of ground-floor retail space and a plaza and greenspace that will connect 2161 Hawkins to The Line, Portman’s Class A office tower that opened earlier this year. The two towers will also be connected via a fourth-floor sky bridge. The Atlanta-based company will break ground on the 1.5-acre site for 2161 Hawkins in October, with delivery slated for third-quarter 2024. Planned community amenities include concierge service, a rooftop pool, coworking spaces, game room, climbing wall and indoor/outdoor fitness centers. Committed tenants for 2161 Hawkins’ retail space include the popular Sycamore Brewery, local restaurateur Dressler’s new concept Chapter 6, neighborhood market Savi Provisions and fitness concept GritBox Fitness. Foundry Commercial is handling leasing the retail component for 2161 Hawkins.
ATLANTA — The Radco Cos. has acquired Gibson Reynoldstown Apartments, a 205-unit midrise multifamily community located in Atlanta’s Reynoldstown neighborhood. The locally based investor has rebranded the property as Gibson by Radius, Radco’s high-end apartment brand. Robert Stickel and Alex Brown of Cushman & Wakefield brokered the transaction. The seller and sales price were not disclosed. Situated along Memorial Drive and two blocks from the Atlanta BeltLine, Gibson by Radius was delivered in August 2022. The property features a rooftop pool and poolside fire pit, as well as 1,700 square feet of retail space on the ground level. The property is currently in lease-up, according to Radco.