Multifamily

BNE Real Estate Nears Completion of 291-Unit Multifamily Project in South Amboy, New Jersey

by Taylor Williams October 18, 2021

SOUTH AMBOY, N.J. — BNE Real Estate Group is nearing completion of Station Bay, a 291-unit multifamily development in South Amboy, about 35 miles south of New York City. Located along the Raritan Bay waterfront, Station Bay will feature studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Residents will have access to a fitness center with yoga and spin studios, a coworking lounge with private meeting rooms, a game room and arcade, movie theater and a children’s play area. Outdoor amenities will include a pool, outdoor bar, private grilling dining areas and a lawn lounge. Information on starting rents was not disclosed.

October 18, 2021

Development Multifamily New York Northeast

Oxford Property, Spire Group to Develop 62-Unit Multifamily Project in The Bronx

by Taylor Williams October 18, 2021

NEW YORK CITY — Oxford Property Group and Spire Group will develop a 62-unit multifamily project at 2893-95 Valentine Ave. in the Riverdale neighborhood of The Bronx. The 12-story, 50,000-square-foot building will offer outdoor parking, a laundry room, community room and a landscaped outdoor garden area. Construction is expected to be complete in January 2024.

October 18, 2021

Florida Hospitality Loans Mixed-Use Multifamily Retail Southeast Top Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders October 15, 2021

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

October 15, 2021

California Development Multifamily Student Housing Western

Urban Catalyst Receives Approval for 850-Bed Student Housing Community Near San Jose State University

by Amy Works October 15, 2021

SAN JOSE, CALIF. — Urban Catalyst has received approval for development of The Mark, a 850-bed student housing community located one block from the San Jose State University (SJSU) campus in Northern California. Groundbreaking is expected before the end of this year with completion scheduled for fall 2024. The property will offer 200 units alongside shared amenities including open-air decks, common areas designed to promote student success and views of the SJSU campus. “Our goal is to offer students a robust off-campus experience that complements their educational experience,” says Erik Hayden, founder of Urban Catalyst. “The Mark will help address the long-term problem of an off-campus housing shortage around SJSU.” The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design and will be managed by Asset Living upon completion. The Mark is one of six projects funded through Urban Catalyst’s Fund I, which closed in December with $131 million in investments.

October 15, 2021

Acquisitions Multifamily Texas

KKR, Kairoi Residential Acquire 310-Unit Nove at Knox Apartments in Dallas

by Taylor Williams October 15, 2021

DALLAS — A partnership between global investment firm KKR and San Antonio-based development and management firm Kairoi Residential has acquired Nove at Knox, a 310-unit apartment community in the Knox-Henderson area of Dallas. The sellers, California-based KBS and Tennessee-based Southern Land Co., completed the 19-story building earlier this year. Units are furnished with floor-to-ceiling windows, luxury finishes and individual washers and dryers. The amenity package features a pool, fitness center, business center, dog park and outdoor recreation spaces. Kairoi Residential will also manage the property.

October 15, 2021

Development Multifamily Texas

Flournoy, PointOne Underway on 288-Unit Apartment Community in Lake Worth, Texas

by Taylor Williams October 15, 2021

LAKE WORTH, TEXAS — Georgia-based Flournoy Development Group and South Florida-based PointOne Holdings are underway on construction of Neuhaus, a 288-unit apartment community in Lake Worth, a northwestern suburb of Fort Worth. The property will consist of 12 three-story buildings, 48 detached garages and 48 carports on a 14.9-acre site. Amenities will include a pool, fitness center, outdoor grilling stations, clubhouse with gaming areas and multiple dog parks. HEDK is the project architect, and Strategic Construction is the general contractor. Flournoy Properties Group will manage the community. Completion is scheduled for fall 2022.

October 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Opens $25M Affordable Housing Community in Miami

by Julia Sanders October 15, 2021

MIAMI — Housing Trust Group (HTG) has opened Max’s Landing Apartments, a 76-unit affordable housing community located in the West Kendall neighborhood of Miami. The development cost was $25 million. Located at 8905 SW 169th Court, Max’s Landing Apartments is a three-story building with 56 one-bedroom, one-bath units and 20 two-bedroom, two-bath units. The property has 11,388 square feet of retail space on the ground floor, and residential units on the second and third floors. Units range in size from 688 square feet to 1,108 square feet, and feature washer and dryer hook-ups, wide plank flooring and balconies. Community amenities include an elevator, clubroom with a kitchen and lounge seating, fitness center, business and computer room, community garden, smart storage lockers, electric car charging stations and bicycle racks. Apartments at Max’s Landing are reserved for residents earning between 30 and 80 percent of area median income (AMI), with monthly rent for qualifying residents ranging from $401 to $1,443. HTG purchased the 2.7-acre site in March 2019 and broke ground on the project in Feb. 2020. Earlier this year, the developer began leasing the property, and Max’s Landing is already fully leased. The project team includes Modis Architects, HSQ Engineers and …

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

Development Midwest Missouri Multifamily

Mia Rose Holdings, Benton Homebuilders Underway on Construction of Multi-Phase Project in Suburban St. Louis

by Kristin Harlow October 15, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings and Benton Homebuilders are underway on the construction of The Prairie, a multi-phase residential project in Dardenne Prairie, about 37 miles northwest of St. Louis. The project includes five three-story apartment buildings totaling 180 units. Benton Homebuilders is constructing nine buildings consisting of 60 three-bedroom villas. One of the apartment buildings will include first-floor retail space. Property manager 2B Residential plans to begin pre-leasing the units in early 2022. Phase I of the apartments is scheduled to open in mid-2022. The project team includes general contractor Midas Construction; architects Rosemann & Associates PC and DL Design; and civil engineer Premier Design Group. Mia Rose is teaming with entrepreneur and restaurateur Jim Cook on the development.

October 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $24.5M Sale of Luxury Apartment Community in South Elgin, Illinois

by Kristin Harlow October 15, 2021

SOUTH ELGIN, ILL. — Interra Realty has brokered the $24.5 million sale of Panton Mill Station in South Elgin, about 35 miles northwest of Chicago. The 100-unit luxury apartment community is located at 355 N. La Fox St. The property was fully leased at the time of sale. Amenities include a business center, fitness center, outdoor kitchen and dog wash. Jon Morgan and David Goss of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed the building in spring 2020. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, MTA South Elgin.

October 15, 2021

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