Multifamily

Continuum, Clarion Receive $130M Refinancing for Market Station Mixed-Use Project in Denver

by Amy Works May 13, 2022

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

May 13, 2022

Development South Carolina Southeast Student Housing Top Stories

Core Spaces, Tom Winkopp Development Plan 4,000-Bed Clemson Student Village at The Pier

by Jeff Shaw May 13, 2022

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

May 13, 2022

Florida Loans Multifamily Southeast

Dwight Mortgage Trust Provides $55M Refinancing for Stellar at Emerald Hills Apartments in Fort Lauderdale

by John Nelson May 12, 2022

FORT LAUDERDALE, FLA. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $55 million bridge refinance loan for The Stellar at Emerald Hills, a 197-unit apartment community in Fort Lauderdale. The 24-month loan featured two six-month extension options. The borrower was not disclosed. Delivered in the first quarter of this year, the gated property is situated on 7.2 acres and consists of three three-story buildings spanning approximately 567,000 square feet. The community is near several golf courses, shopping and dining destinations, Dania Beach and Interstate 95, giving tenants access to major employers like American Airlines and Publix Super Markets. The Stellar at Emerald Hills includes in-unit washers and dryers, private balconies and bay windows. Common area amenities include a clubhouse, fitness center with a yoga and spin studio, pet play area, pet washing station and a pool. The property is certified National Green Building Standard (NGBS) and includes green, smart features such as EV car charging stations and energy-efficient gas appliances.

May 12, 2022

Development Multifamily Texas

Rosewood Property Breaks Ground on 326-Unit Multifamily Project in Plano

by Taylor Williams May 12, 2022

PLANO, TEXAS — Dallas-based Rosewood Property Co. has broken ground on a 326-unit multifamily project in Plano. The property, which has yet to be branded, will sit on a 4.3-acre site at 601 Belpree Drive. Amenities will include a pool, fitness center, courtyard, coworking lounge and a golf simulator. Rosewood has partnered with MetLife Investment Management on the project, which will be located within the 156-acre Heritage Creekside mixed-use development. Other project partners include architecture firm Hensley, Lamkin, Rachel Inc. and Provident General Contractors. Veritex Bank provided construction financing. Leasing is scheduled to begin in fall 2023 will full completion slated for 2024.

May 12, 2022

Development Multifamily Texas

Hillwood Begins Leasing 322-Unit Apartment Community in Little Elm, Texas

by Taylor Williams May 12, 2022

LITTLE ELM, TEXAS — Locally based developer Hillwood has begun leasing Union House, a 322-unit apartment community in Little Elm, located in Denton County. Units are available in one-, two- and three-bedroom floor plans and range in size from 613 to 1,489 square feet. Residences also feature stainless steel appliances, built-in desks and private patios. Amenities include a pool, 24-hour fitness center, two dog parks and coworking space with private offices and a conference room. HEDK Architects designed Union House, which will officially open on Monday, May 16. Full completion of the project is slated for the fall. Monthly rents start at in the $1,300s for a one-bedroom unit.

May 12, 2022

Development Illinois Midwest Multifamily

Atlantic Residential, Focus Convert Vacant Sears Store in Illinois into 304 Luxury Apartments

by Kristin Harlow May 12, 2022

AURORA, ILL. — Atlantic Residential and Focus are converting a vacant Sears store and parking lot at Fox Valley Mall in Aurora into a 304-luxury apartment complex named Lumen Fox Valley. Evanston, Ill.-based Morgante Wilson Architects Ltd. is handling the design of the interiors, including all common areas and amenities. Lumen Fox Valley will feature studios to three-bedroom floor plans and amenities such as a two-story lounge, private dining room, game room, fitness center, yoga studio and outdoor pool. The project team includes architects Torti Gallas + Partners and HKM Architects + Planners as well as general contractor Focus. USAA Real Estate provided project financing. Completion is slated for this fall.

May 12, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

JLL Arranges $19.5M Acquisition Financing for Metro D.C. Affordable Housing Community

by John Nelson May 12, 2022

LEXINGTON PARK, MD. — JLL Capital Markets has arranged a $19.5 million acquisition loan for River Bay Townhomes, a 173-unit affordable housing community in Lexington Park. JLL arranged the floating-rate loan through Sound Point Capital Management on behalf of the borrower, Linden Property Group. Developed using Low-Income Housing Tax Credits (LIHTC) in 2004 and 2005, River Bay Townhomes consists of three-bedroom, two-bath units an average square footage of 1,291, making them some of the largest units available in metropolitan Washington, D.C., according to JLL. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of the area median income (AMI). Situated at 48100 Baywoods Drive, the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes multiple military bases and defense contractors, St. Mary’s College of Maryland and the University of Southern Maryland.

May 12, 2022

Acquisitions Michigan Midwest Multifamily

Mno-Bmadsen Acquires Ownership Stake in Michigan’s City Center Lofts

by Kristin Harlow May 12, 2022

BENTON HARBOR, MICH. — Mno-Bmadsen, the independent, non-gaming investment entity of the Pokagon Band of Potawatomi Indians, has acquired a 50 percent stake in City Center Lofts in downtown Benton Harbor, a city in Southwest Michigan. Cressy Commercial Real Estate sold the stake for an undisclosed price and will retain a 50 percent stake in the property. Originally constructed in the 1880s, City Center Lofts sits on the corner of Main and Pipestone streets. The two-story, 20,000-square-foot building is home to 16 apartments and two commercial spaces. All the apartment units are occupied, and one commercial space is available for lease. Cressy rehabilitated City Center Lofts last year in partnership with the Michigan Economic Development Corp. and the Benton Harbor City Council. Mno-Bmadsen is diversifying its real estate portfolio, which is known as Redtail Properties. The entity is also investing in local communities and land that has historical significance to the Pokagon Band of Potawatomi, which is a federally recognized Indian tribe located in Southwest Michigan and Northwest Indiana. The tribe owns more than 6,000 acres of land in Michigan and Indiana. Mno-Bmadsen is derived from the Pokagon phrase for “the good path.”

May 12, 2022

Acquisitions Multifamily Texas

TruAmerica Multifamily Acquires 230-Unit Cannon Oaks Apartments in Austin

by Taylor Williams May 12, 2022

AUSTIN, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has acquired Cannon Oaks, a 230-unit apartment community in Austin. Built in 2003, Cannon Oaks offers a mix of two-, three- and four- bedroom apartments averaging roughly 1,000 square feet. The amenity package comprises a pool, fitness center, clubhouse and a children’s play area. TruAmerica plans to renovate interior units with new quartz countertops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry and upgraded lighting and plumbing fixtures. The seller and sales price were not disclosed.

May 12, 2022

Acquisitions Multifamily New Jersey Northeast

Landmark Cos. Acquires Multifamily Property in Netcong, New Jersey, for $44.5M

by Taylor Williams May 12, 2022

NETCONG, N.J. — Landmark Cos. LLC has acquired a 126-unit multifamily property located at 34 Bank St. in the Northern New Jersey community of Netcong for $44.5 million. The newly constructed, transit-served community offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and vinyl wood plank flooring. Amenities include grilling stations, fire pits, a clubhouse and fitness center. Eric Johnson of NAI DiLeo-Bram represented Landmark Cos. in the transaction. The seller was not disclosed.

May 12, 2022

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