Multifamily

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

California Loans Multifamily Western

PSRS Arranges $3.5M Refinancing for Riverside Apartments in California

by Amy Works April 11, 2022

RIVERSIDE, CALIF. — PSRS has arranged the $3.5 million cash-out refinancing of Riverside Apartments, a multifamily property located in Riverside. David Sarnoff of PSRS secured the 10-year, fixed-rate loan with a flexible prepayment structure. The name of the borrower was not released. Built in 1990, the wood-frame property features 32 garden-style apartments.

April 11, 2022

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

by John Nelson April 11, 2022

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale. Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River. Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students. “140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.” Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. …

April 11, 2022

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Buys 672-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams April 8, 2022

SAN MARCOS, TEXAS — Austin-based Palladius Capital Management has purchased The Heights, a 672-bed student housing community serving students at Texas State University in San Marcos, located south of the state capital. The property is located about three miles from campus, comprises 240 units and offers amenities such as a pool, fitness center, clubhouse and study lounges. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program focused on unit interiors, building exteriors and amenity spaces.

April 8, 2022

Georgia Loans Multifamily Southeast

Eastern Union Secures $83.3M Bridge Loan for Multifamily Property in Atlanta’s Vinings District

by Julia Sanders April 8, 2022

ATLANTA — New York-based Eastern Union has secured an $83.3 million bridge loan for The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta. Michael Muller of Eastern Union arranged the non-recourse, two-year loan, which has three 12-month extension options. The loan was underwritten with interest-only payments for a period of up to three years. The borrower was not disclosed. Formerly known as Stone Ridge at Vinings, The Halsten offers studio, one-, two- and three-bedroom floorplans. Completed in 1973, the property spans 452,385 square feet. The new owner plans to upgrade the property’s exteriors and modernize and renovate the interiors. Unit features include walk-in closets, patios and balconies and washer and dryer hookups. Community amenities include a business center, clubhouse, playground, tennis court, grill, picnic area, fitness center, laundry facilities and a pet play area. Located at 3000 Cumberland Club Drive, the property is situated two miles from The Battery Atlanta and 15.7 miles from downtown Atlanta.

April 8, 2022

Affordable Housing Florida Loans Multifamily Seniors Housing Southeast

Greystone Provides $17.5M HUD-Insured Loan for Affordable Seniors Housing Rehab Project in West Palm Beach

by Julia Sanders April 8, 2022

WEST PALM BEACH, FLA. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community located in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Located in Palm Beach County, Christian Manor includes four, three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income, which is classified as below 60 percent of area median income, and “extremely low-income” seniors (below 28 percent AMI) over 62 years of age. The project team worked with HUD and the West Palm Beach Housing Authority to obtain project-based rental assistance for over half of the residents who, although eligible, were previously not receiving this support. The expected construction cost for the redevelopment of the property is $38.7 million. Along with the funding from Greystone, the project also received 4 percent Low-Income Tax Credit (LIHTC) equity, and secondary debt consisting of a Florida State Apartment Incentive Loan and Florida Extremely Low-Income funds. The non-recourse loan carries a 40-year term at a low, fixed interest rate. Paul Ponte of Phase Housing Corp. Inc., Jason …

April 8, 2022

Acquisitions Development Georgia Multifamily Southeast Student Housing

Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion

by Julia Sanders April 8, 2022

CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.

April 8, 2022

Acquisitions Massachusetts Multifamily Northeast

Taurus, Kayne Anderson Acquire 1,020-Unit Multifamily Property in Metro Boston

by Taylor Williams April 8, 2022

FRAMINGHAM, MASS. — A joint venture between global private equity firm Taurus Investment Holdings and Kayne Anderson Real Estate has acquired Halstead Framingham, a 1,020-unit multifamily development located on the western outskirts of Boston. Halstead Framingham, which was originally built in 1976, was 98 percent occupied at the time of sale. The community’s amenity package consists of a fitness center with simulation surfing options, resident lounge with shared workspaces, a pool, pickleball court and multiple grilling areas. The joint venture plans to implement a capital improvement program focused on sustainability and rebrand the property as The Green on 9 & 90. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based DSF Group, in the transaction.

April 8, 2022

Development Multifamily New York Northeast

Ekstein Tolbert Underway on $76M Mixed-Income Housing Project in Brooklyn

by Taylor Williams April 8, 2022

NEW YORK CITY — Locally based firm Ekstein Tolbert Development is underway on construction of a $76 million multifamily project located at 1333 Broadway in Brooklyn’s Bushwick neighborhood. The 20-story, 107-unit building will ultimately house three levels of commercial space and a unit mix that comprises 30 percent affordable units and 70 percent market-rate apartments. Amenities will include a gym, package handling room and onsite laundry facilities. JLL arranged an undisclosed amount of construction financing through Santander Bank on behalf of Ekstein Tolbert. In addition, JLL negotiated the sale of a majority equity stake in the project to private equity firm Standard Real Estate Investments.

April 8, 2022

Acquisitions Midwest Multifamily Wisconsin

Greywolf Partners Acquires 84-Unit Apartment Property in Eau Claire, Wisconsin

by Kristin Harlow April 8, 2022

EAU CLAIRE, WIS. — Greywolf Partners Inc. has acquired Metro Crossing in Eau Claire, located in western Wisconsin. The purchase price was undisclosed. The 84-unit apartment property at 2851 Hendrickson Drive rises four stories. Greywolf Partners will also manage the community, which features amenities such as a fitness center, business center and underground parking. Ralph DePasquale and Jack Maloney of Berkadia represented the seller, Rooney Properties LLC.

April 8, 2022

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