Multifamily

Civitas Nears Completion of 212-Unit The Bluffs at Flagstaff Seniors Housing Community in Arizona

by Amy Works February 16, 2022

FLAGSTAFF, ARIZ. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features 123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.

February 16, 2022

Arizona Build-to-Rent Development Loans Multifamily Single-Family Rental Western

NorthMarq Arranges $22.4M Construction Financing for Build-to-Rent Community in Chandler, Arizona

by Amy Works February 16, 2022

CHANDLER, ARIZ. — NorthMarq has arranged $22.4 million in non-recourse construction financing for Arizona-based TruVista Development for the development of The Villages at Chandler, a build-to-rent residential community in Chandler. Spanning 8.9 acres, the property will feature 109 units, averaging 886 square feet, in a mix of one- and two-bedroom craftsman, cottage and bungalow style units with private backyards. The gated community will also feature a central greenbelt, dog park, pool and residence club with an indoor amenity area.

February 16, 2022

Acquisitions Arizona Multifamily Western

MJW Investments Divests of Thrive Tempe Apartment Complex in Arizona

by Amy Works February 16, 2022

TEMPE, ARIZ. — MJW Investments has completed the sale of Thrive Tempe, a multifamily community located at 1137 and 1140 E. Orange St. in Tempe. Terms of the transaction were not released. Built in 1986, Thrive Tempe features 110 one- and two-bedroom apartments, two swimming pools, poolside cabanas, a resident clubhouse, barbecue grilling station with outdoor dining, three onsite laundry facilities and a pet park. Matt Pesch and Jeff Seaman of CBRE Phoenix Multifamily team handled the transaction.

February 16, 2022

Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Multifamily Investment to Expand into Secondary, Tertiary Markets in 2022

by Sarah Daniels February 16, 2022

Surging payrolls, new household formations, growing barriers to homeownership and multifamily’s role as a hedge for inflation all helped fuel robust apartment fundamentals in 2021. With interest rates expected to rise in 2022, the question becomes: will the appetite for apartment investments remain strong for all types of investors and in which markets? Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, says she sees many reasons to be enthusiastic about the opportunities in multifamily markets this year. “Fannie Mae and Freddie Mac will continue to set the standard for multifamily lending; however, strong life company, bank and debt fund appetites will compete heavily again in 2022. They will fill the needs not met by the government-sponsored enterprises (GSEs) or HUD.” When it comes to accelerating multifamily trends, Provinse sees an expansion in the scope of multifamily interest: “One of the trends we see accelerating (as a result of COVID) is increased investor demand in not only secondary markets, but even tertiary markets. This was a trend we had seen a decade ago, but now it’s on steroids.” “Because people can work from wherever now and because of more flexible work arrangements…we’ve seen this willingness to …

February 16, 2022

Acquisitions Georgia Multifamily New York Northeast Southeast Top Stories

Blackstone Agrees to Acquire Preferred Apartment Communities for $5.8B

by Kristin Harlow February 16, 2022

ATLANTA AND NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Preferred Apartment Communities Inc. (PAC) for approximately $5.8 billion. Under the terms of the agreement, BREIT will acquire all outstanding shares of PAC’s common stock for $25 per share in an all-cash transaction. PAC’s portfolio includes 44 multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, as well as 54 grocery-anchored retail assets comprising roughly 6 million square feet in Atlanta, Orlando, Nashville and Raleigh. BREIT will also acquire PAC’s two Sun Belt office properties and 10 mezzanine/preferred equity investments collateralized by new or under-construction multifamily assets. “Investing using BREIT’s perpetual capital will enable us to be long-term owners of these vibrant communities,” says Jacob Werner, co-head of Americas acquisitions for BREIT. “The company’s grocery-anchored retail portfolio performance has also been strong and resilient, and we believe these types of necessity-oriented assets located in areas with growing populations are well positioned for continued growth.” Joel Murphy, PAC’s chairman and CEO, says the transaction is an excellent outcome for shareholders and the culmination of efforts over the past few years to simplify and …

February 16, 2022

Market Reports Multifamily Northeast Northeast Market Reports

Concept of ‘Home’ Pervades Design of Multifamily Projects in Northeast

by Taylor Williams February 16, 2022

By Clara Wineberg, principal and executive director, SCB Boston As we have all been forced to reexamine how we interact with and live in our homes during two years of a global pandemic, lessons learned for architects, developers and interior designers have been bountiful. In early 2020, those of us in the multifamily industry were wary about how we would make it all work; now, however, we realize the challenges we have faced in the last 24 months have provided immense opportunities to improve design of modern housing communities. In 2022 and beyond, multifamily design will continue to evolve to meet the changing definition of “home,” and how it connects us to our loved ones, communities and even ourselves. Everything From Home While home used to be just a place to hang one’s hat at the end of the day, in 2020, home took on a whole new meaning. It became not only the place we rest, but also our workplace, our children’s classroom, our fitness center and our entertainment venue. Our whole lives were — and to some extent still are — encapsulated within our homes. We expect this trend to continue moving into the future post-pandemic world. The …

February 16, 2022

Acquisitions Multifamily Texas

Jacobson Co. Acquires 183-Unit Morada Plano Apartments

by Taylor Williams February 15, 2022

PLANO, TEXAS — Los Angeles-based investment firm Jacobson Co. has acquired Morada Plano Apartments, a 183-unit multifamily property located on the northern outskirts of Dallas. The property was completed in 2020. According to Apartments.com, the community features studio, one- and two-bedroom units ranging in size from 602 to 1,207 square feet. Amenities include a pool, fitness center, business center, rooftop terrace, game room and a pet play area. Los Angeles-based CIT, a division of First Citizens Bank, provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed.

February 15, 2022

Loans Multifamily Southeast Tennessee

ZMX, Forbes Plunkett Secure Construction Financing for $67.7M Multifamily Project in Metro Nashville

by Julia Sanders February 15, 2022

MADISON, TENN. — Nashville-based ZMX Inc. and Forbes Plunkett Real Estate & Development has secured construction financing for The Northern, a 297-unit, garden-style multifamily development in Madison. Atlanta-based Patterson Real Estate Advisory Group arranged the development financing with Origin Investments and Fifth Third Bank for the $67.7 million project. Construction is slated for completion by early 2024. The Northern will offer studio, one-, two- and three-bedroom floorplans ranging from 592 square feet to 1,285 square feet. Community amenities will include a pool, fitness center, clubhouse with outdoor grilling areas, several green spaces and pocket parks, dog park and a dog spa. The project is located close to downtown Nashville.

February 15, 2022

Development Florida Multifamily Southeast Student Housing

Landmark to Develop 760-Bed Student Housing Project Near University of South Florida in Tampa

by Julia Sanders February 15, 2022

TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.

February 15, 2022

Acquisitions Arizona Multifamily Western

Sares Regis Multifamily Buys Arboretum at South Mountain Apartments in Phoenix for $118.2M

by Amy Works February 15, 2022

PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.

February 15, 2022

Newer Posts

Older Posts