Multifamily

Aptitude Development Sells 287-Bed Student Housing Building to Syracuse University

by Taylor Williams July 14, 2021

SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.

July 14, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos. Completes $30.2M Mixed-Income Project in East Boston

by Taylor Williams July 14, 2021

BOSTON — Developer WinnCos. has completed a $30.2 million project that converted the waterfront site of an obsolete public housing development in East Boston into a 52-unit mixed-income complex. The site now houses 22 apartments to be rented to low-income households and 30 condominiums to be sold at market-rate prices. The rental units feature one-, two-, three- and four-bedroom floor plans. MassHousing provided a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the development. Bank of America provided an $11.6 million construction loan and served as the Low-Income Housing Tax Credit investor. Enterprise Bank contributed an $8.6 million construction loan for the condo portion of the project.

July 14, 2021

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 348-Unit Broadmoor Village Apartments Near Salt Lake City

by Amy Works July 14, 2021

WEST JORDAN, UTAH — Institutional Property Advisors (IPA), a division Marcus & Millichap, has arranged the sale of Broadmoor Village, a multifamily property located in West Jordan. Bridge Investment Group acquired the asset from Wasatch Property Group for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer in the deal. Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset that features 348 apartments in one-, two- and three-bedroom layouts, with an average apartment size of 867 square feet. Community amenities include landscaped grounds, walking paths, a heated swimming pool and community courtyard.

July 14, 2021

Loans Multifamily Washington Western

Ready Capital Closes $14.5M Loan for Multifamily Property in West Seattle

by Amy Works July 14, 2021

SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

July 14, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Acquisitions Georgia Multifamily Southeast

ZMR Capital Acquires Multifamily Community in Metro Atlanta for $40.1M

by Julia Sanders July 13, 2021

MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.

July 13, 2021

Development Illinois Midwest Multifamily

Holladay Properties Breaks Ground on $30M Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 13, 2021

LOMBARD, ILL. — Holladay Properties has broken ground on Lilac Station, a $30 million luxury apartment complex in the western Chicago suburb of Lombard. The 118-unit property will feature amenities such as a deck area, pet run, game court, outdoor lounge area and fitness center. There will also be an onsite restaurant. Construction is slated for completion in early 2023. Lilac Station is the third luxury apartment complex in the Chicagoland area for Indiana-based Holladay Properties, which serves as the developer and manager on each of the properties. Holladay Construction Group is the general contractor. Lilac Station is named after the lilac flower. Lombard is home to Lilacia Park, a horticultural showcase that features more than 700 lilacs and 35,000 tulips. The project is being built on the site of the former DuPage Theatre. Certain historic elements of the theater will be integrated into the design of the apartment complex.

July 13, 2021

Loans Midwest Multifamily North Dakota

Greystone Provides $18.3M HUD-Insured Loan for Refinancing of Multifamily Property in North Dakota

by Kristin Harlow July 13, 2021

GRAND FORKS, N.D. — Greystone has provided an $18.3 million HUD 223(f) loan for the refinancing of Aspen Lofts Apartments in Grand Forks. Built in 2016, the 150-unit multifamily property offers studios, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, fitness center, game room, dog park and picnic area. Adam Yitzhaky and Ilan Bassali of Greystone originated the loan on behalf of the borrower, Northridge Group. The 35-year loan is fully amortizing and features a fixed interest rate. Loan proceeds will also be used ongoing maintenance.

July 13, 2021

Development Healthcare Loans Multifamily Student Housing Texas

Medistar Tops Out 19-Story Student Housing Tower at Texas A&M Innovation Plaza Campus in Houston

by Taylor Williams July 13, 2021

HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …

July 13, 2021

Acquisitions Multifamily Texas

Bolour Associates Buys Multifamily Property in Metro Houston for $9.6M

by Taylor Williams July 13, 2021

HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.

July 13, 2021

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