Multifamily

Monument Capital Management Acquires Apartment Community in Suburban Minneapolis for $19.7M

by Kristin Harlow January 31, 2022

BROOKLYN PARK, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Ridgebrook Apartments in Brooklyn Park, a northern suburb of Minneapolis. The purchase price was $19.7 million. The 144-unit apartment community is located at 5840 73rd Ave. Built in 1969, the property features amenities such as a clubhouse, fitness center, pool, playground and barbecue area. Monument plans to upgrade the common areas and units. Ted Brickel of Colliers represented the seller, North Shore Development Partners. Monument, which purchased the community in a joint venture with unnamed private investors, now owns and manages five multifamily assets in Minnesota totaling 747 units. Baseball star Alex Rodriguez and Ramon Corona founded Monument Capital Management in 2012.

January 31, 2022

Loans Multifamily New York Northeast

Greystone Arranges $125M Loan for Refinancing of Harlem Apartment Building

by Taylor Williams January 31, 2022

NEW YORK CITY — Greystone has arranged a $125 million bridge loan for the refinancing of The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem. The property, which includes 25,000 square feet of commercial space that is leased to Beth Israel Medical Center, features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities include coworking space, a fitness center, spa and an outdoor space with four pools, a lounge and a movie theater. Drew Fletcher and Matthew Klauer led a Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower, a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.

January 31, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $9.1M Sale of Pine Vista Apartments in Las Vegas

by Amy Works January 31, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.

January 31, 2022

Development Multifamily Northeast Pennsylvania Top Stories

Post Brothers, Tower Investments Start Construction of $750M Multifamily Project in Philadelphia

by Taylor Williams January 31, 2022

PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage. According to the architecture firm, the site consists of two parcels: Parcel A, which spans approximately 1.4 million square feet, and the 318,000-square-foot Parcel B. The project is located at 1001 S. Broad St. at the corner of Washington Avenue, near the end of the Avenue of the Arts district. Russell Schildkraut and Christine Zivkovic of Ackman-Ziff Real Estate Group arranged $250 million and $100 million, respectively, in construction financing from Bank OZK and Starwood Property Trust for the first phase of Broad & Washington. Both direct lenders have partnered with Post Brothers on past projects as well. All told, Post Brothers has secured more than $400 million in construction debt for the first phase of the project, which will comprise some 600 units and 50,000 square feet of commercial space across four interconnected buildings. Delivery of the first phase is slated for 2024, and the development team expects to complete the entire project …

January 31, 2022

California Development Multifamily Office Top Stories

STC Venture Breaks Ground on Three Buildings in Cityline Sunnyvale Mixed-Use Project Near San Jose

by Julia Sanders January 28, 2022

SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …

January 28, 2022

Acquisitions Multifamily Student Housing Texas

Joint Venture Acquires 792-Bed Student Housing Community in College Station

by Taylor Williams January 28, 2022

COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.

January 28, 2022

Development Georgia Loans Multifamily Southeast

Allen Morris Receives $64M Loan for Apartment Development in Atlanta’s North Druid Hills District

by Julia Sanders January 28, 2022

ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.

January 28, 2022

Development Multifamily Texas

Sabot Development Breaks Ground on 364-Unit Multifamily Redevelopment in East Austin

by Taylor Williams January 28, 2022

AUSTIN, TEXAS — Locally based firm Sabot Development, in partnership with Geyser Group, has broken ground on a 364-unit multifamily redevelopment project in East Austin. The 3.7-acre site, which houses the existing Goodwin Apartment Homes, was rezoned to allow for new commercial space and permanent affordability. To that end, Goodwin Apartments will include 5,000 square feet of commercial space, and 10 percent of the units will be reserved as affordable housing, with leasing priority given to current residents. Davies Collaborative is the project architect, and Cadence McShane is the general contractor. Completion is scheduled for early 2024.

January 28, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $26.7M Loan for Multifamily Community in Melbourne, Florida

by Julia Sanders January 28, 2022

MELBOURNE, FLA. — Lument has provided a $26.7 million bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily community in Melbourne. Josh Messier of Lument led the transaction. The borrower was not disclosed. Harbor Village comprises two sections: Harbor Village Apartments and Harbor Village Townhomes. Built in 1976, Harbor Village Apartments is situated on 6.4 acres and features 143 apartments in eight buildings. Built in 1983 on 5.8 acres, Harbor Village Townhomes contains 86 units in 18 two-story, wood-frame townhomes. Onsite amenities for each section include a swimming pool and laundry facility. The overall community was 96 percent occupied at the time of the loan transaction. The loan features a variable interest rate and a three-year term, with two 12-month extension options. The loan fully funded the required capital expenditures, including $3.8 million in capital improvements to upgrade unit interiors and amenities, according to Messier.

January 28, 2022

Acquisitions Arizona Multifamily Western

Holualua Cos. Sells Sonoran Reserve Multifamily Community in Tucson for $61.6M

by Amy Works January 28, 2022

TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million. The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center. The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve. Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.

January 28, 2022

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