Monday, December 23, 2024
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Multifamily

DevelopmentMultifamilySouth CarolinaSoutheast

Woodfield Delivers 227-Unit Goddard Point Hope Apartments in Charleston

by John Nelson

CHARLESTON, S.C. — Woodfield Development has delivered Goddard Point Hope, a 227-unit apartment community located at 1000 Point Hope Parkway in Charleston. The multifamily property is situated within the master-planned Point Hope development and represents Woodfield’s 24th completed project in South Carolina. Goddard Point Hope offers a mix of studio, one-, two- and three-bedroom units ranging in size from 688 to 1,396 square feet. Monthly rental rates range from $1,598 to $2,903, according to Apartments.com. Amenities include a saltwater pool with a poolside lounge and pavilion, fitness center and yoga studio, business center with coworking spaces, club and game rooms, vegetable market, community kitchen and grilling stations and a pet park and pet spa, as well as 17,000 square feet of retail space. The design-build team included Housing Studio, SeamonWhiteside, SHAH Architecture & Interiors, S Wilkins Interior Design and CF Evans.

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The-Place-at-Castle-Hills
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 680-Unit Place at Castle Hills Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Castle Hills, a 680-unit apartment community located about eight miles north of downtown San Antonio. Built on 23 acres in 1984, the property features one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of IPA represented the seller, MC Cos., in the transaction and procured the buyer, Philadelphia-based Harvest Equities. The new ownership has rebranded the property as Seraphina Castle Hills.

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775-Cascade-St-Oregon-City-OR
AcquisitionsMultifamilyOregonWestern

Virtu Investments Sells Barclay Village Multifamily Community in Oregon City for $29.2M

by Amy Works

OREGON CITY, ORE. — Virtu Investments has completed the disposition of Barclay Village, a multifamily property located at 775 Cascade St. in Oregon City, to an undisclosed buyer for $29.2 million. Built in 1987, Barclay Village has been undergoing extensive renovations since 2017. Barclay Village features 146 one- and two-bedroom units with modern amenities and conveniences. Community amenities include a pool, spa, fitness center, basketball court, tennis court, clubhouse and covered parking. Josh McDonald and Joe Nydahl of CBRE represented the seller in the deal.

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Maryland-Park-Apts-Las-Vegas-NV
LoansMultifamilyNevadaWestern

MMCC Arranges $11.4M in Refinancing for Two Apartment Properties in Las Vegas

by Amy Works

LAS VEGAS — Marcus & Millichap Capital Corp. (MMCC) has arranged separate refinancing transactions totaling $11.4 million for two multifamily communities in Las Vegas. Michael Derk of MMCC secured the loans for the private clients. MMCC arranged a $6.2 million loan for the refinancing for Maryland Park, a 135-unit apartment property at 1101 Dumont Blvd. The community offers a pool, laundry facilities, a courtyard, grill and picnic area. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower. The firm also arranged $5.2 million for the refinancing of Katie Court Apartments, a 107-unit community at 3890 S. Cambridge St. On-site amenities include a pool and laundry facilities. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower.

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AcquisitionsDevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark Properties Acquires Galleria Mall in Ann Arbor, Plans to Build 950-Bed Student Housing Project

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties has acquired the site of Galleria Mall in Ann Arbor with plans to build a 950-bed student housing community with its in-house construction arm, Landmark Construction. Named The Metropolitan on South U, the 241-unit development will be situated in the South University neighborhood a few blocks away from the Ross School of Business. Rising 18 stories, The Metropolitan will feature approximately 5,200 square feet of ground-floor retail space as well as community amenities, including a clubhouse, fitness center, pool and rooftop lounge. A timeline for construction was not provided. The community marks Landmark’s third ground-up residential development in Ann Arbor and seventh project in the market managed by the company.

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Conference CoverageFeaturesGeorgiaMultifamilyMultifamily & Affordable Housing Feature ArchiveSoutheastSoutheast Feature Archive

Stickiness of Renter Sets Build-to-Rent Sector Apart from Traditional Multifamily, Says InterFace Panel

by Kristin Harlow

ATLANTA — When considering a single-family build-to-rent (BTR) development or acquisition, the main priority is to focus on finding a place where people want to live, said Zach Persky, vice president of acquisitions for Quinn Residences. Access to jobs, retail corridors and good school districts are all important factors for potential residents. Persky was one of the speakers on the BTR panel at the 15th annual InterFace Multifamily Southeast conference, which took place Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. Kyle Palmer, managing partner of Palmer Real Estate Investment Services, moderated the discussion. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. While the BTR segment may still be in its infancy, its fundamentals are solid, according to the panel. Demand comes from would-be homebuyers who are priced out of the single-family market. These purpose-built rentals have many of the same perks of for-sale homes, such as yards and private garages, without the handicaps of down payment and mortgage commitment. BTR construction completions in the first half of 2024 totaled more than 50,000 units, …

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900-Morrissey-Blvd.-Boston
Affordable HousingDevelopmentHospitalityLoansMassachusettsMultifamilyNortheast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Pine Street Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $9M Sale of Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $9 million sale of Spring Street Apartments, a 32-unit multifamily building located in the West Roxbury area of Boston. The elevator-served building was originally constructed in 1965 and offers two studios and 30 one-bedroom apartments. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyNortheastPennsylvania

V2 Properties Sells 21-Unit Apartment Building in North Philadelphia

by Taylor Williams

PHILADELPHIA — Regional investment firm V2 Properties has sold Lofts at Henry Hall, a 21-unit apartment building located at 2209 N. Broad St. on the north side of Philadelphia. The property was built in 2023 and offers one-, two-and three-bedroom units, as well as immediate proximity to Temple University. Vince Peruto of Marcus & Millichap represented V2 Properties in the transaction and procured the buyer, Felicity Street Investments. The deal traded for $3.6 million.

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Resia-Rayzor-Ranch
DevelopmentMultifamilyTexas

Resia Completes 433-Unit Multifamily Project in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Multifamily development and management firm Resia has completed a 433-unit project in the North Texas city of Denton. Resia Rayzor Ranch is located within a master-planned community of the same name and features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, basketball court, business center and outdoor grilling and dining stations. A pickleball court is also in the process of being constructed. Rents start at $1,350 per month for a one-bedroom apartment.

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