Leggat McCall, Granite Underway on 475,000 SF Redevelopment Project Near Boston

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged construction financing through …

September 17, 2021Affordable Housing, Development, Massachusetts, Multifamily, Northeast, Office

DLP Capital Acquires 200-Unit Affordable Housing Community in Jonesboro, Arkansas

JONESBORO, ARK. — DLP Capital has acquired Stadium Place, a 200-unit affordable housing property located in Jonesboro. The addition of the community increases the number of DLP Capital-owned apartment homes in the greater Memphis area to 568 units. The sales price and seller were not disclosed. The buyer plans to rebrand the property as DLP Jonesboro.Built in 2000, DLP Jonesboro includes one-, two- and three-bedroom units across 10 buildings. Community amenities include a swimming pool, …

September 15, 2021Acquisitions, Affordable Housing, Arkansas, Multifamily, Southeast

Woda Cooper Opens $11M Affordable Housing Project in Grand Rapids

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has opened an $11 million affordable housing project named Seven45 Stocking Apartments at 745 Stocking Ave. in Grand Rapids. Residents must earn between 30 and 80 percent of the area median income to qualify for the development.The 50-unit property includes three first-floor units that offer an office suite or retail storefront for residents to utilize for their work. Those spaces were leased to three entrepreneurs, including one resident that …

September 15, 2021Affordable Housing, Development, Michigan, Midwest, Multifamily

Robust Memphis Apartment Demand Continues to Push Rents Across Classes

The Memphis multifamily market has recently captured attention from prospective buyers with some impressive statistics. With 2020 rent growth at 6.6 percent and year-to-date 2021 at 10.5 percent year-over-year, the metropolitan showed resiliency through a turbulent period as peer Sun Belt cities experienced stagnancy and even decreases in rents.This trend has put the metropolitan area on acquisition radars and garnered sales to new-to-market buyers looking to plant a flag in the market. But …

September 15, 2021Affordable Housing, Market Reports, Multifamily, Southeast, Southeast Market Reports, Tennessee

Woda Cooper Breaks Ground on $14.3M Affordable Housing Project in Traverse City, Michigan

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Ruth Park, a $14.3 million affordable housing project in downtown Traverse City. The property will provide 58 units for singles, families and seniors who earn 30 to 80 percent of the area median income. Amenities include two community rooms, a fourth-floor outdoor terrace, fitness room, playground and laundry. There are six units with features for those with disabilities.The Michigan State Housing Development Authority …

September 13, 2021Affordable Housing, Development, Michigan, Midwest, Multifamily

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint …

September 13, 2021Acquisitions, Affordable Housing, Multifamily, New Jersey, Northeast

NRP Group Breaks Ground on 275-Unit Affordable Housing Project in Metro Austin

ROUND ROCK, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on The James on Grand Avenue, a 275-unit affordable housing project in the northern Austin suburb of Round Rock. All of the property’s units will be reserved for renters earning 60 percent or less of the area median income. The James on Grand Avenue will feature one-, two-, three- and four-bedroom units and amenities such as a pool, business center children’s play area and a fitness center. …

September 10, 2021Affordable Housing, Development, Multifamily, Texas

Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta

JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC.Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent …

September 7, 2021Affordable Housing, Georgia, Loans, Multifamily, Southeast

TWG Opens $11M Affordable Seniors Housing Project in Indianapolis

INDIANAPOLIS — TWG has opened Line Lofts Apartments, an $11 million affordable seniors housing project on the east side of Indianapolis. Located at 1145 E. Washington St., the property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS).The property includes specific features to aid visually impaired residents, including …

September 7, 2021Affordable Housing, Development, Indiana, Midwest, Multifamily, Seniors Housing

Ariel Property Advisors Brokers $25.3M Sale of Harlem Affordable Housing Community

NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not

September 7, 2021Acquisitions, Affordable Housing, Multifamily, New York, Northeast