Thursday, December 19, 2024
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Multifamily

IllinoisLoansMidwestMultifamily

JLL Arranges $24.7M Loan for Refinancing of Luxe on Madison Apartment Complex in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $24.7 million loan for the refinancing of Luxe on Madison, a 102-unit apartment complex in Chicago. Located at 1222 W. Madison St., the five-story community was constructed in two phases in 2009 and 2016. The property features a mix of studios, one- and two-bedroom units averaging 845 square feet as well as 7,300 square feet of ground-floor retail space. Amenities include a fitness center, coworking spaces, a rooftop terrace and covered parking garage. Danny Kaufman, Mary Dooley, Rebecca Brielmaier and Mackenzie Jones of JLL represented the borrower, Fifield Cos. MetLife Investment Management provided the five-year, fixed-rate loan.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 76-Unit Affordable Housing Building for Visually Impaired Residents in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has completed The Foglia Residences in Chicago. Brinshore Development and The Chicago Lighthouse developed the 76-unit affordable housing building for residents who are blind, visually impaired, disabled and veterans. The development marks the first Low-Income Housing Tax Credit building in the nation for the blind community, according to McShane. Situated on a site adjacent to The Chicago Lighthouse’s center in the Illinois Medical District, the podium-style building features nine stories with three levels of parking, six levels of units and first-floor retail space. Units are offered in studio, one- and two-bedroom floor plans. Income restrictions were not provided. Amenities include a fitness center, community room, fourth-floor rooftop terrace, dog run and playground. The common areas offer contrasting colors, lit braille unit signage, handrails, braille wallpaper, braille numbering on mailboxes, contrasting flooring in front of unit doors and elevators with audible signals. LBBA was the architect.

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Affordable HousingDevelopmentMultifamilyTexas

JPI Breaks Ground on 343-Unit Mixed-Income Housing Project in Haltom City, Texas

by Taylor Williams

HALTOM CITY, TEXAS — Multifamily developer JPI has broken ground on Jefferson Drove, a 343-unit mixed-income housing project that will be located north of Fort Worth in Haltom City. About 50 percent of the units will be reserved for households earning 80 percent or less of the area median income, and the remainder will be rented at market rates. Amenities will include a pool, fitness center and a coworking lounge. Preleasing for the first residences is scheduled to begin in the second quarter of 2026.

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DevelopmentMultifamilySoutheastVirginia

JBG Smith Launches Leasing for 420-Unit Zoe Apartments at National Landing in Northern Virginia

by John Nelson

ARLINGTON, VA. — JBG Smith has launched leasing at The Zoe, a 420-unit luxury apartment building situated within the National Landing district in Northern Virginia. The 19-story tower, which features 10,000 square feet of street-level retail space, is located at 2051 S. Bell St. in Arlington. Designed by STUDIOS, The Zoe will feature a mix of studio, one- and two-bedroom apartments, as well as a rooftop amenity space, fitness center, concierge services, coworking space, conference rooms, pet spa with a grooming station, bike parking and electric vehicle charging stations. Monthly rental rates at The Zoe will range from $2,020 to $6,750, according to Apartments.com. SK+I served as the architect of record for The Zoe. JBG Smith is targeting LEED Gold certification for the property. Headlined by the Amazon HQ2, National Landing features restaurants, shops, the Water Park, the Crystal City Metro station and a planned pedestrian bridge linking National Landing to Ronald Reagan Washington National Airport. JBG Smith delivered two other apartment developments at National Landing earlier this year totaling 808 units — The Grace and Reva. The Bethesda, Md.-based developer is also underway on an adjacent 25-story apartment tower to The Zoe called Valen, which will begin leasing in …

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DevelopmentMichiganMidwestMultifamilyStudent HousingTop Stories

LV Collective, Harrison Street to Build 1,009-Bed Luxury Student Housing Project in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — LV Collective has partnered with Harrison Street to build Rambler, a 1,009-bed luxury student housing development across the street from the University of Michigan campus in Ann Arbor. The 484,587-square-foot project will feature 273 units across a variety of floor plans ranging from studios to six-bedroom residences. The ground floor of Rambler Ann Arbor will include a lobby with an integrated café named Daydreamer. The study mezzanine will offer spaces for coworking and private study rooms. Residents will also enjoy outdoor terraces, a clubroom and gameday lounge, rooftop pool, hot tub, fitness facility, yoga studio, flex studio, red light sauna and resident lounge. Site work began in October, and completion is slated for fall 2027. The project is pursuing LEED Gold certification and will also include a payment of $7.2 million to the city’s affordable housing fund. Kennedy Wilson and Forum Investment Group provided construction financing. “With the University of Michigan’s rising enrollment and Ann Arbor’s status as a premier college town, creating high-quality living spaces that match this growth and enhance students’ overall experience is essential,” says Thomas Whitesell, head of the debt investment group at Kennedy Wilson. The development team includes Turner Construction Co., …

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Greyson-Luxury-Living-San-Antonio
DevelopmentMultifamilyTexas

Carbon Cos. Completes 291-Unit Multifamily Project in North San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Carbon Cos. has completed Greyson Luxury Living, a 291-unit multifamily project in San Antonio. The property is located at 1734 N. Loop 1604 W on the city’s north side. Units come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center and a dog wash station. Rents start at roughly $1,300 per month for a studio apartment.

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Elysian-Watertown-Square
DevelopmentMassachusettsMultifamilyNortheast

Joint Venture Breaks Ground on 142-Unit Multifamily Project in Watertown, Massachusetts

by Taylor Williams

WATERTOWN, MASS. — A joint venture between New York City-based developer O’Connor Group, real estate private equity firm FrontRange Capital Partners and Japanese construction company Takenaka Corp. has broken ground on a 142-unit multifamily project in Watertown, a western suburb of Boston. Elysian Watertown Square will be a five-story building with retail space, and 15 percent of the units will be reserved for households earning between 65 and 80 percent of the area median income. Amenities will include a fitness center, coworking space, pet care spa and two rooftop terraces. ICON Architecture designed the project, and Dellbrook | JKS will be the general contractor. Completion is slated for summer 2026.

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The-James-Irvine-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL, HJ Sims Arrange $473M in Financing for Development of Seniors Housing Community in Irvine, California

by Amy Works

IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …

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2607-Solana-Way-Laguna-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $7.4M Sale of Apartment Community in Laguna Beach, California

by Amy Works

LAGUNA BEACH, CALIF. — CBRE has negotiated the sale of Sterling Plaza Apartments, a multifamily property in Laguna Beach. Located at 2607 Solana Way, Sterling Plaza features 12 one- and two-bedroom apartments, including a two-bedroom penthouse. The three-story, 9,823-square-foot property was built in 1962 and 1963. The property offers 14 parking spaces (11 carports plus three open spaces), an onsite laundry facility and the units are individually metered for electricity. Dan Blackwell and Mike O’Neill of CBRE represented the San Francisco Bay Area-based seller and the Los Angeles County-based buyer in the deal.

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AcquisitionsSouth CarolinaSoutheastStudent Housing

Inland Acquisitions Buys 673-Bed Student Housing Community Near University of South Carolina

by John Nelson

COLUMBIA, S.C. — Inland Real Estate Acquisitions has purchased the Sawyer on Lincoln, a 673-bed student housing community located adjacent to the University of South Carolina campus in Columbia. Inland acquired the newly delivered property on behalf of an affiliate. The seller and sales price were not disclosed. Delivered in 2023, the 277-unit Sawyer on Lincoln features one-, two- and three-bedroom, fully furnished apartments with bed-to-bath parity. Shared amenities include private and group study rooms, a 24-hour fitness center, gated resident parking garage with 525 parking spaces, package locker system for parcels, social lounge with kitchen and TVs, resort-style pool with lounge seating and a hot tub and an outdoor courtyard with games. The Sawyer on Lincoln was fully occupied at the time of sale.

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