RICHFIELD, MINN. — Developer Schafer Richardson has purchased a 3.5-acre site in Richfield, an inner ring suburb of Minneapolis, for $4.6 million. Richardson plans to build a Class A apartment complex with 237 market-rate units to be named Rya Apartments. Andy Heieie, Ted Bickel and Jeff Budish of Colliers | Minneapolis-St. Paul represented the undisclosed seller of the land, which is located on Richfield Parkway. A timeline for construction was not disclosed.
NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Carnegie Hill, a high-rise senior living community in Manhattan’s Upper East Side neighborhood. Inspīr Carnegie Hill rises 23 stories at 1802 Second Ave. The property features 215 units of assisted living and memory care with a range of studio to two-bedroom options and over 50,000 square feet of amenity spaces. Community amenities include a salon, an open-air SkyPark, a lounge, library, fitness center, heated saltwater pool, screening room, two fine dining options with meals included, a 24-hour attended lobby, concierge, Mercedes-Maybach house car available daily and limousine service available upon request. Additionally, the community will offer residents Stage Access, an on-demand streaming platform that delivers performing arts content directly to residents via television or virtual reality. The seniors housing community also has a partnership with The Actors Fund, which integrates entertainment and arts professionals into the rhythm of each day through dance, music, storytelling and acting. Claire Davenport has joined the property’s integrated care team as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, which was recently ranked the No. …
RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.
ANNAPOLIS, MD. — Pennrose and the Housing Authority of the City of Annapolis (HACA) have broken ground on the Newtowne 20 revitalization at 810 Brooke Court in Annapolis. The redevelopment will replace the previous public housing property with new apartments, a new community building and open space. The project is slated to be complete in spring 2022. The Newtowne 20 redevelopment will replace the former 78 units with energy-efficient apartments in a mix of both stacked and garden-style apartment buildings with a central green space. Plans for the site also include a 3,500-square-foot community clubhouse with amenity spaces, new basketball court and a tot lot. Previous Newtowne 20 residents have been temporarily rehoused and will have the opportunity to return to the new development once complete. The Newtowne 20 redevelopment involves a U.S. Department of Housing and Urban Development (HUD) program that enables housing authorities to convert public housing properties to a more stable Section 8, voucher-based model. This program allows housing authorities to leverage private funding sources for projects like Newtowne 20. The owner, a joint venture doing business as Newtowne 20 LLC, is funding the roughly $24 million project with multiple layers of capital sources, including multifamily bonds, …
CHARLOTTE, N.C. — NorthMarq has arranged an $8.6 million bridge loan for the acquisition and renovation of Tryon House Apartments located at 508 North Tryon St. in Charlotte. The 84-unit property is located near the city’s Uptown district. Dave Stewart and Ryan Taylor of NorthMarq arranged the financing through a national debt fund on behalf of the buyer, Elevate Capital. The seller was not disclosed. Tryon House was built in 1927, and is close to all of Uptown’s amenities, such as the LYNX Blue Line light rail system, Charlotte’s banking headquarters and The EpiCentre and First Ward Business Center.
SAN ANTONIO — Wisconsin-based investment firm MLG Capital has acquired Pecos Flats, a 384-unit apartment community in the Westover Hills area of San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, resident clubhouse, coffee bar, dog park and a pet washing station. The transaction marks MLG Capital’s first investment in San Antonio and 40th residential acquisition in Texas. The seller was not disclosed.
VALHALLA, N.Y. — HJ Sims has placed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community, The Knolls, in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus.
NEW HAVEN, CONN. — Connecticut-based Edgewood Capital Advisors has provided a $3.5 million bridge loan for the refinancing of a portfolio of eight multifamily properties totaling 30 units in New Haven. The borrower, an undisclosed, locally based investor, will use the proceeds to pay off existing debt, cover closing costs and provide working capital.
The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …
COLUMBUS, GA. — Elevation Financial Group has sold Serenity Apartments, a 211-unit multifamily community in Columbus, for $13 million. The buyer was not disclosed. Elevation purchased Serenity in July 2018 for $7.6 million, when it was 72 percent occupied. Since then the Orlando-based firm has made several enhancements, including the revitalization of over 50 apartment units, a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings and parking lot paving. At the time of sale, the property was 96 percent occupied. Serenity is situated within eight miles of Fort Benning Army Base and three miles from Columbus State University. The property marks the sixth disposition for Elevation Real Property Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two seniors housing properties in Virginia and one seniors housing community in Illinois.
