Multifamily

Wendover Housing Partners to Open $28M Hartland Station Affordable Housing Project in Atlanta

by Julia Sanders June 17, 2021

ATLANTA — Wendover Housing Partners LLC will open in August 2021 Hartland Station, a new mixed-income affordable housing community in Atlanta. Located at 2074 Fleet St. SW in the city’s Sylvan Hills neighborhood, Hartland Station is situated four miles south of downtown Atlanta and 6.8 miles from Hartsfield-Jackson Atlanta International Airport. The community features 131 one-, two- and three-bedroom units with rents starting at $888 a month. Community amenities include a business center, fitness center, activity room with kitchen, splash pad and a playground for children. The $28 million project was financed in part by nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity from the Georgia Department of Community Affairs, and Invest Atlanta provided $1.5 million in Housing Opportunity Bonds. Funding was also provided from $18.8 million in tax-exempt bonds and $1.3 million in grant funding from the Metropolitan Parkway Tax Allocation Bond District. Slocum Platts Architects provided design services for the project, and Roger B. Kennedy Construction was the general contractor. Based in Altamonte Springs, Fla., Wendover Housing Partners is a privately held real estate development, investment and management company that specializes in the development of single-family and multifamily homes, apartment communities, seniors housing and transit-oriented …

June 17, 2021

Development Multifamily New York Northeast Seniors Housing

E.W. Howell Completes 90-Unit Seniors Housing Community on Long Island

by Taylor Williams June 17, 2021

HUNTINGTON STATION, N.Y. — E.W. Howell Construction Group has completed Sunrise of Huntington, a 90-unit seniors housing community on Long Island. The 108-bed property offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats. Amenities include a wellness center, activity room and a salon. The property is the 11th on Long Island for owner-operator Sunrise Senior Living.

June 17, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Negotiates $13M Sale of Philadelphia Apartment Building

by Taylor Williams June 17, 2021

PHILADELPHIA — CBRE has negotiated the $13 million sale of a 35-unit apartment building in Philadelphia’s Northern Liberties neighborhood. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Trinity Realty Cos., in the transaction. The buyer, Pittsburgh-based Hudson Cos., has rebranded the property from Liberty Flats to Hudson Liberties.

June 17, 2021

Development Illinois Midwest Multifamily

Interforum Holdings Completes 364-Unit Luxury Apartment Complex in Warrenville, Illinois

by Kristin Harlow June 17, 2021

WARRENVILLE, ILL. — Northfield, Ill.-based Interforum Holdings has completed development of Arden of Warrenville, a 364-unit luxury apartment complex in Warrenville, a western suburb of Chicago. The project is situated within the larger Cantera community. Units are available in one- to four-bedroom layouts ranging from 833 to 1,201 square feet. Amenities include a fitness center, yoga room, business center, resident lounge, sauna, business center, library room, pool, rooftop terrace, dog park, outdoor courtyards, indoor parking and spa services. The project team included general contractor McShane Construction and architect Baranyk Associates. CIBC Bank, Inland Bank, Associated Bank, Great Southern Bank and Arbor Multifamily Lending provided financing for the project. Monthly rents start at $1,713. Residents can now receive up to two months of free rent.

June 17, 2021

Affordable Housing Development Iowa Midwest Multifamily

Annex Group to Develop 180-Unit Affordable Housing Community in Cedar Rapids

by Kristin Harlow June 17, 2021

CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022. The project team includes Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial. Annex will serve as general contractor. CREA will serve as the equity partner, providing nearly $13 million in low-income housing tax credit equity. Cedar Rapids Bank & Trust is providing a $27 million construction loan and an $18.3 million permanent loan.

June 17, 2021

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $22.6M Bridge Loan for Two Affordable Housing Properties in Chicago

by Kristin Harlow June 17, 2021

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.

June 17, 2021

Acquisitions Illinois Midwest Multifamily

JLL Brokers $20.7M Sale of Apartment Community in Barrington, Illinois

by Kristin Harlow June 17, 2021

BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.

June 17, 2021

Features Student Housing

On-Campus Housing Prepares for a Better Year

by Katie Sloan June 17, 2021

It was a rough year for everyone, but certain industries absorbed more of the brunt than others in 2020. This would include hospitality, airlines, restaurants and on-campus student housing. There was no clear map for navigating the COVID-19 pandemic, and while campuses and on-campus housing officials tried their best to keep everyone safe and healthy, everyone experienced a turbulent year. Some on-campus housing communities closed for parts of the school year. Others issued lockdowns that required students to stay in their rooms for up to two weeks at a time. Many tried to stay open, only to find that off-campus gatherings spread COVID like wildfire once it reached housing facilities. Now that a return to normalcy is imminent — thanks to vaccines and a promising reduction in the number of COVID deaths and cases — on-campus housing executives are tasked with welcoming students back safely while planning for an uncertain future. “The next six months will be dominated by testing, vaccinations, mitigation requirements, class delivery modalities, planning for fall opening, and occupancy and budget projections,” says Ana Hernandez, assistant vice president of housing and residential education at the University of South Florida in Tampa. “Many campuses are taking a strategic pause …

June 17, 2021

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Acquisitions Arizona Multifamily Western

MG Properties Group Acquires Centra Apartments in Midtown Phoenix for $74.5M

by Amy Works June 16, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.

June 16, 2021

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