Multifamily

IMG Sells Two Multifamily Communities in Raleigh for $29.8M

by Julia Sanders February 26, 2021

RALEIGH, N.C. — Investors Management Group Inc. (IMG) has sold a two-property multifamily portfolio in Raleigh to Abacus Capital Group for $29.8 million. The communities include Millbrook Apartment Homes and Lynn Lake Apartment Homes. Millbrook Apartment Homes is a 117-unit community located at 2121 Paces Forest Court, and Lynn Lake Apartment Homes is a 101-unit community located at 6500 Paces Arbor Circle. IMG acquired the two apartments in 2018 for $23.2 million. More than $2 million was invested to upgrade the properties, including upgrades to the clubhouses and improving the outdoor spaces with new dog parks, playgrounds, a hammock park and pool area upgrades. Unit interiors were modernized with energy-efficient lighting, low-flow plumbing fixtures, new paint, flooring, cabinets and cabinet hardware. IMG and its investors will reallocate proceeds from the sale into several multifamily communities as part of its multifamily investment plan. The firm currently owns three multifamily communities in Raleigh encompassing 576 units.

February 26, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.2M Acquisition Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow February 26, 2021

MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

February 26, 2021

California Development Multifamily Western

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

by Amy Works February 26, 2021

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.

February 26, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Near Completion of 68-Story Apartment Tower in Jersey City

by Taylor Williams February 26, 2021

JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.

February 26, 2021

Loans Multifamily New York Northeast Retail

Urban Standard Capital Provides $2.3M Acquisition Loan for Brooklyn Multifamily, Retail Asset

by Taylor Williams February 26, 2021

NEW YORK CITY — Urban Standard Capital has provided a $2.3 million acquisition loan for a multifamily and retail building located at the corner of Montague and Henry streets in the Brooklyn Heights neighborhood. The three-story building houses nine residential units and features retail space on the ground and second floors. The borrower, a partnership between Conway Capital and Davean Holdings, will use a portion of the proceeds to renovate the building.

February 26, 2021

Gregg Gerken, Head of Commercial Real Estate for TD Bank

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels February 26, 2021

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

February 26, 2021

Development Mixed-Use Multifamily Office Retail Southeast Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Development Mixed-Use Multifamily North Carolina Retail Southeast

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

by Julia Sanders February 25, 2021

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into office and retail spaces, along with the construction of a new seven-story multifamily residential building. The office, retail and residential components are expected to open in 2022. The 18-acre property’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide, and there is a planned greenway connection. The property will feature flexible seating for informal gatherings, outdoor dining, public art and events.

February 25, 2021

Affordable Housing Colorado Development Multifamily Western

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works February 25, 2021

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

February 25, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers Sale of 111-Unit MCR Apartments in Las Vegas

by Amy Works February 25, 2021

LAS VEGAS — Northcap Commercial has arranged the sale of MCR Apartments, a multifamily property located in Las Vegas. Michelas LLC sold the asset to an undisclosed buyer for $6.8 million, or $61,261 per unit. Located at 226 W. St. Louis Ave., the property features 111 apartments. The community was built in 1955. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial represented the seller in the deal.

February 25, 2021

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