Multifamily

Colliers Negotiates $4.9M Sale of Transit-Oriented Development Site in Minnetonka

by Kristin Harlow March 23, 2021

MINNETONKA, MINN. — Colliers | Minneapolis-St. Paul has negotiated the sale of a 3.9-acre development site within Opus Park in Minnetonka for $4.9 million. The site presents a transit-oriented development opportunity, as it is adjacent to the Opus Light Rail Transit (LRT) station along the Southwest Light Rail Line. The buyer, Pittsburgh-based Linden Street Partners, plans to break ground on a 275-unit apartment complex later this year. Andy Heieie, Ted Bickel and Jeff Budish of Colliers represented the seller, Newport Partners.

March 23, 2021

Development Multifamily Texas

Hines, Ivanhoe Cambridge Top Out 47-Story Texas Tower in Downtown Houston

by Taylor Williams March 23, 2021

HOUSTON — A partnership between two developers, Houston-based Hines and Montreal-based Ivanhoe Cambridge, has topped out Texas Tower, a 47-story office building located in downtown Houston. Designed by Pelli Clarke Pelli, the 1 million-square-foot building is currently 40 percent preleased to tenants such as Hines and law firms Vinson & Elkins LLP and DLA Piper. Amenities will include a fitness center, conference center, tenant lounge, lobby coworking area and rooftop gardens. Completion is slated for the fourth quarter.

March 23, 2021

Development Multifamily Texas

Cortland Opens $74M Apartment Community in Downtown Dallas

by Taylor Williams March 23, 2021

DALLAS — Cortland, an Atlanta-based multifamily developer, has opened Cortland Farmers Market, a $74 million apartment community located at 1011 S. Harwood St. in downtown Dallas. Units come in one-, two- and three-bedroom floor plans. Amenities include on-demand fitness and wellness classes, a 24-hour fitness and yoga studio, private resident bar, resort-style rooftop pool and a dog park. Rents start at approximately $1,500 per month for a one-bedroom unit.

March 23, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Arranges Sale of 259-Unit Conley Apartments in Metro Austin

by Taylor Williams March 23, 2021

LEANDER, TEXAS — Cushman & Wakefield has arranged the sale of The Conley, a 259-unit apartment community located in the northern Austin suburb of Leander. Completed in March 2020, the garden-style property offers floor plans that range from 521-square-foot studios to 1,598-square-foot three-bedroom units. Unit interiors feature stainless steel appliances, island kitchens with quartz countertops and private patios or yards. Communal amenities include a resort-style pool with private cabanas and barbecue grills, a resident lounge with a market pantry and coffee bar, dog park, 24-hour gym and a yoga room. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Stillwater Capital Investments LLC, in the transaction. Scott Wadler and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of the buyer, a partnership between Miami-based Constellation Group and Beacon Real Estate Group.

March 23, 2021

Acquisitions Multifamily Texas

Canyon Partners Acquires $45M Preferred Equity Stake in Midtown Houston Multifamily Building

by Taylor Williams March 23, 2021

HOUSTON — California-based Canyon Partners Real Estate has acquired a $45 million preferred equity stake in Drewery Place, a 357-unit multifamily building in the Midtown area of Houston. The property features studio, one- and two-bedroom units and amenities such as a resort-style pool with swim-up bar, fitness center, pet park, sky lounge and coworking spaces. Australian developer Caydon Property Group delivered the building, which includes 11,000 square feet of retail space, in 2019 as part of its Laneways mixed-use project.

March 23, 2021

Acquisitions Massachusetts Multifamily Northeast

Berkadia Arranges $95M Sale of Multifamily Portfolio in Lawrence, Massachusetts

by Taylor Williams March 23, 2021

LAWRENCE, MASS. — Berkadia has arranged the $95 million sale of the Merrimack Valley Portfolio, a duo of multifamily buildings totaling 372 units in Lawrence, located north of Boston. The portfolio consists of Mill 240, a 217-unit complex that was renovated in 2019; and Washington Mills, a 155-unit property that was renovated in 2007. Both properties include amenities such as dog parks, fitness centers, yoga studios, business centers and outdoor theaters complete with fire pits and bocce ball courts. Jennifer Athas and Matt Olson of Berkadia represented the seller, an entity comprised of two locally based limited partnerships, in the transaction. The buyer was Boston-based Berkeley Investments Inc.

March 23, 2021

Affordable Housing Development Multifamily New Jersey Northeast

KeyBank Provides $68.2M in Financing for New Jersey Mixed-Income Housing Project

by Taylor Williams March 23, 2021

WALL TOWNSHIP, N.J. — KeyBank has provided $68.2 million in financing for Glen Oaks Apartments, a 120-unit mixed-income housing project that will be situated on an 11.5-acre site in Wall Township, located near the Jersey Shore. Twenty-four of the units will be reserved for renters earning up to 47.5 percent of the area median income for the ensuing 30-year period, while the remainder will be rented at market rates. Amenities will include a community room, fitness center, laundry room, clubhouse and an outdoor pool. KeyBank Community Development Lending and Investment (CDLI) secured a $30 million construction loan on behalf of the developer, The Richman Group Development Corp. of Greenwich, Connecticut. KeyBank’s Commercial Mortgage Group arranged a $38.2 million fixed-rate Freddie Mac loan comprising a tax-exempt and taxable forward permanent loan. The New Jersey Housing and Mortgage Finance Agency will issue the tax-exempt proceeds. Eric Steinberg and Tabare Borbon of KeyBank originated the financing. Completion of the project is slated for May 2022.

March 23, 2021

Development Multifamily New Jersey Northeast

Atlantic Realty Begins Leasing 164-Unit Apartment Community in Ewing, New Jersey

by Taylor Williams March 23, 2021

EWING, N.J. — New Jersey-based Atlantic Realty Development Corp. has begun leasing the 164-unit Phase I of Ewing Town Center, an apartment community in Ewing, located outside of Trenton. The complex is part of a larger project known as Ewing Town Center that will be a conversion of a former General Motors plant into a development that will ultimately feature 1,182 units, 90,000 square feet of retail space and 14,000 square feet of office space. The first apartment complex, known as the Witherspoon, offers two-bedroom flats and townhomes.

March 23, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $33M Sale of Apartment Building in Roslyn, New York

by Taylor Williams March 23, 2021

ROSLYN, N.Y. — Marcus & Millichap has brokered the $33 million sale of Horizon at Roslyn, a 50-unit, age-restricted apartment building in the New York City suburb of Roslyn. The sales price equates to $660,000 per unit. Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo of Marcus & Millichap represented the seller, Horizon at Roslyn LLC, in the transaction. The trio also procured the buyer, Fairfield Knolls LLC.

March 23, 2021

Development Midwest Missouri Multifamily Top Stories

Mac Properties Completes 36-Story Luxury Apartment Tower in St. Louis

by John Nelson March 23, 2021

ST. LOUIS — Mac Properties, a multifamily residential developer with offices in Chicago, Kansas City and St. Louis, has delivered a luxury apartment tower in St. Louis called One Hundred Above the Park. Clayco was the general contractor for the 36-story project, which overlooks Forest Park within the city’s Central West End neighborhood. “We are proud to have completed this world-class landmark for St. Louis in the midst of the pandemic,” says Matt McKenna, Clayco’s vice president of residential construction. “The project’s success is the result of months-long planning, scheduling and logistical collaboration between all stakeholders.” Mac Properties worked closely with St. Louis Development Corp. and the City of St. Louis to bring One Hundred Above the Park to fruition, and Clayco kept construction on schedule by completing one floor per week. Architect Jeanne Gang of Studio Gang designed One Hundred Above the Park with a “scalloped” glass façade. The angled exterior gives each of the 316 apartments a corner living room with double windows, which helps Mac Properties to improve energy efficiency by promoting natural lighting. Each floorplate is designed into a leaf-shaped pattern, which gives the tower a tiered look. “We hope residents enjoy this distinctive high-rise for …

March 23, 2021

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