Multifamily

PMG Purchases Nashville Land for $22M, Plans to Develop Multifamily Tower

by Julia Sanders November 12, 2021

NASHVILLE, TENN. — Miami- and New York-based Property Markets Group (PMG) has purchased land at 915 Division St. in Nashville’s Gulch district. The firm plans to develop the site into Society Nashville, a 471-unit, 16-story mixed-use apartment project. Market Street sold the property for $22 million. Tarek El Gammal of Newmark’s Nashville office brokered the land transaction. Society Nashville will feature 7,500 square feet of retail space and 463 parking spaces. Slated for delivery in early 2024, the development will include a mix of traditional units and co-living options. Community amenities will include a pool deck, fitness center and coworking facilities. Baker Barrios Architects Inc., an Orlando-based architectural firm, is the designer for the project. The development is a joint venture between PMG, New York and Miami-based New Valley Realty and New York-based RMWC. Society Nashville will be part of PMG’s Society Living brand, which was created to offer reasonable rents near urban areas. The brand has a focus on mostly market-rate apartments but offers to make co-living easier by eliminating shared bathrooms, splitting up the bills and helping residents to find roommates. In May 2020, Society Las Olas opened in downtown Fort Lauderdale, Fla. Additionally, Society Biscayne in downtown …

November 12, 2021

Development Multifamily Texas

AHS Residential to Develop 576-Unit Multifamily Community in West Houston

by Taylor Williams November 12, 2021

HOUSTON — Florida-based AHS Residential will develop a 576-unit multifamily community within Ten Oaks, an 83-acre master-planned development located within the Energy Corridor in West Houston. AHS Residential’s in-house architecture team is designing the project, which will consist of three 12-story buildings on a 6.6-acre site that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Construction is expected to begin in April. Wolff Cos. is the master developer of Ten Oaks that sold the land to AHS Residential.

November 12, 2021

Acquisitions Alabama Multifamily Southeast

Morrison Avenue Capital Partners Sells Two Apartment Communities in Montgomery

by Julia Sanders November 12, 2021

MONTGOMERY, ALA. — Morrison Avenue Capital Partners has sold Arbor Station and Stratford Village, two apartment communities totaling 512 units in Montgomery. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Highlands Vista Group acquired the properties for an undisclosed price. Arbor Station, a 288-unit apartment community, was 98 percent occupied at the time of sale. Stratford Village, a 224-unit community, was 95 percent occupied. Both properties offer one-, two- and three-bedroom floorplans with units featuring private balconies or patios, hardwood-inspired flooring, wood burning fireplaces, ceiling fans and washer and dryer connections in select homes. Arbor Station is located at 2495 Meadow Ridge Lane, and offers community amenities such as a picnic area, playground, fitness center and a Jacuzzi and sundeck. Located at 2000 London Town Lane, Stratford Village’s community amenities include two pools with a sundeck, onsite parking, tennis court, pet play area, fitness center and a clubhouse. The properties are situated about one mile from each other. Morrison Avenue completed $5 million in capital improvements at both communities, including renovations of almost all unit interiors, new roofs and a new clubhouse at Stratford Village.

November 12, 2021

Development Multifamily Seniors Housing Texas

Cadence McShane Breaks Ground on 121-Unit Seniors Housing Community in Dallas

by Taylor Williams November 12, 2021

DALLAS — General contractor Cadence McShane has broken ground on a 121-unit seniors housing community located in the Highland Park area of Dallas. Developed by Anthology Senior Living and designed by PRDG, the 11-story, 130,000-square-foot building will consist of 24 memory care units and 97 assisted living units. Amenities will include a salon, theater, fitness center, library, a pub with a fireplace and elevated terraces. Completion is slated for June 2023.

November 12, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Berkadia Arranges $133M Sale of LUMA Multifamily Community in Miramar, Florida

by Julia Sanders November 12, 2021

MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million. Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com. Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service. The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property …

November 12, 2021

Loans Multifamily Texas

Ready Capital Closes $3.2M Agency Acquisition Loan for North Austin Apartments

by Taylor Williams November 12, 2021

AUSTIN, TEXAS — New York City-based Ready Capital has closed a $3.2 million Freddie Mac loan for the acquisition, renovation and stabilization of a 32-unit apartment complex in North Austin. The nonrecourse, interest-only loan featured a floating interest rate, 24-month term, two extension options and a facility to fund future capital improvements. The name of the property and sponsor were not disclosed.

November 12, 2021

Loans Multifamily New York Northeast

Greystone Arranges $77.2M Refinancing for Rockwell Apartments in New Rochelle, New York

by Taylor Williams November 12, 2021

NEW ROCHELLE, N.Y. — Greystone has arranged a $77.2 million bridge loan for the refinancing of The Rockwell, a 114-unit apartment building in New Rochelle, a northern suburb of New York City. The property includes 21,000 square feet of retail space that is leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea. Drew Fletcher, Matthew Klauer and Jesse Kopecky of Greystone arranged the debt through Cerberus Capital Management on behalf of the borrower, a joint venture between locally based developer Young Cos. and private investor Phil Craft.

November 12, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Callahan Construction Breaks Ground on 90-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Taylor Williams November 12, 2021

BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.

November 12, 2021

Loans Multifamily Northeast Pennsylvania

Ready Capital Closes $17.4M Acquisition Loan for Pittsburgh Multifamily Portfolio

by Taylor Williams November 12, 2021

PITTSBURGH — New York City-based Ready Capital has closed a $17.4 million loan for the acquisition and renovation of a portfolio of two multifamily properties totaling 163 units in Pittsburgh. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term, two extension options and a facility to fund future capital improvements. The name of the sponsor and properties were not disclosed.

November 12, 2021

Acquisitions California Multifamily Western

Clarion, Cityview Acquire Empire Landing Apartments in Burbank for $161M

by Amy Works November 12, 2021

BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.

November 12, 2021

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