Multifamily

Procopio Cos. to Develop 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams November 1, 2021

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.

November 1, 2021

Affordable Housing Development Loans Midwest Multifamily Wisconsin

Associated Bank Provides $16.9M in Financing for Development of Affordable Housing Community Near Madison

by Kristin Harlow November 1, 2021

MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …

November 1, 2021

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 48-Unit Affordable Housing, Health Clinic Project in Lansing, Illinois

by Kristin Harlow November 1, 2021

LANSING, ILL. — Skender and its joint venture partner Ashlaur Construction have broken ground on Torrence Place, an affordable housing and health clinic project in Lansing, located about 25 miles south of the Chicago Loop. Full Circle Communities is the developer. The three-story project will include 48 affordable and accessible units for veterans and people with disabilities. It will also include a 3,000-square-foot health clinic on the ground floor to be operated by Christian Community Health Center. Residents will have access to supportive services, a fitness area, computer lab and communal kitchen. The project team includes architect Cordogan, Clark & Associates and CAGE Civil Engineering.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Acquisitions Georgia Multifamily Southeast Top Stories

FCP Acquires Six Multifamily Properties in Metro Atlanta for $287M

by Taylor Williams November 1, 2021

CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …

November 1, 2021

Acquisitions Illinois Midwest Multifamily

CBRE Arranges Sales of Four Multifamily Properties in Metro Chicago for $370M

by Kristin Harlow October 29, 2021

CHICAGO — CBRE has arranged the sales of four multifamily properties totaling 1,033 units in metro Chicago for a combined $370 million. CBRE’s John Jaeger, Dan Cohen and Justin Puppi represented the seller in each transaction. Redwood Capital Group sold Dwell at Naperville, a 400-unit property in Naperville. An institutional advisor sold The Retreat, a 295-unit townhome property in Wheaton, to an East Coast-based pension fund advisor. An East Coast-based institutional pension fund sold The Bernardin, a 171-unit asset in Chicago. Lastly, The Opus Group purchased a development site in Downers Grove. Plans call for a 167-unit luxury apartment complex that is slated to open in early 2023. CBRE’s Pete Marino and John Parrett assisted in securing the joint venture equity capitalization for Opus.

October 29, 2021

Acquisitions Illinois Midwest Multifamily

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

by Kristin Harlow October 29, 2021

PALATINE, ILL. — Turner Impact Capital has purchased The Clayson, a 448-unit apartment complex in Palatine formerly known as Village Park of Palatine, for an undisclosed price. A partnership between Origin Investments, Draper and Kramer and LEM Capital was the seller, which acquired the asset in December 2016 and embarked on a $9 million capital improvement program. The partnership upgraded the amenities, landscaping and common areas, and addressed deferred maintenance issues such as roof replacements, parking lot resurfacing and balcony replacements. Roughly half of the units were upgraded with new appliances, cabinets, countertops, flooring, carpeting and paint. The Clayson is spread across 15 buildings. Units range from 706 to 1,225 square feet. Marty O’Connell and Kevin Girard of JLL represented the sellers.

October 29, 2021

Acquisitions Multifamily Texas

Velocis Acquires 208-Unit Highline Apartments in San Antonio

by Taylor Williams October 29, 2021

SAN ANTONIO — Dallas-based investment firm Velocis has acquired Highline, a 208-unit apartment community in San Antonio. Built in 2000, the property is located near the University of Texas at San Antonio. Units come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center, outdoor grilling stations, a pet park and package lockers. The seller and sales price were not disclosed.

October 29, 2021

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow October 29, 2021

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

October 29, 2021

Acquisitions Multifamily Texas

TMG Arranges Sale of 126-Unit Multifamily Property in Houston

by Taylor Williams October 29, 2021

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Ludington Apartments, a 126-unit multifamily property in Houston that was built in 1980. According to Apartments.com, the property offers one- and two-bedroom units, as well as a pool. Zach Weik of TMG represented the seller and procured the locally based buyer, both of which requested anonymity, in the deal.

October 29, 2021

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