Multifamily

Mia Rose, ERC Construction Break Ground on 234-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 24, 2021

SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022. The project includes new construction of one- and two-bedroom apartment units on 13.7 acres. The apartment complex will feature walking trails, three ponds, a resort-inspired pool, 1,300-square-foot fitness center, technology lounge/business center, gated dog park and numerous green spaces with grills and seating. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Single-car garages will be available for 32 residents at an additional fee. Pure Springdale is the first joint venture project between Mia Rose Holdings and ERC Construction Group LLC. Mia Rose Holdings is a St. Louis-based developer, and ERC Construction Group is an Arkansas-based general contractor.

February 24, 2021

Georgia Loans Multifamily Southeast

American Street Capital Arranges $8.1M Loan for Multifamily Complex in Riverdale, Georgia

by Julia Sanders February 24, 2021

RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed. Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt. Built in 1972 and renovated in 2019, River Ridge is a 20-building community, with 110 two-bedroom and 40 three-bedroom apartments. The market-rate property is located at 235 Roberts Drive, approximately 7.4 miles from Hartsfield-Jackson Atlanta International Airport. Community amenities include 276 surface parking spaces, a common laundry facility, playground and an onsite property manager.

February 24, 2021

Acquisitions Multifamily Texas

Morningside Group Acquires 232-Unit Urban Crest Apartments in North San Antonio

by Taylor Williams February 24, 2021

SAN ANTONIO — An affiliate of Chicago-based investment firm Morningside Group has acquired Urban Crest, a 232-unit apartment community in north San Antonio. Built in 2015, the property features studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, social lounge, conference center, game room, outdoor grilling areas and a pet park. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Urban Crest was 88 percent occupied at the time of sale.

February 24, 2021

Development Multifamily New Jersey Northeast

Mill Creek Breaks Ground on 173-Unit Modera Berkeley Heights Project in New Jersey

by Taylor Williams February 24, 2021

BERKELEY HEIGHTS, N.J. — Mill Creek Residential has broken ground on Modera Berkeley Heights, a 173-unit multifamily project in Northern New Jersey. The property will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes, breakfast bars and individual washers and dryers. Amenities will include a pool, outdoor grilling area, demonstration kitchen, game room, fitness center, business center and a coffee bar. Move-ins are expected to begin in late 2022.

February 24, 2021

Affordable Housing Development Iowa Midwest Multifamily

TWG Underway on $10M Affordable Housing Project in Urbandale, Iowa

by Kristin Harlow February 24, 2021

URBANDALE, IOWA — Developer TWG is underway on construction of Lillis Lofts, a $10 million affordable housing project in Urbandale. TWG is developing the project with Dreamcatcher Inc., a Des Moines-based nonprofit that helps build housing for low-income individuals and those with disabilities. Located at 6313 Douglas Ave. near the Merle Hay Mall, the three-story Lillis Lofts is slated for completion this fall. It is the first affordable housing project in the area in more than two decades, according to TWG. The 43 units at Lillis Lofts will be designated for renters who earn between 30 and 60 percent of the area median income. Amenities will include a community room, fitness center and free internet connectivity. ID8 Architects designed the community. Polk County Housing Trust Fund contributed funds for the project.

February 24, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $17.2M Sale of The Encore Apartment Building in Pasadena

by Amy Works February 24, 2021

PASADENA, CALIF. — Marcus & Millichap has arranged the sale of The Encore, a multifamily building located at 712 E. Walnut St. in Pasadena’s Playhouse District. A foreign investor acquired the property for $17.2 million. Built in 2004, The Encore features 28 apartments and two ground-floor commercial units. All apartments offer in-unit washers/dryers and most feature a balcony. Additionally, the building offers gated parking, an elevator and an interior courtyard. Gayle Factor of Marcus & Millichap’s Encino, Calif., office represented the seller in the transaction.

February 24, 2021

Acquisitions Florida Georgia Illinois Indiana Louisiana Michigan Midwest Multifamily North Carolina Ohio South Carolina Southeast Texas Top Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Affordable Housing Development Georgia Multifamily Southeast

Woda Cooper, Parallel Housing Break Ground On 60-Unit Affordable Housing Community in Madison, Georgia

by Julia Sanders February 23, 2021

MADISON, GA. — Woda Cooper Co. and Parallel Housing Inc. have broken ground on Canaan Crossing, a new 60-unit, $13 million affordable housing community in Madison. The property will be located at the corner of Wheat and March streets in Madison’s Canaan historic neighborhood. Canaan Crossing will include 60 townhomes and apartments with -one, -two and -three-bedroom units for families earning up to 60 percent of area median income (AMI). The development is expected to be certified LEED for Homes Gold. Each unit will have a high efficiency HVAC system and Energy Star appliances, including dishwashers and washer/dryer hookups, as well as high-quality finishes such as vinyl tile. Community amenities will include a playground, community gardens, a covered picnic area with tables and grills, onsite management/leasing office and a multipurpose room with kitchenette and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening and wellness programs to the residents. The Georgia Department of Community Affairs provided funding through the allocation of federal and state Low-Income Housing Tax Credits and a HOME loan. CREA LLC invested in the allocated tax credits in exchange for equity financing to assure long-term affordability for Canaan Crossing. Summit …

February 23, 2021

Arizona Development Multifamily Western

Morgan Opens 472-Unit Pearl Biltmore Multifamily Community in Phoenix

by Amy Works February 23, 2021

PHOENIX — Houston-based Morgan, in a joint venture with Mesirow, has opened Pearl Biltmore at 4640 N. 24th St. in Phoenix. Situated on five acres, Pearl Biltmore features 472 apartments with 19 floor plans in a mix of studio, one-, two- and three-bedroom units, as well as several loft-style apartments. Units feature include vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances; and Quartzite countertops and glass tile backsplashes in the kitchens and baths. Additionally, select units have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers and spa soaking tubs. Community amenities include a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two swimming pool decks with grilling stations, cabanas and bistro seating; a sky lounge with an indoor/outdoor catering kitchen; media wall; and WiFi counter. Other amenities include a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

February 23, 2021

Loans Multifamily Washington Western

Dwight Capital Provides $55M in Financing for U Place Apartments in Seattle

by Amy Works February 23, 2021

SEATTLE — Dwight Capital has closed a $55 million bridge loan for U Place Apartments in Seattle’s University District. The name of the borrower was not released. Built in August 2020 on a 32,633-square-foot site, U Place features 243 apartments and 19,450 square feet of ground-floor retail space. Units feature in-unit washers/dryers, private balconies, floor-to-ceiling windows and keyless Bluetooth room entry. The community offers a fitness center, community room and rooftop deck with 360-degree views. Josh Sasouness of Dwight Capital originated the transaction.

February 23, 2021

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