Multifamily

Evergreen Real Estate Group Acquires Affordable Seniors Housing Community in Cleveland, Plans $18M Renovation

by Kristin Harlow May 11, 2021

CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …

May 11, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

by Taylor Williams May 11, 2021

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …

May 11, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $77M Sale of Lakeshore Club Apartment Community in Tampa

by Julia Sanders May 10, 2021

TAMPA, FLA. — Cushman & Wakefield has brokered the $77 million sale of Lakeshore Club, a 638-unit apartment community located at 6900 Concord Drive in Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant of Harbour Realty Advisors Inc., in the transaction. The buyer, an entity doing business as Lakeshore Multifamily Partners LLC, purchased the asset for $120,689 per unit. Lakeshore Club historically averages 99 percent occupancy. The property sits on nearly 66 acres on Egypt Lake. Community amenities include two swimming pools, two tennis courts, a lakefront sand volleyball court, recreation deck, playground and fitness center. After capital improvements, the buyer expects rental rates at Lakeshore Club to increase by over $325 per unit on average.

May 10, 2021

Loans Lument Multifamily South Carolina Southeast

Lument Provides $15.2M Fannie Mae Refinancing for Multifamily Property in Columbia

by Julia Sanders May 10, 2021

COLUMBIA, S.C. — Lument has provided a $15.2 million Fannie Mae loan for a 176-unit, garden-style multifamily community in Columbia. Steven Cox of Lument originated the financing on behalf the undisclosed borrower. The loan refinances existing debt at a low, fixed interest rate. The loan features a 10-year term with full-term interest only payments and a nine-and-a-half-year yield maintenance period. Chuck Cronin of Axiom Capital Corp. arranged the financing. The apartment community includes 176 units across 19 two-story buildings. Of the 176 units, 52 are one-bedroom, 104 are two-bedroom and 30 are three-bedroom units. Community amenities include a clubhouse, pool, picnic area, dog park, business center and a fitness center. The borrower owns approximately 1,121 units across the Southeast. The sponsor has owned the unnamed property since it was constructed in 2000 and has made investments in capital improvements.

May 10, 2021

Development Multifamily New Jersey Northeast

LeFrak Organization Begins Leasing 336-Unit Multifamily Community in Newport, New Jersey

by Taylor Williams May 10, 2021

NEWPORT, N.J. — The LeFrak Organization, a family-owned development firm, has begun leasing The Beach, a 336-unit multifamily community in Newport, located across the Hudson River from Lower Manhattan. Designed by HLW Architects, the waterfront property offers studio, one-, two-, three- and four-bedroom units with private terraces or balconies. Amenities include a pool, fitness center, coworking lounge, dog park, package lockers, children’s play area, library, game room and a rooftop lounge with a wet bar. Rents start at $2,450 per month for a studio apartment.

May 10, 2021

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $17.8M Sale of Two Multifamily Assets in Manhattan

by Taylor Williams May 10, 2021

NEW YORK CITY — Ariel Property Advisors has arranged the $17.8 million sale of a pair of multifamily assets totaling 32 units and three commercial spaces in Manhattan’s Nolita neighborhood. Shimon Shkury, Victor Sozio, Howard Raber, Michael Tortorici and Jack Moran of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

May 10, 2021

Development Florida Multifamily Southeast

Latigo Group to Open Pomelo Apartments in Miami Gardens

by Julia Sanders May 10, 2021

MIAMI GARDENS, FLA. — The Latigo Group, a residential developer based in Los Angeles, is nearing completion of The Pomelo, a new, seven-story mid-rise multifamily community in Miami Gardens. The property will feature 259 one-, two- and three-bedroom apartments, all with modern finishes. Designed by local interior designer Moniomo, The Pomelo will feature keyless entry, smart thermostats, custom kitchen cabinetry and quartz counters. Community amenities will include a pool, pool deck, clubhouse, fitness center, yoga and spin studio and a business center. Units are priced between $1,595 and $2,590 per month, based on room-count and layout particulars, with square footages spanning from 714 to 1,127 square feet. Latigo chose Greystar to manage the property, which is set to open this summer.

May 10, 2021

Acquisitions Arizona Multifamily Western

Olympus Property Sells Cactus Forty-2 Apartments Near Phoenix for $56M

by Amy Works May 10, 2021

PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.

May 10, 2021

Acquisitions Alaska Multifamily Seniors Housing Western

SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

by Amy Works May 10, 2021

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

May 10, 2021

Affordable Housing California Development Multifamily Western

Aedis Real Estate, C.W. Driver Break Ground on 98-Unit Affordable Housing Project in Los Angeles

by Amy Works May 10, 2021

LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.

May 10, 2021

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