JEFFERSON, GA. — Alliance Residential Co. has acquired 74.9 acres at 575 Concord Road in Jefferson for the development of Prose Concord, a new multifamily property totaling 300 units. This property will be Alliance Residential’s first launch of Prose in the Southeast. Construction will begin on Prose Concord this year with an expected completion date of March 2022. Architect Hensley Lamkin Rachel Inc. is designing the development. Prose Concord will include one- and two-bedroom apartment units averaging 1,008 square feet. Apartments will feature stainless steel appliances, wood plank-style flooring, walk-in closets, storage and dining-sized kitchen islands. Community amenities will include a fitness center, coworking spaces, pet park and a 24/7 package concierge,. The multifamily community will be located on the northeast side of Atlanta, close to many industrial spaces. Over the past few years, 18 million square feet of industrial warehouse and distribution space has been delivered within a five-mile radius of Prose Concord. Another four million square feet of industrial space is currently under development. Recently, Amazon and Walmart leased 800,000 and 1 million square feet of space, respectively, within a few miles of Prose Concord.
LOCKPORT, N.Y. — Alliant Credit Union has provided a $5.5 million loan for the refinancing of a 457-pad mobile home park in Lockport, located in the Buffalo area. The property offers amenities such as a clubhouse, pool, playground and basketball court. Ned Perlman of Largo Capital arranged the loan, which was structured with a 10-year term and a 30-year amortization schedule.
By R. Michael Goman, Goman+York In recent years, much of our work has focused on helping our client communities encourage the development of new market-rate affordable housing units. For our purposes, we define market-rate affordable rental housing as housing that is available at rental rates equivalent to 80 percent to 100 percent of 30 percent of the area median income (AMI). It also means that after paying rent, residents still have enough money for food, transportation, health care and similar needs. Rental rates below 80 percent of 30 percent of AMI typically indicate residents who require financial assistance, which falls into a different category. Our advice to communities typically revolves around a few key issues: location, market and financial feasibility, economic impact, and local land-use issues. These are factors that a potential developer will review when considering a possible development opportunity. Our goal is to help the community put together the best possible story that addresses each of these issues in a real-world, quantitative way. The Right Site As with many real estate projects, location is key to success. Optimal sites for new market-rate affordable rental projects are those located near concentrations of employment. The available jobs don’t have to …
Affordable HousingMarket ReportsMultifamilyNorth CarolinaSeniors HousingSoutheastSoutheast Market ReportsStudent Housing
Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets
The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better. In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to work from home, larger and more affordable units in suburban submarkets have become more appealing. Elevated construction costs are also a factor, driving garden-style development versus more costly podium construction. The Triangle’s suburban submarkets are experiencing the strongest construction activity, most notably in the North Cary/Morrisville submarket, where 1,784 units averaging over 1,000 square feet per unit are currently underway. As ongoing work-from-home arrangements prompt more tenants to consider living further from the Triangle’s primary employment centers, developers are increasingly willing to look at sites in outlying communities such as Wendell and Clayton. Demand is expected to return to the Triangle’s urban submarkets as employees return to the office and retailers and restaurants fully reopen, but the recovery in these areas is likely to be protracted. Solid footing The Triangle’s multifamily sector ended 2020 on relatively firm footing despite a tumultuous year. Both …
ASHBURN, VA. — Dwight Capital has provided a $66.8 million HUD 223(f) refinancing loan for Ashburn Meadows Apartments, a 336-unit affordable housing community located in Ashburn. Brandon Baksh of Dwight Capital originated the transaction, which is the fourth refinance that Dwight has closed for the undisclosed borrower. The loan includes a reduced Mortgage Insurance Premium (MIP) set at 25 basis points as the property is classified by HUD as “Broadly Affordable.” Built in two phases in 2000 and 2002, Ashburn Meadows includes 14 three-story apartment buildings and a one-story clubhouse situated on over 18.3 acres. Community amenities feature a fitness center, barbeque grill area, swimming pool with sundeck and walking trails.
YULEE, FLA. — RAS Property Group has acquired The Lofts at Wildlight, a new 279-unit apartment complex located in Yulee, for $55.8 million. The seller was not disclosed. Situated approximately 22 miles from downtown Jacksonville, The Lofts at Wildlight include five buildings and offers one-, two- and three-bedroom apartments. Community amenities include a pool with sundeck, outdoor dining spaces and a 24-hour fitness center. The property is part of the 2,900-acre Wildlight community in Nassau County. Upon completion, Wildlight will offer 7 million square feet of office, commercial, medical, industrial and residential space. Adam Bieber of Philips Realty Capital advised RAS on capitalization of the property. RAS Realty Partners, parent company of RAS Property Group, is a real estate investment and development company based in Boca Raton, Fla.
IRVING, TEXAS — Newmark has brokered the sale of Marbletree, a 416-unit apartment community in Irving. The property offers one- and two-bedrooms and amenities such as a business center, fitness center and a pool. Jakob Andersen and Brian O’Boyle Jr. of Newmark represented the seller, LumaCorp., in the transaction. Deverick Jordan and William Hairston of Newmark arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, GoodLife Housing Partners. The new ownership plans to implement a value-add program, as the property has not been renovated since its original construction in 1982. The community was 98 percent occupied at the time of sale.
DETROIT — LIFTbuild will construct The Exchange, a 16-story residential tower in Detroit’s Greektown neighborhood. The project will include 153 apartment units and 12 for-sale condominiums. There will also be ground-level rental office suites and retail space totaling 166,742 square feet. Amenities will include a valet and concierge, fitness and yoga studio and an outdoor terrace. LIFTbuild expects to break ground later this year with completion slated for 2022. LIFTbuild is a subsidiary of Southfield-based general contractor Barton Malow.
LEWISVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Somerset, a 372-unit apartment community located in the northern Dallas suburb of Lewisville. The property was built in 1986 and features one- and two-bedroom residences with an average unit size of 765 square feet. Amenities include two pools, a fitness center, business center, spa, playground and a clubhouse, according to Apartments.com. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA, along with Marcus & Millichap’s Bard Hoover and Nick Fluellen, represented the seller, LumaCorp., in the transaction. The team also procured the buyer, Western Wealth Capital.
ST. LOUIS — JLL Capital Markets has brokered the sale of a two-property, 525-unit multifamily portfolio in St. Louis for an undisclosed price. The properties include Cortona at Forest Park and Encore at Forest Park. Completed in 2014, Cortona offers studio, one- and two-bedroom floor plans. Amenities include a dog park, courtyard, outdoor grill area and a clubhouse with a fitness center, coffee bar, pool table, shuffleboard and business center. Encore at Forest Park, completed in 2018, consists of studio, one-, two- and three-bedroom units. Amenities include a pool, grilling area, dog park, pet spa and fitness center. Kevin Girard and Matthew Lawton of JLL represented the undisclosed seller. Mike Donovan of Balke Brown Transwestern led the local team that co-brokered the sale. The portfolio sold to an institutional buyer.