Multifamily

Trammell Crow Residential to Develop 282-Unit Multifamily Project in Kingston, Massachusetts

by Taylor Williams January 15, 2021

KINGSTON, MASS. — Trammell Crow Residential, the multifamily development arm of Crow Holdings, has closed on land and construction financing for the development of Alexan Kingston, a 282-unit multifamily project that will be located about 35 miles south of Boston. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 620 to 1,500 square feet. Units will feature granite countertops and individual washers and dryers, while select units will have private balconies or porches. Communal amenities will include a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Completion is slated for summer 2023. Pyramid Management Group will manage the property.

January 15, 2021

Arizona Development Multifamily Student Housing Western

Toll Brothers, Harrison Street to Develop 826-Bed Student Housing Community in Tempe

by Amy Works January 14, 2021

TEMPE, ARIZ. — Toll Brothers Campus Living and Harrison Street have formed a joint venture to develop Canvas, a student housing community adjacent to Arizona State University (ASU) in Tempe. The joint venture has secured a construction loan facility from MidFirst Bank, Fifth Third Bank N.A. and Trustmark Bank. Toll Brothers’ in-house finance department arranged the debt and equity financing. TSB Capital Advisors served as advisor to Toll Brothers. Situated on 3.4-acres, Canvas will feature 263 units totaling 826 beds with a modern furniture package, quartz countertops, private bedroom door locks, walk-in closets, computer-controlled access, smart television, central air conditioning, private bedrooms and bathrooms, in-unit washer/dryer, hardwood-style floors, high-speed internet and stainless steel appliances. The community will feature a six-level, 469-stall parking garage; fitness center; clubroom with an e-sports lounge; rooftop pool and amenity deck; business center; café/lounge; ground-floor retail space; courtyard and fire pit; grilling stations; electronic parcel lockers; private study rooms; and bike storage. The joint venture has partnered with Subtext, a real estate development company focused on living spaces for students and young professionals. Toll Brothers Campus Living will manage the development, construction and marketing, as well as asset management. Cardinal Group Management will act as the …

January 14, 2021

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Two Adjacent Multifamily Assets Near Portland Totaling 95 Units

by Amy Works January 14, 2021

TUALATIN, ORE. — Trion Properties has purchased two adjacent apartment communities in Tualatin, a southwest suburb of Portland. Terms of the transaction were not released. Trion will operate the two properties, formerly known as Casa De Robles and Cypress Gardens, as one community – Fox Meadows, located at 19605 SW Boones Ferry Road. Built in 1968, the property features 95 townhome-style units in a variety of floor plans, ranging from 562 square feet to 1,033 square feet, with patios and decks available on some units. Recent interior upgrades include grey vinyl plank flooring, stainless steel appliances, quartz countertops, undermount sinks, new custom cabinetry, Bluetooth locks and upgraded bathroom vanities. Common amenities include a swimming pool, laundry facilities and ample parking and storage.

January 14, 2021

Development Multifamily Texas

StreetLights Residential Opens 340-Unit Jackson Apartments in Arlington

by Taylor Williams January 14, 2021

ARLINGTON, TEXAS — Locally based developer StreetLights Residential has opened The Jackson, a 340-unit apartment community located within the Viridian master-planned development in Arlington. The property offers studio, one-, two- and three-bedroom units that range in size from 588 to 1,671 square feet and that are furnished with granite countertops, tile backsplashes, custom flooring and cabinetry and individual washers and dryers. Select units also feature private screened porches. Amenities include a lounge with coworking spaces, a fitness center with yoga and spin studios, coffee bar, pool, pet spa and a demonstration kitchen. WDG Architecture designed the project, and SLR Construction served as the general contractor. Rents start at $1,350 per month for a one-bedroom unit, according to Apartments.com.

January 14, 2021

Development Multifamily Texas

RightQuest Breaks Ground on 198-Unit Siena Round Rock Apartments in Metro Austin

by Taylor Williams January 14, 2021

ROUND ROCK, TEXAS — Metro Dallas-based developer RightQuest Residential has broken ground on Siena Round Rock, a 198-unit apartment community located on a 13-acre tract in the Austin suburb of Round Rock. Units will feature one- and two-bedroom floor plans with upgraded appliances, granite countertops and individual washers and dryers. Select residences will also offer private balconies or patios. Amenities will include a pool, fitness center, business center, dog park, outdoor grilling areas and a clubhouse with a media room. The first units are expected to be available for occupancy in spring 2022, with rents starting at $1,158 per month for a one-bedroom unit. Project partners include Cross Architects, civil engineering firm Kimley-Horn and general contractor Maker Bros. Construction. The Houston Group provided construction financing.

January 14, 2021

Acquisitions Affordable Housing Multifamily Texas

Greysteel Brokers Sale of 150-Unit Affordable Housing Property in El Paso

by Taylor Williams January 14, 2021

EL PASO, TEXAS — Greysteel has brokered the sale of Cien Palmas Apartments, a 150-unit Section 8 housing property in El Paso. Built in 1971, the garden-style community is located about eight miles southeast of the downtown area and offers amenities such as a pool, playground, basketball court and onsite laundry facilities. Doug Banerjee and John Marshall Doss of Greysteel represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction.

January 14, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.2M Sale of Multifamily Property in Lockport, Illinois

by Kristin Harlow January 14, 2021

LOCKPORT, ILL. — Kiser Group has brokered the $7.2 million sale of Lockport South Apartments in Lockport, about 30 miles southwest of Chicago. Located at 551 Diane Court, the 80-unit property was owned by the same entity since the 1980s. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group brokered the sale. The buyer and seller information was undisclosed.

January 14, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Acquisition Financing for Seniors Housing Portfolio in New Jersey

by Taylor Williams January 14, 2021

CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.

January 14, 2021

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $59M in HUD-Insured Financing for Affordable Housing Portfolio in Harlem

by Taylor Williams January 14, 2021

NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization schedule, through HUD’s 223(f) program. The borrower was not disclosed.

January 14, 2021

Content Partner Features Multifamily Walker & Dunlop

Multifamily Market Offers Resilience in the Face of Economic Pressures

by Sarah Daniels January 14, 2021

A Tale of Two Cities “It was the best of times, it was the worst of times…” More than 150 years later, the iconic Dickens quote still strikes a chord. While every recession is different, the pandemic-induced shelter-in-place rules quickly sent the U.S. economy into the deepest recession on record in the second quarter. Fortunately, economic recovery, at least thus far, is proving to be just as swift — in certain areas. While unemployment rates dropped quickly from 14.7 percent in April to 6.7 percent in December, a more detailed look shows widening inequality that has yet to be resolved. For those with a bachelor’s degree or higher, unemployment peaked at only 8.4 percent in April and has since fallen to 3.8 percent — a rate that was once thought to be near the point of equilibrium for the economy. Unemployment rates for those with less than a high school education peaked at 21.2 percent and for those with a high school education, at 17.7 percent. To add to the current volatile environment, the contentious U.S. presidential election kept investors on edge, assessing political as well as economic uncertainty, at least in the near-term. Volatility indices remain somewhat elevated, although …

January 14, 2021

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