Multifamily

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

District of Columbia Multifamily Southeast

NMHC: 76.6 Percent of Renters Paid January Rents in First Week

by Alex Tostado January 11, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker has found that 76.6 percent of residents made full or partial January rent payments as of Jan. 6. Washington, D.C.-based NMHC surveyed its network of 11.3 million professionally managed apartment units across the country. The most recent figure is a 120-basis point increase over Dec. 6, 2020, when 75.4 percent of households made partial or full payments. January 2021, however, showed a 170-basis point decrease — or 192,613 households — from January 2020. “While there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” says Doug Bibby, president of NMHC. “The [U.S. Congress’] recently passed COVID relief package included $25 billion in desperately needed rental assistance, as well as expanded unemployment insurance. Now, it is critical that those funds reach those in need as quickly and efficiently as possible.” The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi.

January 11, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 320-Unit Huntington Apartments in Plano

by Taylor Williams January 11, 2021

PLANO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Huntington, a 320-unit apartment community that is located less than a mile from the Legacy West corporate campus in Plano. The property was built on five acres in 2018 and features studio, one- and two-bedroom units averaging 914 square feet. Amenities include a pool, fitness center, lounge and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Catalyst Urban Development, and procured the buyer, Fairfield Residential.

January 11, 2021

Loans Multifamily Texas

Colliers Mortgage Provides Acquisition Financing for 152-Unit Multifamily Community in Metro Dallas

by Taylor Williams January 11, 2021

GARLAND, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for Centerville Crossing Apartments, a 152-unit multifamily property located in the northeastern Dallas suburb of Garland. Built in 1970 and renovated in 2003, the market-rate property consists of 14 two-story buildings and a single-story leasing office. Colliers Mortgage provided the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as 834 Centerville Crossing LLC.

January 11, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $92.5M Sale of Multifamily Portfolio in New Jersey

by Taylor Williams January 11, 2021

EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.

January 11, 2021

Connecticut Development Multifamily Northeast

Building & Land Technology Opens 435-Unit Waterfront Apartment Community in Stamford, Connecticut

by Taylor Williams January 11, 2021

STAMFORD, CONN. — Developer Building & Land Technology (BLT) has opened Escape, a 435-unit waterfront apartment community located in the Harbor Point district in Stamford. The property offers one-, two- and three-bedroom units as well as four-bedroom penthouses that range in size from 701 to 4,445 square feet and that feature floor-to-ceiling windows and stainless steel appliances. Amenities include a pool, fitness center, lounges, a café and a wine tasting room, as well as courts for basketball, pickleball and shuffleboard. Rents start at approximately $2,500 per month for a one-bedroom unit, according to Apartments.com.

January 11, 2021

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Residential Acquires 266-Unit Apartment Community in Salem, Massachusetts

by Taylor Williams January 11, 2021

SALEM, MASS. — California-based investment firm Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem. Built on 10.5 acres in 2002, the property features 12 different floor plans with an average unit size of 1,333 square feet. Amenities include an outdoor pool, fitness center, media room and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Bell Partners, and the buyer in the transaction. Pacific Urban Residential will rebrand the community as Sofi at Salem Station.

January 11, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Structures $86.8M in Financing for Acquisition, Renovation of Affordable Housing Property in Columbus

by Kristin Harlow January 11, 2021

COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022. Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.

January 11, 2021

Acquisitions Midwest Minnesota Multifamily

Four Twin Cities-Area Apartment Communities Trade Hands

by Kristin Harlow January 11, 2021

MINNEAPOLIS AND ST. PAUL — Four apartment properties in metro Twin Cities have traded hands for undisclosed prices. Main Street Cos. sold the 84-unit Riverwood Estates in Brooklyn Center to Riverwood LLC. The Oxford, a 20-unit asset in St. Paul, sold to Union Park Management by At Home Apartments LLC. In New Hope, the 12-unit 42nd Avenue Apartments sold to Verburgt Holdings LLC by 42nd Avenue Apartments LLC. Lastly, KPMG LLP sold the 54-unit Creekside Commons in Prior Lake to PRC Creekside LLC. Ted Abramson, Drew Rafshol, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the sellers in all of the transactions.

January 11, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

Callahan Breaks Ground on 244-Unit Multifamily Project in Metro Boston

by Taylor Williams January 11, 2021

WALTHAM, MASS. — Callahan Construction Managers has broken ground on Broadstone Watch City, a 244-unit multifamily project that will be located in the western Boston suburb of Waltham. The development will span 348,936 square feet and will consist of 195 market-rate residences and 49 affordable housing units. Amenities will include 293 parking spaces, an outdoor pool and courtyard, resident lounges, a conference room and a fitness center. CUBE 3 Studio is designing the project, which is being developed by a partnership between Alliance Residential Co. and The Carlyle Group. Completion is scheduled for May 2022.

January 11, 2021

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