DALLAS — New York-based EB Real Estate Group has acquired Plum Meadow, a 270-unit apartment community in South Dallas. The property features one- and two-bedroom units and amenities such as a pool, courtyard and onsite laundry facilities. Thomas Burns, Jay Gunn and William Jarnagin of Berkadia represented the seller, an affiliate of New York-based Iliad Realty Group, in the deal. Josh Finley of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing on behalf of EB Real Estate Group.
NEW YORK CITY — Mortgage banking company Merchants Capital has arranged a $51 million construction loan and $28.4 million in Freddie Mac Low-Income Housing Tax Credits (LIHTC) to fund the redevelopment of Manhattan’s historic Park 79 hotel into an affordable housing property for seniors. The borrower and project developer, Fairstead, will oversee renovations that will reconfigure the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The hotel originally opened in 1899 as “The Indiana.” The redevelopment is expected to be complete in 2022.
EAST HARTFORD, CONN. — Connecticut-based Goman + York has brokered the sale of a 57,000-square-foot property formerly known as William Seely School that is located near the junction of I-95 and State Routes 12 and 184 in East Hartford. The new owner, Connecticut-based DonMar Development, plans to redevelop the 14-acre property into a 280-unit apartment community. Goman + York represented the seller, the Town of Groton, in the transaction. A construction timeline for the redevelopment was not disclosed.
LOS ANGELES — Waterton has purchased OLiVE DTLA, a seven-story mid-rise multifamily community located at 1243 S. Olive St. in downtown Los Angeles. Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan of Walker & Dunlop represented the undisclosed seller in the deal. Justin Nelson and Allan Edelson, also of Walker & Dunlop, arranged acquisition financing for Waterton. Built in 2017, OLiVE DTLA features 293 apartments in a mix of studio, one- and two-bedroom floor plans. Units offer stainless steel appliances, subway tile backsplashes, European-style cabinets, quartz countertops, double pane floor-to-ceiling windows and wood-plank flooring. Additionally, select units feature balconies. Community amenities include a lobby, lounge, rooftop courtyard, resort-style pool area with sundeck, fire pit, grilling stations, business center, fitness center, on-site pet park and underground, controlled-access parking. The property also features 14,500 square feet of street-level retail space, 2,400 square feet of which Waterton plans to convert into 110 residential storage units. The company also plans to improve in-tenant technology access.
PHOENIX — Next Wave Investors has acquired The Grove on Glendale, a for-rent townhome community located in North Central Phoenix, for $25.5 million. Located at 917 W. Glendale Ave., the 56-unit property consists of two-story townhomes offering a mix of three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom layouts, averaging 1,840 square feet. Each residence includes walk-in closets, large bedrooms, in-unit washers/dryers, a two-car private garage and fenced-in backyard. Community amenities include a swimming pool. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang of ABI Multifamily represented the buyer and seller, an Arizona-based private investment developer, in the deal.
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US Commercial, Multifamily Construction Starts Down 20 Percent in 2020, Says Dodge Data
HAMILTON, N.J. —The value of commercial and multifamily construction starts in 2020 tumbled 20 percent to end the year at $193.4 billion, according to Dodge Data & Analytics. Within the top 20 metropolitan areas that the Hamilton-based research firm tracks, the fall was more severe as that group’s starts fell by 23 percent in value, or $111.1 billion. Overall, commercial real estate starts fell 26 percent in value to $104 billion, while multifamily building activity slid by 11 percent to $89.5 billion. Richard Branch, chief economist for Dodge Data, says that the COVID-19 pandemic had a significant negative impact on commercial and multifamily construction across the country with only a few markets seeing year-over-year increases in construction starts compared to 2019. “The construction sector will show signs of recovery in 2021, but, the road back to full recovery will be long and difficult. The effects of the pandemic on the U.S. economy and building markets will be felt for several years,” says Branch. “While some areas stabilized over the summer, the current wave of the virus has further hindered activity.” Only one metro area in Dodge Data’s top 10, Phoenix, reported a year-over increase in construction starts. The No. 7 …
NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.
MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.
ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.
ORLANDO, FLA. — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a former shopping center and become the new anchor for the neighborhood’s town center. Designed for senior residents 55 and older, rents for Hawthorne Park apartments are expected to start at approximately $740 per month for one-bedroom units and $880 per month for two-bedroom units. Hawthorne Park will cost an estimated $27.6 million to develop. Financing includes a $250,000 grant from Orange County, a $317,500 loan from Orange County and $2.3 million in Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy Inc. is the general contractor. Construction is expected to take 11 months to complete, with rental applications starting in June 2021. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District — an initiative to revitalize the area and its working-class community of more than 60,000 residents.