Multifamily

Read King, Wayfinder Break Ground on 295-Unit Waterview Apartments in Metro Houston

by Taylor Williams February 4, 2021

RICHMOND, TEXAS — A joint venture between Houston-based Read King Commercial Real Estate and Austin-based Wayfinder Real Estate has broken ground on The Waterview, a 295-unit apartment community in the southwestern Houston suburb of Richmond. The property will be located within the 135-acre Waterview Town Center mixed-use development and will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, private spa and a resident clubhouse. Houston-based W. Partnership Inc. designed the project, and Austin-based Oden Hughes is serving as the general contractor. The opening is slated for the first quarter of 2022. Read King is also the master developer of Waterview Town Center.

February 4, 2021

Development Loans Multifamily New Mexico Western

Trez Capital Closes $52M Construction Loan for ViaVerde Multifamily Developments in Albuquerque

by Amy Works February 4, 2021

ALBUQUERQUE, N.M. — Trez Capital has closed on a $52 million construction loan for ViaVerde, a 171-unit for-rent townhome project, and ViaVerde II, a 154-unit garden-style apartment community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, which is located within The Trails, a 400-acre, mixed-use, master-planned community. Situated on 11.6 acres on Universe Boulevard NW, ViaVerde is the first phase within the residential development that will include more than 1,000 rental units at build-out. Designed to reach LEED Gold certification, ViaVerde offers units with Energy Star-rated appliances, WaterSense plumbing fixtures and 16+ SEER air conditioning units, as well as other measures to help residents reduce monthly utility bills. The property will also feature smart home technologies, including smart parking, smart lighting, thermostat control, entry access to units and common areas, leak detection and smart parcel lockers. Upon completion, The Trails will comprise more than 2,200 apartment units, 1,600 single-family units, 120,000 square feet of office and retail space, a hospital urgent care center, parks, trails, three schools and a church. Wexford Construction is serving as construction manager for the project.

February 4, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $72M Sale of Multifamily Portfolio in Northern New Jersey

by Taylor Williams February 4, 2021

NEWARK AND IRVINGTON, N.J. — Gebroe-Hammer Associates has brokered the $72 million sale of a portfolio of multifamily properties totaling 641 units in Northern New Jersey. Five of the properties are located within a 1.8-mile radius of one another in Newark, and the rest of the properties are located in nearby Irvington. David Oropeza, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller, OneWall Partners, in the transaction. The team also procured the buyer, an undisclosed private investment group. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

February 4, 2021

Acquisitions Montana Multifamily Seniors Housing Western Wyoming

Senior Living Investment Brokerage Negotiates Sale of Two Communities in Montana, Wyoming

by Amy Works February 4, 2021

CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

February 4, 2021

Acquisitions Massachusetts Multifamily Northeast

Harbor Group International Buys 120-Unit Multifamily Property in Wilmington, Massachusetts

by Taylor Williams February 4, 2021

WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.

February 4, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Callahan Breaks Ground on 114-Bed Assisted Living Project in Metro Boston

by Taylor Williams February 4, 2021

HANOVER, MASS. — Callahan Construction Managers has broken ground on a 114-bed assisted living community in Hanover, located southeast of Boston. Benchmark Senior Living will operate the property, which will comprise 97 units and 91,000 square feet. Amenities will include a library, activity rooms, salons, wellness rooms and outdoor courtyards. Completion is slated for summer 2022. The project marks Callahan’s fourth assisted living project with Benchmark in New England.

February 4, 2021

Development Mixed-Use Multifamily Office Texas Top Stories

Stonelake Capital Partners Plans 50-Story Mixed-Use Tower in Downtown Austin

by Jeff Shaw February 4, 2021

AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin. Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025. “Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.” Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span. Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The …

February 4, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee

Mill Creek Residential to Develop 15-Story Apartment Tower in Nashville

by John Nelson February 3, 2021

NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …

February 3, 2021

Affordable Housing Development Loans Multifamily North Carolina Seniors Housing Southeast

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Development Multifamily Texas

Stonelake Capital to Develop 490-Unit Apartment Community in West Dallas

by Taylor Williams February 3, 2021

DALLAS — Texas-based developer Stonelake Capital will develop The Trinity, a 490-unit apartment community that represents the third phase of the company’s 25-acre Trinity Green residential district in west Dallas. The five-story building will be situated on five acres and will feature two pools, multiple clubrooms, a fitness center, coworking spaces and access to the development’s one-acre park. Construction is expected to begin during the second quarter.

February 3, 2021

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