Multifamily

Impact Developers Completes 238-Unit Hermosa Village Apartments in Metro Austin

by Taylor Williams November 20, 2020

LEANDER, TEXAS — Austin-based Impact Developers has completed Hermosa Village Apartments, a 238-unit multifamily community located in the northern Austin metro of Leander. Designed by Humphreys & Partners and built by Cadence McShane Construction, the property offers one-, two- and three-bedroom units ranging in size from 684 to 1,450 square feet. Units are furnished with custom European cabinetry, quartz countertops, stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, outdoor game space and a dog park. Clay Akiwinzie of Berkadia, secured a loan through La Salle on behalf of California-based Bridge Partners for the acquisition of Hermosa Village.

November 20, 2020

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $54.4M in Financing for San Antonio Affordable Housing Project

by Taylor Williams November 20, 2020

SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.

November 20, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey

by Taylor Williams November 20, 2020

EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. The Section 8 program is named for Section 8 of the United States Housing Act of 1937. It is more commonly known today as the Housing Choice Voucher Program, which is funded by the Department of Housing and Urban Development. Low-income residents apply to qualify for a rent assistance voucher.

November 20, 2020

Development Florida Multifamily Seniors Housing Southeast

Paces Foundation Opens Affordable Seniors Housing Community in Pensacola, Florida

by Alex Tostado November 20, 2020

PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. The units will feature heating and cooling units, high-efficiency water heaters and water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.

November 20, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida

by Alex Tostado November 20, 2020

NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.

November 20, 2020

Arkansas Loans Multifamily Southeast

Colliers Secures $19.4M Refinancing Loan for Multifamily Community Near Little Rock

by Alex Tostado November 20, 2020

CABOT, ARK. — Colliers Mortgage, a division of Colliers International, has provided a $19.4 million Fannie Mae refinancing loan for The Pointe at Cabot. The 180-unit multifamily community is situated at 3001 W. Main St. in Cabot, 26 miles northeast of downtown Little Rock. The 10-year loan features a 30-year amortization schedule. The Pointe at Cabot comprises 14 two- and three-story buildings, a single-story leasing office and a single-story pool building. Communal amenities include a pool, fitness center, clubhouse, a business center and grilling and picnic areas. The borrower was The Pointe at Cabot LLC.

November 20, 2020

California Development Multifamily Western

TCR Breaks Ground on 36-Story Multifamily High-Rise in San Diego’s Little Italy

by Amy Works November 20, 2020

SAN DIEGO — The Southern California division of Trammell Crow Residential (TCR) has started construction of Simone, a 36-story apartment project located at 1401 Union St. in San Diego’s Little Italy neighborhood. The project is a joint venture between TCR, Pacific Life Insurance and AAA Management. The high-rise will feature 358 market-rate apartments, five penthouses, 32 subsidized apartments for low-income residents, 32,000 square feet of resort-style amenity space and parking. Designed for LEED Gold certification, the 612,000-square-foot community is slated for completion in 2023. The 30-story residential tower will sit atop a six-story podium with three levels of underground parking and four levels of above-ground parking. Apartments will range from 577-square-foot studios to 1,097-square-foot two-bedroom units, as well as five 1,500-square-foot penthouses on the 35th and 36th floors. Interior unit amenities include gourmet kitchens, stainless steel appliances, hard-surface flooring, walk-in closets and all-tile bathrooms. Amenities will include a rooftop pool, spa and entertainment space; a Sky Club with panoramic city views, gourmet demonstration kitchen and indoor-outdoor lounges and dining spaces; a 4,000-square-foot indoor-outdoor fitness center; a 10,000-square-foot outdoor lounge with a movie project screen; dog park, pet lounge and spa; Amazon lockers; a bike repair shop with storage; and a …

November 20, 2020

Acquisitions Colorado Multifamily Western

Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver

by Amy Works November 20, 2020

AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price. Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court. Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.

November 20, 2020

Content Partner Heartland Feature Archive Lument Midwest Missouri Multifamily Ohio RED Capital Group Wisconsin

Cleveland, Milwaukee & St. Louis Multifamily Forecasts Indicate Case for Caution

by Sarah Daniels November 19, 2020

In earlier research, we found that investors may find advantageous risk and reward tradeoffs during the pandemic in often overlooked Midwest secondary markets. For the most part, average rent and occupancy metrics in these markets continued to rise throughout the summer, recession notwithstanding. Together, their inviting cap rates, rising NOI and low historic income volatility form a fairly compelling investment predicate. We also found that positive performance attributes were not limited to the region’s most robust economies. Even metropolitan markets that have experienced slow demographic growth — like Cincinnati and Detroit — posted surprisingly good revenue growth. Can the same logic be extended to metropolitan areas experiencing actual demographic decline? A review of recent trends in three “high-yield” markets with negative population growth – Cleveland, Milwaukee and St. Louis – shed some light on the question. View higher resolution version of chart above here. With respect to occupancy, the answer is yes. In fact, property level data published by Yardi suggest that market conditions in each of these metro areas has been constructive since February. Between February and October, average occupancy among stabilized same-store property samples increased by 14 basis points in Cleveland and 10 bps in St. Louis, in …

November 19, 2020

Development Midwest Minnesota Multifamily Seniors Housing

Lupe Development Partners, Ecumen Plan to Develop 118-Unit Affordable Seniors Housing Community in Edina, Minnesota

by Kristin Harlow November 19, 2020

EDINA, MINN. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project would be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of Edina to develop public art and community programing components. The development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, community room, business center, package and mail center, green roof and walking path connections to the city’s trail system. The next steps are for the project team to begin the development planning and approval process with the city and obtain construction financing. Pending approval, construction could begin in spring 2022.

November 19, 2020

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