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Multifamily

DevelopmentMidwestMissouriMultifamily

Fogelman Properties Completes Renovation of 489-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — Fogelman Properties has completed the renovation of 15Seventy, a 489-unit apartment community located at 1570 Westmeade Drive in the St. Louis suburb of Chesterfield. Fogelman built the property in 1987 and began the renovation project in 2018. The project included the addition of a new Wi-Fi café, a redesigned lobby and leasing center, updates to the pools and tennis courts and the addition of new gathering spaces such as an outdoor entertainment kitchen, poolside pavilion and indoor kitchen area. Fogelman also unveiled a new fitness center with state-of the-art equipment and programs. To date, Fogelman has upgraded 220 of the units with granite countertops, new cabinetry, wood-style flooring and stainless steel appliances. Monthly rents start at $1,127.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Property in Minnesota

by Kristin Harlow

MANKATO, MINN. — Colliers Mortgage’s Minneapolis office has provided a $4.3 million HUD 223(f) loan for the refinancing of Rosa Place in Mankato, about 80 miles southwest of Minneapolis. The 60-unit affordable housing property was built in 2019 using 9 percent Low-Income Housing Tax Credit (LIHTC) proceeds. All units are reserved for households that earn up to 50 percent of area median income. Velair Property Management LLC manages the property. Rosa Place LP was the borrower. The 35-year loan is fully amortizing.

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Reflections-at-Highpoint-Dallas
AcquisitionsMultifamilyTexas

ShainRealty Capital Acquires Reflections at Highpoint Apartments in Dallas for $46.3M

by Taylor Williams

DALLAS — Los Angeles-based investment firm ShainRealty Capital has acquired Reflections at Highpoint, a 373-unit apartment community in the Northwood Heights area of Dallas. The sales price was $46.3 million. Built in 1986, the property features one-, two- and three-bedroom units and amenities such as four pools, a fitness center, spa, package lockers and community gardens. Doug Banerjee, Andrew Mueller, Jack Stone and Hugo Reisenbichler of Greysteel represented ShainRealty and the undisclosed seller in the transaction. New York-based Arbor Realty Trust provided $40.6 million in acquisition financing to ShainRealty, which will implement a $2.3 million capital improvement program.

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FeaturesHeartland Feature ArchiveMultifamily

Demand for Value-Add Multifamily Acquisitions Outpaces Supply

by Kristin Harlow

Earlier this year, national real estate investor and operator Waterton closed fundraising activity for a multifamily value-add fund with $1.5 billion in equity commitments from global institutional investors. Waterton launched the fund, known as Waterton Residential Property Venture XIV, in May 2020.  The first deployment from the fund was a four-property, 1,824-unit portfolio in metro Atlanta followed by a two-property portfolio in Hawaii and three assets in California. The largest-ever fund from Waterton will continue to target both urban and suburban assets in major U.S. markets. The value-add investment strategy is nothing new for Waterton. The Chicago-based company has taken this approach for the last 25 years. But today there is strong demand among investors to be in the multifamily sector, says Rick Hurd, chief investment officer.  As a result of the COVID-19 pandemic, some acquisitions are what Hurd calls “urban distress.” In other words, Waterton is making investments in areas like downtown Los Angeles and San Francisco in anticipation that demand will come back to the urban core over the next couple years. Many renters have migrated to the suburbs during the pandemic to be away from densely populated areas. According to Hurd, there is currently significant demand for …

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LoansMultifamilyNew YorkNortheastRetail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

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Cornerstone-at-Greentree-Marlton-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Walters Opens Affordable Seniors Housing Community in Marlton, New Jersey

by Taylor Williams

MARLTON, N.J. — Walters, an affordable housing developer, has opened Cornerstone at Greentree, an income-restricted seniors housing community in the Philadelphia suburb of Marlton. Situated on 2.3 acres, the four-story building features 68 one- and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income.

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The-Grove-Phoenix-AZ
ArizonaDevelopmentHospitalityMixed-UseMultifamilyOfficeRestaurantRetailWestern

RED Development Starts Construction of $300M The Grove Mixed-Use Project in Phoenix

by Amy Works

PHOENIX — RED Development has announced that construction is underway for The Grove, a $300 million mixed-used development at the northwest corner of 44th Street and Camelback Road in Phoenix. Situated on 15 acres, the development will include the recently announced Global Ambassador hotel, a four-story office building, several ground-floor retail and restaurant spaces, two two-story office buildings, a self-storage facility by Hibernia Capital, a covered parking structure and an apartment building by StreetLights Residential. Completion of the first phase is slated for the latter half of 2022 with final completion and the hotel’s opening scheduled for fall 2023. The Grove is also the home to the new Phoenix Suns and Phoenix Mercury private training facility that opened in late 2020.

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Level-Sixteenth-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $69.1M Sale of Level at Sixteenth Apartments in Central Phoenix

by Amy Works

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a mid-rise multifamily property in Phoenix’s urban core. An affiliate of Abacus Capital Group sold the asset to Sares Regis Group for $69.1 million, or $287,917 per unit. Converted from a retail center to a multifamily community in 2010, Level at Sixteenth features 240 apartments with nine-foot ceilings, private laundry areas and walk-in showers. The community also features a leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, eight-foot multimedia video wall and billiards table. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

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AcquisitionsMultifamilyWashingtonWestern

Marcus & Millichap Negotiates $9.5M Sale of Sherwood Park Multifamily Property in Fife, Washington

by Amy Works

FIFE, WASH. — Marcus & Millichap has arranged the sale of Sherwood Park, an apartment community located in Fife. A limited liability company sold the property to an undisclosed buyer for $9.5 million. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller in the transaction.

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AcquisitionsFloridaMultifamilySoutheast

Harbor Group International Sells Apartment Community in Metro Miami for $222.7M

by Julia Sanders

PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.

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