Multifamily

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

by Alex Tostado October 13, 2020

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities including a computer lab, fitness center, clubhouse, business center, social room, dog park, swimming pool, hot tub, grilling stations and a sand volleyball court.

October 13, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Colorado Development Multifamily Western

Hines Breaks Ground on 397-Unit Residences at RiNo in Denver’s River North Arts District

by Amy Works October 13, 2020

DENVER — Hines, along with investment partner Cresset-Diversified QOZ Fund, has started construction of Residences at RiNo, a for-rent residential community at the entryway to Denver’s River North Arts District. Situated within North Wynkoop’s 1.25 million-square-foot mixed-use development, the 11-story project will feature 397 residences in a mix of studio, one- and two-bedroom floor plans ranging from 542 square feet to 1,715 square feet. Additionally, the property will feature a limited number of affordable units and live/work units. Each residence will include modern kitchens with quartz countertops, designer-like backsplashes and stainless steel appliances; in-unit washers/dryers; electric door locks; matte black fixtures; and wood-style flooring. On-site amenities will include a heated swimming pool with terrace; two outdoor kitchens with gas grill; dining areas and sofas; a large garden area with outdoor gaming, hammocks, yoga deck and fire pits; a gym with on-demand virtual fitness classes and Skier’s Edge training equipment; pet space and dedicated dog park; and bike shop and storage room. Additionally, Residences at RiNo will include a coworking space with private meeting rooms, complimentary coffee bar, artist studio space and 14,500 square feet of ground-floor retail space. The project team includes Zeigler Cooper Architects, Parisa O’Connell Interior Design, Design …

October 13, 2020

Company News Multifamily Texas

Hines Launches Multifamily Property Management Service Willowick Residential

by Taylor Williams October 13, 2020

HOUSTON — Hines has launched Willowick Residential, the Houston-based real estate giant’s new multifamily property management service. Named after founder Gerald D. Hines’ first residential development in Houston’s River Oaks area, Willowick Residential currently has nine properties in its portfolio. Hines, which has offered some sort of property management services since its inception in 1957, has a multifamily portfolio of 63 properties across 38 U.S. cities.

October 13, 2020

Loans Multifamily Northeast Pennsylvania

ACRES Capital Provides $33M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams October 13, 2020

PITTSBURGH — ACRES Capital Corp. has provided a $33 million loan for the construction and stabilization of a 161-unit multifamily project located at 5803 Centre Ave. in the Shadyside neighborhood of Pittsburgh. The property will house 6,000 square feet of retail space and offer amenities such as a fitness center with a yoga studio, coworking office space with indoor and outdoor workstations and a self-checkout convenience mart. The borrower, Colorado-based Charles Street Investment Partners, expects to complete the project in the third quarter of 2022.

October 13, 2020

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 177-Unit Luxury Apartment Project in West Allis, Wisconsin

by Kristin Harlow October 13, 2020

WEST ALLIS, WIS. — McShane Construction Co. has completed building The West Living, a 177-unit luxury apartment project in West Allis, a western suburb of Milwaukee. McShane constructed the community on behalf of developer, Mandel Group. The first level of the four-story complex is a parking structure. Units consist of studios, one-, two- and three-bedroom floor plans. Amenities include a club area, fitness center, dog park and rooftop patio. Zimmerman Architectural Studios served as architect. Units are currently available for move-ins. Monthly rents start at $909 for studios.

October 13, 2020

Loans Multifamily North Carolina Southeast

KeyBank Provides $41.5M Refinancing Loans for Two Multifamily Properties in Charlotte

by Alex Tostado October 12, 2020

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided $41.5 million in Freddie Mac refinancing loans for two multifamily properties in Charlotte. The borrower, Ginkgo Residential LLC, received $23.1 million for the 260-unit Kimmerly Glen community and $18.4 million for the 220-unit Forest at Chasewood property. KeyBank structured the two loans, which feature 10-year terms with a five-year interest-only payment period and a 30-year amortization schedule. Ginkgo acquired Kimmerly Glen in 2014 and Forest at Chasewood in 2016. The locally based owner has invested $3 million in renovations across both properties during its ownership. Kimmerly Glen was built in 1986 and comprises 15 three-story buildings on 16 acres. Forest at Chasewood was built in 1985 and comprises 11 three-story buildings spanning 16 acres. Both properties offer one- and two-bedroom floor plans with communal amenities including dog parks, fitness centers, laundry facilities and community barbecue areas. Timothy DeWispelaere and Randy Rinderknecht of KeyBank originated the loans on behalf of the borrower.

October 12, 2020

Loans Multifamily New York Northeast

Greystone Provides $289M Loan for Refinancing of The Summit Apartments in Manhattan

by Taylor Williams October 12, 2020

NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.

October 12, 2020

Acquisitions Multifamily Utah Western

Buchanan Street Partners Sells 160-Unit Ascent in Cottonwood Apartments Near Salt Lake City

by Amy Works October 12, 2020

COTTONWOOD HEIGHTS, UTAH — Buchanan Street Partners has completed the sale of Ascent in Cottonwood, a multifamily property located at 1151 E. 6720 S in Cottonwood Heights. Warmington Properties acquired the community for an undisclosed price. Built in 1996, the property features 160 apartments, a swimming pool with poolside pergola, outside television, bocce ball court and dog park. Danny Shin, Brock Zylstra, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 12, 2020

Loans Multifamily Texas

Berkadia Provides HUD Loan for Refinancing of 230-Unit Multifamily Asset in Austin

by Taylor Williams October 12, 2020

AUSTIN, TEXAS — Berkadia has provided a HUD loan of an undisclosed amount for the refinancing of Altair Tech Ridge, a 230-unit apartment community in Austin. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, resident clubhouse and an outdoor dining area. Chad Bedwell and Eli Gershenson of Berkadia originated the loan, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, Dallas-based Galaxy Tech Ridge LLC.

October 12, 2020

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