Multifamily

IMPACT Strategies Builds $40M Luxury Apartment Development in Suburban St. Louis

by Kristin Harlow October 29, 2020

RICHMOND HEIGHTS, MO. — IMPACT Strategies has completed construction of Altair at the Heights, a $40 million luxury apartment development in Richmond Heights, a suburb of St. Louis. ILI Communities was the developer, Fugleberg Koch served as architect and Civil Design Inc. was the engineer. The 187-unit, four-story project now fills the site of the former AB Green Middle School. The development includes 3,300 square feet of retail space. Among the amenities are a clubhouse, pool, courtyard, fitness center and pet washing station. Monthly rents start at $1,235 for one-bedroom units. Residents can now receive two months of free rent by signing a 14-month lease.

October 29, 2020

Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $82M Refinancing Loan for New Multifamily Community in Fort Lauderdale

by Alex Tostado October 28, 2020

FORT LAUDERDALE, FLA. — Walker & Dunlop has arranged an $82 million refinancing loan for The Rise Flagler Village, a 348-unit multifamily community in Fort Lauderdale. The developer and borrower, Rescore Property Corp., which is a private REIT managed by Encore Capital Management, opened the community in April. The property offers studio to three-bedroom floor plans averaging 888 square feet. Communal amenities include a pool, garden area, clubroom, fitness center, yoga room, dog park and a dog washing station. The community also features 4,200 square feet of ground-level retail space and an eight-story parking garage. Rents range from $1,495 per month to $4,525. Eric McGlynn of Walker & Dunlop originated the loan on behalf of Rescore. New York-based Square Mile Capital Management LLC provided the loan.

October 28, 2020

Development Multifamily Texas

Mill Creek Breaks Ground on 360-Unit Modera Frisco Square Apartments

by Taylor Williams October 28, 2020

FRISCO, TEXAS — Mill Creek Residential has broken ground on Modera Frisco Square, a multifamily project in Frisco that will add 360 Class A units to the local supply. The wrap-style community will offer one-, two- and three-bedroom units that are furnished with granite or quartz countertops, tile backsplashes, individual washers and dryers and private patios or balconies. Amenities will include a pool, grilling and picnic areas, fitness center, coffee bar, conference room and a golf simulator. The first move-ins are expected to begin in spring 2022.

October 28, 2020

Development Multifamily Texas

KWA Tops Out 358-Unit Phase II of Arlington Commons Apartment Project

by Taylor Williams October 28, 2020

ARLINGTON, TEXAS — Locally based general contractor KWA Construction has topped out The Truman, a 358-unit multifamily project that represents Phase II of the $250 million Arlington Commons project. Designed by JHP Architecture, The Truman will feature studio, one-, two- and three-bedroom units ranging in size from 598 to 1,715 square feet. Amenities will include a pool, outdoor grilling stations, fire pit, game area, fitness center, coworking spaces, e-gaming room and a dog park. Completion of Phase II is scheduled for August 2021. Nehemiah Co. is developing Arlington Commons, which will ultimately consist of 1,300 units that will be delivered over five phases.

October 28, 2020

Development Multifamily Texas

Herman & Kittle Opens $38.5M Vireo Affordable Apartments in Houston

by Taylor Williams October 28, 2020

HOUSTON — Indianapolis-based developer Herman & Kittle Properties Inc. has opened The Vireo, a $38.5 million affordable housing property located at 1212 Tidwell Road in northeast Houston. The community features 264 units consisting of 60 one-bedroom residences, 132 two-bedroom apartments and 72 three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Each residence is furnished with washer and dryer hookups and private balconies/patios. Communal amenities include outdoor grilling stations, a business center, fitness center, children’s play area and a dog park. Storage units and garages are also available for rent.

October 28, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota

by Kristin Harlow October 28, 2020

BLOOMINGTON, MINN. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. Amenities will include a pickleball court, outdoor pool, clubhouse, community room, fitness center, kid’s playroom, craft room, business center and rooftop deck. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.

October 28, 2020

Acquisitions Midwest Missouri Multifamily

Capstone Arranges $8M Sale of Manufactured Housing Portfolio in St. Louis

by Kristin Harlow October 28, 2020

ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.

October 28, 2020

Development Multifamily New Jersey Northeast

KRE Group, Russo Receive $71M Construction Loan for Multifamily Project in Rockaway, New Jersey

by Taylor Williams October 28, 2020

ROCKAWAY, N.J. — A partnership between two New Jersey-based developers, Kushner Real Estate Group (KRE) and Russo Development, has received a $71 million construction loan for a 345-unit apartment project in Rockaway, about 35 miles west of New York City. The property, which will be branded Rock Pointe, will offer a mix of one-, two- and three-bedroom units. Amenities will include a pool, tennis courts, an outdoor terrace with TVs and grilling stations, a game room, conference room and a dog run. City National Bank provided the construction financing in partnership with Provident Bank. The development team expects to begin leasing the property next fall.

October 28, 2020

Development Multifamily New Jersey Northeast

TFE Properties Delivers 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Taylor Williams October 28, 2020

WOODBRIDGE, N.J. — New Jersey-based developer TFE Properties has delivered Luxe Apartments, a 117-unit multifamily community in the Northern New Jersey city of Woodbridge. The property is situated across from Woodbridge Center Mall and houses retail space on the first floor, office space on the second floor and residential units on floors three through nine. Units feature one- and two-bedroom floor plans and range in size from 706 to 1,286 square feet. Amenities include two fitness centers with spin and cycling studios, shared workspaces, a resident clubroom with various games and a package locker room. Rents start at $1,675 per month for a one-bedroom unit.

October 28, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $14M Sale of Apartment Building in Orange, New Jersey

by Taylor Williams October 28, 2020

ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 28, 2020

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