Multifamily

KWA Construction Tops Out Phase II of Senior Living Project in Fort Worth

by Taylor Williams September 9, 2020

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out Phase II of Columbia Renaissance Square in Fort Worth. The latest phase will add 123 seniors housing units to the local supply. Designed by JHP Architecture and developed by Columbia Residential, the property will feature a 95,015-square-foot building with units that are reserved for renters aged 62 and older. Amenities will include a catering kitchen, computer center with Wi-Fi, fitness center, central laundry facility and a theater for movie screenings. Completion of Phase II is slated for December.

September 9, 2020

Development Multifamily Seniors Housing Texas

Gardner Capital, City of Fate to Develop 185-Unit Seniors Housing Community

by Taylor Williams September 9, 2020

FATE, TEXAS — Private equity firm Gardner Capital has partnered with the City of Fate, located northeast of Dallas, to develop Gala at Fate, a 185-unit affordable seniors housing community. The city will lease the land to Gardner Capital, with plans for long-term ownership by the public-private partnership. CREA and Citibank are additional financial partners for the project, with Citibank providing both construction and permanent financing. Treymore Construction is the general contractor for Gala at Fate, which is expected to be complete in January 2022.

September 9, 2020

Arizona Development Multifamily Western

HTG Breaks Ground on $71M Aviva Goodyear Multifamily Community Near Phoenix

by Amy Works September 9, 2020

GOODYEAR, ARIZ. — Housing Trust Group (HTG) has closed on financing to begin construction of Aviva – Goodyear, an apartment development in Goodyear. The property will be HTG’s second Aviva multifamily community that embraces eco-friendly, luxury living with an array of wellness-oriented amenities. With the first apartments slated for delivery in September 2021, the $71 million Aviva – Goodyear will feature 288 luxury apartment residences in a mix of one-, two- and three-bedroom layouts with open floor plans; kitchens featuring quartz and granite countertops and stainless steel appliances; nine-foot ceilings with vaulted ceilings on upper floors; walk-in closets; wide-plank flooring; and private patios with storage. Located at 4175 N. Falcon Drive, the gated community will offer two swimming pools with spas surrounded by cabana beds, chaise lounge chairs, fire pits and outdoor games. A 10,000-square-foot clubhouse will offer a media and game room, billiards table and co-working spaces with private conference rooms. Also, Aviva – Goodyear will feature a health and wellness center including smart cardio machines, free weights, boxing and a yoga/spin studio with a 24/7 virtual trainer, a playground with covered seating areas, basketball court and a dog park with covered seating and a dog agility course. Slated …

September 9, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $8M Sale of Apartment Building in Santa Monica

by Amy Works September 9, 2020

SANTA MONICA, CALIF. — Marcus & Millichap has directed the sale of 2647 6th Street, a 24-unit multifamily property located in Santa Monica. A private investor sold the asset to another private investor for $8 million in an all-cash transaction. David O’Keefe and Steve Bogoyevac of Marcus & Millichap represented the seller and buyer in the deal. Built in 1968, the building was converted to condominiums via Tenant Ownership Rights Charter Amendment (TORCA), but is currently operating as an apartment building. The property features four studios, 19 one-bedroom units and four two-bedroom units.

September 9, 2020

Development Florida Hospitality Multifamily Southeast Top Stories

Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project

by Kristin Harlow September 9, 2020

MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million. The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald. No further approvals are needed and construction is expected to begin within the year. Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal. Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that …

September 9, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

Coming Attraction: The Great Los Angeles Multifamily Recovery

by Sarah Daniels September 9, 2020

Reducing the Los Angeles economy to the entertainment industry would be a serious mistake. In fact, the L.A. labor market is highly diversified with world-class healthcare, professional services, biotech and technology clusters providing co-sector leadership — no one-trick pony is this. Nonetheless, the entertainment industry is the single element that separates this metro economy from all others, and its tentacles are long. In its absence, the metro’s financial and professional services, tourism and digital media sectors might seem almost ordinary. Hollywood content production has been curtailed dramatically by social distancing demands. Active filming in the second quarter plummeted 98 percent from the year before, according to nonprofit industry group FilmLA. This has a devastating effect on thousands of employees on industry payrolls and many times more freelancers, sole proprietors and contract employees that make up the bulk of the film and TV industry’s creative workers. Consequently, the L.A. labor market absorbed among the hardest blows dealt by COVID-19. Although second quarter L.A. County payroll employment declined only 12.4 percent year on year, in line with outcomes observed in the Bay Area and San Diego, total employment — a government statistic that includes the self-employed and gig economy workers — plunged …

September 9, 2020

Development Multifamily Seniors Housing Texas

Greystar Underway on 180-Unit Active Adult Multifamily Community in Fort Worth

by Taylor Williams September 8, 2020

FORT WORTH, TEXAS — Greystar is underway on development of Album Keller Ranch, a 180-unit active adult apartment community that will be located at 5640 Keller Ranch Road in Fort Worth. The property will offer one- and two-bedroom residences with granite countertops, stainless steel appliances, tile backsplashes, walk-in closets and private balconies and pet yards in select units. Amenities will include an outdoor space with a lounge, kitchen, pool, dog park and walking paths, as well as an indoor fitness center, TV lounge, game room and a media room. Charleston, S.C.-based Greystar expects to open the community in spring 2021.

September 8, 2020

Development Multifamily Texas

Wood Partners Opens 338-Unit Alta Med Main Apartment Community in Houston’s Texas Medical Center

by Taylor Williams September 8, 2020

HOUSTON — Multifamily developer Wood Partners has opened Alta Med Main, a 338-unit apartment community located within the Texas Medical Center in Houston. The property features one- and two-bedroom units and amenities such as a pool, business center, dog park, sky lounge with a kitchen area, fitness center with a yoga studio and a package handling room. Leasing is underway, and the first move-ins began earlier this month. Rents start at $1,275 per month for a one-bedroom unit and $2,415 per month for a two-bedroom unit.

September 8, 2020

Development Florida Multifamily Southeast

Estate Cos., Merrimac to Construct 340-Unit Apartment Complex in South Florida

by Alex Tostado September 8, 2020

DANIA BEACH, FLA. — The Estate Cos. and Merrimac Ventures will develop Soleste Cityline, a planned 340-unit apartment complex that will also feature 12,800 square feet of retail space in Dania Beach. The Broward County asset will be situated at 4 N. Federal Highway, 26 miles north of downtown Miami. The property will offer studio to three-bedroom units ranging from 600 to 1,200 square feet. Communal amenities will include a pool, pool deck, fitness center, grilling area, clubroom and private event spaces. The eight-story building will also feature 545 parking spaces. Merrimac will retain the retail space while Estate Cos. will manage the multifamily portion of the property. Merrimac sold the 2.5-acre plot to 4 North Federal Holdings LLC, an affiliate of Estate Cos. and Merrimac, for $8 million. Synovus Financial Corp. provided the partners with $4.7 million in acquisition financing. The developers expect to break ground in the fourth quarter of this year. The design team and timeline for completion were not disclosed.

September 8, 2020

Acquisitions Multifamily Southeast West Virginia

Marcus & Millichap Arranges $10M Sale of Multifamily Property in Martinsburg, West Virginia

by Alex Tostado September 8, 2020

MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.

September 8, 2020

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