Multifamily

Mill Creek to Develop 194-Unit Multifamily Community in Metro Atlanta

by Alex Tostado August 27, 2020

DECATUR, GA. — Mill Creek Residential will develop Modera Decatur, a 194-unit multifamily community in Decatur. The Atlanta-based developer expects to immediately break ground with plans to open the community in fall 2022. Modera Decatur will be situated on 2.1 acres at 163 Clairemont Ave., six miles northeast of downtown Atlanta. Communal amenities will include a pool, clubroom, fitness center, rooftop lounge and a fire pit, as well as 24,500 square feet of retail space on the ground floor. Modera Decatur will be Mill Creek’s ninth community in Atlanta.

August 27, 2020

Development Michigan Midwest Multifamily

Public-Private Partnership Breaks Ground on $36.3M Mixed-Income Development in Midtown Detroit

by Kristin Harlow August 27, 2020

DETROIT — Developers Preservation of Affordable Housing (POAH) and Develop Detroit have broken ground on a $36.3 million mixed-income development in Midtown Detroit’s Sugar Hill Arts District. Slated for completion in late 2021, the project will occupy what is currently a vacant lot on the northwest corner of John R and Garfield streets. The development will include 68 apartment units, 11,900 square feet of retail space and 164 parking spaces. Fourteen of the units will be set aside for residents who earn 30 to 60 percent of the area median income. The project site is located across from the John D. Dingell VA Medical Center. As such, many of the affordable units be dedicated to homeless veterans. Midtown Detroit Inc. plans to develop an outdoor green space adjacent to the building. In addition to the affordable housing component, the project is significant because it is one of the last designed by Phil Freelon, a celebrated black architect who passed away last year. The project team includes general contractor Whiting-Turner and architects Perkins & Will and McIntosh Poris. VM3 Consulting Corp. is working to engage minority- and women-owned firms as well as Detroit-based workers. Project funding comes from the City of …

August 27, 2020

Acquisitions Multifamily Texas

29th Street Capital Buys 350-Unit Greenhouse Apartments in Metro Houston

by Taylor Williams August 27, 2020

KATY, TEXAS — Multifamily owner-operator 29th Street Capital has purchased Greenhouse Apartments, a 350-unit multifamily community located at 2040 Greenhouse Road in the western Houston suburb of Katy. Built in 2016, the property offers one-, two- and three-bedroom floor plans with quartz countertops, glass backsplashes, European cabinetry and stainless steel appliances. Amenities include a pool, fitness center, coffee bar, playground, dog park, outdoor grilling areas, conference center and a clubroom. The new ownership will implement a value-add program by upgrading the landscaping, adding a package locker system and making technological improvements.

August 27, 2020

Loans Multifamily Student Housing Texas

Parkview Provides $9.5M Construction Loan for Student Housing Project in Prairie View, Texas

by Taylor Williams August 27, 2020

PRAIRIE VIEW, TEXAS — Los Angeles-based Parkview Financial has provided a $9.5 million construction loan for a 120-unit student housing project in Prairie View, about 50 miles northwest of Houston. The property will serve Prairie View A&M University and represents the first phase of a 390-unit development that will be known as Prairie View Plaza. The first building will consist of 72 one-bedroom units and 48 two-bedroom units with full kitchens and individual washers and dryers. Phase I is expected to be complete in the second quarter of 2021. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58,000 square feet of retail space. The borrower was PV Asset Management.

August 27, 2020

Acquisitions California Multifamily Western

Matthews Negotiates $26.4M Purchase of Mountain View Manor Apartments in Los Angeles

by Amy Works August 27, 2020

LOS ANGELES — Matthews Real Estate Investment Services has brokered the acquisition of Mountain View Manor Apartments, located at 21700-34 Septo St. in the Chatsworth neighborhood of Los Angeles. Sussex Capital Group purchased the property from a private family for $26.4 million. Built in 1977, Mountain View Apartments features 97 units in a mix of one- and two-bedroom layouts. The gated community features four swimming pools, a hot tub, barbecue area, laundry facilities and assigned parking. John Boyett and Daniel Withers of Matthews Real Estate Investment Services represented the buyer, while Keller Williams represented the seller in the transaction.

August 27, 2020

Development Multifamily Student Housing Washington Western

Aspen Heights Breaks Ground on 752-Bed Student Housing Community Near Washington State University

by Amy Works August 27, 2020

PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.

August 27, 2020

Content Partner Features Multifamily Walker & Dunlop

Pandemic Sends Commercial Real Estate on a Roller Coaster Ride

by Sarah Daniels August 26, 2020

While summer fairs and carnivals are mostly on hold, 2020 has taken us on a wild ride as the COVID-19 pandemic whipsawed the global economy in the first half of the year. The U.S. economy crashed downward in March as shelter-in-place rules drove unemployment to record numbers, surpassing peak levels of the 2008 Great Financial Crisis (GFC) in just one month. U.S. unemployment reached 14.7 percent in April, well above the 10.9 percent peak of the GFC. Including part-time workers who wish to work full-time (the U-6 rate), unemployment reached a staggering 22.8 percent in April. Real GDP fell by 5 percent in the first quarter of the year and by 32.9 percent in the second quarter of the year, the worst decline on record. Politicians scrambled to put a social net under the economy, again quickly surpassing levels of the GFC. The Fed balance sheet swelled by $3 trillion from March to May, more than double the amount during the GFC. Interest rates first spiked as lenders underwrote unforeseen risk, then crashed globally as countries began to backstop their economies. U.S. 10-year treasury yields have remained under 1 percent since early March, the lowest rates on record. But the …

August 26, 2020

Florida Loans Multifamily Southeast

Asia Capital Real Estate Provides $86.3M Refinancing Loan for Apartment Complex in Midtown Miami

by Alex Tostado August 26, 2020

MIAMI — Asia Capital Real Estate (ACRE) has provided an $86.3 million refinancing loan for Yard 8, a 387-unit apartment complex in Midtown Miami. Borrower Wood Partners will use the permanent financing to refinance the construction loan. The Atlanta-based developer opened Yard 8 in May 2019. Daniel Jacobs of ACRE originated the loan on behalf of the borrower in an off-market transaction. The property offers studio to three-bedroom floor plans, which were 83 percent occupied at the time of refinancing. Communal amenities include a pool, sundeck, clubroom, fitness center, coffee bar, concierge service and a resident lounge. In addition, Wood Partners has implemented The Ground Floor Project, a series of events to promote local artists, musicians and dancers at the community. According to the Yard 8 website, there are not any events currently scheduled for The Ground Floor Project.

August 26, 2020

Development Florida Multifamily Seniors Housing Southeast

Greystar to Develop 180-Unit Seniors Housing Community in Metro Orlando

by Alex Tostado August 26, 2020

WINTER GARDEN, FLA. — Greystar Real Estate Partners LLC will develop Overture Hamlin, a 180-unit active adult seniors housing community in Winter Garden. The Charleston, S.C.-based developer expects to deliver the property in summer 2021. The Central Florida property will offer one- and two-bedroom floor plans. The community will feature a clubhouse with a private wine room, covered patio, pool, sun deck, dog park, community-friendly golf cart trails, fitness center, yoga studio, craft room, theater room and an activity lounge. The asset will be situated within Hamlin Town Center, 20 miles west of downtown Orlando.

August 26, 2020

Acquisitions Georgia Multifamily Southeast

Beacon Real Estate Acquires Multifamily Community Near Atlanta for $53.2M

by Alex Tostado August 26, 2020

GAINESVILLE, GA. — Beacon Real Estate Group has acquired 53 West, a 266-unit multifamily community in Gainesville, for $53.2 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, fitness center, pool and a dog park. The complex is located at 1000 Woodacres Road, 49 miles northeast of downtown Atlanta. The community was 99 percent occupied at the time of sale. Mitch Sinberg and Scott Wadler of Berkadia originated a Freddie Mac acquisition loan on behalf of the Coral Gables, Fla.-based buyer. Terms of the loan were not disclosed. Robert Stickel, Tyler Averitt and Alex Brown of Cushman & Wakefield represented the seller, Varden Capital Properties and Tellus Partners, in the transaction.

August 26, 2020

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