Multifamily

KWA Construction Completes Phase II of 76-Unit Student Housing Project in Sherman, Texas

by Taylor Williams August 25, 2020

SHERMAN, TEXAS — General contractor KWA Construction has completed Phase II of a student housing project for Austin College, a liberal arts school located in the North Texas city of Sherman. The second phase delivered 38 units within a 43,613-square-foot building. Phase I, which was completed in 2011, also consisted of 38 units within a 43,010-square-foot building. Dallas-based Architecture Demarest designed Phase II of the project, which will open in time for the resumption of fall classes on Tuesday, Aug. 25.

August 25, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Completes Development of 146-Unit Affordable Housing Community in Bloomington, Indiana

by Kristin Harlow August 24, 2020

BLOOMINGTON, IND. — The Annex Group has completed the development of Union at Crescent, a 146-unit affordable housing community in Bloomington near Indiana University. The eight-acre project features one-, two- and three-bedroom floor plans. Amenities include a community and business center, exercise facility and playground. The property features both affordable housing units as well as market-rate units. The affordable units are designated for residents who earn between 50 and 70 percent of the area median income. Finance partners include T&H Investment Properties, Indiana Housing Community Development Authority, R4 Capital and R4 Capital Funding. Axis Architecture + Interiors and Smith Brehob & Associates made up the design team. Crestline Communities will manage leasing efforts.

August 24, 2020

Loans Midwest Multifamily South Dakota

Merchants Capital Arranges $14M Refinancing for South Dakota Townhome Community

by Kristin Harlow August 24, 2020

SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and playground.

August 24, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $5.3M Acquisition of Multifamily Community in Los Angeles

by Amy Works August 24, 2020

LOS ANGELES — CBRE has arranged the purchase of an apartment property located at 3906-3910 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. An Orange County, Calif.-based private client investment partnership acquired the asset for $5.3 million. The community consists of two two-story buildings offering a total of 20 apartment units. Amenities include enclosed garages, private balconies or patios and a landscaped courtyard. Sean Riley of CBRE represented the buyer, while an outside broker represented the seller, a private family dissolving its partnership.

August 24, 2020

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

Rumors of the Death of Silicon Valley’s Apartment Market are Greatly Exaggerated

by Sarah Daniels August 24, 2020

Some stories are just too good not to be true. This may explain in part the outpouring of reports regarding population outflows from the San Francisco Bay Area. Multiple mid-August articles in national newspapers took up the ongoing Silicon Valley exodus. These articles make a convincing case that the COVID-19 pandemic and increased opportunities to work remotely — particularly in the high-tech industry — are prompting many Bay Area residents to consider relocating to more affordable areas, even if remote work causes their incomes to decline. The evidence supporting the theory is by no means entirely anecdotal. The number of owners listing homes for sale has increased significantly, the pace of home price appreciation has decelerated materially (less than 5 percent in May) and apartment rents and occupancy have eroded since winter. It is hard to deny that Peak Northern California is fading in the rearview mirror. This should be no surprise. The Bay Area is not only the most expensive real estate market in the country, it also is one of the most congested. Its many virtues come with a steep price tag, not only in terms of cost of living but also in aspects lumped in the quality …

August 24, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.9M Sale of Three Multifamily Assets in Jersey City

by Taylor Williams August 24, 2020

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of three multifamily assets totaling 66 units in Jersey City, a western suburb of New York City. The sales price was roughly $10.9 million, or $171,000 per unit. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap handled the transaction. The buyer and seller were not disclosed.

August 24, 2020

Development Georgia Multifamily Southeast

Alliance Residential to Develop 354-Unit Multifamily Community in East Atlanta

by Alex Tostado August 24, 2020

ATLANTA — Alliance Residential Co. will develop Broadstone at Pullman Yards, a planned 354-unit multifamily community in east Atlanta’s Kirkwood district. The developer expects to break ground this year and open the property in early 2022. The complex will offer studio, one- and two-bedroom floor plans. Unit interiors will include two-toned custom cabinetry, tile backsplashes, veined quartz countertops, matte black fixtures and electronic locks. Communal amenities will include a two-story clubroom with a demonstrator kitchen, lounge space, fitness center and a saltwater pool. Brock Hudgins Architects designed the community, which will be situated at 105 Rogers St. NE, four miles east of downtown Atlanta. Local media outlets reported last year that Atomic Entertainment sold the site within its Pratt-Pullman Yard redevelopment to Phoenix-based Alliance Residential.

August 24, 2020

Arkansas Development Multifamily Southeast Student Housing

Servitas, National Park College Complete 180-Bed Student Housing Project in Hot Springs, Arkansas

by Alex Tostado August 24, 2020

HOT SPRINGS, ARK. — A public-private partnership between Servitas and National Park College has completed construction of Dogwood Hall, a 180-bed residence hall that will serve students of the public community college in Hot Springs. The community is National Park College’s first on-campus student housing building. The three-story property comprises 52 fully furnished units. Communal amenities include study lounges on each floor, package lockers, an onsite laundry room and resident parking. Servitas served as lead developer for the project and will manage the community. The development team also included BGO Architect, Design Collective, Annex and Stevens Financing. Students began moving into Dogwood Hall on Aug. 20 and in-person classes at National Park began today.

August 24, 2020

Colorado Development Multifamily Western

Dinerstein Cos. Acquires Land Site for 261-Unit Multifamily Development in Westminster, Colorado

by Amy Works August 21, 2020

WESTMINSTER, COLO. — The Dinerstein Cos. has purchased a 7.8-acre land site at the northwest corner of Westminster Boulevard and West 109th Avenue in Westminster. City Office REIT sold the land for an undisclosed price. Dinerstein Cos. plans to develop a 261-unit multifamily property on the site, which is adjacent to the 300,000-square-foot Circle Point Corporate Center and in close proximately to more than 305,000 square feet of retail space at Westminster Promenade. Chris Cowan, Bryon Stevenson and Mackenzie Walker of Newmark Knight Frank Multifamily represented the seller in the deal.

August 21, 2020

Acquisitions California Multifamily Western

Fuller Theological Seminary Sells Multifamily Community in Pasadena for $19.3M

by Amy Works August 21, 2020

PASADENA, CALIF. — Fuller Theological Seminary, a Pasadena-based, multi-denominational evangelical Christian seminary, has completed the disposition of a multifamily property located at 700 Locust St. in Pasadena. A local private buyer acquired the asset for $19.3 million. Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans and Kyle Barratt of CBRE represented the seller, while the buyer was self-represented in the deal. Originally built in 1987, the two-story property features 69 apartments in a mix of studio, one-, and two-bedroom layouts. Common amenities include a fitness room, library, internet lounge, courtyards, large conference room and reception room. The seller recently completed various upgrades, including elevator and stairwell improvements and a full renovation of the conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplashes, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers. Additionally, the community is adjacent to Interstate 210 and within one mile of the Lark Avenue and Memorial Park Metro Gold Line transit stations.

August 21, 2020

Newer Posts

Older Posts