Multifamily

Haven Realty Capital Buys Single-Family Rental Community in Naperville, Illinois for $18.5M

by Kristin Harlow January 8, 2021

NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.

January 8, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $10.2M Acquisition Loan for Multifamily Community in Burbank, Illinois

by Kristin Harlow January 8, 2021

BURBANK, ILL. — American Street Capital (ASC) has arranged a $10.2 million acquisition loan for a multifamily community in Burbank, about 15 miles southwest of Chicago. Built in 1983, the property consists of 27 buildings across 6.3 acres. The 173 units average 952 square feet. Igor Zhizhin of ASC arranged the seven-year, fixed-rate loan, which features a 30-year amortization schedule and one year of interest-only payments. An undisclosed bank provided the loan. Deshe Real Estate was the borrower. This is the first time the property has traded hands since it was built, according to ASC.

January 8, 2021

Acquisitions Multifamily New York Northeast

CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan

by Taylor Williams January 8, 2021

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.

January 8, 2021

Development Multifamily New York Northeast

Sinatra & Co. Completes $15M Multifamily Redevelopment Project in Buffalo

by Taylor Williams January 8, 2021

BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.

January 8, 2021

Development Multifamily Texas

Fein Opens 332-Unit Canopy at Springwoods Village Apartments in Metro Houston

by Taylor Williams January 7, 2021

SPRING, TEXAS — Multifamily development and management firm Fein has opened Canopy at Springwoods Village, a 332-unit apartment community located within the $10 billion Springwoods Village mixed-use development in the northern Houston suburb of Spring. Designed by Steinberg Dickey Collaborative and built by Westchase Construction, the property offers one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Units are furnished with wood-style flooring, stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities include a clubhouse with billiards and ping pong tables, a fitness center with yoga and spin studios, golf simulator room, library, conference room and a pool with sun shelves and cabanas. Residents also have access to a 1.5-acre lake with surrounding walking trails. Rents start at roughly $1,000 per month for a one-bedroom unit.

January 7, 2021

Development Multifamily Texas

Convexity Properties Begins Leasing 330-Unit Multifamily Tower in Dallas

by Taylor Williams January 7, 2021

DALLAS — Convexity Properties has begun leasing Eastline Residences, a 28-story multifamily tower located at 6050 N. Central Expressway in the Park Cities neighborhood of Dallas. Units come in studio, one-, two- and three-bedroom floor plans and feature 10-foot ceilings and private balconies. Amenities include a rooftop pool with tanning ledges and cabanas, a sky lounge with seating areas and event spaces, a fitness center with indoor and outdoor yoga decks and 15,000 square feet of ground-floor retail space. Chicago-based Convexity delivered the 330-unit community in 2020, and move-ins are scheduled to begin in February. Information on starting rents was not disclosed.

January 7, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 228-Unit Veridian Place Apartments in North Dallas

by Taylor Williams January 7, 2021

DALLAS — Newmark has brokered the sale of Veridian Place, a 228-unit apartment community located at 4849 Haverwood Lane in North Dallas. Built in 1984 and renovated in 2016, the garden-style property features one- and two-bedroom units with individual washers and dryers and private patios or balconies. Amenities include a pool with cabanas, outdoor grilling areas, a 24-hour fitness center and a dog park. Brian Murphy and Brian O’Boyle Jr. of Newmark represented the seller, Florida-based American Landmark, in the transaction. Matthew Mense, Henry Stimler, Bill Weber and Osman Baig of Newmark arranged Fannie Mae acquisition financing on behalf of the locally based buyer, Orion Multifamily Investments LLC.

January 7, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 280-Site Manufactured Housing Property in McAllen

by Taylor Williams January 7, 2021

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Texan Mobile Home Park, a 280-site manufactured housing property in the Rio Grande Valley city of McAllen. The community spans 880,783 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a limited liability company. Additional terms of sale were not disclosed.

January 7, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates Sale of 220-Unit Avalon Cohasset Apartments Near Boston

by Taylor Williams January 7, 2021

COHASSET, MASS. — CBRE has negotiated the sale of Avalon Cohasset, a 220-unit apartment community located about 25 miles southeast of Boston. The property consists of 34 buildings on 61 acres and features 14 different floor plans with an average unit size of 1,333 square feet. Amenities include a pool, fitness center and a resident clubhouse. Simon Butler, Biria St. John and John McLaughlin represented the seller, Avalon Bay Communities, in the transaction. The team also procured the buyer, TruAmerica Multifamily, in its first acquisition in the greater Boston market.

January 7, 2021

Acquisitions Development Multifamily Southeast Virginia

Capital Square, Greystar Acquire Land in Richmond to Develop 350-Unit Multifamily Community

by Alex Tostado January 7, 2021

RICHMOND, VA. — Capital Square and Greystar have acquired 2.3 acres in Richmond’s Scott’s Addition neighborhood to develop a 350-unit multifamily community. The six-story complex will be situated within an opportunity zone and is expected to feature 380 parking spaces and 15,000 square feet of ground-level retail space. Capital Square is raising capital through CSRA/GS Opportunity Zone V LLC, a $32.4 million project-specific opportunity zone fund. The property will be located at 1601 Roseneath Road, three miles northwest of downtown Richmond. A timeline for completion was not disclosed. This is Capital Square’s fourth project in the Scott’s Addition opportunity zone.

January 7, 2021

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