Multifamily

RAL Development Nears Completion of 478-Unit Broadridge Apartments in Philadelphia

by Taylor Williams December 10, 2020

PHILADELPHIA — New York City-based RAL Development Services is nearing completion of Broadridge, a 478-unit apartment community that will be located at 1300 Fairmount Ave. near downtown Philadelphia. The property will span 305,000 square feet of residential space within a 14-story building. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include two outdoor terraces totaling 30,000 square feet, a pool, grilling area, yoga lawn and a dog run. The project will also include 60,000 square feet of retail space that is leased to German discount grocer ALDI, which opened this week, and Spring Education Group, which will open a Chesterbrook Academy Preschool at the site in the near future. Residential move-ins are expected to begin in March. Information on starting rental rates was not released.

December 10, 2020

Loans Multifamily New Hampshire Northeast Seniors Housing

Greystone Provides $23.8M HUD Refinancing for Courville Assisted Living Portfolio in New Hampshire

by Taylor Williams December 10, 2020

MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.

December 10, 2020

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 320-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow December 10, 2020

AURORA, ILL. — Redwood Capital Group has acquired Hunter’s Glen, a 320-unit apartment community in Aurora. Redwood plans to renovate the majority of the units and implement extensive upgrades to most of the common areas as well as add a package room. Built in 1991, Hunter’s Glen consists of 16 buildings with a clubhouse, dog park, pool and fitness center. Units average 886 square feet. The acquisition was made in joint venture with an affiliate of Chicago-based Heitman. The seller and sales price were undisclosed.

December 10, 2020

Acquisitions Multifamily Washington Western

MG Properties Acquires LIV Bel-Red Apartments in Bellevue for $191M

by Amy Works December 10, 2020

BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments. Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash. David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer. MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.

December 10, 2020

California Development Multifamily Top Stories Western

Cityview to Break Ground on $125M Multifamily Community in Los Angeles

by Alex Tostado December 10, 2020

LOS ANGELES — Cityview will break ground on Adams & Grand, a 296-unit multifamily community situated within an Opportunity Zone in Los Angeles, this month. The Los Angeles-based developer secured $125 million for the project through Opportunity Zone investors. Communal amenities will include a two-story clubroom, business center, fitness center, pool, dog park, a pet washing station and two rooftop decks. The community will also feature 390 parking spaces and 332 bike spaces, as well as 5,000 square feet of ground-level retail space. The seven-story property will offer 125 studio, 87 one-bedroom and 84 two-bedroom floor plans. Unit interiors will include stainless steel appliances, Nest thermostats, vinyl flooring and quartz countertops. Select units will feature balconies. Three units will be reserved for moderate-income residents and 25 units will be designated for low-income residents. Adams & Grand will be situated at 2528 S. Grand Ave., one mile from the University of Southern California (USC) and three miles south of downtown Los Angeles. The property will not be reserved for college students but will cater toward many residents, including students at USC. “Catering to college faculty and staff, other professionals and students, the project will bring much-needed housing to this rapidly growing …

December 10, 2020

Market Reports Midwest Market Reports Multifamily Student Housing

How COVID-19 Will Alter the Evolution of Student Housing

by Kristin Harlow December 10, 2020

By Justin Wybenga, GMH Capital Partners The economic impact of the COVID-19 pandemic continues to unfold globally, shifting the way we conduct business and go about our day-to-day lives. Across all sectors of commercial real estate, we’ve seen a lot of change, from sanitation measures to limited in-person interactions and occupancy. The most important lesson from 2020 is the need to be resilient and adapt as the landscape evolves. That’s exactly what we’re seeing in student housing, especially in the Midwest, as owners prepare for next year. Here are four trends we can expect to see in the Midwest student housing sector in 2021 as a result of COVID-19. Sanitation, touch-free COVID-19 has introduced a whole new set of cleaning best practices, and moving forward, residents expect enhanced methods in their communities. To satisfy the new sanitation expectations, we’ve seen owners implement a variety of initiatives, such as installing upgraded air filtration systems and using hospital-grade electrostatic sprayers to sanitize commonly touched surfaces, disinfecting all amenity and common areas on a regular basis, and requiring all staff members to use personal protective equipment (PPE). Many residents are also looking for convenient contactless or concierge-focused amenities, such as package and food …

December 10, 2020

District of Columbia Multifamily Southeast

NMHC: 75.4 Percent of Households Paid December Rent, Down 5 Percent from November

by Alex Tostado December 9, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 75.4 percent of apartment households paid rent as of Dec. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is an 894,864-household decrease, or 7.8 percent, from Dec. 6, 2019. The December numbers are also a 500-basis point drop from Nov. 6, 2020, though the NMHC notes that Dec. 6, 2020, fell on a weekend, meaning the data might not be a true direct comparison. “While the initial rent collection figures for the first week of December are concerning, only a full month’s results will paint a complete picture,” says Doug Bibby, president of Washington, D.C.-based NMHC. “However, it should not come as a surprise that a rising number of households are struggling to make ends meet. As the nation enters a winter with increasing COVID-19 case levels and even greater economic distress — as indicated by last week’s disquieting employment report — it is only a matter of time before both renters and housing providers reach the end of their resources.” NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, …

December 9, 2020

Acquisitions Alabama Multifamily Southeast

Lexerd Capital Acquires 152-Unit Multifamily Community in Birmingham

by Alex Tostado December 9, 2020

BIRMINGHAM, ALA. — Lexerd Capital Management LLC has acquired Emerald Pointe, a 152-unit multifamily community in Birmingham, through one of its funds. The property comprises 21 two- and three-story buildings offering one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, picnic area, playground and an onsite childcare facility. The asset is situated at 2149 Emerald Pointe Drive, 11 miles south of downtown Birmingham. The seller and sales price were not disclosed.

December 9, 2020

Acquisitions Iowa Midwest Multifamily

Spruce Properties Acquires Multifamily Portfolio in Suburban Des Moines for $56.7M

by Kristin Harlow December 9, 2020

DES MOINES — Spruce Properties has acquired a six-property multifamily portfolio in suburban Des Moines for $56.7 million. The portfolio includes: Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Lake Shore was built in phases between 2015 and 2017 while the other assets date back to the 1970s to early 2000s. David Gaines, Marcus Pitts, Justin Lossner and Michael Minard of JLL Capital Markets represented the seller, BBK Apartments. Trent Niederberger of JLL originated a 10-year acquisition loan through Fannie Mae on behalf of the buyer. The loan features a fixed interest rate of 2.77 percent.

December 9, 2020

Loans Midwest Minnesota Multifamily

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

by Kristin Harlow December 9, 2020

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes four separate housing developments. Merchants secured the 30-month construction loan on behalf of the co-developers, Schafer Richardson, Seward Redesign and Noor Cos. The City of Minneapolis awarded $5.4 million in tax-increment financing over a 26-year period. The project also received environmental clean-up funds from Hennepin County, Metropolitan Council and MN Department of Employment and Economic Development. A timeline for completion was not disclosed.

December 9, 2020

Newer Posts

Older Posts