Multifamily

Wood Partners Breaks Ground on 403-Unit Apartment Complex in Durham

by Alex Tostado July 15, 2020

DURHAM, N.C. — Wood Partners has broken ground on Alta Davis, a 408-unit apartment complex in Durham. The community will comprise seven buildings standing four stories each. Communal amenities will include a coffee bar, game room, fitness center, saltwater pool and coworking space. The community is slated to open by the end of 2021. Alta Davis is situated at 4701 Hopson Road, 10 miles southeast of downtown Durham and three miles from the center of Research Triangle Park. WP East Builders is the general contractor.

July 15, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Services Acquires 120-Unit Multifamily Property in Riverside, California

by Amy Works July 15, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services (ARES) has purchased an apartment property located near the corner of La Sierra and Magnolia Avenue in Riverside for an undisclosed price. Previously named Sierra Pines, ARES has rebranded the property as The 3900 Apartments. ARES plans to invest more than $6 million to renovate the 120-unit property, which was built in 1985 on 2.5 acres. Planned renovations include upgrading units and enhancing amenities, including a pool, spa, tennis courts, clubhouse and grassy open space. Margie Molloy and Bruce Funiss of Berkadia Real Estate Advisors brokered the transaction. Commercial Bank of California provided financing for ARES. ARES also recently completed a refinance pool of five properties for approximately $204 million with Freddie Mac. Mike Elmore of NorthMarq Financial arranged the financing. ARES plans to use the proceeds from the refinances to create a fund to buy more properties.

July 15, 2020

Loans Multifamily Oregon Western

McBride Capital Arranges $13.5M Refinancing for Aniva Apartment Building in Portland

by Amy Works July 15, 2020

PORTLAND, ORE. — McBride Capital has secured $13.5 million in permanent debt for the refinancing of Aniva, a newly constructed, 90-unit multifamily property located on N. Interstate Avenue in Portland. The 10-year loan provided cash out to the sponsors of the project and an initial interest-only period to begin the term. Danny Natsch of McBride Capital placed the loan on behalf of an undisclosed borrower with a super-regional bank.

July 15, 2020

Development Midwest Missouri Multifamily

Arnold, Yarco Near Completion of Passive House Apartment Project in Kansas City

by Kristin Harlow July 15, 2020

KANSAS CITY, MO. — Arnold Development Group and Yarco Development are nearing completion of Second + Delaware, a 276-unit apartment community in Kansas City’s River Market district. The project will be the largest Passive House development in the world, according to the developers. Passive House means that the building uses 80 to 90 percent less energy than conventional buildings with a focus on indoor air quality. The Passive House Institute in Darmstadt, Germany, developed Passive House best practices. Whereas most multifamily buildings have double-glazed windows, Second + Delaware features triple-glazed windows. The extra glass layer, combined with a highly insulated frame, keeps the interior of the window within two degrees of the interior air temperature. In addition, a dedicated outside air system draws fresh air from outside and circulates it into living spaces. A ventilation system ensures air quality. The first residents are set to move into the units in October. Amenities include a saltwater pool, fitness and yoga room, conference room, bike storage and rooftop garden beds. Yarco will serve as property manager. Monthly rents range from $1,300 to $3,500 with water, trash and sewer included. As the name suggests, Second + Delaware is located at the intersection of …

July 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.9M Acquisition Loan for Multifamily Building in Chicago

by Kristin Harlow July 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $4.9 million loan for the acquisition of an 85-unit multifamily building in Chicago’s Marquette Park neighborhood. Constructed in 1928, the three-story building was renovated in 2019. The property features 74 one-bedroom units and 11 two-bedroom units. The asset was 92 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year agency loan, which features five years fixed and 15 years floating with one year of interest-only payments.

July 15, 2020

Acquisitions Multifamily Southeast Virginia

FCP Sells Multifamily Community in Northern Virginia for $81.5M

by Alex Tostado July 14, 2020

WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 miles southwest of downtown Washington, D.C. Brian Crivella, Walter Coker and Robert Jenkins of JLL represented the seller in the transaction.

July 14, 2020

Development Florida Multifamily Seniors Housing Southeast

ZOM, Watermark Acquire Two Development Sites for Planned Seniors Housing Communities in South Florida

by Alex Tostado July 14, 2020

CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.

July 14, 2020

Development Multifamily New York Northeast

HAP Investments Nears Completion of 199-Unit Maverick Residential Project in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — Locally based developer HAP Investments is nearing completion of Maverick, , a 199-unit residential tower located at 215 and 225 W. 28th St. in the Chelsea neighborhood of Manhattan. Also known as Hap 8, the development consists of two 20-story towers spanning 312,500 square feet and offering a mix of 87 condominium residences and 112 rental units. The two buildings will share amenities such as a parking garage, pool, sauna, fitness center, children’s playroom and a roof deck with outdoor grilling stations. DXA studio designed the project, which is expected to be officially complete in early 2021.

July 14, 2020

Colorado Loans Multifamily Western

Merchants Capital Arranges Bridge Loan for 148-Unit Workforce Housing Complex in Aspen, Colorado

by Amy Works July 14, 2020

ASPEN, COLO. — Merchants Capital has provided a three-year bridge loan for Centennial Aspen, a 148-unit workforce housing community located in Aspen. The acquisition of the property is financed through Merchants Bank of Indiana on behalf of Birge & Held Asset Management. Merchants Capital intends to further provide long-term, permanent financing for the project either through Fannie Me or Freddie Mac’s preservation platforms and through a syndication of new tax credits via Fannie, Freddie or HUD. Situated at the base of Smugger Mountain at 100 Luke Short Court, Centennial Aspen features a land use restriction agreement that requires 100 percent of the rental units to be workforce housing. Built in 1986, the 11-building, three-story property features a mix of studio, one-, two- and three-bedroom apartments with exterior entrances, exterior storage units and electric heat. Community amenities include an on-site laundry facility, office, a playground and assigned parking.

July 14, 2020

Content Partner Features Lument Multifamily RED Capital Group Texas Texas & Oklahoma Feature Archive

Revenue Volatility: Friend or Foe to San Antonio Multifamily Investors?

by Sarah Daniels July 14, 2020

During the great multifamily bull market of this passing decade, investors became increasingly comfortable with exposure to highly volatile metropolitan markets. In an era when it was difficult to make a bad investment decision, the most lucrative were, in most cases, located in areas of the country known for their roller-coaster real estate cycles. Indeed, it seemed as though a purchase capitalization rate could never be too low if an asset was located in one of the primary markets. Volatility was an ally, not a foe — an investment feature, not a bug. With the onset of the COVID-19 pandemic and its attendant recession, however, volatility appears to have switched allegiances. The winds now favor, perhaps, the stable, predictable tortoises over the high-flying hares. In high-cost markets, the number of renters considering relocating to more affordable area codes has skyrocketed, and in the work-from-home era, this has become more of an achievable goal than an inchoate urge. For example, the San Francisco Apartment Association reported that 7.5 percent of tenants in the city — where rents increased at a 6.1 percent compound annual rate since 2010 — simply broke their leases in the three months that ended in May, moving …

July 14, 2020

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