Multifamily

Parkview Financial Provides $19M Construction Loan for Multifamily Project in Bloomingdale, Illinois

by Kristin Harlow July 8, 2020

BLOOMINGDALE, ILL. — Parkview Financial has provided a nearly $19 million construction loan for Bloomingdale Trails, a 90-unit rental multifamily project located at 290 Stonington Drive in Bloomingdale. Schiller Park, Ill.-based MB Bloomingdale Trails LLC was the borrower. Situated on 5.3 acres, the development will feature four three-story buildings. All of the units will be two-bedroom floor plans and average 1,170 square feet. Currently, about 20 percent of the construction has been completed, including demolition, underground utilities and foundation. Completion is slated for September.

July 8, 2020

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Completes $7M Renovation of Affordable Seniors Housing Property in Suburban Chicago

by Kristin Harlow July 8, 2020

MAYWOOD, ILL. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed it since 2017, and Evergreen Construction Co. managed the nine-month project. Garden House is a HUD apartment property. HUD residents usually pay 30 percent of their gross income for rent. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, appliances and flooring were replaced in many units. Bathrooms were also repainted and refitted, with 15 units receiving accessibility upgrades. Common areas received new paint, flooring and furniture, with complimentary Wi-Fi installed throughout. In addition, the large lounge area was reconfigured to create dedicated spaces for a library, TV room, kitchen and multi-purpose community room. Elevators were modernized, and the electrical, plumbing and HVAC systems were upgraded and enhanced. Exterior improvements include a facade restoration, new roofing, repaired sidewalks and curbs, resurfaced parking lot with two accessible spaces, and a …

July 8, 2020

Development Massachusetts Multifamily Northeast

Callahan Construction Completes 220-Unit The Cove Apartments in Hingham, Massachusetts

by Taylor Williams July 8, 2020

HINGHAM, MASS. — General contractor Callahan Construction Managers has completed The Cove, a 220-unit apartment project in Hingham, a southern suburb of Boston. Units feature kitchen islands with breakfast bars, walk-in closets, stainless steel appliances and tile backsplashes, as well as balconies and gas fireplaces in select units. Communal amenities include a media lounge, a clubroom with beer and wine taps, rooftop lounge with a bar and fireplace, fitness center with a yoga studio, two conference rooms, a pool and outdoor grilling areas. Alliance Residential Co. developed the project, and Cube 3 Architects designed it.

July 8, 2020

Acquisitions Multifamily South Carolina Southeast Top Stories

Southwood Realty Acquires 1,120-Unit Apartment Portfolio in South Carolina for $146M

by Kristin Harlow July 8, 2020

GREENVILLE, HARDEEVILLE AND IRMO, S.C. — Southwood Realty has acquired a four-property apartment portfolio totaling 1,120 units across South Carolina for $146 million. The four communities include Ardmore at the Park and Ardmore Howell Road in Greenville, Ardmore New River in Hardeeville and Ardmore Ballentine in Irmo. Each of the properties features amenities such as a pool, fitness center, playground, business center and grilling area. Austin Green and Caleb Troop of Capstone Apartment Partners represented the seller, Greensboro, N.C.-based Ardmore Residential. The team also procured the Gastonia, North Carolina-based buyer. “We continue to see demand from investors for well-located, new-construction garden product across the Carolinas,” says Troop. “Multifamily investment throughout in-migration markets like Greenville, Charleston, Columbia and Hilton Head has weathered the pandemic storm quite well this year.” The 305-unit Ardmore at the Park sold for $39.8 million and has been renamed Palisades at the Park. Built in 2017, it was 95 percent occupied at the time of sale. Ardmore Howell Road, now renamed Palisades at Howell Road, sold for $33.3 million. Built in 2016, it was 90 percent leased at the time of closing. Located less than 25 miles from the Atlantic Coast, Ardmore New River sold for $35.1 …

July 8, 2020

Austin multifamily occupancy rent growth

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

Austin: The Right Place at the Right Time for Multifamily Sector

by Sarah Daniels July 8, 2020

“After COVID-19, nothing ever will be the same,” has become a common refrain these days. Perhaps for the next decade or so, every important life choice will be made with public health and safety concerns in mind — and the most commonly chosen solutions will be meaningfully different than before. Among the most fundamental life choices subject to this new scrutiny will be where to live, how to make a living and how to safely move about. Many Americans will opt for less densely populated neighborhoods, increased work-from-home opportunities and private transportation options. When the time arrives to put plans into action, however, most will elect to take small steps rather than a giant leap. Perhaps the high-rise apartment and subway ride to a co-working space can be sacrificed, but not at the expense of convenience, access to nightlife and entertainment and career prospects. Urbanity isn’t out of style, but its form will mutate. Some U.S. metros will struggle to adapt, including a few primary markets. Others seem to be attuned to the times, blessed with all of the now prized attributes already in place. None is more perfectly positioned than Austin. Austin checks all the boxes. It is less …

July 8, 2020

Acquisitions Georgia Multifamily Southeast

Radco Sells Multifamily Community in Atlanta for $49.5M

by Alex Tostado July 7, 2020

ATLANTA — The Radco Cos. has sold Ashford 2788, a 297-unit multifamily community in Atlanta, for $49.5 million. The firm acquired the property in 2014 and renovated the community to include a new clubhouse, fitness center and dog park. Other communal amenities include a pool, grilling area, playground and a business center. The Atlanta-based company also renovated unit interiors and property exteriors. Ashford 2788 features two- and three-bedroom floor plans. The community is situated in Atlanta’s Upper Westside neighborhood at 2788 NW Defoors Ferry Road, eight miles northwest of downtown Atlanta. Robert Stickel, Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Quintus Corp. acquired the property.

July 7, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $110.9M Financing for Seniors Housing Expansion Project in Austin

by Taylor Williams July 7, 2020

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 assisted living units and additional dining, parking and amenity areas. The project will also deliver a five-story building with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments. Truist provided the financing, which consisted of $63.9 million in bank bonds and a $47 million loan that was structured with a 12-year term and a 30-year amortization schedule. A construction timeline for the expansion project was not released.

July 7, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $45M in Financing for Renovation of Affordable Housing Property in Boston

by Taylor Williams July 7, 2020

BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.

July 7, 2020

Quin-Sleepy-Hollow-Plainfield-New-Jersey

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing Phase II of 212-Unit Apartment Community in Plainfield, New Jersey

by Taylor Williams July 7, 2020

PLAINFIELD, N.J. — JMF Properties has begun leasing the second and final phase of Quin Sleepy Hollow, a 212-unit apartment community in the Northern New Jersey city of Plainfield. The transit-served property features one- and two-bedroom units with floor-to-ceiling windows, quartz countertops and individual washers and dryers. Amenities include a resident lounge with billiards, a library, theater room, business center, dog park and a fitness center with a yoga studio. Move-ins are expected to begin later this summer.

July 7, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $17M Loan for Refinancing of Boston Apartment Building

by Taylor Williams July 7, 2020

BOSTON — Cornerstone Realty Capital has arranged a $17 million loan for the refinancing of a 20-unit apartment building in the Harvard Square area of Boston. The property was built in 2012 and includes 6,280 square feet of ground-floor retail space across three units. Residential features include stainless steel appliances, dark wood cabinets and quartz countertops. Amenities include a fitness center, package delivery room and an underground parking garage. The borrower was not disclosed.

July 7, 2020

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