Multifamily

KBS Development Completes, Sells 453-Unit Hardware Apartments in Salt Lake City

by Amy Works May 14, 2020

SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …

May 14, 2020

Development Illinois Midwest Multifamily Student Housing

JDP Breaks Ground on 276-Bed Student Housing Project Near University of Illinois

by Kristin Harlow May 14, 2020

URBANA-CHAMPAIGN, ILL. — Jackson Dearborn Partners (JDP) has broken ground on ICON, a 276-bed student housing development located near the University of Illinois in Urbana-Champaign. The project is being developed in partnership with Sub4 Development and Green Street Realty. Amenities will include a fitness center, lobby and lounge area and a third-floor deck with an outdoor grilling area. The developers raised equity through CrowdStreet, an online investment platform. Alpha Capital CRE arranged a $19.9 million construction loan with Associated Bank. Alec Bliss of Associated Bank managed the loan and closing. ICON is slated to open for the 2021-22 academic year.

May 14, 2020

Loans Multifamily New York Northeast

Greystone Provides $65M Freddie Mac Loan for Refinancing of Newly Built Multifamily Project in Queens

by Alex Patton May 13, 2020

NEW YORK CITY — Greystone has provided a $65 million Freddie Mac loan for the refinancing of One LIC, a newly constructed, 110-unit, Class A multifamily apartment in the Long Island City neighborhood of Queens. Local developer The Lions Group was the borrower. The 16-year, fixed-rate loan refinanced a Bank Leumi construction loan. The property features three retail spaces that are leased to Starbucks, CityMD and apparel retailer Yoyoso. Residential amenities include a fitness center and rooftop lounge. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone originated the loan.

May 13, 2020

Development Multifamily Northeast Pennsylvania

Larken Associates Underway on 107-Unit Multifamily Project in York, Pennsylvania

by Alex Patton May 13, 2020

YORK, PA. — Larken Associates is underway on construction of The Enclave at Copper Chase, a 107-unit multifamily project in York, a city located approximately 25 miles south of Harrisburg. Located at 3145 Honey Run Drive, the project is an addition to Larken’s existing 132-unit The Reserve at Copper Chase community. The Enclave will include one-, two- and three-bedroom floor plans, a clubhouse and fitness center. The project also includes renovations to the pool and lounge, as well as upgrades to the property’s roofing and exteriors. Larken acquired the property in 2019. The construction schedule was undisclosed.

May 13, 2020

Loans Multifamily New Jersey Northeast

JLL Funds $30M Freddie Mac Loan for Refinancing of Multifamily Community in Bergenfield, New Jersey

by Alex Patton May 13, 2020

BERGENFIELD, N.J. — JLL has funded a $30 million Fannie Mae loan for the refinancing of Ivy Lane, a 237-unit multifamily community in Bergenfield, a northwestern suburb of New York City. JLL worked on behalf of the borrower, Tower Management Service LP, to provide the 10-year, fixed-rate Freddie Mac loan. The property features 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Thomas Didio and Gerard Quinn of JLL arranged the loan.

May 13, 2020

Loans Multifamily Southeast Virginia

M&T Realty Capital Provides $51.2M Refinancing Loan for Apartment Complex in Northern Virginia

by Alex Tostado May 13, 2020

DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.

May 13, 2020

Acquisitions Kentucky Multifamily Southeast

Four Mile Capital Acquires New Multifamily Community in Louisville for $22M

by Alex Tostado May 13, 2020

LOUISVILLE, KY. — Four Mile Capital has acquired Avalon Springs Apartments, a 141-unit multifamily community in Louisville, for $22 million. The community was built in 2018, spans 18 acres and was 99 percent occupied at the time of sale. The property offers 126 two-bedroom townhomes, as well as 16 two- and three-bedroom apartments that have their own patios. Communal amenities include a fitness center, pool, playground and a clubhouse. Avalon Springs is situated at 7935 Zelma Fields Ave., 17 miles southeast of downtown Louisville. Ed Belz of Newmark Knight Frank originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.14 percent interest rate, 65 percent loan-to-value ratio and five years of interest-only payments.

May 13, 2020

Acquisitions Affordable Housing Multifamily Texas

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

Acquisitions Multifamily Texas

Presidium Completes Phase I of 188-Unit Multifamily Project in Frisco

by Taylor Williams May 13, 2020

FRISCO, TEXAS — Locally based developer Presidium has completed Phase I of Presidium at Edgestone, a multifamily project in the northern Dallas suburb of Frisco that will ultimately total 188 units. Designed by Cross Architects, Presidium at Edgestone will eventually offer amenities such as a pool, fitness center, media and game room, hair salon, cinema, bocce ball court and a dog park. Presidium expects to open the community this summer.

May 13, 2020

California Development Multifamily Western

Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California

by Amy Works May 13, 2020

CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land. The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space. Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens. The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021. Additionally, the completed project will be part of …

May 13, 2020

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