Multifamily

175-Unit Luxury Apartment Community, The Asher, to Open in Minneapolis This Fall

by Kristin Harlow July 30, 2020

MINNEAPOLIS — The Asher, a 175-unit luxury apartment community in Minneapolis, is slated to open in October. Situated at 1125 Lagoon Ave., the property will offer studio, one- and two-bedroom units. Amenities will include a pool, rooftop deck, fitness center, clubroom, bike lounge and coworking stations. Reuter Walton Development and Northwestern Mutual are the project partners. Village Green will serve as property manager. Residents can currently earn two months of free rent on select apartments. Monthly rents start at $995.

July 30, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 303-Unit Bowery at Southside Apartments in Fort Worth

by Taylor Williams July 30, 2020

FORT WORTH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of The Bowery at Southside, a 303-unit apartment community in Fort Worth. The property was built on 7.5 acres in 2019 and features apartment and townhome residences with an average unit size of 820 square feet. Amenities include a pool, sky lounge and a lawn with a five-hole putting green. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, StoneHawk Capital Partners, and procured the buyer, Virginia-based Weinstein Properties.

July 30, 2020

Loans Multifamily Texas

NKF Provides $54.8M Agency Loan for Refinancing of Nob Hill Apartments in Houston

by Taylor Williams July 30, 2020

HOUSTON — Newmark Knight Frank (NKF) has provided a $54.8 million Freddie Mac loan for the refinancing of Nob Hill Apartments in Houston. The community was built in four phases beginning in 1967 and is now operated as a single complex totaling 1,326 workforce housing units. The borrower, Steadfast Cos., recently implemented a value-add program that delivered shaker-style cabinets, granite-style countertops and modern appliances to the unit interiors. Amenities include nine pools, courtyards, a business center and a clubhouse. Matt Greer of NKF originated the loan.

July 30, 2020

Acquisitions Multifamily Oklahoma Texas

Timberland Partners Buys 248-Unit Encore Memorial Apartments Near Tulsa

by Taylor Williams July 30, 2020

BIXBY, OKLA. — Minneapolis-based investment firm Timberland Partners has purchased Encore Memorial, a 248-unit apartment community located in the southern Tulsa suburb of Bixby. Built in 2012, the property offers one-, two- and three-bedroom units. Amenities include a business center, resident clubhouse, pool, fitness center, playground and a volleyball court. Timberland Partners acquired the asset through its $100 million TPAF VII Fund. The seller was not disclosed.

July 30, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 150-Bed Skilled Nursing Facility in Kerrville, Texas

by Taylor Williams July 30, 2020

KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and sales price were not disclosed.

July 30, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $62M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams July 30, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $62 million in permanent financing for a portfolio of nine multifamily properties totaling 432 units in The Bronx. Bryan Manz, Rob Serra, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing on behalf of the borrower, Finkelstein Timberger East Real Estate, an owner-operator with roughly 3,500 New York City-area units in its portfolio.

July 30, 2020

Portland Multifamily Rent Occupancy460x345

Content Partner Features Lument Multifamily Oregon RED Capital Group Western

Portland, Oregon Multifamily Fundamentals Wobble, but Remain Healthy Overall in June

by Sarah Daniels July 30, 2020

Five months into the pandemic, fissures are beginning to form in the foundation of the multifamily market. Through the spring leasing season, liquidity from enhanced unemployment insurance benefits and a yearning for stability in uncertain times were enough to maintain occupancy near pre-coronavirus levels and to provide something of a buttress for rents. As spring turned to summer, however, winds seemed to change direction, tenant patience began to fray and property performance waned. West Coast cities with high technology exposure were the first to exhibit material revenue attrition. Reduced employment and income prospects led many renters to reconsider the efficacy of paying the highest rents in the country. Many tenants chose instead to relocate to more affordable areas when leases expired (as many do during the spring leasing season) or simply vacated and broke existing leases. Rents in the San Francisco Bay Area have declined by about 4 percent since the beginning of the year, and as much as 9 percent over the last 12 months. More affordable markets, including Portland, also experienced softening, but to a lesser degree. While fleeing tenants apparently generated a “renter’s market” in San Francisco, absorption in a sample of 919 Portland properties surveyed by …

July 30, 2020

Development Multifamily Southeast Tennessee

Dinerstein to Develop 360-Unit Multifamily Community in Nashville’s Gulch District

by Alex Tostado July 29, 2020

NASHVILLE, TENN. — The Dinerstein Cos. has begun construction on Aspire Gulch, a 10-story, 360-unit multifamily community in Nashville’s Gulch district. Communal amenities will include a rooftop pool, soundproof room for musicians and a 507-space parking deck. The property will offer one through three-bedroom floor plans. Aspire Gulch is situated at 805 Division St., one mile from downtown Nashville. The Houston-based developer expects to open the community in summer 2022. Hoar Construction is the general contractor, and Nile Bolton Associates is the architect.

July 29, 2020

Development Multifamily Southeast Tennessee

Penler Breaks Ground on 240-Unit Apartment Complex in Metro Nashville

by Alex Tostado July 29, 2020

GALLATIN, TENN. — Penler has broken ground on a yet-to-be-named, 240-unit garden-style apartment complex in Gallatin. The property will offer one-, two- and three-bedroom floor plans averaging 1,003 square feet. Communal amenities will include a 24-hour fitness center, pool, grilling area, playground and a club lounge with package lockers. Unit interiors will feature open floor plans, stainless steel kitchen appliances, granite countertops, nine-foot ceilings and ceiling fans. Penler expects to open the property in fall 2021. The Gallatin community will be situated at 270 Douglas Bend Road, 24 miles northeast of downtown Nashville. Dynamik Design is the architect, Crosby Design Group is the interior designer and Hardaway Construction is the general contractor.

July 29, 2020

Development Multifamily New York Northeast

Bespoke Living Tops Out 300 West Condo Tower in South Harlem

by Taylor Williams July 29, 2020

NEW YORK CITY — Locally based developer Bespoke Living has topped out 300 West, a 15-story condominium tower located at the corner of 122nd Street and Frederick Douglass Boulevard in South Harlem. Designed by Issac & Stern Architects, the property will feature 170 units in studio, one-, two-, three- and four-bedroom units. Amenities will include a pool, fitness center, a rooftop terrace with outdoor grilling stations, a children’s activity area, package lockers and bike storage space. The development team expects to begin closing sales by the end of the year. Prices start at roughly $500,000.

July 29, 2020

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