Multifamily

JVM Acquires 115-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow December 18, 2019

DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.

December 18, 2019

Loans Multifamily Texas

NXT Capital Provides $37.8M Acquisition Loan for Apartment Community Near Fort Worth

by Taylor Williams December 18, 2019

HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.

December 18, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Acquisitions Multifamily Oregon Western

DB Capital Management Acquires Terra Murrayhill Apartment Complex in Oregon for $34.1M

by Amy Works December 18, 2019

BEAVERTON, ORE. — DB Capital Management has purchased Terra Murrayhill, a multifamily property located at 14305 SW Sexton Mountain Drive in Beaverton. A West Coast-based investor sold the asset for $34.1 million. Situated on nine acres, the community comprises 15 residential building that offer mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, the 137-unit property recently underwent $3 million in renovations and capital improvements. Community amenities include a newly updated clubhouse, outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access. Ira Virden and Carri Kahn of JLL Capital Markets represented the seller, while Daniel Terranova led the DB Capital Management team in the deal.

December 18, 2019

Market Reports Multifamily New Hampshire Northeast Northeast Market Reports

Five Ways in Which New Hampshire’s Multifamily Developers Are Making Life Easier

by Taylor Williams December 18, 2019

As the saying goes, “nothing worth having comes easy.” While this is true in many ways — especially in the real estate business — the multifamily market in New Hampshire is putting this saying to the test. Design and technology trends represent innovative ways to make life easier for new residents. The result is a revolution in convenience and lifestyle across developments from Nashua to Pittsburg and everywhere in between. Five trends in particular are driving this revolution in the multifamily space. 1. Maximum Flexibility “Flexibility” is a term thrown around in real estate now more than ever. The line between traditional commercial and residential spaces is blurry, with an ever-increasing focus on creating flexible work and gathering areas. Cubical farms are out and coworking spaces are rapidly expanding. The result is a blending of residential and commercial experiences, with office décor that feels like home and homes designed to act as secondary offices. Collaborative gathering areas, which would have been considered foreign just 10 years ago, are now a focal point in new buildouts. Tenants and developers see these spaces as “must haves,” not “nice to haves.” Flexibility also spills over to simple multifamily concepts such as package deliveries …

December 18, 2019

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Developers, Investors Reveal Favorite Southeast Markets

by John Nelson December 18, 2019

ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …

December 18, 2019

Acquisitions Multifamily Southeast Virginia

CIM Purchases Two High-Rise Apartment Towers in Metro D.C. Totaling 939 Units

by Alex Tostado December 17, 2019

FALLS CHURCH, VA. — Los Angeles-based CIM Group has acquired Skyline Towers, two high-rise apartment buildings located in the Bailey’s Crossroads submarket of Falls Church. The 939-unit property, located at 5599 Seminary Road, sits on 12.7 acres about six miles from Washington, D.C. The two 26-story buildings were constructed in 1971 and feature a pool, fitness center, game room, conference rooms, screening theater, onsite salon and a convenience store. The complex has nearby access to Interstates 395, 95 and 495 and the George Washington Memorial Parkway. Skyline Towers joins CIM’s residential properties in nearby Alexandria: the Mason at Van Dorn, a 1,180-unit community; Park Place at Van Dorn, a 285-unit community; and the former Crowne Plaza Hotel Alexandria, which CIM plans to convert into 122 residential condominiums and 41 townhomes. The seller and sales price of Skyline Towers were not disclosed, but Washington Business Journal reports that Equity Residential, a multifamily REIT based in Chicago, was the seller.

December 17, 2019

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Brokers $50.5M Value-Add Multifamily Portfolio Sale in Tennessee

by Alex Tostado December 17, 2019

JACKSON, TENN. — Cushman & Wakefield has arranged the $50.5 million sale of a five-property, value-add portfolio totaling 667 apartments located throughout Tennessee. Cushman & Wakefield’s Robbie O’Bryan and Brad Boston represented the seller, Nashville-based Freeman Webb Co., in the transaction. Knoxville, Tenn.-based Dominion Group acquired the properties. The portfolio includes the 50-unit Whispering Oaks and the 228-unit The Hermitage, both located in Jackson. The other properties include the 101-unit Poplar Village in Murfreesboro, the 148-unit Ridgeside Apartments in Hixson and the 140-unit Papermill Square in Knoxville.

December 17, 2019

Florida Loans Multifamily ORIX Southeast

Hunt Provides $67.6M Freddie Mac Refinancing for New Multifamily Property in Broward County

by Alex Tostado December 17, 2019

HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.

December 17, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 86-Unit Community in Exton, Pennsylvania

by Alex Patton December 17, 2019

EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.

December 17, 2019

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