Multifamily

NHP Foundation Acquires Edwin Berry Manor Affordable Seniors Housing Community in Chicago

by Kristin Harlow November 22, 2019

CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. The purchase price was undisclosed. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. Operation Pathways, the resident services affiliate of NHP, will provide onsite services.

November 22, 2019

Affordable Housing Features Midwest Multifamily

Agencies, Lenders Ramp Up Loan Production for Affordable Housing Properties

by Jeff Shaw November 22, 2019

There’s a human factor when it comes to working in the affordable housing industry. Kelly Frank, senior banker at KeyBank, recalls attending a ribbon-cutting ceremony for a scattered-site housing development where a woman came up to her in tears expressing how grateful she was to have a home in a safe neighborhood setting. The ability to make such a positive impact on someone’s life is one reason Frank loves the affordable housing business. “A lot of work is being done to bring affordable housing to every community,” says Frank. “Everybody’s eyes are on it because it’s a resounding theme throughout the country that there’s just not enough affordable housing.” The United States is short 7 million rental units that are affordable and available to extremely low-income renters, according to the National Low Income Housing Coalition. These renters have household incomes that are at or below the poverty guideline, or 30 percent of their area median income. The silver lining is that Cleveland-based KeyBank and other lenders have a large toolbox of financing mechanisms available to combat the affordable housing crisis and facilitate the development and preservation of affordable units. Many loans are processed through agencies, including government-sponsored enterprises such as …

November 22, 2019

Acquisitions Georgia Multifamily Southeast

Harbor Group Sells Metro Atlanta Multifamily Property for $75M

by Alex Tostado November 21, 2019

BUFORD, GA. — Harbor Group International LLC (HGI) has sold Preserve at Mill Creek, a 400-unit multifamily property located in Buford, 32 miles northeast of Atlanta, for $75 million. The buyer was not disclosed. The asset is located 1400 Mall of Georgia Blvd. and features one-, two- and three-bedroom apartments, as well as a swimming pool, tennis courts and a fitness center. The property is near Interstate 85 and Ga. Highway 20 and the Mall of Georgia. First Communities manages the property. HGI recently completed a $3.9 million renovation to the community. The Norfolk-based investor also purchased The Cedars at Elm Hill in Nashville earlier this year with plans to make capital improvements.

November 21, 2019

Development Florida Multifamily Southeast

Mesa to Break Ground on $50M Panama City Beach Apartment Community

by Alex Tostado November 21, 2019

PANAMA CITY BEACH, FLA. — Mesa Capital Partners will break ground in December on The Tyde, a new $50 million multifamily project in Panama City Beach. The Tyde will feature 300 one-, two-, and three-bedroom apartments with varying construction layouts, including two-story carriage homes, three-story walk-ups and four-story, elevator-serviced buildings. The community will be situated at the intersection of Clara Avenue and U.S. Highway 98, less than a mile from the Gulf of Mexico and near retail and local employers Bay Medical Center and Tyndall Air Force Base. The Tyde will include a clubhouse, fitness center, community space, pool, outdoor fireplaces and grill stations. Atlanta-based Mesa Capital Partners plans to have the units available to lease in late 2020. The project team includes architect Gary B. Coursey & Associates Architects Inc. and engineer Robert Carroll, and Mesa Capital Partners is in the process of selecting a general contractor.

November 21, 2019

Acquisitions Loans Maryland Multifamily Southeast

M&T Provides $11.6M Fannie Mae Acquisition Loan for Multifamily Property in Frederick, Maryland

by Alex Tostado November 21, 2019

FREDERICK, MD. — M&T Realty Capital Corp. has provided an $11.6 million Fannie Mae acquisition loan for the 70-unit Vista View Apartments in Frederick. Washington D.C.-based real estate investment, development and management group The BurnBrae Cos. purchased the property at 2401 Highpoint View Court near Fort Detrick. Vista View offers two-bedroom units with five different floor plans for rent. Property amenities include three pools, two basketball courts, three parks and a barbeque/grilling area. M&T’s Matthew Hodson structured the loan, which carries a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule.

November 21, 2019

Development Multifamily New Jersey Northeast

NRIA Underway on 97-Unit Apartment Building in West New York, New Jersey

by Alex Patton November 21, 2019

WEST NEW YORK, N.J. — National Realty Investment Advisors is underway on development of The Station, a $49 million apartment building in West New York, located across the Hudson River in New Jersey. The property will comprise 97 one- and two-bedroom apartments with a rooftop deck, fitness center and club room. The building is located directly across the street from the Bergenline Light Rail Station. The Station will be open to residents in 2021.

November 21, 2019

Acquisitions Multifamily Texas

Presidium Sells 265-Unit Ascent at Lake Worth Multifamily Complex in Fort Worth

by Taylor Williams November 21, 2019

FORT WORTH, TEXAS — Texas-based multifamily investment and development firm Presidium has sold Ascent at Lake Worth, a 265-unit apartment community in Fort Worth. The property features studio, one, two- and three-bedroom units averaging 935 square feet. Communal amenities include two pools, a fitness center, dog park, clubhouse, outdoor kitchen and fire pit, media room, playground, coffee bar and a business center. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented Presidium in the transaction. Stephen Whitehead, Lauren Bresky and Will Hancock of NorthMarq arranged a permanent, fixed-rate Fannie Mae loan for the transaction. Both the buyer and the amount of the loan were undisclosed.

November 21, 2019

Development Multifamily Northeast Retail Vermont

Vermont Museum, M&S Development Plan $30M Art Center, Multifamily Building

by Alex Patton November 21, 2019

BRATTLEBORO, VT. — The Brattleboro Museum & Art Center (BMAC) and M&S Development have revealed development plans for a proposed $30 million art gallery and museum in Brattleboro, located in southern Vermont. The 55,000-square-foot building will feature art galleries, classrooms, a café and 24 apartment units. Boston-based Schwartz/Silver Architects is designing the project in collaboration with local architect Stevens & Associates. BMAC is currently raising funds for the project, and the timeline of construction was undisclosed.

November 21, 2019

Acquisitions Multifamily Texas

Legacy REI Group Acquires 185-Unit Silverado Apartments in Irving

by Taylor Williams November 21, 2019

IRVING, TEXAS — Locally based investment firm Legacy REI Group has acquired Silverado Apartments, a 185-unit multifamily community in Irving. The property was built in 1970, features an average unit size of 780 square feet and was 97 percent occupied at the time of sale. Chris Deuillet and Chandler Sims of CBRE represented the seller, Plano-based Elmstone Group, in the transaction. The new ownership will implement a value-add program.

November 21, 2019

Acquisitions Multifamily Washington Western

Vulcan Real Estate Sells 209-Unit Augusta Apartments in Seattle for $98.1M

by Amy Works November 21, 2019

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

November 21, 2019

Newer Posts

Older Posts