Multifamily

Hankey Investment, Jamison Properties Top Out $300M Kurve on Wilshire Residential Tower in Los Angeles

by Amy Works July 23, 2020

LOS ANGELES — Hankey Investment Co. and Jamison Properties have completed vertical construction of Kurve on Wilshire, a 23-story residential tower located at 2900 Wilshire Blvd. in Los Angeles’ Koreatown neighborhood. Scheduled to open in spring 2021, Kurve on Wilshire will feature 644 apartments atop a six-story podium housing the building’s 1,100-vehicle parking garage, as well as a one-acre park and amenity deck. Apartments will range from studios to two-story, three-bedroom penthouses with a private sky yard and spa. Rents are expected to start around $2,200 per month. Common-area amenities will include a fitness center, clubhouse, pool, spa, business center, private open-air dining areas, barbecues, fire pits, dog park, Zen garden and viewing deck of the downtown Los Angeles skyline. The $300 million development will also feature 15,000 square feet of street-level retail space catering to residents, locals and Koreatown visitors. The project team includes Large Architecture, Dianna Wong Architecture + Interior Design, and AECOM and Wilshire Construction as a joint venture construction team.

July 23, 2020

Development Multifamily Texas

Realty Capital, PointOne to Develop 266-Unit Apartment Community Near Fort Worth

by Taylor Williams July 23, 2020

MANSFIELD, TEXAS — Locally based firm Realty Capital Management has partnered with South Florida-based PointOne Holdings to develop Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will be developed on an eight-acre site and will include amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.

July 23, 2020

Development Multifamily Texas

Greystar Underway on 2,000-Unit Multifamily Renovation Project at Riata Austin

by Taylor Williams July 22, 2020

AUSTIN, TEXAS — Greystar is underway on a project to renovate some 2,000 units at Riata Austin, the state capital’s largest apartment community that was developed in the late 1990s by a group of investors led by Dallas Cowboys owner Jerry Jones. The project began with upgrades to amenity spaces, including the pool, outdoor dining area, bocce ball court and 11,000-square-foot fitness center. The project team is also underway on work to deliver new amenities such as a music lounge, playground, volleyball court, dog park and the surrounding trail system. Charleston, S.C.-based Greystar expects to compete renovations to amenity and public spaces by the end of the year. Upgrades of unit interiors are being conducted in conjunction with resident move-outs.

July 22, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 260-Unit Lago del Mar Apartments in Laredo, Texas

by Taylor Williams July 22, 2020

LAREDO, TEXAS — Berkadia has arranged the sale of Lago del Mar, a 260-unit multifamily community located in the South Texas city of Laredo. Built in the early 2000s, the property offers one-, two- and three-bedroom units that average 776 square feet and feature walk-in closets, private patios and balconies and individual washers and dryers. Amenities include a pool, fitness center, dog park and a playground. Ryan Epstein, Mike Miller, Will Caruth and Cody Courtney of Berkadia represented the Chicago-based seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the buyer, Haley Real Estate Group.

July 22, 2020

Acquisitions Multifamily Texas

Rastegar Property Acquires 35-Unit Edge at SoCo Apartments in South Austin

by Taylor Williams July 22, 2020

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired The Edge at SoCo, a 35-unit apartment building located in the Buckingham Ridge neighborhood of South Austin. The property features one- and two-bedroom units and was 94 percent occupied at the time of sale. Rastegar will implement a value-add program that will deliver upgraded floors, cabinets and countertops to unit interiors, as well as improvements to the property exteriors and landscaping. The seller was not disclosed.

July 22, 2020

Development Florida Multifamily Southeast

Wood Partners Opens 288-Unit Multifamily Community in Metro Tampa

by Alex Tostado July 22, 2020

PINELLAS PARK, FLA. — Wood Partners has opened Alta Gateway, a 288-unit multifamily community in Pinellas Park. The property offers studio through three-bedroom floor plans. Unit interiors include wood-style plank flooring, stainless steel appliances, under-cabinet lighting and kitchen tile backsplashes. Communal amenities include a pool, sundeck, grilling areas, fitness center with virtual training classes, game lounge and a dog park. Alta Gateway is located at 9401 49th St. N., 19 miles west of downtown Tampa.

July 22, 2020

Affordable Housing Development Georgia Multifamily Southeast

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.

July 22, 2020

Development Multifamily North Carolina Southeast

Alliance Residential Delivers 260-Unit Apartment Complex in Charlotte’s South End

by Alex Tostado July 22, 2020

CHARLOTTE, N.C. — Alliance Residential has delivered Broadstone Queen City, a 260-unit apartment complex in Charlotte’s South End neighborhood. The property offers studio, one- and two-bedroom floor plans. Units include electronic locks, wood plank-style flooring, quartz countertops, GE appliances and floor-to-ceiling windows. Communal amenities include a saltwater pool, rooftop bar and lounge, courtyard, fitness center, dog park, office suites and ground-level retail space that will soon welcome Queen City Grounds coffee. Broadstone Queen City is situated at 101 W. Morehead St., less than one mile from downtown Charlotte and half a mile from the LYNX Blue Line light rail station.

July 22, 2020

Development Multifamily New York Northeast Seniors Housing

Engel Burman Completes 120-Unit Assisted Living Community on Long Island

by Taylor Williams July 22, 2020

MOUNT SINAI, N.Y. — Seniors housing developer and operator Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island.

July 22, 2020

Indiana Loans Midwest Multifamily

Berkadia Provides $16.6M Refinancing for Mid-Rise Multifamily Property in Indianapolis

by Kristin Harlow July 22, 2020

INDIANAPOLIS — Berkadia has provided a $16.6 million Freddie Mac loan for the refinancing of River House in Indianapolis. Built in 2018, the 90-unit multifamily property is located at 6311 Westfield Blvd. within Broad Ripple Village. Amenities include a rooftop balcony, fitness center and enclosed parking garage. Michael Zaremski and Michael Shmuely of Berkadia secured the permanent refinancing on behalf of the undisclosed borrower. The 10-year loan, which features a 30-year amortization schedule, was used to retire a construction loan.

July 22, 2020

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