Multifamily

Wolfson Group Breaks Ground on 420,000 SF Multifamily Property in Exton, Pennsylvania

by Alex Patton August 6, 2019

EXTON, PA. — Wolfson Group Inc., a Pennsylvania-based developer, has broken ground on Ashbridge, a 420,000-square-foot multifamily property in Exton, about 30 miles west of Philadelphia. The property comprises six buildings with 410 total units, including one-, two- and three-bedroom floor plans. The newly renovated Ashbridge House mansion, also on the property, will be utilized for amenities including a fitness center, lounge and event space. The architect is Philadelphia-based Bernardon. Bozzuto Group will manage the property, which is slated to open in spring 2020.

August 6, 2019

Development Multifamily Texas

High Street, Olympus Begin Construction on 383-Unit Multifamily Project in Metro Dallas

by Taylor Williams August 6, 2019

CARROLLTON, TEXAS — A partnership between High Street Residential, a subsidiary of Trammell Crow Co., and Fort Worth-based Olympus Property has begun construction on Olympus at Broadway, a 383-unit multifamily project in Carrollton. Situated on 5.1 acres, the property will feature one-, two- and three-bedroom units ranging in size from 474 to 1,540 square feet. Amenities will include a pool with sunbathing shelves, a conference room, business center, entertainment kitchen, a dog park, fitness center and a resident lounge. Preleasing will begin in September 2020. JHP Architecture is designing the project, and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing.

August 6, 2019

Acquisitions Multifamily New York Northeast

Eagle Rock Purchases 232-Unit Workforce Housing Property in Bay Shore, New York

by Alex Patton August 6, 2019

BAY SHORE, N.Y. — Eagle Rock Apartments has purchased Fairfield Courtyard at Bay Shore, a 232-unit workforce housing property in Bay Shore, a city located on Long Island. The sale included an arrangement in which Eagle Rock swapped its 80-unit Long Island property, The Preserve, with the seller for ownership of Fairfield Courtyard. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller, an affiliate of Fairfield Properties, in the transaction, and also procured Eagle Rock as the buyer.

August 6, 2019

Development Multifamily New Mexico Seniors Housing Western

Insight Senior Living Breaks Ground on 72-Unit Assisted Living, Memory Care Facility in Albuquerque

by Amy Works August 6, 2019

ALBUQUERQUE, N.M. — Insight Senior Living, based in West Linn, Ore., has broken ground on Amaran Senior Living, an assisted living and memory care community in Albuquerque. The project team includes Paaru Builders, Montessori ONE Academy and Dekker/Perich/Sabatini. Located at 9100 Holly Ave. NE, the 81,000-square-foot facility will feature 56 assisted living units and 16 memory care apartments. Units will include natural light, moveable kitchen islands, contemporary closet organizers, stainless steel appliances, smart home technology and individual washers/dryers. The community will include more than 15,000 square feet of amenity space, including multiple dining venues, a theater, fitness center, full-service spa and salon with private massage room, outdoor patios, walking paths, gardens and woodshop. Additionally, the facility will feature a clubroom with sky terraces and lounge, billiards and other multipurpose spaces. Sharing a campus with Montessori ONE Academy and Nido, a Montessori nursery, the Montessori-focused seniors housing property will be the first of its kind. The facility will combine Montessori methods and programming by Insight Senior Living will create space for inter-generational connections and independence. The facility is slated to open in fall 2020.

August 6, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $1.3M Sale of Multifamily Property in Denver

by Amy Works August 6, 2019

DENVER — Nexus Commercial Realty has arranged the sale of a multifamily property located at 2945 N. Irving St. in Denver. Irving Properties LLC sold the 4,794-square-foot asset to Irving 29 LLC for $1.3 million. Brandon Kaufman of Nexus represented the buyer, while Gunnar Wilson and Jason Koch of Nexus represented the seller in the transaction.

August 6, 2019

Acquisitions Illinois Midwest Multifamily

Cushman & Wakefield Negotiates Sale of Class A Multifamily Property in Chicago

by Kristin Harlow August 6, 2019

CHICAGO — Cushman & Wakefield has negotiated the sale of LUXE on Chicago, a 59-unit apartment building in Chicago’s West Town/Wicker Park neighborhood. The sales price was not disclosed, but it equates to approximately $525,000 per unit, according to the brokerage firm. Developed by Fifield Cos. in 2016, the Class A property also includes 13,979 square feet of first-floor retail space. The asset, which includes studios, one-, two- and three-bedroom units, was 92 percent occupied at the time of sale. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, Fifield Cos. A private, international investor purchased the property.

August 6, 2019

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $4.3M Sale of Workforce Housing Asset in Philadelphia

by Alex Patton August 6, 2019

PHILADELPHIA — Marcus & Millichap has arranged the sale of Eli Court, an 88-unit workforce housing property in Philadelphia, for $4.3 million. The property offers studio and one-bedroom units and access to public transit. Fred Paisley of Marcus & Millichap represented the seller, a locally based private real estate company, in the transaction, as well as the buyer, a limited liability company.

August 6, 2019

Features Heartland Feature Archive Multifamily Northeast Feature Archive Southeast Feature Archive Student Housing Texas & Oklahoma Feature Archive Western Feature Archive

Priced Out: Adding Affordable Units to Student Housing

by Katie Sloan August 6, 2019

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

August 6, 2019

Acquisitions Florida Multifamily Southeast

Xavier Family Partnership Buys Multifamily Community in Metro Tampa for $44.4M

by Alex Tostado August 5, 2019

TOWN ‘N’ COUNTRY, FLA. — Xavier Family Partnership has bought LakeBridge, a 400-unit multifamily community spanning 31 buildings in Town ‘n’ Country, for $44.4 million. The partnership, led by Randy Ferreira, will rebrand the community as The Park at Lake Como. The property is located at 8301 Sandstone Lake Drive, 12 miles west of downtown Tampa. The community was 96 percent occupied at the time of sale. LakeBridge offers one- and two- and three-bedroom floor plans and communal amenities such as a business center, swimming pool, 24-hour fitness center and a playground. Blue Roc Premier Properties LLC, also headed by Ferreira, will manage the property. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. Grandbridge Real Estate Capital arranged an acquisition loan through BB&T Bank on behalf of the buyer. Insula Cos. was the seller.

August 5, 2019

Acquisitions Georgia Multifamily Southeast

Taurus Investment Acquires 192-Unit Apartment Complex in Atlanta

by Alex Tostado August 5, 2019

ATLANTA — Taurus Investment Holdings LLC has acquired 251 North, a 192-unit multifamily community at the juncture of Atlanta’s Old Fourth Ward and Midtown. Located at 300 Cityline Ave. NE, 251 North offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor grilling station, cardio-based fitness center, 24-hour laundry facility and covered parking. 251 North was 93 percent occupied at the time of sale. HFF, a JLL company and member of Freddie Mac’s Optigo lending network, provided a 10-year, $24.9 million acquisition loan with a floating interest rate through the agency’s Green Advantage program. Details of the buyer’s renovation plans and the sales price were not disclosed.

August 5, 2019

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