Multifamily

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels October 10, 2024

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

October 10, 2024

Acquisitions Multifamily Student Housing Texas

IPA Negotiates Sale of 696-Bed Student Housing Property in Denton, Texas

by Taylor Williams October 9, 2024

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Gateway at Denton, a 696-bed student housing property that serves students at the University of North Texas. Built in 2005, the 228-unit complex is located within a half-mile of campus and features a mix of two-, three- and four-bedroom floor plans with complete bed-bath parity. Units range in size from 816 to 1,360 square feet. Amenities include a newly renovated clubhouse, three pools with cabanas, outdoor grilling and dining stations, basketball court, fitness center and a computer lab. Peter Katz and Drew Kile of IPA represented the seller, Los Angeles-based MJW Investments, in the transaction and procured the buyer, Vesper Holdings.

October 9, 2024

Development Multifamily Texas

SWBC Breaks Ground on 270-Unit Multifamily Project in Prosper, Texas

by Taylor Williams October 9, 2024

PROSPER, TEXAS — Dallas-based developer SWBC has broken ground on The Royalton at Prosper, a 270-unit multifamily project that will be located on the northern outskirts of Dallas. The site is adjacent to SWBC’s The Royalton at Creeks of Legacy development, which also totals 270 units and is currently in lease-up. Units at the new property will come in one-, two- and three-bedroom floor plans, and select residences on the first floor will have private yards and direct-access garages. Amenities will include a clubhouse with a business center, 24-hour fitness center and a resort-style pool with cabanas and grilling stations. Cross Architects is designing the project, and Carleton Cos. is serving as the general contractor. The first units are expected to be available for occupancy next summer.

October 9, 2024

Acquisitions Multifamily New York Northeast

Brax Realty Negotiates $6.2M Sale of Two Manhattan Apartment Buildings

by Taylor Williams October 9, 2024

NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $6.2 million sale of two adjacent apartment buildings in Manhattan’s East Village area. The buildings at 317 E. 14th St. and 319 E. 14th St. house 24 apartments between them as well as two retail spaces. According to LoopNet Inc., both buildings rise five stories and were constructed in 1910. Michael Ferrara and Cole Kinney Leonhardt of Brax Realty brokered the deal. The buyer and seller were not disclosed.

October 9, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $4.7M Sale of Apartment Building in Mansfield, Massachusetts

by Taylor Williams October 9, 2024

MANSFIELD, MASS. — Marcus & Millichap has brokered the $4.7 million sale of a 25-unit apartment building in Mansfield, a southern suburb of Boston. The building at 1 Samoset Ave., which is known locally as “The Grain Mill” and was converted from that use to residential in 1981, consists of 24 one-bedroom apartments and a two-bedroom penthouse. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which were local limited liability companies, in the transaction.

October 9, 2024

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

East West, Holder Break Ground on 50-Unit Build-to-Rent Community on Daniel Island in Charleston

by John Nelson October 9, 2024

CHARLESTON, S.C. — East West Partners and Holder Properties have broken ground on Fenland, a 50-unit build-to-rent community located on Daniel Island in Charleston. The townhome property will be situated on 5.5 acres within Nowell Creek Village, a 36-acre waterfront community. Upon completion, Fenland will feature three- and four-bedroom, three-story rental townhomes ranging in size from 2,100 to 2,400 square feet. Amenities will include two-car attached garages, a private swimming pool, community grill and fire pit and a landscaped courtyard along with access to Daniel Island’s network of trails, a community dock and park and planned waterside dining and retail options. East West Hospitality will manage Fenland, which will begin preleasing in early 2025 with move-ins expected by spring 2025.

October 9, 2024

Affordable Housing Illinois Loans Midwest Multifamily

Bayshore Properties Receives $61.6M for Refinancing of Multifamily Property in Schaumburg, Illinois

by Kristin Harlow October 9, 2024

SCHAUMBURG, ILL. — Bayshore Properties has received $61.6 million for the refinancing of 21 Kristen Apartments in the Chicago suburb of Schaumburg. The 357-unit multifamily property is a condo deconversion that Bayshore acquired in 2022 and has since invested over $2.5 million in capital expenditures. Of the total units, 30 percent are reserved for residents who earn 30 to 80 percent of the area median income. Amenities include a pool, fitness center and library/meeting room. Greystone provided a $55.6 million Freddie Mac loan with a five-year term, and 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing.

October 9, 2024

Acquisitions Affordable Housing Midwest Multifamily North Dakota

Marcus & Millichap Arranges Sale of 40-Unit Affordable Housing Community in Grand Forks, North Dakota

by Kristin Harlow October 9, 2024

GRAND FORKS, N.D. — Marcus & Millichap has arranged the sale of The Current, a 40-unit affordable housing community in Grand Forks. The sales price was undisclosed. Built in 2007, the Low-Income Housing Tax Credits property features 15 one-bedroom units and 25 two-bedroom units. Matthew Whiteside of Marcus & Millichap represented the seller, MDI Limited Partnership #110, and procured the buyer, Kemo Sabe Properties LLC.

October 9, 2024

Development Idaho Multifamily Western

Thompson Thrift to Develop 264-Unit Multifamily Community in Nampa, Idaho

by Amy Works October 9, 2024

NAMPA, IDAHO — Indiana-based Thompson Thrift is entering the Idaho market with the construction of The Logan, an apartment property in Nampa, approximately 20 minutes southwest of Boise. Construction is slated to begin this month with completion scheduled for winter 2025. Located on 12 acres at 2516 W. Karcher Road, The Logan will offer 264 one-, two- and three-bedroom apartments spread across three-story buildings. Units will feature stainless steel appliances, glass-top ranges, hardwood-style flooring, a walk-in shower and multiple smart home capabilities. Additionally, select apartments will feature cabinetry with soft-close doors, a deluxe closet system with shelving, premium lighting, a dry bar and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a 24-hour fitness center, resort-style heated swimming pool, electric firepits with seating areas, a billiards and shuffleboard area, dog park, bike storage and a Starbucks Coffee bar. The property will also offer focus suites, community-wide Wi-Fi, an onsite service team, valet trash service and a user-friendly mobile app.

October 9, 2024

Acquisitions Arizona Multifamily Western

Sagard Real Estate Acquires 209-Unit Trovita Rio Apartment Community in Tempe

by Amy Works October 9, 2024

TEMPE, ARIZ. — Sagard Real Estate has purchased Trovita Rio, a multifamily property in Tempe, for an undisclosed price. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2019, Trovita Rio offers 209 apartments, a rooftop entertainment deck, fitness center, community clubhouse and electric vehicle charging stations.

October 9, 2024

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