NEW BRAUNFELS, TEXAS — Houston-based development and management firm Allied Orion Group has begun leasing Riverhaus Creekside, a 281-unit apartment community in the San Antonio suburb of New Braunfels. Floor plans feature one-, two- and three-bedroom units ranging in size from 722 to 1,440 square feet. Riverhaus Creekside offers amenities such as a pool, fitness center, dog park and a resident clubhouse with a cyber lounge. Move-ins are expected to begin later this month.
CARROLLTON, TEXAS — JK & JY Development LLC has broken ground on The View Condominiums, a 268-unit residential project in the northern Dallas suburb of Carrollton that will also include 31,000 square feet of retail and restaurant space. Designed by locally based firm Humphreys & Partners Architects, the property will offer amenities such as a pool, social lounge, fitness center, game room, business center and a fully equipped kitchen and bar. Construction is expected to be complete by early 2022.
AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.
CHICAGO — Lendlease Development, along with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., have begun pre-leasing at Porte, a two-tower apartment development in Chicago’s West Loop. Designed by G|R|E|C Architects, the community is scheduled to welcome its first residents in late spring. Porte offers studio, one-, two- and three-bedroom units ranging in size from 546 to 1,591 square feet. Monthly rents start at $2,170. Two-bedroom townhomes measure 1,469 to 2,036 square feet with monthly rents starting at $7,240. Each tower will have its own ground-floor lobby and amenity suite, including a fitness center, entertainment lounge, game room, communal kitchen, coworking space and dog run. The towers will be connected by a two-story podium topped with a pool deck. The word “porte” means door in French. “Porte is designed to serve as a door to all the West Loop has to offer,” says John Buck.
PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.
LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment property located in La Mesa, a city nine miles east of downtown San Diego. 5810 Amaya LLC, an affiliate of Cirrus Asset Management, sold the community for $34.4 million, or $313,181 per unit. Built in 1971 on 5.1 acres, Serena Vista features 110 apartments in a mix of three floor plans, a pool and sundeck, two laundry facilities and private fenced backyards. Christopher Zorbas and Alexander Garcia Jr. of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.
GRESHAM, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The price was not disclosed. The buyer plans to implement multiple capital improvement projects, including the addition of a bistro, movie theater and other common area improvements. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.
MORGAN HILL, CALIF. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The project will include a hotel, restaurant, the memory care development, and a public art component. Site improvements for the development are scheduled for completion in April 2020. “Having Artis Senior Living pick up the four-acre housing parcel so quickly, it’s incredibly encouraging and affirms that Evergreen Village is well underway with the site improvement work,” says Rogg Collins, principal of Evergreen Devco. Gary Hansen of Cushman & Wakefield represented Evergreen in the site sale, and Robert Clifford of Lee & Associates represented Artis. McLean, Va.-based Artis’ nationwide portfolio includes 25 assisted living communities in operation or under construction, and more than 20 communities in various stages of planning and development.
Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …
