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Multifamily

DevelopmentMultifamilyNorth CarolinaSoutheast

Northwood Ravin to Break Ground on 354-Unit Multifamily Development in Uptown Charlotte

by Alex Tostado

CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, there will be a health club with an exercise room, men’s and women’s saunas, fitness room and a massage room. Northwestern Mutual is providing construction financing. Northwood Ravin is the developer and general contractor for 500 West Trade and will serve as the residential property manager when leasing begins. Northwood Ravin expects the first units to open in early 2021.

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AcquisitionsFloridaMultifamilySoutheast

ContraVest Sells Multifamily Community in Tampa for $54.3M

by Alex Tostado

TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per unit.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $32.5M Sale of Apartment Complex in Metro Orlando

by Alex Tostado

WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole Whitaker, Jason Stanton, Mary Beale and Greg Rainey of Berkadia represented the seller, Covenant Capital Group, in the transaction. Berkadia also provided a $26.1 million Freddie Mac loan to the buyer, a joint venture between the Michaelson Group and GMF Capital. The fixed-rate acquisition loan comes with a 10-year term and five years of interest-only payments.

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LoansMidwestMissouriMultifamily

Berkadia Arranges $32.9M Financing for Apartment Conversion Project in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.

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Wildcat-Canyon-Village-Tucson-AZ
AcquisitionsArizonaMultifamilyStudent HousingWestern

Nelson Partners Acquires 128-Bed Student Housing Community Near the University of Arizona

by Amy Works

TUCSON, ARIZ. — Nelson Partners has acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released. The value-add property offers one- and two-bedroom units with shared amenities including a swimming pool with a sun deck, clubhouse, basketball court, coffee bar, study lounge and game room. The community is set to undergo interior and exterior renovations, to include the installation of hot tubs and the addition of new countertops, lighting, appliances and fixtures to unit interiors.

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Inn-Terraces-Chico-CA
CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Arranges $24.5M Freddie Mac Refinancing for Seniors Housing Community in Northern California

by Amy Works

CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.

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Regal-Estates-Apts-Colorado-Springs-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Negotiates $17.2M Acquisition of Regal Estates Apartments in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of Regal Estates Apartments, a multifamily property located at 105, 115, 125, 135, 145 and 155 S. Academy Blvd. in Colorado Springs. Hazel Grace LLC acquired the 150-unit property from an undisclosed seller for $17.2 million. Mike Krebsbach of Pinnacle Real Estate represented the buyer in the deal.

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The-Laurel-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

Southern Land Breaks Ground on 48-Story Multifamily Tower in Philadelphia

by Taylor Williams

PHILADELPHIA — Southern Land Co., a Nashville-based developer, has broken ground on The Laurel, a 48-story condominium tower in Philadelphia. Located in the Rittenhouse Square area, the property will be the tallest all-residential building in the city upon completion. The first units are expected to be available for occupancy in 2021. Solomon Cordwell Buenz is the architect for the project, which will also house 44,000 square feet of retail space. Residents will have access to amenities such as an indoor pool and hot tub, fitness center with a sauna and yoga studio, a bar and catering kitchen and a conference room. Mack Real Estate Credit Strategies provided construction financing totaling $295 million, according to the Philadelphia Business Journal, for the project.  

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Vicina-Troy-New-York
DevelopmentMultifamilyNew YorkNortheast

Rosenblum Begins Construction on $18M Multifamily Project in Troy, New York

by Taylor Williams

TROY, N.Y. — The Rosenblum Companies, a development and management firm based in Albany, has begun construction on Vicina, an $18 million multifamily project in Troy, located just outside the state capital. The property will consist of 80 units in studio, one- and two-bedroom formats, as well as 2,600 square feet of ground-floor commercial space. Amenities will include rooftop grilling stations, a fitness center, pet spa and package service. The first units are expected to be available for occupancy in spring 2020.

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FeaturesMultifamilySoutheast Feature Archive

Dodge Data Economist: Multifamily Development Wave Has Lenders Wary

by Kristin Harlow

ATLANTA — Lenders are understandably exercising caution when it comes to financing multifamily housing development projects, says Robert Murray, chief economist for Dodge Data & Analytics, which tracks construction starts across commercial real estate. “Notwithstanding the pickup in activity we had in 2018 and notwithstanding the fact that millennials are still looking at apartments as opposed to single-family homes, we view multifamily housing as one of the more vulnerable parts of the construction industry right now.” The insights from Murray came during his mid-year outlook presentation before approximately 60 people who gathered at Le Meridien Perimeter in Atlanta on Friday, June 14. The attendees were largely building product manufacturers, with additional representation from financial services and construction staffing services. In 2018, construction starts in the multifamily sector totaled 534,000 nationwide, according to Dodge. The projection for 2019 is 495,000 units, which would equate to a 7 percent decrease. As for 2020, the decline could be as much as 15 percent, according to Murray. The national apartment vacancy rate for the first quarter of 2019 stood at 4.8 percent, up 10 basis points from 4.7 percent a year earlier, according to Reis, which tracks apartment completions and occupancy. Net absorption totaled …

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