Multifamily

Kennedy Wilson Expands Pacific Northwest Presence with $110M Multifamily Purchase

by Amy Works November 26, 2024

SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired two multifamily properties in Seattle and Portland for a total of $110 million. Kennedy Wilson has an 11 percent ownership interest in the real estate fund, which purchased the two properties with a total equity investment of $40 million, including closing costs and financed the acquisitions with long-term fixed-rate debt totaling $70 million. Built in 2018, the 226-unit Axle in Seattle offers one- and two-bedroom floor plans, eight townhomes and a full collection of amenities, including a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Built in 2020 in Portland, Denizen features 212 studio, one- and two-bedroom apartments and ground-floor retail space.

November 26, 2024

Acquisitions Colorado Multifamily Western

Trailbreak Partners, Quannah Partners Buy Kabin Apartments at TAXI in Denver

by Amy Works November 26, 2024

DENVER — Trailbreak Partners and Quannah Partners have acquired Kabin Apartments, a multifamily building located within Zeppelin Development’s TAXI project in Denver’s River North Art District (RiNo). The partnership purchased the community from Zeppelin Development for an undisclosed price. Located at 2095 31st St., Kabin Apartments offers 194 residences. The 28-acre mixed-use TAXI Campus features 10 buildings, more than 110 businesses, including BOA Technology’s global headquarters, and more than 350 full-time residents. Campus-wide amenities include a shipping container pool, sand volleyball court, community gardens, bike storage, dog parks, retail spaces, 24/7 security and a 7,000-square-foot fitness center. Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky represented Zeppelin Development in the deal.

November 26, 2024

Development Multifamily Seniors Housing Washington Western

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Amy Works November 26, 2024

VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories. PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank. Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers. According to PMB, the community will create more than 100 permanent jobs.

November 26, 2024

Development Midwest Multifamily Seniors Housing Wisconsin

McShane to Build 72-Unit Senior Living Community in Mukwonago, Wisconsin

by Kristin Harlow November 26, 2024

MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.

November 26, 2024

Development Loans Multifamily Texas

HALL Structured Finance Provides $58.9M Construction Loan for Metro Houston Multifamily Project

by Taylor Williams November 25, 2024

MAGNOLIA, TEXAS — HALL Structured Finance, a Dallas-based lender, has provided a $58.9 million construction loan for Rasha at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios/yards in select residences. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. Cullen Atchison of The Houston Group Realty Advisors arranged the loan on behalf of the borrower, locally based developer XAG Group.

November 25, 2024

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $33M Affordable Housing Project in Metro Houston

by Taylor Williams November 25, 2024

KATY, TEXAS — Palladium USA has broken ground on Palladium Park Row Katy Living, a $33 million affordable housing project in the western Houston suburb of Katy. The property will feature 93 units in one-, two- and three-bedroom layouts. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubhouse with a mini kitchen. Palladium expects to deliver the first units next December. Palladium is developing the property in a public-private partnership with the Harris County Housing Finance Corp. HEDK Architects designed the community, and Brownstone Group is serving as the general contractor. Financing for the project includes $15 million of 9 percent housing tax credits from the Texas Department of Housing & Community Affairs; $13.3 million of equity and $12 million of long-term debt from PNC Bank; and $5 million of ARPA funding from Harris County.

November 25, 2024

Development Florida Mixed-Use Multifamily Office Retail Southeast

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

by John Nelson November 25, 2024

MIAMI — A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 square feet of retail space. The co-developers named the project after Locke Highleyman, a developer behind local projects like Hibiscus and Palm Islands and the judge responsible for christening the area as “Wyndwood” in 1917, which was later streamlined to “Wynwood.” Amenities at The Highley House include a rooftop with a swimming pool, summer kitchen, bar and sky lounge. Other amenities include a private dining and wine room, private cinema and lounge, podcast suites, game room, art murals throughout, electric vehicle charging stations, coworking spaces, package services, storage and a wellness center with a gym, yoga room, spa, steam room, cold plunge and treatment suites. The Highley House’s apartments feature studio to three-bedroom layouts with monthly rental rates ranging from $2,389 to $5,657, according to Apartments.com.

November 25, 2024

Multifamily New York Northeast

NYC Council Approves $5B ‘City of Yes’ Affordable Housing, Infrastructure Proposal

by Taylor Williams November 25, 2024

NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and committee on land use have approved a $5 billion proposal to invest $5 billion in affordable housing and related infrastructure, an initiative that paves the way for the development of about 80,000 new rental units over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development and infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental vacancy rate of 1.4 percent, according to city officials. Of the $5 billion total price tag, 20 percent ($1 billion) will be provided by the state, subject to budgetary approvals processes. In addition, the proposal exceeds all the housing created from rezonings during the 12 years of the Bloomberg administration and the eight years of the de Blasio administration, according to city officials. According to Bloomberg, a modified version of the plan was approved late last week, with the amended version seeing the number of proposed units drop by about 29,000 and certain parking requirements kept in place instead of being lifted to free up land for new development.

November 25, 2024

California Development Multifamily Student Housing Western

Sundt Construction Begins Redevelopment of Two Residence Halls at California State University, Fullerton Campus

by Amy Works November 25, 2024

FULLERTON, CALIF. — Sundt Construction has broken ground on the redevelopment of two residence halls on the California State University, Fullerton campus. The project will replace the Jewel Plummer and Cobb Residence Halls, which were the first residence halls built on campus in 1979. The new 175,000-square-foot facility will offer 500 beds in two-bedroom units with bed-to-bath parity for residents; two-bedroom apartments for staff; and one-bedroom units for residence advisors. The project will also include shared amenity space on the ground floor, an updated connection to the university’s arboretum and an 82-space parking lot. A timeline for the development was not announced.

November 25, 2024

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges $4.3M Sale of Apartment Building in Chicago’s Buena Park

by Kristin Harlow November 25, 2024

CHICAGO — Essex Realty Group has arranged the $4.3 million sale of a 23-unit, value-add apartment building in Chicago’s Buena Park neighborhood. The property at 821 W. Montrose Ave. is one of the last untouched vintage buildings in the neighborhood, according to Essex. The asset features one-, two- and three-bedroom layouts along with a shared green space and six surface parking spaces. Brian Karmowski of Essex represented the seller, while Matt Feo and Abe Eilian of Essex represented the buyer. The property sold above the listing price.

November 25, 2024

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