CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …
Multifamily
AUSTIN, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has completed Edison Apartments, a 354-unit multifamily community located in the East Riverside Corridor near downtown Austin. Units at the property feature hardwood floors, vaulted ceilings and private balconies and patios. Amenities include a pool, fitness center, resident clubhouse, rooftop lounge, outdoor grilling stations and two parking garages totaling 468 spaces. Page Southerland Page served as the project architect, and Cadence McShane was the design-build firm.
ARLINGTON, TEXAS — NorthMarq has arranged the sale of Jordan Creek Apartments, a 240-unit multifamily community in Arlington. Built in 1984, the property offers one- and two-bedroom units and amenities such as a pool, sports court, fitness center and outdoor grilling and picnic area. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, 2505 Burney Oaks Lane LLC, in the transaction. The team also procured the buyer, multifamily investment firm Ashland Greene Capital Partners.
Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments
by Alex Tostado
WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.
Berkadia Negotiates $38M Sale of Legacy Riverdale Apartment Complex in Metro Atlanta
by Alex Tostado
RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.
MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.
Stonehenge NYC, A-Rod Corp., Modlin Group Acquire Multifamily Building in Manhattan for $66.2M
by Alex Patton
NEW YORK CITY — A partnership between Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit multifamily building in the Midtown East neighborhood of Manhattan, for $66.2 million. The London Family constructed the 14-story building, which is located at 340 East 51st St., in 1965. Formerly known as Allen House, the building has been rebranded as Stonehenge 51. David Krantz and Paul Leibowitz of Savills represented the partnership in the transaction. Former Major League Baseball player Alex Rodriguez founded A-Rod Corp.
Finance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWalker & DunlopWestern
What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?
Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.
WILLMAR, MINN. — Dougherty Mortgage LLC has provided an $8.6 million Fannie Mae loan for the refinancing of a 204-unit multifamily portfolio in Willmar in central Minnesota. The four buildings were constructed between 1974 and 1977. The loan features a 12-year term and a 30-year amortization schedule. Suite Liv’n manages the portfolio.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Merriam Park in St. Paul for $4.9 million. The 25-unit apartment building is located at 1880 Marshall Ave. Built in 1964, the property features a mix of one-, two- and three-bedroom units. Evan Miller, Chris Collins and Abe Roberts of Marcus & Millichap marketed the building for sale and procured the buyer. Neither the buyer nor the seller was disclosed.