Multifamily

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

by Amy Works February 19, 2020

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business center, fitness center, media room and pet spa. Traverse Apartments will also feature a 362-space parking structure. The project is located adjacent to the Sheridan Station on the W Line, which is five stops from downtown Denver. Martines Palmeiro Construction is serving as general contractor for the project, which KTGY Architecture + Planning designed.

February 19, 2020

Development Multifamily Seniors Housing Texas

Civitas, Journey Capital to Develop 110-Unit Seniors Housing Community in Aledo, Texas

by Taylor Williams February 19, 2020

ALEDO, TEXAS — A partnership between Civitas Senior Living and Dallas-based developer Journey Capital will develop Harvest Senior Living, a 110-unit seniors housing community in Aledo, located west of Fort Worth. The 68,000-square-foot community will be situated on 7.5 acres and will feature 70 assisted living units, 20 memory care residences and 20 independent living residences. Amenities will include a salon, creative arts studio and chef-prepared dining options. Construction is scheduled to begin in June and to be complete by winter 2021.

February 19, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of Two Multifamily Assets Totaling 222 Units in Fort Worth

by Taylor Williams February 19, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two multifamily assets totaling 222 units in Fort Worth. The properties, the 104-unit Villas del Sol and the 118-unit Wedgewood, are located within a mile of each other near McCart Avenue on the city’s south side. Al Silva of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. Silva and Dan Mullen, also with Marcus & Millichap, procured the buyer, a private investor.

February 19, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $20.5M Acquisition Loan for Jersey City Apartment Community

by Alex Patton February 19, 2020

JERSEY CITY, N.J. — JLL has arranged a $20.5 million loan for the acquisition of The Ashton, a newly completed, 93-unit apartment community in Jersey City. Rialto Capital Management provided the two-year, floating-rate loan to Normandy Opportunity Zone Fund LP, an investment fund managed by Columbia Property Trust. The Ashton offers one- and two-bedroom units with amenities including an 8,000-square-foot deck and a fitness center. Jon Mikula, Andrew Zilenziger and Zachary Chaikin of JLL placed the loan.

February 19, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Hackensack Meridian Health Opens 100,000 SF Seniors Housing Community Near New York City

by Alex Patton February 19, 2020

MANALAPAN, N.J. — Hackensack Meridian Health has opened The Villas in Manalapan, a seniors housing community located approximately 30 miles east of Trenton. The property spans 100,000 square feet across seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. The company is marketing the property to Staten Island residents looking to downsize. Independent living residences are available as studio, one- or two-bedroom apartments with monthly rates starting at $4,950.

February 19, 2020

Leasing Activity Multifamily Northeast Pennsylvania

Two Retail Tenants Lease 23,243 SF at Pittsburgh Multifamily Property

by Alex Patton February 19, 2020

PITTSBURGH — Two new retail tenants have signed leases totaling 23,243 square feet in the retail space at The Cork Factory, a 297-unit luxury multifamily property in Pittsburgh. Southern fast casual restaurant Coop De Ville leased 11,947 square feet, which is expected to open this spring. Health and fitness franchise TruFusion leased 11,296 square feet, which is expected to open in early 2021. The two leases bring the 43,000-square-foot retail space on the ground floor of The Cork Factory up to full occupancy, Other tenants include Cioppino Restaurant & Cigar Bar, Italian restaurant Osteria 2350 and fitness concept Meraki Studio.

February 19, 2020

Alabama Development Multifamily Southeast Student Housing

Holder Properties Breaks Ground on 719-Bed Student Housing Community Near Auburn University

by Alex Tostado February 18, 2020

AUBURN, ALA. — Holder Properties has broken ground on 320 West Mag, a 719-bed student housing development located near Auburn University in Alabama. The community will offer a mix of one-, two-, three-, four- and five-bedroom, fully furnished units along West Magnolia Avenue, directly across from Auburn University’s College of Business and College of Engineering Schools. Communal amenities will include 11,500 square feet of retail space, three outdoor courtyards, grilling areas, a swimming pool, hot tub, outdoor movie screen, two-story fitness center, clubroom, gaming lounge and private and group study areas. Chick-fil-A will anchor the retail component and will feature a drive-thru, walk-up order window and outdoor dining terrace. The development will also include a locally owned coffee shop. Niles Bolton & Associates is 320 West Mag’s design architect, and Juneau Construction Co. is the general contractor. Development is scheduled for completion in fall 2021.

February 18, 2020

Finance Insight Midwest Multifamily Northeast ORIX Southeast Texas Thought Leadership Video Western

Hunt Real Estate Capital: Growth Opportunities and Concerns in 2020

by Sarah Daniels February 18, 2020

Chad Thomas Hagwood of Hunt Real Estate Capital discusses growth opportunities in 2020 and the different drivers that make for a positive atmosphere, especially in secondary and tertiary markets around the country. Previously overlooked areas offer more opportunity to develop and less competition. Many secondary and tertiary markets are seeing corporate growth and increasing populations, which is driving more demand for multifamily housing. Limits on development include construction cost, scarcity of labor and shortages of materials, but uncertainty over the upcoming election is also keeping investors wary of planning too far in advance. People are waiting on the sidelines to see what happens, with some investors waiting until after November to create their four-year plans. Watch the video to hear more about what Hagwood expects to see in 2020. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 18, 2020

Development Healthcare Multifamily Washington Western

Compass Health Breaks Ground on Broadway Healthcare Campus Redevelopment in Everett, Washington

by Amy Works February 18, 2020

EVERETT, WASH. — Compass Health has broken ground for the first phase of its Broadway campus redevelopment project in downtown Everett. The regional center is designed to bring together a continuum of behavioral healthcare, primary healthcare and permanent supportive housing services. Slated to open in 2021, the five-story, 47,000-square-foot building will include 82 units of permanent supportive housing for people with chronic behavioral health challenges, including units available to military veterans and individuals transitioning into the community from Western State Hospital. The property will feature four floors of residential space over ground-floor common area amenity space. The project will double Compass Health’s housing capacity in Snohomish County. Funding for the $26 million first phase comes from a combination of public, private and philanthropic sources, including Snohomish County Housing and Community Services, Housing Authority of Snohomish County, Washington State Housing Trust Fund, Washington State Housing Finance Commission, National Equity Fund, Federal Home Loan Bank of Des Moines, Coastal Community Bank, Impact Capital, Premera Social Impact, KeyBank N.A. and the Washington Community Reinvestment Association. The development team includes Lotus Development Partners as development manager, Environmental Works as architect and BNBuilders as general contractor. Additional consultants include Harmsen as civil engineer, Swensen Say …

February 18, 2020

Acquisitions Multifamily Utah Western

DB Capital Management Buys Two-Property Multifamily Portfolio Near Salt Lake City

by Amy Works February 18, 2020

SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976. The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues. Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.

February 18, 2020

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