Multifamily

CBRE Arranges $15M Fannie Mae Loan for Seniors Housing Community in Southern California

by Amy Works June 26, 2019

TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property

June 26, 2019

Development Florida Multifamily Southeast

Linkvest Capital, Futura to Develop 260 Apartment Units Within Orlando’s Lake Nona District

by Alex Tostado June 25, 2019

ORLANDO, FLA. — A joint venture between Linkvest Capital and Futura will build Futura at Nona Cove, a 260-unit apartment complex within Orlando’s Lake Nona master-planned development. The multifamily community will be built in phases, with the first phase expected to begin in the first quarter of 2020 and deliver in the third quarter of 2021. The building will stand five stories high and will offer studio, one-, two- and three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a clubroom, resident lounge, swimming pool, fitness center, jogging trails, dog park, dog spa and a gazebo. The property will also feature 32,000 square feet of retail space and a four-story, 122,000-square-foot self-storage facility. Charlan Brock Associates designed Futura at Nona Cove. Plans for future phases were not disclosed. Tavistock is developing Lake Nona, a master-planned, 11-square-mile mixed-use project that comprises 7.1 million square feet of residential and commercial space.

June 25, 2019

Development Multifamily Southeast Student Housing Virginia

Franklin Johnston, Virginia Wesleyan University Begin Construction on 244-Unit Student Housing Community

by Alex Tostado June 25, 2019

VIRGINIA BEACH, VA. — The Franklin Johnston Group and Virginia Wesleyan University (VWU) have broken ground on Coastal 61 at Oxford Village, a planned 244-unit apartment complex situated adjacent to the university. The new community will be located on a vacant site in Virginia Beach within an Opportunity Zone owned by the university. The property will offer one-, two- and three-bedroom floor plans ranging from 833 to 1,395 square feet. The asset is expected to be complete in 2020. Communal amenities will include a rooftop sky park, two-story clubhouse and a swimming pool. The housing community will be open to the public and is envisioned as a place for VWU students, faculty and staff.

June 25, 2019

Acquisitions Arizona Multifamily Western

MIG Real Estate Acquires 168-Unit Del Sol Apartments in Scottsdale for $34.5M

by Amy Works June 25, 2019

SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Del Sol Apartments, a multifamily property located at 10888 N. 70th St. in Scottsdale. Aukum Group sold the asset for $34.5 million, or $205,357 per unit. Built in 1984, Del Sol Apartments features 168 units and is approximately six miles from downtown Scottsdale. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 25, 2019

Development Multifamily Texas

Howard Hughes Corp. Breaks Ground on 163-Unit Multifamily Project in The Woodlands

by Taylor Williams June 25, 2019

THE WOODLANDS, TEXAS — The Howard Hughes Corp. has broken ground on a 163-unit multifamily project within The Woodlands, a master-planned community located about 30 miles north of Houston. The seven-story building will be situated within The Woodlands Town Center and offer one-, two- and three-bedroom units averaging 1,100 square feet. Amenities will include a fitness center, outdoor cooking area and coworking office space. Completion is slated for the fourth quarter.

June 25, 2019

Development Multifamily New Jersey Northeast

Prism, Northwestern to Develop 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams June 25, 2019

WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.

June 25, 2019

Development Multifamily New Jersey Northeast

Woodmont Properties Opens 220-Unit Apartment Community in Bayonne, New Jersey

by Taylor Williams June 25, 2019

BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.

June 25, 2019

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Completes $4M Renovation of Affordable Seniors Housing Community in Chicago

by Kristin Harlow June 25, 2019

CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.

June 25, 2019

Development Multifamily North Carolina Southeast

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

by Alex Tostado June 24, 2019

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.

June 24, 2019

Acquisitions Florida Multifamily Southeast

ContraVest Sells Multifamily Community in Tampa for $54.3M

by Alex Tostado June 24, 2019

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.

June 24, 2019

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