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Multifamily

1-Java-St.-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Lendlease Tops Out 834-Unit Waterfront Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Developer Lendlease has topped out 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development comprises five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super and will include the construction of an 18,000-square-foot waterfront park. Construction began in spring 2023. Completion is slated for 2026.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Arranges Sale of 44-Unit Indian Oaks Apartments in Atlantic City

by Taylor Williams

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit multifamily complex in Atlantic City. The sales price was $5.8 million. The property consists of 11 buildings that were recently renovated and house 10 one-bedroom units, six two-bedroom apartments and 28 two-bedroom townhouses. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsCaliforniaMultifamilyWestern

CBRE Facilitates Sale of 118-Unit EVIVA Midtown Apartments in Sacramento

by Amy Works

SACRAMENTO, CALIF. — CBRE has arranged the sale of EVIVA Midtown, a Class A multifamily property in Sacramento. Sequoia Equities and Coit Financial sold the asset to CONAM, an affiliate entity of The CONAM Group’s Fund IV, for an undisclosed price. Marc Ross and Hasina Ahmadi of CBRE represented the sellers in the deal. Located at 1531 N. St., the six-story community offers 118 studio, one- and two-bedroom units with open floor plans, floor-to-ceiling windows, in-unit washers and dryers and Energy Star-rated stainless steel appliances. Community amenities include 5,639 square feet of retail space, a 24-hour fitness center, community lounge, fire pit, outdoor courtyard and 124 enclosed garage parking spaces.

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Saltese-Creek-Spokane-WA-USE
DevelopmentLoansMultifamilyWashingtonWestern

Cushman & Wakefield Arranges $25.3M Construction Loan for Saltese Creek Multifamily Project in Spokane, Washington

by Amy Works

SPOKANE, WASH. — Cushman & Wakefield has secured $25.3 million in construction financing on behalf of Hawkins and its partners for the development of Saltese Creek, an apartment property in Spokane. Chris Moyer, Paul Roeter and Meredith Donovan of Cushman & Wakefield arranged the financing through Bok Financial on behalf of the borrower. Situated just south of the intersection of S. Tschirley Road and E. 6th Avenue, Saltese Creek will feature 192 one-, two- and three-bedroom apartments spread across six mid-rise, garden-style residential buildings. The community will also offer a 4,128-square-foot clubhouse with a fitness center, dog wash, indoor/outdoor lounge, barbecue areas and a swimming pool.

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Bayview-Retirement-Community-Seattle-WA
LoansMultifamilySeniors HousingWashingtonWestern

Ziegler Arranges $13.3M Financing for Bayview Retirement Community in Seattle

by Amy Works

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments, which includes 10 memory care units. Bayview also operates an intergenerational childcare center located at the community for up to 42 children. The proceeds of the Series 2024 Bonds, together with other available funds of the corporation, will be used to pay or reimburse costs incurred by Bayview in connection with the installation of new exterior windows across the majority of the community, as well as to make improvements to unit balconies, fund predevelopment costs of a future project and undertake routine capital improvements as determined by management.

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DevelopmentMultifamilyStudent HousingTexas

Hoar Construction Tops Out 30-Story Icon Student Housing Tower at UT Austin

by Taylor Williams

AUSTIN, TEXAS — Hoar Construction has topped out Icon, a 30-story student housing tower in the West Campus neighborhood of the University of Texas at Austin. The MDL Group is the developer for the project, which will house 555 beds across 216 units ranging from one- to five-bedroom layouts. Amenities will include a rooftop pool, fitness center, game and lounge rooms, podcast studio and student workspaces. The project will also feature four levels of below-ground parking. Project partners include Rhode Partners (architect), DCI Engineers (structural engineer) and Blum Engineering (mechanical, electrical and plumbing). Construction began last spring. Completion is slated for summer 2025.

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Franklin-at-Hancock-Village-Boston
DevelopmentMassachusettsMultifamilyNortheast

Chestnut Hill Realty Delivers 250-Unit Multifamily Project in Boston

by Taylor Williams

BOSTON — Local developer Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit multifamily project in the Brookline area of Boston. The eight-story building houses one-, two- and three-bedroom units, and 20 percent of the residences have been reserved as affordable housing. Amenities include an outdoor putting green, grilling and picnic area, resident lounges, fitness center, café, community room, conference rooms, game and media rooms and a pet spa. Move-ins will begin in the coming weeks. Rents start at roughly $3,200 per month for a one-bedroom apartment.

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AcquisitionsMultifamilyNortheastPennsylvania

Berkadia Arranges $23M Sale of Multifamily Portfolio in Blackwood, New Jersey

by Taylor Williams

BLACKWOOD, N.J. — Berkadia has arranged the $23 million sale of three multifamily properties totaling 208 units in Blackwood, a suburb of Philadelphia. Blackwood Falls, Blackwood Terrace and Foxcroft Apartments had a combined occupancy rate of 85 percent at the time of sale. Nat Gambuzza and Trevor Fiebel of Berkadia represented the seller, Penn Properties, in the transaction while also procuring the buyer, Silverstone Properties. The new ownership assumed the seller’s existing debt at Blackwood Falls and Blackwood Terrace and plans to implement capital improvements across the portfolio.

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DevelopmentMultifamilySoutheastTennessee

Preiss Completes 105-Unit Signature Music Row Multifamily Community in Nashville

by John Nelson

NASHVILLE, TENN. — The Preiss Co. (TPCO) has completed the development of Signature Music Row, a 105-unit multifamily community on Nashville’s Music Row. Located at 1005 16th Ave. S, the property was developed in partnership with Speedwagon Capital Partners. JLL arranged construction financing for the project through First Horizon. Signature Music Row offers apartments in one-, two- and three-bedroom layouts, with 3,000 square feet of amenity space. Monthly rental rates range from $1,450 to $3,846, according to Apartments.com. The property also includes 2,000 square feet of retail space, which will be occupied by Silver Fox Coffee, beginning in 2025. Amenities at the community include an outdoor pool, sky lounge, fitness center and electric vehicle charging stations.

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AcquisitionsMarylandMultifamilySoutheast

Marcus & Millichap Negotiates $6.3M Sale of JSB Apartments Near DC

by John Nelson

WALDORF, MD. — Marcus & Millichap has negotiated the $6.3 million sale of JSB Apartments, a 48-unit multifamily community located in Waldorf, a Maryland city near Washington, D.C. Marty Zupancic and Ryan Murray of Marcus & Millichap represented the seller, RGB Holding, in the transaction. JSB Apartments features one-bedroom units and is adjacent to the 150-acre Waldorf Station development, which will include a grocery store, fitness facility and retail space.

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