Multifamily

Capital Continues to Flow to the City of Fountains

by Kristin Harlow January 23, 2020

Private capital delivered several new investors to Kansas City in 2019 and the new year will undoubtedly see plenty of competitive bidding and elevated pricing. Overall, the investment market continues to be supported by Kansas City’s diversified economy, with job growth weighted on the Kansas side at 2.7 percent over Missouri’s 1.1 percent (as of August 2019). Targeting talent Kansas City’s low cost of living, educated workforce and business-friendly environment attracted several coastal employers to the Heartland. This trend will likely continue in 2020. The U.S. Department of Agriculture announced the relocation of two research agencies from Washington, D.C., representing a landmark win with 525 total jobs. Other wins in 2019 included Honeywell’s centralization of its operational offices from Seattle to Kansas City; Niagara Bottling moving 50 jobs from California; Hostess Brands relocating a distribution center from Illinois; and CarMax announcing 300 jobs for its Customer Experience Center after completing a nationwide search. Annual employment growth (as of August 2019) delivered nearly 20,000 jobs with additions in healthcare, biotech and business services, substantiating the selling point of a diversified economy capable of weathering future storms. Employers have found their fit, but more importantly, their talent is seeing reasons they can …

January 23, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $145M Sale of Luxe at Mile High Multifamily Asset in Denver

by Amy Works January 22, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Luxe at Mile High, an apartment community in Denver. An undisclosed buyer acquired the newly constructed property from San Antonio-based Embrey for $145 million, or $379,581 per unit. Located at 3200 W. Colfax Ave., Luxe at Mile High features 382 units in a mix of one- and two-bedroom layouts with quartz countertops and state-of-the-art appliance packages, including full-size washers/dryers and stainless steel kitchen appliances. Terrance Hunt and Shane Ozment of NKF handled the transaction.

January 22, 2020

Acquisitions California Multifamily Western

JV Acquires Sterling Pointe Apartment Community in Sacramento for $33M

by Amy Works January 22, 2020

SACRAMENTO — A joint venture between Ridge Capital Investors and Contrarian Capital Management has purchased Sterling Pointe, a Class B multifamily property located at 2237 and 2257 Hurley Way in the Arden-Arcade submarket of Sacramento. An undisclosed seller sold the property for $33 million. Built in 1972, Sterling Pointe features 250 apartments. The partnership plans to implement a renovation program that will include improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe plans to compete with comparable Class B+ and A- properties. FPI Management will provide third-party management services for the property. John Shaffer, Brian Nelson and Nicole Parrish of Colliers International Sacramento represented buyers in the transaction.

January 22, 2020

Arkansas Development Multifamily Southeast Student Housing

Aptitude Breaks Ground on 647-Bed Student Housing Community Near University of Arkansas

by Alex Tostado January 22, 2020

FAYETTEVILLE, ARK. — Aptitude Development has begun construction on The Marshall Arkansas, a 647-bed student housing community located near the University of Arkansas in Fayetteville. Aptitude expects to deliver the property in August 2021. The community will offer shared amenities including a 14,000-square-foot clubhouse, fitness facilities, resident lounges, a rooftop deck, swimming pool and an open-air social space. The property will also feature Aptitude’s branded study lounge dubbed “The Thought Center,” which features group breakout rooms with smart televisions and white boards alongside private study corrals.

January 22, 2020

Development Florida Multifamily Southeast

St. Joe, Flournoy to Develop 300-Unit Apartment Complex in Panama City Beach

by Alex Tostado January 22, 2020

PANAMA CITY BEACH, FLA. — A joint venture between the St. Joe Co. and Flournoy Development Co. will develop a 300-unit apartment complex in Panama City Beach’s Breakfast Point neighborhood. The community will feature four four-story buildings; one-, two- and three-bedroom floor plans; elevators; and air-conditioned corridors. Community amenities will include a pool, wellness and health studio, playground, covered boat and RV parking, dog parks and pickleball courts. Construction is expected to begin immediately, and the developers expect to begin leasing in summer 2021.

January 22, 2020

Georgia Loans Multifamily ORIX Southeast

Hunt Real Estate Provides $32.5M Acquisition Loan for Multifamily Property in Metro Atlanta

by Alex Tostado January 22, 2020

DORAVILLE, GA. — Hunt Real Estate Capital has provided a $32.5 million acquisition loan for Ashford Walk, a 306-unit multifamily property in Doraville. The loan term is two years, with three one-year extension options. The property was built in 1983 and renovated in 2015 and 2016. The undisclosed borrower will also invest $2 million for interior renovations. The property comprises 65 two-story buildings and one clubhouse. Ashford Walk was 93 percent occupied at the time of sale. Community amenities include a swimming pool, fitness center, tennis courts, sports court, new dog park, new playground, picnic and grilling areas, and laundry facilities. Ashford Walk is located at 3480 Morningside Village Lane, 17 miles northeast of downtown Atlanta.

January 22, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $32M in Financing for Manhattan Residential Project

by Taylor Williams January 22, 2020

NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the transaction.

January 22, 2020

Acquisitions Development Multifamily Texas

Trammell Crow Underway on 350-Unit Apartment Project in Metro Houston

by Taylor Williams January 22, 2020

CYPRESS, TEXAS — Trammell Crow Residential is underway on construction of a 350-unit apartment project along Spring Cypress Road in the northwestern Houston suburb of Cypress. The Class A, garden-style community will be situated on 14.4 acres. The groundbreaking was held in December. Dosch Marshall Real Estate represented Trammell Crow in the land acquisition. The seller(s) in that transaction was not disclosed.

January 22, 2020

Acquisitions Multifamily Texas

Allied Orion Sells 281-Unit Beacon at Buffalo Pointe Apartments in Houston

by Taylor Williams January 22, 2020

HOUSTON — Locally based multifamily development and management firm Allied Orion Group has sold The Beacon at Buffalo Pointe, a 281-unit apartment community located near the Texas Medical Center in Houston. Built on 32.4 acres in 2017, the property offers one-, two- and three-bedroom units averaging 862 square feet. Amenities include a pool with a sundeck and cabanas, outdoor grilling areas, a fitness center, demonstration kitchen and coffee bar, a dog park and concierge service. Chris Curry, Todd Marix and Bailey Crowell of JLL represented Allied Orion in the transaction and procured the buyer, Morgan Group Inc.

January 22, 2020

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Selling Affordability is Crucial in Metro Boston

by Taylor Williams January 22, 2020

With a pressing demand for new housing in the Boston area and communities struggling to provide affordable options to mitigate the effect of rising prices, the barriers to providing new affordable multifamily properties remain significant. Here in the Boston region, the scale of the problem is immense. Boston’s Metropolitan Area Planning Council recently declared a need for 185,000 new units of housing over next 10 or so years in the 15 cities and towns that comprise the inner core of the metro area — just to keep up with expected growth. Some of the integral variables and processes associated with multifamily development, like land acquisition and construction costs, can be tangibly quantified. But harder to define is the often unpredictable process of securing public approvals, wherein a development team must navigate the sometimes contentious ground between neighborhood groups and regulatory agencies. Locally Scaled Solutions In 2018, Related Beal completed The Beverly, a 239-unit, income-restricted project in downtown Boston, capturing headlines that heralded this significant model for addressing housing affordability in the region. Landmark projects like The Beverly represent great strides toward addressing the housing affordability crisis and have helped raise the awareness of efforts to develop real solutions to the …

January 22, 2020

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