Multifamily

Berkadia Arranges $67.5M Refinancing for Apartment Property in Cleveland

by Kristin Harlow October 31, 2019

CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.

October 31, 2019

Acquisitions Midwest Multifamily North Dakota

IRET Sells Five Apartment Communities in Bismarck, North Dakota for $24M

by Kristin Harlow October 31, 2019

BISMARCK, N.D. — IRET has sold five apartment communities comprising 414 units in Bismarck for an aggregate price of $24 million. The properties include Crestview, Kirkwood Manor, North Pointe, Pebble Springs and Westwood Park. Proceeds from the transaction will be utilized to pay down borrowings on IRET’s revolving line of credit. The company plans to increase its presence in target markets of Denver and the Twin Cities, according to Mark Decker Jr., president and CEO. The buyer was not disclosed.

October 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

Development Multifamily Texas

NRP, Willton Break Ground on 368-Unit Multifamily Project in Austin’s Tech Ridge Area

by Taylor Williams October 31, 2019

AUSTIN, TEXAS — A joint venture between multifamily developer The NRP Group and New York-based Willton Investment Group has broken ground on Lucent, a 368-unit multifamily project in Austin’s Tech Ridge neighborhood. Nearby employers include Dell, General Motors, Applied Materials, Samsung and Apple. The community will consist of 16 residential buildings that feature one-, two- and three-bedroom units with attached garages and a standalone clubhouse. Amenities will include a resort-style pool with a sundeck, fire pits, a fitness center, bike storage and package concierge services. BMO Harris provided construction financing for the project, which is expected to be complete in early 2021.

October 31, 2019

Development Multifamily Texas

SWBC Begins Construction on 300-Unit Apartment Community in Grand Prairie

by Taylor Williams October 31, 2019

GRAND PRAIRIE, TEXAS — SWBC Real Estate LLC, in partnership with International Capital LLC, has begun construction on The Royalton at Grand Prairie, a 300-unit multifamily community situated along President George Bush Turnpike and Interstate 20 in Grand Prairie. Located roughly midway between Dallas and Fort Worth, the property will feature one-, two- and three-bedroom units averaging 886 square feet. Residences will be equipped with hardwood-style floors, granite countertops, stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center a with spin and yoga studio, dog park, package lockers and outdoor grilling and gathering areas.. The general contractor for the project is Galaxy Builders; the architect is Cross Architects and the engineering firm is G&A Consultants. Bank of Texas provided financing for the project, which has a construction timeline of 20 months.

October 31, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 260-Unit Steeplecrest Apartments in Houston

by Taylor Williams October 31, 2019

HOUSTON — ClearWorth Capital has acquired Steeplecrest, a 260-unit apartment community located at 11220 West Road in northwest Houston. Built in 1993, the property features one- and two-bedroom units and amenities such as a pool, outdoor picnic area, business center, storage space and a conference room. ClearWorth will implement a value-add program to the property’s unit interiors, clubhouse, building exteriors and landscaping. Chris Curry, Todd Marix and Estee Ibanez of JLL represented the seller, a joint venture between WillMax Multifamily Investors LP and Thackeray Partners, in the transaction.

October 31, 2019

Development Multifamily New York Northeast

RXR Realty Underway on 352-Unit Multifamily, Retail Development in New Rochelle, New York

by Alex Patton October 31, 2019

NEW ROCHELLE, N.Y. — RXR Realty is underway on 26 South Division Street, a 352-unit multifamily development in New Rochelle, a northern suburb of New York City. The property will include approximately 12,000 square feet of ground-floor retail space. The multifamily component will offer one-, two- and three-bedroom apartments with a valet parking garage, lounge, co-working space and a speakeasy. The property is slated to open in late 2021.

October 31, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers Sale of 75-Unit Multifamily Property in Garfield, New Jersey

by Alex Patton October 31, 2019

GARFIELD, N.J. — CBRE has brokered the sale of Transit Crossing, a 75-unit multifamily community in Garfield, a western suburb of New York City. Built in 2018, Transit Crossing comprises 21 one-bedroom and 54 two-bedroom apartments. Amenities include two lounges and a fitness center. Nat Gambuzza, John Veniero and Spencer Beriont of CBRE represented the seller. The property was sold to an out-of-state investor for an undisclosed price.

October 31, 2019

Development Multifamily South Carolina Southeast Student Housing

DMG Investments to Break Ground on 480-Bed Student Housing Community Near USC Upstate

by Alex Tostado October 30, 2019

SPARTANBURG, S.C. — DMG Investments is set to break ground on Auden Upstate, a 480-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The $28 million development will consist of seven, four-story buildings offering two-, three- and five-bedroom units. Shared amenities will include a fitness center, study room, resident lounge, gaming room and a swimming pool. Construction is scheduled for completion in August 2020.

October 30, 2019

Development Florida Multifamily Southeast

Dania Beach City Commission Approves 381-Unit Multifamily Project in South Florida

by Alex Tostado October 30, 2019

DANIA BEACH CITY, FLA. — Dania Beach City Commission has approved plans for Sea View at Dania, a planned 13-story, 381-unit multifamily project in South Florida’s Broward County. J Milton & Associates is the developer of the property, which will be located at 601 E. Dania Beach Blvd. where a current 35,348-square-foot retail center currently sits. The property is situated two miles from Dania Beach and six miles south of downtown Fort Lauderdale. Javier Vazquez of Berger Singerman served as legal counsel to the developer.

October 30, 2019

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