Multifamily

Alliance Residential Opens 251-Unit Apartment Community in Atlanta’s West Midtown District

by Camren Skelton September 21, 2018

ATLANTA — Phoenix-based Alliance Residential Co. has opened Broadstone Yards, a 251-unit apartment community located at 1084 Howell Mill Road N.W. in Atlanta’s West Midtown district. The community includes a mix of studio, one- and two-bedroom units with stainless steel appliances, gas-powered stoves, French-door refrigerators and built-in wine coolers in select units. Community amenities include coworking space; a conference room with video capability; fitness center with a Peloton bike, climbing rope and peg boards; bike storage with repair station; rooftop lounge with bar; outdoor TV, games and grills; resort-style, saltwater pool; dog spa; and a courtyard with a fire pit and fountain. Monthly rental rates range from $1,485 for a studio to $2,610 for a two-bedroom.

September 21, 2018

Development Midwest Missouri Multifamily

Propper Construction Services Completes $29M Apartment Project in St. Louis

by Kristin Harlow September 21, 2018

ST. LOUIS — Developer Propper Construction Services has completed the 1400 Russell Apartments in the Soulard neighborhood of St. Louis. The 130-unit apartment property is located on the site of a former warehouse. Amenities include a rooftop pool, lounge, courtyard, fitness center, business center and concierge services. Monthly rents range from $965 to $3,070. More than 40 percent of the units are leased. Trivers Associates Architects designed the property and Paric Corp. was the general contractor.

September 21, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow September 21, 2018

CHICAGO — Essex Realty Group has brokered the sale of a 32-unit apartment building in Chicago’s West Ridge neighborhood for $3 million. The property, located at 2349 W. Devon Ave., also features 8,097 square feet of street-level commercial space that is fully leased. Abe Eilian and Doug Fisher of Essex represented the seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.

September 21, 2018

Market Reports Multifamily Texas Texas Market Reports

Value-Add Opens Doors For Multifamily Buyers

by Taylor Williams September 21, 2018

Capital sources of all types see opportunity in the apartment sectors of core Texas markets, which regularly lead the nation in employment and population gains. With so many investors trying to park money in this space, sales prices have risen, cap rates for multifamily properties in major markets have compressed and lenders are competing among themselves to finance acquisitions. When lenders compete, borrowers win. For multifamily lending in sizable markets, value-add borrowers are seeing tighter spreads on their loans, a factor of both more lenders entering the space and the Federal Reserve’s decision to raise short-term interest rates. But rising land and construction costs have also contributed to skyrocketing prices on newly built multifamily product, which has weeded out some potential investors. Rather than shun the market entirely, however, many of these buyers are targeting Class B and C assets for value-add plays that will attract residents who can afford higher rents. In Texas, these kinds of deals are being executed at record paces. “The transaction velocity for value-add multifamily deals has been at historical highs in this cycle,” says Warren Hitchcock, senior vice president in NorthMarq Capital’s Houston office. “The significant amount of capital flowing into the space, combined …

September 21, 2018

Connecticut Loans Multifamily Northeast

Greystone Secures $14.1M in Fannie Mae Refinancing for Apartment Community in Connecticut

by David Cohen September 20, 2018

WINDSOR LOCKS, CONN. — Greystone has secured a $14.1 million Fannie Mae DUS loan to refinance Bradley Court, a garden-style apartment community in Windsor Locks. The 146-unit community was built in the 1960s and is spread over 14 acres. Avrom Forman of Greystone’s New York office originated the loan. The 12-year Fannie Mae financing includes six years of interest-only payments and a 30-year amortization at 75 percent loan-to-value.

September 20, 2018

Acquisitions California Multifamily Western

TruAmerica, ASB Real Estate Purchase Multifamily Community in Orange County for $85.8M

by Amy Works September 20, 2018

FOUNTAIN VALLEY, CALIF. — TruAmerica Multifamily, in partnership with ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a multifamily property located 9580 El Rey Ave. in Fountain Valley. An undisclosed seller sold the property for $85.8 million. Built in 1969 and situated on 12 acres, the property features 251 units in a mix of one- and two-bedroom layouts spread across multiple two-story buildings. Community amenities include seven swimming pools, a fitness center, dog park, courtyards and barbecue picnic areas. At the time of closing, Corte Bella was 97 percent occupied. Mike Murphy, Tom Moran Jr. and Mary Ann King of Moran & Co. represented the seller in the transaction.

September 20, 2018

Arizona Development Multifamily Oregon Student Housing Western

Gilbane Announces Two New Student Housing Developments in Arizona, Oregon

by Amy Works September 20, 2018

TEMPE, ARIZ., AND CORVALLIS, ORE. — Providence, R.I.-based Gilbane Development Co. has announced the launch of two new developments in Arizona and Oregon as part of five recently announced projects across the United States. The five properties total over 3,500 beds, with project costs valued at more than $400 million. In Tempe, Ariz., Gilbane is developing Alor, a three-building, purpose-built student housing and market-rate/workforce housing property. Situated 1,000 feet from Arizona State University’s Tempe campus, the property will feature 946 student beds and 64 units of market-rate/workforce apartments, as well as 12,000 square feet of retail space and a structured parking garage. On-site amenities will include a rooftop swimming pool; courtyard swimming pool; 25,000-square-foot rooftop amenity deck and sky lounge; 6,000-square-foot open-air fitness center with cardio, full weights and a fitness/yoga center; outdoor courtyards with fire pits and cabanas; spa; central clubhouse; 24-hour study lounges; game rooms; and a computer lab. Adjacent to the southeast corner of Oregon State University’s campus in Corvallis, Ore., Gilbane’s Sierra will feature 228 student housing units, a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, garage and three courtyards. Additionally, the property is located a few blocks from downtown Corvallis. …

September 20, 2018

Development Midwest Missouri Multifamily

Opus Begins Construction of 256-Unit Apartment Complex in Kansas City

by Kristin Harlow September 20, 2018

KANSAS CITY, MO. — The Opus Group has begun construction on a 256-unit apartment complex in the Westport neighborhood of Kansas City. The development, located at the corner of Westport Road and Broadway Boulevard, will also include 10,000 square feet of ground-level retail space. An array of amenities will feature a pool, fitness center, dog wash station, lounge areas, conference rooms and bike storage. The project is slated for completion in spring 2020. Additional project partners include Central Bank of the Midwest and CTK Real Estate.

September 20, 2018

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 380-Unit Multifamily Property in Kansas City

by Kristin Harlow September 20, 2018

KANSAS CITY, MO. — Berkadia has arranged the sale of Plaza East, a garden- and townhome-style apartment community in Kansas City. Located at 1500 E. 46th St., Plaza East is convenient to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City. The 380-unit property was originally constructed in 1950 and has been partially upgraded over the last three years. Brett Meinzer and Michael Sullivan of Berkadia arranged the sale on behalf of a local private partnership. Time Equities Inc. purchased the asset for an undisclosed price.

September 20, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 208-Unit Apartment Community in Metro Houston

by Taylor Williams September 20, 2018

CONROE, TEXAS — Multifamily owner/operator American Landmark has acquired Hilltops Apartments, a 208-unit multifamily community in Conroe, located about 40 miles north of Houston. Built in 2017, the property offers one- and two-bedroom units averaging 881 square feet. Amenities include a pool, business center, game room, a fitness center and onsite laundry facilities. American Landmark plans to invest about $800,000 in capital improvements to the property, which was 92 percent occupied at the time of sale. The seller was not disclosed.

September 20, 2018

Newer Posts

Older Posts