Multifamily

NorthMarq Arranges $23.5M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton September 20, 2018

SANDY SPRINGS, GA. — NorthMarq Capital has arranged a $23.5 million loan for the acquisition of The Celebration at Sandy Springs, a 250-unit apartment community located at 7000 Roswell Road in Sandy Springs, roughly 16 miles north of downtown Atlanta. Brett Hood and Jeff Frankel of NorthMarq arranged the 10-year, floating-rate loan with five years of interest-only payments and a 30-year amortization schedule. A Chicago-based multifamily operator acquired the property. The Celebration at Sandy Springs features a fitness center, swimming pool, dog park, laundry facilities, business center, clubhouse and a playground.

September 20, 2018

Development Florida Loans Multifamily Southeast Top Stories

PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower

by David Cohen September 20, 2018

MIAMI — Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats and Alexa smart controls. X Miami also offers a Rent-By-Bedroom program for a private bedroom and bathroom with roommates starting at $1,300. X Miami, which is located at 230 NE 4th St., is the first South Florida project to launch under PMG’s new multifamily housing division called X Social Communities. The division aims to bring community-driven, tech savvy projects to market with attainable rents. X Social Communities specializes in shared spaces designed to connect residents and promote a community environment. PMG is planning more than 10,000 units for the X Social Communities portfolio across the United States over the next five years. X Chicago, X Las Olas (Fort Lauderdale) and X Denver were all recently announced. Luis Flores, Rebecca Abrams Sarelson and Louis P. Archambault of Saul Ewing Arnstein & Lehr Attorneys represented PMG in the transaction. “X Miami is the second project we have closed for PMG …

September 20, 2018

Conference Coverage Features Multifamily Western Feature Archive

It’s All About Job Growth for Phoenix Multifamily, Say InterFace Panelists

by Amy Works September 20, 2018

With moderator John Lotardo, senior vice president of Commonwealth Land Title Co., at the helm, owners and developers dove into a discussion about Phoenix’s multifamily market — current trends, future activity and more — at the InterFace Phoenix Multifamily Conference on Sept. 11 in Scottsdale. And the main consensus for the Phoenix market? It’s all about the job growth, absorption is steady and the current activity should continue for the next few years. Decrease in Homeownership, Increase in Jobs Overall the marketplace has experienced an increase in job growth, particularly throughout the workforce sector, resulting in a steady need for multifamily housing options across the area. “Homeownership has gone down approximately 12 percent overall and jobs are increasing,” noted John Rials, executive vice president of Western Wealth Capital. This trend is creating a more complex demand for housing throughout the market. While there is an increase in jobs, it’s important to note that the majority of those jobs are workforce-level. Developers and owners need to be cognizant of rent ceilings for residents, explained Nicole Wray, senior director with Greystar. New Audiences, New Exposure Along with meeting the needs of the continuing influx of renters, owners and developers are navigating the …

September 20, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Influx of Supply Begins to Impact Minneapolis Multifamily Market

by Kristin Harlow September 20, 2018

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy has grown at an average of 3 percent over the past five years, a healthy rate in the Midwest. The 18 Fortune 500 companies headquartered in the area are a significant driver of job growth and rental demand, along with the hundreds of support firms. As a result, the unemployment rate is below 3 percent and among the lowest in the nation. Despite a lack of available talent, employers managed to create 30,600 jobs in the year-long period ending in the second quarter. Overall, payrolls expanded by 1.5 percent during that time. Employment growth is encouraging development across several sectors in the market. In South Minneapolis, construction along the Blue Line is taking shape as $300 million in projects are coming …

September 20, 2018

Acquisitions Illinois Midwest Multifamily

TGM Acquires 347-Unit Apartment Community in Northbrook, Illinois

by Kristin Harlow September 19, 2018

NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.

September 19, 2018

Ranch-at-Arrington-College-Station-Texas

Development Multifamily Texas

Lynd, T.R. Inscore to Develop 272-Unit Apartment Project in College Station

by Taylor Williams September 19, 2018

COLLEGE STATION, TEXAS — A partnership between San Antonio-based multifamily management and development firm Lynd and Houston-based T.R. Inscore LLC will develop Ranch at Arrington, a 272-unit multifamily project in College Station. The market-rate property, which will feature one-, two- and three-bedroom units ranging in size from 539 to 1,402 square feet, will be located in close proximity to Texas A&M University. Amenities will include a pool and spa, volleyball court, meeting rooms and a fitness center. Construction is scheduled to begin later this month. Completion is slated for December 2019.

September 19, 2018

Development Multifamily Seniors Housing Texas

Abby Development Begins Work on 217-Unit Seniors Housing Project in Metro Houston

by Taylor Williams September 19, 2018

BAYTOWN, TEXAS — Dallas-based Abby Development has begun work on The Lodge at Pine Creek, a 217-unit seniors housing project in Baytown, an eastern suburb of Houston. The community will offer independent living and memory care services. The 17-acre, resort-style property will feature amenities such as a stocked fishing lake, walking trails, movie theaters, a pool, salon, fitness center, a pharmacy and general store. Completion is slated for the second quarter of 2020.

September 19, 2018

The-Grandview-of-Chisholm-Trail-Fort-Worth

Development Multifamily Seniors Housing Texas

Ascend, Civitas Break Ground on 83-Unit Seniors Housing Property in Fort Worth

by Taylor Williams September 19, 2018

FORT WORTH, TEXAS — Ascend Partners LLC and Civitas Senior Living have broken ground on The Grandview of Chisholm Trail, a 70,000-square-foot seniors housing property in Fort Worth. The community will consist of 67 assisted living units and 16 memory care apartments. Amenities will include a fitness center, salon, theater, dog park, coffee bar and a library/business center. The opening is slated for November 2019.

September 19, 2018

Development Florida Multifamily Southeast Student Housing

RISE Begins Construction on 608-Bed Student Housing Project at Nova Southeastern Campus in Fort Lauderdale

by Camren Skelton September 19, 2018

FORT LAUDERDALE, FLA. — RISE: A Real Estate Co. has started construction on a 608-bed mixed-use development on the Nova Southeastern University campus in Fort Lauderdale. The 310,000-square-foot property will offer 280 units for upperclassmen at the site of the university’s former intramural soccer field. The community will include one-, two- and four-bedroom student apartments with full kitchens and in-unit washers and dryers, and each floor will include lounges and study rooms. The property will also feature an on-site innovation center, which will serve as a business incubator for students, as well as outdoor amenities including hammocks, table tennis and barbecue grills. Juneau Construction Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The community is scheduled to open in summer 2019.

September 19, 2018

California Loans Multifamily Western

NXT Capital Provides $29M Acquisition Loan for 120-Unit Apartment Community in Concord, California

by Amy Works September 19, 2018

CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT Capital.

September 19, 2018

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