THE WOODLANDS, TEXAS — The Howard Hughes Corp. has broken ground on a 163-unit multifamily project within The Woodlands, a master-planned community located about 30 miles north of Houston. The seven-story building will be situated within The Woodlands Town Center and offer one-, two- and three-bedroom units averaging 1,100 square feet. Amenities will include a fitness center, outdoor cooking area and coworking office space. Completion is slated for the fourth quarter.
WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.
BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.
CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.
CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, there will be a health club with an exercise room, men’s and women’s saunas, fitness room and a massage room. Northwestern Mutual is providing construction financing. Northwood Ravin is the developer and general contractor for 500 West Trade and will serve as the residential property manager when leasing begins. Northwood Ravin expects the first units to open in early 2021.
TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per unit.
WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole Whitaker, Jason Stanton, Mary Beale and Greg Rainey of Berkadia represented the seller, Covenant Capital Group, in the transaction. Berkadia also provided a $26.1 million Freddie Mac loan to the buyer, a joint venture between the Michaelson Group and GMF Capital. The fixed-rate acquisition loan comes with a 10-year term and five years of interest-only payments.
KANSAS CITY, MO. — Berkadia has arranged a $32.9 million loan for the conversion of the former Commerce Bank executive office building in Kansas City into apartments. Known as Flashcube Apartments, the property will include 184 units. Construction began in January and is expected to take 12 to 18 months to complete. Community amenities will include a game room, basketball court, fitness center, pickleball court, lounge, dog run and bike storage. John Schorgl of Berkadia arranged the 2.5-year loan provided by Boston-based UC Funds. Missouri-based WI Flashcube LLC was the borrower. The developer plans to reserve 40 units for affordable housing. These units will rent for an average of $1,187 per month, according to CityScene KC. The building is nicknamed “flashcube” because of its reflective glass exterior. It has been vacant for more than a decade.
TUCSON, ARIZ. — Nelson Partners has acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released. The value-add property offers one- and two-bedroom units with shared amenities including a swimming pool with a sun deck, clubhouse, basketball court, coffee bar, study lounge and game room. The community is set to undergo interior and exterior renovations, to include the installation of hot tubs and the addition of new countertops, lighting, appliances and fixtures to unit interiors.
CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.
