COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of Regal Estates Apartments, a multifamily property located at 105, 115, 125, 135, 145 and 155 S. Academy Blvd. in Colorado Springs. Hazel Grace LLC acquired the 150-unit property from an undisclosed seller for $17.2 million. Mike Krebsbach of Pinnacle Real Estate represented the buyer in the deal.
PHILADELPHIA — Southern Land Co., a Nashville-based developer, has broken ground on The Laurel, a 48-story condominium tower in Philadelphia. Located in the Rittenhouse Square area, the property will be the tallest all-residential building in the city upon completion. The first units are expected to be available for occupancy in 2021. Solomon Cordwell Buenz is the architect for the project, which will also house 44,000 square feet of retail space. Residents will have access to amenities such as an indoor pool and hot tub, fitness center with a sauna and yoga studio, a bar and catering kitchen and a conference room. Mack Real Estate Credit Strategies provided construction financing totaling $295 million, according to the Philadelphia Business Journal, for the project.
TROY, N.Y. — The Rosenblum Companies, a development and management firm based in Albany, has begun construction on Vicina, an $18 million multifamily project in Troy, located just outside the state capital. The property will consist of 80 units in studio, one- and two-bedroom formats, as well as 2,600 square feet of ground-floor commercial space. Amenities will include rooftop grilling stations, a fitness center, pet spa and package service. The first units are expected to be available for occupancy in spring 2020.
ATLANTA — Lenders are understandably exercising caution when it comes to financing multifamily housing development projects, says Robert Murray, chief economist for Dodge Data & Analytics, which tracks construction starts across commercial real estate. “Notwithstanding the pickup in activity we had in 2018 and notwithstanding the fact that millennials are still looking at apartments as opposed to single-family homes, we view multifamily housing as one of the more vulnerable parts of the construction industry right now.” The insights from Murray came during his mid-year outlook presentation before approximately 60 people who gathered at Le Meridien Perimeter in Atlanta on Friday, June 14. The attendees were largely building product manufacturers, with additional representation from financial services and construction staffing services. In 2018, construction starts in the multifamily sector totaled 534,000 nationwide, according to Dodge. The projection for 2019 is 495,000 units, which would equate to a 7 percent decrease. As for 2020, the decline could be as much as 15 percent, according to Murray. The national apartment vacancy rate for the first quarter of 2019 stood at 4.8 percent, up 10 basis points from 4.7 percent a year earlier, according to Reis, which tracks apartment completions and occupancy. Net absorption totaled …
AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The retail space will include a Chelsea Market-style food hall on the ground floor. The community will join a sister project, Ivory 214, currently under construction nearby. Ivory 214 will feature medical and professional office space, as well as a Hilton-branded hotel. The two projects will combine as the center of what the developer is calling the “Aventura Medical District.” Located less than one mile from Aventura Mall and directly adjacent to Aventura Hospital, 12|12 Aventura will benefit from more than 300 surrounding medical practices, and Aventura Hospital’s designation as a Level II trauma center — one of only two facilities in Miami-Dade County with this designation. Cervera Real Estate is the exclusive brokerage for leasing efforts. ID & Design International is outfitting the interiors …
JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in the 1970s and is located at 5327 Timuquana Road, 11 miles southwest of downtown Jacksonville. The seller was not disclosed.
MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.
LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.
KOKOMO, IND. — The Annex Group LLC, a student housing and affordable housing developer, has unveiled plans to develop a 50-unit affordable housing property at 918 N. Washington St. in Kokomo. The developer plans to break ground this month with completion slated for summer 2020. Known as Union at Washington, the property will include amenities such as a fitness center, playground, computer center and outdoor grilling area. River Hills Bank provided construction financing of approximately $6.5 million. Cinnaire provided $7 million in tax credit equity. Annex also worked in collaboration with the Kokomo Community Development Corp. and Indiana Housing and Community Development Authority. T&H Investment Properties LLC is serving as co-developer and co-owner of the project.
BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.
