Multifamily

Erickson Living Plans 169-Unit Independent Living Expansion at CCRC in New Jersey

by David Cohen September 18, 2018

NEW PROVIDENCE, N.J. — Erickson Living has unveiled plans for an expansion at Lantern Hill known as Bell Pavilion. Lantern Hill is a 26-acre continuing care retirement community (CCRC) in New Providence, approximately 30 miles west of New York City. Bell Pavilion will add 169 units of independent living to the property. In addition to the new units, Bell Pavilion will add a new restaurant, fitness center, two bocce courts, courtyard with fireplaces, and resident community gardens to the campus. A climate-controlled walkway will connect Bell Pavilion to Union Square, where multiple dining venues, an all-season pool and fitness center, medical center, library, theater and salon are located. Erickson has been rolling out a phased expansion at the property for several years, heavily focused on adding independent living units. Earlier this year the company completed Phase II of the expansion, which included Maple Glen and Oakwood Court, collectively adding 114 independent living units to the community. In 2016, Erickson opened Phase I of the expansion, which added 161 independent living units.

September 18, 2018

Mosser-245-Leavenworth-St-San-Francisco-CA

California Loans Multifamily Retail Western

HFF Arranges $113.5M in Financing for 12-Property Multifamily Portfolio in San Francisco

by Amy Works September 18, 2018

SAN FRANCISCO — HFF has arranged $113.5 million in financing for a 12-building multifamily portfolio in San Francisco. The borrower is Mosser Capital. Peter Smyslowski and Bercut Smith of HFF secured the six-year (including extension options), floating-rate loan through an affiliate of Walton Street Capital. The financing includes interest-only payments through the first five years of the term. The planned use of the funding was not disclosed. The portfolio features a total of 455 residential units and 13 ground-floor retail suites. The properties are located at 775 (36 units) and 1029 (58 units) Geary St.; 17 Decatur St. (eight units); 840 (50 units) and 2360 (21 units) Van Ness Ave.; 245 Leavenworth St. (48 units); 305 Hyde St. (38 units); 347 Eddy St. (40 units); 371 Turk St. (25 units); 575 O’Farrell St. (47 units); 618 Bush St. (38 units); and 891 Post St. (46 units).

September 18, 2018

Development Multifamily Texas

SWBC Breaks Ground on 331-Unit Apartment Community in Metro Houston

by Taylor Williams September 18, 2018

KINGWOOD, TEXAS — Dallas-based multifamily developer SWBC Real Estate has broken ground on The Royalton at Kingwood, a 331-unit multifamily community in Kingwood, a master-planned community northeast of Houston. Situated on 15.9 acres, the Class A property will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, game room with community kitchen, a resident lounge and a dog park. Jordan Foster is the general contractor, Cross Architects is the architect and Stantec is the engineer for the project. The opening is currently scheduled for October 2019.

September 18, 2018

Acquisitions Multifamily Texas

Citymark, CAF Capital Purchase 304-Unit Multifamily Asset in North Dallas

by Taylor Williams September 18, 2018

DALLAS — A partnership between private equity fund manager Citymark Capital and Dallas-based CAF Capital Partners has purchased Spring Parc, a 304-unit apartment community in Dallas. The property is located on the city’s north side and offers amenities such as two pools, a Wi-Fi café and a dog park. The new ownership, which also recently acquired a 323-unit apartment community in nearby Lewisville, will upgrade the property’s common areas and unit interiors.

September 18, 2018

Acquisitions Maryland Multifamily Southeast

FCP Sells Two Multifamily Communities in Metro D.C. for $56M

by Camren Skelton September 18, 2018

ST. CHARLES, MD. — FCP has sold two multifamily properties in St. Charles, roughly 30 miles south of Washington, D.C., for $56 million. Preservation Partners acquired the assets, which include the 136-unit Headen House and the 204-unit Huntington. The communities are part of a larger portfolio that FCP acquired in 2009. Over the past eight years, FCP repositioned and sold portions of the portfolio. All of the units at Headen House and Huntington are affordable under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program.

September 18, 2018

Florida Loans Multifamily Southeast

Berkadia Arranges $45.8M Acquisition Loan for Apartment Tower Along Miami River

by Camren Skelton September 18, 2018

MIAMI — Berkadia has arranged a $45.8 million bridge loan for the acquisition of River Oaks Marina & Tower, a 199-unit apartment community located along the Miami River at 1951 N.W. S. River Drive in Miami. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan through a correspondent life company on behalf of the buyer, a Miami-based real estate investment firm. The new ownership will use proceeds of the loan to modernize the 20-story community and update its amenity base. River Oaks Marina & Tower offers a mix of one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. Community amenities include a clubhouse, pool, business center and a barbecue/picnic area.

September 18, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Labor, Population Growth Drives Las Vegas Multifamily Market

by Taylor Williams September 18, 2018

Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 basis points to 5.2 percent. Part of what is driving the tremendous growth in Las Vegas is the billions of dollars in commercial developments. This includes several major resort renovations (Palms, Monte Carlo, Caesars), several new resort developments (Paradise Park, The Drew, Resorts World), and the $1 billion expansion of the Las Vegas Convention Center. There is also the $1.9 billion football stadium that is helping usher the city into a new era of professional sports. On the capital side, multifamily properties continue to be highly sought after by both private and institutional buyers. Although transaction volume slowed in the first quarter of 2018 compared to the same period a year ago, total volume was more than $350 million in the first quarter, marking …

September 18, 2018

Development Michigan Midwest Northeast Pennsylvania Southeast Student Housing Tennessee Top Stories

Campus Apartments Opens Four Student Housing Communities in Tennessee, Michigan, Pennsylvania

by John Nelson September 18, 2018

PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …

September 18, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Orchestrates $3.4M Sale of Development Site in the Bronx

by David Cohen September 17, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.

September 17, 2018

Loans Maryland Multifamily Southeast

Walker & Dunlop Arranges $69.9M Fannie Mae Financing for Multifamily Acquisitions in Atlanta, Richmond Suburbs

by Camren Skelton September 17, 2018

BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.

September 17, 2018

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