Multifamily

Developer Nears Completion of $90M Multifamily Project in Philadelphia

by Taylor Williams June 13, 2019

PHILADELPHIA — Developer Chris Todd is nearing completion of The View at Old City, a 216-unit multifamily project in Philadelphia that is valued at $90 million. Located at the corner of Fourth and Race streets, the community is being developed at the site of the former home of Francis Hopkinson, a signer of the Declaration of Independence who designed the first official American flag and first U.S. coin. The property will offer a variety of different types of pet-friendly, open floor plans, from studios to two-bedroom units ranging from 441 square feet to 1,257 square feet. Amenities will include a pool, fitness center with a yoga studio, media room, outdoor grilling area, package locker service and a dog park. The View at Old City is expected to be available for occupancy in August.

June 13, 2019

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Greater Indy Multifamily Sector Draws Interest from Larger Pool of Investors

by Kristin Harlow June 13, 2019

Demographic shifts and the subsequent demand for affordable housing are currently impacting the greater Indianapolis multifamily sector, but the most marked influence is increased and expanded investor interest. Demographic shifts in population are influencing developers and owners in their long-term decision making when it comes to the multifamily sector. Two primary factors are at play. One, the traditional renter’s segment is changing as millennials age and delay having children. Two, national population projections are showing a decline in the prime renter’s segment as Baby Boomers begin to move into seniors housing. As a result, developers and owners are beginning to plan more senior living communities. Millennials are also impacting affordable housing occupancy rates as they want to live in walkable and amenity-rich areas without the cost of high-end apartments. This is leading to more rehabbed properties. At the moment, Class C properties in the Indianapolis area are reflecting greater occupancy movements, as occupancy declines when properties become distressed and increases when they are purchased and rehabbed. Additionally, college debt is delaying graduates in purchasing traditional homes. Both of these factors are causing occupancy rate increases which, in turn, result in a shortage of affordable housing. New housing construction costs are …

June 13, 2019

Conference Coverage Features Multifamily Seniors Housing

InterFace Seniors Midwest: Brookdale CEO Sees ‘Bright Future’ Following Major Turnaround Initiative

by Jeff Shaw June 13, 2019

CHICAGO — A lot has happened at Brookdale Senior Living (NYSE: BKD) over the last few years in what can only be described as a tumultuous period. Operating 844 communities as of March 31, the company is still the largest owner and operator of seniors housing in the country. However, Brookdale’s stock price has struggled mightily in recent years. While trading at nearly $40 per share as recently as 2015, the company’s stock price has not gone above $10 per share since late 2017. (The stock closed at $6.52 per share on Tuesday, June 11.) The Brentwood, Tennessee-based company entertained acquisition offers at least twice, but instead settled on a change of leadership and a turnaround plan. Lucinda “Cindy” Baier was promoted from CFO to CEO in 2018 and immediately started trying to right the ship at Brookdale, in large part by paring the size of its portfolio up to 20 percent. Her efforts appear to be paying off. According to the company’s first-quarter 2019 earnings report, same-community revenue per occupied unit (RevPOR) increased 3.7 percent on a sequential-quarter basis and 3.1 percent on a year-over-year basis. In addition, same-community independent living occupancy remained at 90 percent for a second …

June 13, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $57.3M Sale of Multifamily Community in Charlotte

by Alex Tostado June 12, 2019

CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.

June 12, 2019

Acquisitions Midwest Missouri Multifamily

Timberland Partners Acquires 608-Unit Apartment Community in Hazelwood, Missouri

by Kristin Harlow June 12, 2019

HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures and hardware. This is Timberland’s sixth property in the St. Louis market. The seller was not disclosed.

June 12, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Associated Bank Secures Construction Financing for Age-Restricted Property in Madison, Wisconsin

by Kristin Harlow June 12, 2019

MADISON, WIS. — Associated Bank has secured $4.7 million in new construction financing and $6.2 million in low-income housing tax credit equity for Point Place Senior Apartments in Madison. The new property will be situated on a 1.3-acre site at 7945 Tree Lane. The four-story community will contain 54 units, all of which will be restricted to persons age 55 and older. Three of the units will be market rate, while the rest are reserved for households earning between 30 and 60 percent of the area median income. Eleven units will be designated supportive housing for homeless persons with special needs with a priority on veterans. Construction is scheduled to begin this month with completion in May 2020. CommonBond Communities will develop and manage the building. The tax credit equity group of RBC Capital Markets is the tax credit syndicator for the project.

June 12, 2019

Acquisitions Massachusetts Multifamily Northeast

DSF Group Acquires 1,020-Unit Apartment Community in Metro Boston

by Taylor Williams June 12, 2019

FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.

June 12, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 532-Unit Multifamily Portfolio in DFW

by Taylor Williams June 12, 2019

ARLINGTON AND FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 532 units in the Dallas-Fort Worth (DFW) metroplex. The 228-unit Aspen Woods and the 168-unit Rochester are located in Arlington, and the 136-unit Cobble Hill is located in Fort Worth. Al Silva of Marcus & Millichap represented the seller, Dallas-based MacDonald Realty Group, in the transaction. Dallas-based Sentinel Peak Capital purchased Aspen Woods, Austin-based Obsidian Capital acquired Cobble Hill and Lubbock-based Madera Residential bought The Rochester. All properties were built between 1975 and 1985 and will undergo value-add programs with a focus on common area amenities, building exteriors and unit interiors.

June 12, 2019

Development Multifamily Seniors Housing Texas

MedCore, TNRG to Develop 188-Unit Senior Living Community in Norman, Oklahoma

by Taylor Williams June 12, 2019

NORMAN, OKLA. — A partnership between Dallas-based MedCore Partners and The National Realty Group (TNRG) will develop a 188-unit senior living community in Norman, Oklahoma. The project currently calls for 100 independent living units, 64 assisted living residences and 24 memory care residences, with a planned second phase that will add another 75 independent living units. Amenities at the community will include multiple dining venues, a bar/pub and other entertainment areas, a wellness center with salon and spa, multiple activities venues, a fitness center, club rooms, a theater, outdoor pool, dog park, walking paths and dedicated courtyard spaces. Pi Architects is designing the project. Construction of Phase I is scheduled to begin in January 2020 and to be complete in summer 2021.

June 12, 2019

Development Multifamily Seniors Housing Texas

KWA Completes 144-Unit Seniors Housing Project in Plano

by Taylor Williams June 12, 2019

PLANO, TEXAS — Locally based general contractor KWA Construction has completed McDermott Park Senior Living, a 144-unit project located just off Sam Rayburn Tollway in the northeastern Dallas suburb of Plano. McDermott Park features one-, two- and three-bedroom units with modern finishes and amenities such as a pool, fitness center, media room, theater and a coffee bar. The property marks the 15th collaboration between KWA and the project developer, Seneca Investments.

June 12, 2019

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