Multifamily

The-Lofts-Pier-Village-Long-Branch-New-Jersey

Extell Development Tops Out 245-Unit Multifamily Project at Jersey Shore

by Taylor Williams May 22, 2019

LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.

May 22, 2019

Affordable Housing Loans Multifamily New York Northeast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams May 22, 2019

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

May 22, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $12.4M Sale of Connecticut Apartment Portfolio

by Taylor Williams May 22, 2019

WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.

May 22, 2019

Development Multifamily Retail Texas

GID Development to Build 600-Unit Apartment Project in Houston

by Taylor Williams May 21, 2019

HOUSTON — GID Development Group, which has nine regional offices across the country, will develop a 600-unit multifamily project within Regent Square, a 24-acre mixed-use development in Houston. The project, which will include 50,000 square feet of street-level retail space, marks the second multifamily phase of Regent Square, and follows the delivery of the 21-story Sovereign at Regent Square building in 2015. Floor plans will include studio, one- and two-bedroom units. The groundbreaking for the project, which is being designed by Boston-based CBT, is slated for this fall. JLL will handle leasing of the retail space.

May 21, 2019

Loans Multifamily Student Housing Texas

HFF Places Loan for Refinancing of 717-Bed Student Housing Property in Houston

by Taylor Williams May 21, 2019

HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.

May 21, 2019

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 42-Unit Multifamily Asset in Austin

by Taylor Williams May 21, 2019

AUSTIN, TEXAS — Locally based brokerage firm Muskin Commercial LLC has brokered the sale of Retama Trace Apartments, a 42-unit asset located in north-central Austin. Muskin Commercial represented the seller, 3405 Dimond LLC, in the transaction. Ray Quezada of Q Realty Austin represented the buyer, California-based Retama Trace Apartments LLC.

May 21, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M

by Amy Works May 21, 2019

COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

May 21, 2019

Arizona Development Multifamily Western

Wood Partners Breaks Ground on 300-Unit Alta Warehouse District in Phoenix

by Amy Works May 21, 2019

PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to begin pre-leasing in spring 2020.

May 21, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

California Development Multifamily Seniors Housing Western

Eden Housing Opens 90-Unit Pauline Weaver Senior Apartments in Bay Area

by Amy Works May 21, 2019

FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …

May 21, 2019

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