Multifamily

PCCP, Bainbridge to Develop 276-Unit Multifamily Community in Jacksonville

by Amy Works October 4, 2018

JACKSONVILLE, FLA. — A joint venture between PCCP and The Bainbridge Cos. is developing Bainbridge St. Johns Town Center, a Class A multifamily property in southeast Jacksonville’s Southside submarket. The partnership recently acquired a 17.3-acre parcel for the development. Situated on a wooded site with a four-acre lake and adjacent golf course and nature trail, Bainbridge St. Johns Town Center will feature 276 market-rate apartments across 10 three-story buildings. The unit breakdown is 102 one-bedroom, 138 two-bedroom and 36 three-bedroom floorplans. Additionally, the community will feature 442 surface parking spaces and 36 detached garages. This is PCCP’s first transaction with Bainbridge, a full-service estate company that develops, owns and manages multifamily communities across the eastern United States.

October 4, 2018

Georgia Loans Multifamily Southeast

NorthMarq Provides $7M Fannie Mae Refinancing for Multifamily Property in South Downtown Atlanta

by Amy Works October 4, 2018

ATLANTA — NorthMarq Capital has originated a $7 million Fannie Mae loan for the refinancing of Gallman Development Group’s construction loan for MC Kiser Lofts, a multifamily property in Atlanta. Gallman Development converted the MC Kiser Building, a historic shoe manufacturing warehouse once occupied by Atlanta Public Schools, into a multifamily property featuring 41 apartments and 10,000 square feet of retail space. Built in 1923 and situated in Atlanta’s South Downtown area, the property is near various amenities and attractions, including Underground Atlanta, the Garnett MARTA station, Newport’s South Downtown project and CIM’s Gulch project. NorthMarq arranged construction financing almost two years ago for Gallman, and the new 10-year agency loan has fulfilled the borrower’s business plan. Will James of NorthMarq Capital’s Atlanta office secured the new Fannie Mae loan.

October 4, 2018

California Development Multifamily Seniors Housing Western

Affirmed Housing Opens $25M Affordable Seniors Housing Community Near Los Angeles

by Amy Works October 4, 2018

CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.

October 4, 2018

California Development Multifamily Student Housing Western

Servitas, Orange Coast College to Build 814-Bed Student Residence Hall

by Amy Works October 4, 2018

COSTA MESA, CALIF. — Servitas and Orange Coast College (OCC) are set to break ground on an 814-bed residence hall at the college’s campus in Costa Mesa. The project site is structured around a ground lease on campus land by a public-private partnership with National Campus and Community Development Corp. This structure allows for tax-exempt debt financing with no recourse to the college, district or taxpayers. The apartment-style community is set to open in August 2020. “We are very pleased with this partnership between Servitas and OCC,” says Angel Rivera, vice president of real estate development at Servitas. “It offers students a cost-efficient and convenient housing community that integrates seamlessly with the campus.” The design-build team includes HPI Architecture, MVE Architects and construction firm Moss. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college.

October 4, 2018

Colorado Development Multifamily Seniors Housing Western

Ridge Senior Living Tops Out $150M Seniors Housing Development in Metro Denver

by Amy Works October 4, 2018

LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.

October 4, 2018

Development Midwest Minnesota Multifamily

Opus Completes 30-Story Apartment Building in Minneapolis

by Kristin Harlow October 4, 2018

MINNEAPOLIS — The Opus Group has completed 365 Nicollet, a 30-story apartment building in the heart of downtown Minneapolis on Nicollet Mall. The 370-unit property includes 9,000 square feet of ground-level retail space. Floor plans range from 520 to 3,000 square feet and units include floor-to-celling windows with quartz countertops. Amenities include an outdoor pool, yoga studio, outdoor theater, clubroom, penthouse lounge, concierge services and bike storage. The Excelsior Group is responsible for the management and lease-up of the property. Monthly rents start at $1,490.

October 4, 2018

Acquisitions Multifamily Texas

SWBC Acquires 216-Unit Apartment Community in Northwest Houston

by Taylor Williams October 4, 2018

HOUSTON — Dallas-based multifamily developer SWBC Real Estate LLC has acquired Cypress Lake Apartments, a 216-unit multifamily community in northwest Houston. Built in 1995, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a private lake with an encompassing jogging trail. Cypress Lake Apartments, which SWBC acquired as a value-add investment, was 90 percent occupied at the time of sale.

October 4, 2018

Conference Coverage Features Multifamily

InterFace Panel: Technology Can Optimize Multifamily Lease Renewals

by Taylor Williams October 4, 2018

DALLAS — Multifamily development in the United States has been on a tear over the last five years, increasing competition for renters and making lease renewal rates a casualty of war. According to an August report from rentcafe.com, American multifamily developers delivered about 318,000 new units in 2017, more than double the deliveries from five years earlier. New multifamily construction between 2014 and 2016 averaged about 275,000 new units per year. That’s more than double the yearly average of 136,000 units per year that were delivered during the down years of 2011 through 2013. In addition, according to the National Apartment Association (NAA), the U.S. will need to add about 4.6 million new units by 2030 to keep up with demand. In most urban markets, this pace of development has either led to concessions or discounts on rent. This problem is compounded by the fact that in high-growth markets, renters usually have access to newer, competing multifamily product within a few miles. So long as they’re willing to move, renters can in theory receive new rounds of concessions from year to year. To recoup income lost from concessions, as well as to post strong occupancies if a property is put …

October 4, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 230-Unit Multifamily Community in Metro Boston

by David Cohen October 3, 2018

REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.

October 3, 2018

Acquisitions Massachusetts Multifamily Northeast

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.

October 3, 2018

Newer Posts

Older Posts