Multifamily

Housing Trust Group Breaks Ground on $26M Affordable Housing Project in North Austin

by Taylor Williams August 28, 2024

AUSTIN, TEXAS — Multifamily developer Housing Trust Group has broken ground on Red Oaks, a $26 million affordable housing project in North Austin. The property will have 70 units in studio, one- and two-bedroom formats that will be reserved for households earning between 30 and 60 percent of the area median income. The Texas Department of Housing & Community Affairs issued $16 million in Low-Income Housing Tax Credits for the project, and Bank of America provided a $15.6 million construction loan. Berkadia originated a $7 million Freddie Mac permanent loan, and the Austin Housing Finance Corp. contributed a $4 million RDHA loan. Preleasing at Red Oaks is scheduled to begin in fall 2025.

August 28, 2024

Loans Multifamily Oklahoma Texas

Thorofare Capital Funds $23M Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams August 28, 2024

BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.

August 28, 2024

Affordable Housing Development Illinois Loans Midwest Multifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow August 28, 2024

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

August 28, 2024

Development Illinois Midwest Multifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow August 28, 2024

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

August 28, 2024

Development Multifamily New York Northeast

Greystar Begins Leasing 500-Unit Apartment Community in White Plains, New York

by Taylor Williams August 28, 2024

WHITE PLAINS, N.Y. — South Carolina-based Greystar has begun leasing 25 North Lex, a 500-unit apartment community located north of New York City in White Plains. Designed by Handel Architects, the property offers studio, one-, two- and three-bedroom units that are furnished with white quartz countertops and backsplashes and individual washer and dryers. Amenities include a pool with a wet bar; coworking areas with private phone booths and conference rooms; a game room with foosball, billiards and a golf simulator; fitness center with a yoga studio; an indoor/outdoor private dining room with full kitchen and lounge seating; and a sports lounge with an entertaining kitchen, fireplace and video wall. The property also houses 16,000 square feet of ground-floor retail space. Rents start at about $2,600 per month for a studio apartment. Construction began in spring 2022.

August 28, 2024

Development Loans Massachusetts Multifamily Northeast

Colliers Arranges $41.4M in Construction Financing for Metro Boston Multifamily Project

by Taylor Williams August 28, 2024

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for a 92-unit multifamily project that will be located in the western Boston suburb of Marlborough. Known as 57 Main, the property will feature 3,500 square feet of ground-floor retail space and an 8,600-square-foot amenity and mezzanine space. The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne Bank in partnership with Westfield Bank. Jeff Black, Sean Burke, Bryan Koop and Matt Lombardi of Colliers arranged the financing on behalf of the borrower, locally based developer The Procopio Cos.

August 28, 2024

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Negotiates Sale of 123-Unit Apartment Building in Brooklyn

by Taylor Williams August 28, 2024

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit apartment building in Brooklyn. The seven-story building at 275 Park Ave., which was originally built in 1920 and renovated earlier this year, also houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Fairstead, in the transaction and procured the buyer, Thor Equities. The sales price was not disclosed, but the 184,411-square-foot building sold for $325 per square foot.

August 28, 2024

Acquisitions Affordable Housing California Multifamily Western

CPP, Hampstead Cos. Acquire Lexington Green Affordable Apartments in El Cajon, California for $52.8M

by Amy Works August 28, 2024

EL CAJON, CALIF. — Community Preservation Partners (CPP) and The Hampstead Cos., as co-developer, have purchased Lexington Green Apartments, an affordable housing complex in the San Diego suburb of El Cajon, for $52.8 million. Details of the transaction were not released. Originally built in 1970, the 144-unit property last underwent a tax credit renovation in 2007, which replaced some of the original building systems. The property consists of 12 residential buildings. CPP’s total planned development investment is approximately $80 million, with estimated renovation costs exceeding $80,000 per unit. The renovations will exceed the 10 percent energy savings requirement from the California Tax Credit Allocation Committee through new energy-efficient vinyl retrofit windows, water heaters, Energy Star appliances and energy-efficient LED light fixtures. Additional upgrades will include dry rot repair, floor replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property. Renovations are scheduled for completion by August 2025. With CPP’s involvement, the property’s previously expired affordability status will be extended until 2044 under a renewed Section 8 Housing Assistance Payment contract. CPP and The Hampstead Cos. are partnering with LifeSTEPS to provide instructor-led adult educational classes, including financial literacy, computer training, resume building, …

August 28, 2024

Acquisitions Arkansas Southeast Student Housing

SAM, Virtus Acquire Student Housing Community Near University of Arkansas for $72.3M

by John Nelson August 28, 2024

FAYETTEVILLE, ARK. — A joint venture between Strategic Asset Management (SAM) and Virtus Real Estate Capital has acquired YOUnion@Fayetteville, a 589-bed student housing development located near the University of Arkansas campus in Fayetteville. The project was acquired from Strategic Student & Senior Housing Trust Inc. — a public, non-traded REIT sponsored by SAM — for $72.3 million. An undisclosed affiliate of SAM will serve as property manager on behalf of the joint venture. TSB Capital Advisors consulted on the joint venture and arranged acquisition financing on behalf of SAM and Virtus. YOUnion@Fayetteville offers 198 fully furnished units in one-, two-, three- and four-bedroom configurations. The property is fully leased for the 2024-2025 academic year.

August 28, 2024

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze, Lionstone Investments Purchase 19-Story Morris Apartments in Nashville

by John Nelson August 28, 2024

NASHVILLE, TENN. — A joint venture between Hamilton Zanze and Lionstone Investments has purchased The Morris, a 19-story apartment tower located at 818 19th Ave. S in Nashville’s Music Row district. Hamilton Zanze sponsored the transaction through HZ Capital Partners Fund I, making it the fifth sponsored for the San Francisco-based investor this year. The seller and sales price were not disclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the 344-unit property. Built in 2017, The Morris offers studio, one- and two-bedroom apartments that range in size from 557 to 1,104 square feet. Amenities include a rooftop pool with glass overlook, music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center, private yoga studio, concierge services, EV charging stations, pet spa, lounge, coffee bar and indoor bike racks. The property is named for being the longtime site of the offices for Dale Morris, a country music agent to stars including Kenny Chesney and Martina McBride.

August 28, 2024

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