Multifamily

Confluent, Harbor to Build 123-Unit Seniors Housing Community Near Memphis

by Camren Skelton March 23, 2018

GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.

March 23, 2018

Features Multifamily Seniors Housing Texas

NIC: Collaboration is the Future of Seniors Housing

by Katie Sloan March 23, 2018

The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 to 9 in Dallas. NIC is a Maryland-based nonprofit association that provides data metrics on the seniors housing industry. Examples of senior care enablers include healthcare systems, home health providers, software companies and others who provide care outside of the standard offerings of a seniors housing community. “Historically we have been more focused on the real estate piece,” says Jurutka. “However, one of the components we think is important is that instead of seniors going to healthcare, healthcare will come to seniors. What that means is there are opportunities for value to be created for seniors housing communities.” Examples of such collaborations in action could include: Bringing home health aides into independent living communities to slow the transition to assisted living. Bringing rehabilitation and therapy providers into assisted living communities to …

March 23, 2018

Market Reports Multifamily Texas Texas Market Reports

Multifamily Occupancy Holds Firm in San Antonio Despite Record Deliveries in 2017

by Taylor Williams March 23, 2018

There’s no question that the San Antonio multifamily market has had the reputation of being the steady tortoise in a race against the more nimble Texas hares of Houston, Dallas and Austin. We all know how the fable ends — the hare, confident of an easy win, takes a nap while the tortoise secures victory. Could 2018 be the year that our “slow and steady” hero finds its place at the top of the Texas market performance? As it stands, the Alamo City is enjoying an apartment occupancy rate of 92.1 percent, which is flat on a year-over-year basis. But given the amount of new supply that entered the market in 2017 — a cycle-high 7,230 units — that’s a remarkable number. We ended 2017 with an average rent of $1.14 per square foot, which is flat compared to third-quarter figures, but that number still represents 3.64 percent growth from the $1.10 average from the fourth quarter of 2016. So what does it mean for the market’s immediate future? The San Antonio construction pipeline continues to be a focal point and as things progressed, there have been some surprises. While 2017 marked the cyclical peak for deliveries, and there has …

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.

March 22, 2018

Acquisitions Multifamily Student Housing Texas

29th Street Acquires Two Student Housing Properties Totaling 1,249 Beds Near Texas State University

by Taylor Williams March 22, 2018

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Edge and The Lodge, two student housing properties totaling 1,249 beds near Texas State University (TXST) in San Marcos. The properties span 431 units and are located within a mile of TXST’s campus. Both feature amenities such as shuttle service to campus, fitness centers, pools, study rooms, salon services, sport courts, game rooms and dog parks. 29SC will invest more than $4 million in capital upgrades to both properties’ unit interiors and communal amenities. The seller and sales price were not disclosed.

March 22, 2018

Development Multifamily Southeast Virginia

Perseus TDC, Four Points Start Construction on Multifamily Redevelopment in Metro D.C.

by Camren Skelton March 22, 2018

ALEXANDRIA, VA. — Perseus TDC, in partnership with Four Points LLC, has started construction on a multifamily redevelopment at 200 Stovall St. in Alexandria, roughly eight miles south of Washington, D.C. Perseus TDC is a joint venture formed in 2017 between Perseus Realty LLC and Transwestern Development Co. The site currently houses a vacant, 610,000-square-foot office building, which the joint venture will convert into a 520-unit apartment community with 25,000 square feet of ground-floor retail. The project will offer a mix of studio, one- and two-bedroom units and will feature a three-story fitness facility, sports bar, coworking lounge and more than 10,000 square feet of rooftop amenities including a pool, lounge, fireplace and dining area. Atlanta-based Cooper Carry is the architect for the project, and London-based Balfour Beatty PLC is the general contractor. Boston-based ELV Associates is the majority equity partner. The first units at the development are expected to deliver in the fourth quarter of 2019. The building is located within Hoffman Town Center, which is home to restaurant, retail and entertainment options, as well as the National Science Foundation headquarters. Across the street from the project, a planned 1 million-square-foot, Wegmans-anchored mixed-use development is scheduled to break ground in …

March 22, 2018

Development Indiana Midwest Multifamily Student Housing

CA Ventures Begins Construction of 675-Bed Student Housing Property Near Purdue University

by Kristin Harlow March 22, 2018

WEST LAFAYETTE, IND. — CA Student Living, the student housing investment and development arm of Chicago-based CA Ventures, has begun construction of RISE on Chauncey near Purdue University in West Lafayette. The 16-story, 675-bed student housing property will be located at 100 S. Chauncey Ave. Slated to be the tallest building in West Lafayette, the project will feature 15 stories of residences atop 11,000 square feet of street-level retail space and three levels of underground parking. The property will include a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,300 square feet. Approximately 9,000 square feet of indoor amenity space will include a fitness center, yoga studio and study lounge. An outdoor rooftop deck will feature a pool, fire pit, grilling stations and seating. Brinkmann Constructors is the general contractor and Shepley Bulfinch is serving as architect. Completion is slated for summer 2019.

March 22, 2018

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

by Camren Skelton March 22, 2018

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.

March 22, 2018

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner to Develop Apartment Project in Minneapolis

by Kristin Harlow March 22, 2018

MINNEAPOLIS — A partnership between Ryan Cos. US Inc. and Weidner Apartment Homes is developing an apartment project in the Uptown neighborhood of Minneapolis. Sons of Norway, a financial services and international cultural organization, has sold its 60,000-square-foot headquarters building and land parcel to make way for the redevelopment project. Plans call for 15,000 square feet of first-floor office space that Sons of Norway will occupy at the apartment property. Keith Collins, Abe Appert, Ted Abramson and Brian Pankratz of CBRE represented Sons of Norway in the sale. John Lorence and Neil Kolatkar of CBRE represented Sons of Norway in its new lease at the project. The properties in the sale include 1455 W. Lake St., 3001 Humboldt Ave., 3015 Humboldt Ave., 3025 Humboldt Ave. and 3016 Holmes Ave.

March 22, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

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