Multifamily

City of Atlanta Unveils Plans for Three Affordable Housing Projects, Including Mall West End Redevelopment

by Kristin Harlow July 31, 2024

ATLANTA — The City of Atlanta, through Atlanta Urban Development (AUD), has unveiled plans for three new affordable housing projects, including the redevelopment of the Mall West End. Together, the projects will add nearly 350 affordable housing units for residents earning up to 80 percent of the area median income (AMI). At least one community is scheduled to begin lease-up by the second quarter of 2025, with the others beginning construction this fall and summer 2025. The Mall West End would be the largest of the redevelopments, transforming the 12-acre mall into a 1.7 million-square-foot mixed-use development. BRP Cos. is the developer. Key elements of the Mall West End redevelopment plan include: approximately 120,000 square feet of retail space, including a grocery store, fitness center, food and beverage, and local boutiques; 893 mixed-income rental units; 152 beds of student housing; a 150-key hotel; 12,000 square feet of medical office space; and community amenities. The project site is located steps from four Historically Black Colleges and Universities (HBCUs) that make up the Atlanta University Center — Clark Atlanta University, Morehouse College, Morehouse School of Medicine and Spelman College. According to a news release from the city, the Mall West End redevelopment …

July 31, 2024

Market Reports Multifamily Texas Texas Market Reports

Texas Multifamily Brokers Grapple With Declining Deal Volume, New Market Realities

by Taylor Williams July 31, 2024

Newton’s second law of physics holds that what goes up must come down, but unlike objects in freefall, retractions in real estate cycles tend to unfold with varying degrees of pace and severity. In the case of multifamily investment sales in Texas, it’s been clear for some time that the market is in a much different place than it was in late 2021 and early 2022, the latter period being when rate hikes began. In that golden era of multifamily investment sales, owners routinely achieved record highs of rent growth and brokers closed deals at legendarily high prices and low cap rates. What isn’t so clear is whether the market has bottomed out yet with regard to those metrics. Attaining clarity on that subject will remain difficult until deal volume rebounds and gives owners and brokers enough data to accurately establish trendlines. Like everything else in commercial real estate, the question of when deal volume will rebound is tied to movement in interest rates — unless maybe it isn’t. For as the world has seen over the past six months, what the Federal Reserve implies it will do and what it actually does aren’t always in sync. Some brokers …

July 31, 2024

Acquisitions Multifamily Texas

TMG Negotiates Sale of 100-Unit Apartment Complex in Paris, Texas

by Taylor Williams July 30, 2024

PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Regency, a 100-unit apartment complex in Paris, about 100 miles northeast of Dallas. Built in 1985, the property offers one-, two- and three-bedroom units as well as a pool, onsite laundry facilities and outdoor grilling and dining stations. Yonnic Land of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 30, 2024

Rivermark-Northern-Liberties-Philadelphia

Development Multifamily Northeast Pennsylvania

Partnership Completes 470-Unit Multifamily Waterfront Project in Philadelphia

by Taylor Williams July 30, 2024

PHILADELPHIA — A partnership between Jefferson Apartment Group, Haverford Properties and AFL-CIO Building Investment Trust has completed a 470-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Rivermark Northern Liberties fronts the Delaware River and consists of two midrise residential buildings, 45,000 square feet of retail space that is anchored by a Sprouts Farmers Market and four acres of public green space. Units come in one-, two- and three-bedroom floor plans and range in size from 527 to 1,605 square feet. Amenities include a pool, rooftop lounges with speakeasys, two fitness centers, a courtyard with fire pits and grilling stations, a lounge, game room, micro offices and a pet spa. Citizens Bank and Santander Bank financed construction of the project. Rents start at roughly $1,900 per month for a one-bedroom apartment.

July 30, 2024

Development Loans Multifamily New Jersey Northeast

JLL Arranges $13.1M in Construction Financing for Vroom Street Apartments in Jersey City

by Taylor Williams July 30, 2024

JERSEY CITY, N.J. — JLL has arranged $13.1 million in construction financing for Vroom Street Apartments, a 42-unit multifamily project that will be located in the Journal Square neighborhood of Jersey City. The property will house five studios, 14 one-bedroom units and 23 two-bedroom units with an average size of 913 square feet. Max Custer and Salvatore Buzzerio of JLL arranged the loan through First Bank on behalf of the developer, Urban Street Properties. Construction is slated for a fall 2025 completion.

July 30, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges Sale of 33-Unit Apartment Building in Norwalk, Connecticut

by Taylor Williams July 30, 2024

NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of The Overlook Apartments, a 33-unit multifamily building located in the southern coastal Connecticut city of Norwalk. According to Apartments.com, the building was completed in 2023 and offers one-, two- and three-bedroom units as well as a fitness center. Rich Edwards and Jeff Wright of NEPCG brokered the deal. The buyer and seller were not disclosed.

July 30, 2024

Development Midwest Missouri Multifamily

Developer Begins Pre-Leasing Efforts for $90M Avenir Luxury Apartment Complex in Metro St. Louis

by Kristin Harlow July 30, 2024

UNIVERSITY CITY, MO. — Developer Charles Deutsch has begun pre-leasing efforts for Avenir, a $90 million luxury apartment complex in University City, an inner-ring suburb of St. Louis. Residents are expected to move in toward the end of August. The 262-unit development features one-, two- and three-bedroom floor plans ranging from 640 to 1,620 square feet. Monthly rents start at $1,800. Amenities include pickleball courts, bocce ball, a resort-style pool, dog park, fitness center, business center, game room and coffee bar. Avenir marks Deutsch’s first luxury apartment community that isn’t geared toward seniors. He is one of the original co-founders and owners of The Gatesworth Communities, a collection of luxury seniors housing properties in University City and Creve Coeur. Holland Construction Services is the general contractor, and Gray Design Group served as architect. First Bank provided financing.

July 30, 2024

Development Midwest Minnesota Multifamily

Trident Development Nears Completion of 244-Unit Luxury Multifamily Property in Suburban Twin Cities

by Kristin Harlow July 30, 2024

INVER GROVE HEIGHTS, MINN. — Trident Development is nearing completion of Avalon Apartment & Townhomes, a 244-unit luxury multifamily property in the Twin Cities suburb of Inver Grove Heights. The development will feature 54 townhomes and 190 apartments. The two- and three-bedroom townhomes will span across 10 buildings with attached two-car garages. The first townhomes will be move-in ready by fall 2024. The apartment units will be housed in one four-story building. Layouts include studio, one-, two-, three- and four-bedroom options. Residents will have access to underground parking with 166 stalls. The apartments are slated for occupancy by early 2025. Amenities will include a fitness center, speakeasy lounge, golf simulator, pickleball court, rooftop patio, dog run, playground and resort-style pool. Trident is developing the project in partnership with Vincent Cos. Lyon Contracting is the general contractor, and Village Green will serve as property manager.

July 30, 2024

Acquisitions Iowa Midwest Multifamily

CBRE Arranges Sale of 223-Unit PointeWest Apartment Homes in West Des Moines

by Kristin Harlow July 30, 2024

WEST DES MOINES, IOWA — CBRE has arranged the sale of PointeWest Apartment Homes, a 223-unit multifamily property in West Des Moines. The sales price was undisclosed. Built in 1989, the community features a range of one-, two- and three-bedroom floor plans averaging 904 square feet. Amenities include underground parking, an indoor pool and outdoor sauna, pickleball courts, a fitness center, indoor basketball court, game room, dog park and two picnic areas. Cy Fox, Ray Hamilton, Keith Collins and Danny Baker of CBRE represented the East Coast-based seller. California-based Canyon View Capital was the buyer.

July 30, 2024

Acquisitions Multifamily Washington Western

Security Properties Sells Woodstone Apartments in Bothell, Washington for $34.7M

by Amy Works July 30, 2024

BOTHELL, WASH. — Security Properties has completed the disposition of Woodstone Apartments, a multifamily property located at 16520 North Road in the Seattle suburb of Bothell. An undisclosed buyer acquired the asset for $34.7 million. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE represented the seller in the deal. Built in 1989 on 6.4 acres, Woodstone Apartments features 124 one-, two- and three-bedroom units, 86 percent of which are renovated. Community amenities include a pool, spa, fitness center, playground and clubhouse.

July 30, 2024

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