Multifamily

Civitas, Summerlin, Deser Land Group Break Ground on Age-Restricted Community in Arizona

by Nellie Day February 14, 2018

LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.

February 14, 2018

Massachusetts Multifamily Northeast

NAI Hunneman Negotiates $5.2M Sale of Two-Building Apartment Complex in Winthrop, Massachusetts

by Amy Works February 14, 2018

WINTHROP, MASS. — NAI Hunneman has arranged the sale of a two-building, 38-unit apartment complex located at 87 and 90 Winthrop Shore Drive in Winthrop. RCG LLC purchased the multifamily property from Winthrop Shore Drive for $5.2 million. The property comprises two 19-unit apartment buildings with a mix of studio, one- and two-bedroom layouts. Robert Tito and Gina Barroso of NAI Hunneman represented the seller and procured the buyer in deal.

February 14, 2018

Multifamily Student Housing Texas

FourPoint Brokers Sale of Three Student Housing Assets Totaling 815 Beds in DFW Area

by Taylor Williams February 14, 2018

DENTON, ARLINGTON AND FORT WORTH, TEXAS — FourPoint Student Housing Investments has brokered the sale of a portfolio of three student housing properties totaling 815 beds in Denton, Arlington and Fort Worth. The portfolio consists of the 432-bed Midtown Denton, the 218-bed Midtown Arlington and the 165-bed Edge 55. The properties, which total 241 units, serve University of North Texas, University of Texas at Arlington and Texas Christian University, respectively. The seller of the portfolio was not disclosed. A partnership between two California-based student housing investment firms, RedBridge Capital and Juniper Ridge Partners, purchased Midtown Arlington and Edge 55 and will implement renovation programs at both properties. The buyer of Midtown Denton was not disclosed.

February 14, 2018

Multifamily Texas

Sterling Acquires 111-Unit Apartment Community in San Antonio

by Taylor Williams February 14, 2018

SAN ANTONIO — Sterling Real Estate Holdings, a joint venture between California-based investment firms Barker Pacific Group and Pacific Real Estate Apartments, has acquired La Fiesta Apartments in San Antonio. Built in 1970, the 111-unit property is located in the Alamo Heights neighborhood. Amenities include picnic areas, a pool, on-site laundry facilities and a garden courtyard. Sterling will invest in capital improvements to the property’s landscaping and common areas. The seller was not disclosed.

February 14, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $72.5M Refinancing for Three Multifamily Properties in Michigan

by Kristin Harlow February 14, 2018

CANTON TOWNSHIP, COMMERCE TOWNSHIP AND NOVI, MICH. — Greystone has provided $72.5 million in Fannie Mae loans for the refinancing of three multifamily properties in Michigan. Fred Levine of Greystone originated the loans on behalf of the borrower, Singh Development Co. Each of the 10-year loans features a 30-year amortization schedule. The properties include Turnbury Park in Canton Township, Brownstones in Novi and Briarcliff Village in Commerce Township. The Class A properties include a range of one-, two- and three-bedroom units.

February 14, 2018

Affordable Housing Florida Loans Multifamily Southeast

Hunt Capital Provides $13.4M in LIHTC for New Affordable Housing Community North of Orlando

by Camren Skelton February 14, 2018

DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.

February 14, 2018

Alabama Multifamily Southeast Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Mixed-Use Multifamily New York Northeast Retail

Broadway Construction, RXR Realty Top Out 393,000 SF Mixed-Use Project in Brooklyn

by Amy Works February 13, 2018

NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.

February 13, 2018

Affordable Housing Massachusetts Multifamily Northeast

WinnCompanies Starts $11.2M Rehabilitation Project for Affordable Housing in Worcester, Massachusetts

by Amy Works February 13, 2018

WORCESTER, MASS. — WinnCompanies has started construction on an $11.2 million rehabilitation of the Wellington Community, an 180-unit elderly and low-income housing community in Worcester. The renovation project will upgrade the interior and exterior of the property’s 11 buildings, 10 of which are historic, and will extend its affordability provision for 30 years. Improvements will include restoration of masonry exteriors, replacement of roofs, installation of historically-sensitive doors and windows, updated handicap accessibility accommodations, life-safety improvements and energy-efficiency changes to mechanical, electrical and plumbing systems. Residential apartments will receive mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. Additionally, common amenity space and laundry rooms will be overhauled.

February 13, 2018

Connecticut Multifamily Northeast Seniors Housing

Formation Selects Congress Building to Construct 86-Unit Community in Connecticut

by Amy Works February 13, 2018

RIDGEFIELD, CONN. — Formation Development Group has selected Congress Building Corp. as construction manager for Atria Ridgefield, an 86-unit assisted living and memory care community in Ridgefield, located between New York City and Hartford. The 82,000-square-foot community is the sixth partnership between Formation and operator Atria Senior Living. The architect is PRDG of Dallas. Faulkner Design Group, also of Dallas, is the interior designer. The civil engineer is CCA of Brookfield, Conn. Site work commenced in November 2017. A completion timeline was not disclosed. Congress has completed over 8,000 beds and 4.5 million square feet of healthcare and long-term care construction throughout the eastern United States.

February 13, 2018

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