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Multifamily

Market ReportsMidwestMidwest Market ReportsMinnesotaMultifamily

Influx of Supply Begins to Impact Minneapolis Multifamily Market

by Kristin Harlow

Like several other markets across the country, the Twin Cities is experiencing the peak of the post-recession construction cycle. However, the traditionally tight multifamily market is in one of the best positions to absorb new units. In fact, Minneapolis-St. Paul has consistently reported one of the lowest vacancy rates in the nation due to a strong economic base and pent up demand for new units. Metro Minneapolis is the second-largest economic center in the Midwest and the local economy has grown at an average of 3 percent over the past five years, a healthy rate in the Midwest. The 18 Fortune 500 companies headquartered in the area are a significant driver of job growth and rental demand, along with the hundreds of support firms. As a result, the unemployment rate is below 3 percent and among the lowest in the nation. Despite a lack of available talent, employers managed to create 30,600 jobs in the year-long period ending in the second quarter. Overall, payrolls expanded by 1.5 percent during that time. Employment growth is encouraging development across several sectors in the market. In South Minneapolis, construction along the Blue Line is taking shape as $300 million in projects are coming …

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AcquisitionsIllinoisMidwestMultifamily

TGM Acquires 347-Unit Apartment Community in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.

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DevelopmentMultifamilyTexas

Lynd, T.R. Inscore to Develop 272-Unit Apartment Project in College Station

by Taylor Williams

COLLEGE STATION, TEXAS — A partnership between San Antonio-based multifamily management and development firm Lynd and Houston-based T.R. Inscore LLC will develop Ranch at Arrington, a 272-unit multifamily project in College Station. The market-rate property, which will feature one-, two- and three-bedroom units ranging in size from 539 to 1,402 square feet, will be located in close proximity to Texas A&M University. Amenities will include a pool and spa, volleyball court, meeting rooms and a fitness center. Construction is scheduled to begin later this month. Completion is slated for December 2019.

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The-Lodge-at-Pine-Creek-Baytown-Texas
DevelopmentMultifamilySeniors HousingTexas

Abby Development Begins Work on 217-Unit Seniors Housing Project in Metro Houston

by Taylor Williams

BAYTOWN, TEXAS — Dallas-based Abby Development has begun work on The Lodge at Pine Creek, a 217-unit seniors housing project in Baytown, an eastern suburb of Houston. The community will offer independent living and memory care services. The 17-acre, resort-style property will feature amenities such as a stocked fishing lake, walking trails, movie theaters, a pool, salon, fitness center, a pharmacy and general store. Completion is slated for the second quarter of 2020.

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The-Grandview-of-Chisholm-Trail-Fort-Worth
DevelopmentMultifamilySeniors HousingTexas

Ascend, Civitas Break Ground on 83-Unit Seniors Housing Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Ascend Partners LLC and Civitas Senior Living have broken ground on The Grandview of Chisholm Trail, a 70,000-square-foot seniors housing property in Fort Worth. The community will consist of 67 assisted living units and 16 memory care apartments. Amenities will include a fitness center, salon, theater, dog park, coffee bar and a library/business center. The opening is slated for November 2019.

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DevelopmentFloridaMultifamilySoutheastStudent Housing

RISE Begins Construction on 608-Bed Student Housing Project at Nova Southeastern Campus in Fort Lauderdale

by Camren Skelton

FORT LAUDERDALE, FLA. — RISE: A Real Estate Co. has started construction on a 608-bed mixed-use development on the Nova Southeastern University campus in Fort Lauderdale. The 310,000-square-foot property will offer 280 units for upperclassmen at the site of the university’s former intramural soccer field. The community will include one-, two- and four-bedroom student apartments with full kitchens and in-unit washers and dryers, and each floor will include lounges and study rooms. The property will also feature an on-site innovation center, which will serve as a business incubator for students, as well as outdoor amenities including hammocks, table tennis and barbecue grills. Juneau Construction Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The community is scheduled to open in summer 2019.

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CaliforniaLoansMultifamilyWestern

NXT Capital Provides $29M Acquisition Loan for 120-Unit Apartment Community in Concord, California

by Amy Works

CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT Capital.

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AcquisitionsColoradoMultifamilyWestern

Equity Residential Purchases 354-Unit Multifamily Tower in Denver

by Amy Works

DENVER — Equity Residential has acquired SkyHouse Uptown, a high-rise multifamily community located in Denver. Simpson Housing and Novare Group sold the property for an undisclosed price. David Martin, Pamela Koster and Mike Grippi of JLL represented the sellers in the deal. Completed in 2017, the property features 354 residential units, 6,650 square feet of street-level retail space and parking for 485 vehicles. On-site amenities include a rooftop pool, open-air lounge, fireplaces, outdoor grilling stations, fitness and business centers, a clubhouse/game room, storage units, bike, ski and snowboard storage and a 24/7 concierge.

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Residences518-Kirkland-WA
AcquisitionsMultifamilyWashingtonWestern

Colliers Brokers $3.4M Sale of Apartment Complex in Kirkland, Washington

by Amy Works

KIRKLAND, WASH. — Colliers International has arranged the sale of The Residences at 518, an apartment complex located at 518 Second St. in Kirkland. Greenwood Pub LLC sold the property to Goodwin DC LLC for $3.4 million, or $339,000 per unit. Colliers’ Tim McKay, Dan Chhan and Sam Wayne handled the transaction. Built in 1901, the 10-unit property was fully renovated in 2016 resulting in additional units and exterior upgrades.

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AcquisitionsCaliforniaColoradoMultifamilyOregonTop StoriesWashingtonWestern

CapitaLand Acquires Multifamily Portfolio in Western U.S. for $835M

by Camren Skelton

SINGAPORE — CapitaLand has acquired a multifamily portfolio located throughout the metropolitan areas of Seattle, Portland, Los Angeles and Denver for $835 million. The Singapore-based real estate company acquired the assets through its wholly owned international business unit, CapitaLand International. The 16-property, Class B portfolio includes 3,787 units, representing a price per unit of approximately $220,000. The acquisition will more than double CapitaLand’s investment in the U.S. to over $1.5 billion, as well as increase its presence in the market to more than 6,500 units. “The stable, reliable cash flows of these Class B multifamily properties make this suburban portfolio more attractive than the higher-priced urban core segment,” says Gerald Yong, CEO of CapitaLand International. “Situated in well-established, well-connected rental communities, this portfolio of low-rise and garden-style properties continue to be a strong draw for middle-income and skilled professionals working in surrounding employment hubs.” The portfolio includes five properties located in Seattle, three in Portland, three in the greater Los Angeles area and five in Denver. All of the properties in the portfolio were more than 90 percent occupied at the time of sale, with an average length of stay of two years. Community amenities across the portfolio include swimming …

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