Multifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow October 24, 2024

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

October 24, 2024

Pictured is an office interior in New York City.

Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels October 24, 2024

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

October 24, 2024

Acquisitions Multifamily Washington Western

LaSalle Investment Management Sells 280-Unit Stonemeadow Farms Apartments in Bothell, Washington for $93.1M

by Amy Works October 24, 2024

BOTHELL, WASH. — LaSalle Investment Management has completed the disposition of Stonemeadow Farms, an apartment community in Bothell, a suburb of Seattle. An undisclosed buyer acquired the asset for $93.1 million. Situated on 29 acres at 23028 27th Ave. SE, Stonemeadow Farms offers 280 apartments spread across 20 residential buildings. Originally constructed in 1999, the garden-style property underwent renovations from 2014 to 2018. Each apartment features private balconies, wood-style flooring, deep soaker-style bathtubs, stainless steel appliances, Shaker-style cabinets, mosaic and subway tile backsplashes, black quartz countertops and undermount kitchen sinks. Community amenities include a 24-hour fitness center, clubhouse with a kitchen and lounge, resort-style pool and an outdoor terrace with firepits and barbecue areas. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal. JLL also represented the buyer in the transaction.

October 24, 2024

Arizona Development Multifamily Western

High Street Residential, PGIM Complete 192-Unit Huxley Scottsdale Multifamily Community in Arizona

by Amy Works October 24, 2024

SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., and PGIM Real Estate have completed construction of Huxley Scottsdale, an apartment development in Scottsdale. Located at 8555 E. Raintree Drive, Huxley Scottsdale features 192 studio, one- and two-bedroom floor plans. Units offer work-from-home nooks, Shaker cabinets, smart appliances, in-unit washers/dryers, balconies or patios, 9- to 11-foot ceilings, walk-in closets, bathrooms with tubs and walk-in showers, linen closets and secured access from parking to each unit. Community amenities include a sky lounge with mountain views and barbecue grills, outdoor pet park, indoor pet spa, hidden speakeasy with wet bar, game room, catering kitchen with a private dining space, pool and space with an outdoor lanai, work-from-home suites and conference rooms, concierge services, fitness and yoga studio, multiple lounge and seating areas and dedicated mail and package rooms. ESG served as the project’s architect of record and Weitz served as general contractor. Greystar is handling leasing and property management for the asset. Monthly rental rates at Huxley Scottsdale range from $1,764 to $3,429, according to Apartments.com.

October 24, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $15.6M Sale of Beachmont Multifamily Property in La Habra, California

by Amy Works October 24, 2024

LA HABRA, CALIF. — Marcus & Millichap has arranged the $15.6 million sale of Beachmont, a beachfront apartment community in La Habra. The names of the buyer and seller were not released. Located in North Orange County, Beachmont offers 45 apartments, 82 percent of which are townhome style. Each unit features individual water heaters, washer/dryer hookups, private patios and two assigned parking spaces. Recent property upgrades include new windows and roofs in 2023, exterior painting in 2024 and asphalt reconditioning in 2019. W. Michael Cavner and Tyler Leeson of Marcus & Millichap’s Orange County office handled the transaction.

October 24, 2024

Florida Georgia Loans Multifamily South Carolina Southeast Tennessee Texas Top Stories

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio

by Hayden Spiess October 24, 2024

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower. Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing. Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million. — Hayden Spiess

October 24, 2024

Acquisitions Multifamily Southeast Virginia

Milestone Acquires Two Apartment Communities in Fredericksburg, Virginia Totaling 676 Units

by John Nelson October 23, 2024

FREDERICKSBURG, VA. — The Milestone Group has acquired two apartment communities in Fredericksburg totaling 676 units. The communities include Kensington Crossing (476 units) and Magnolia Falls (200 units). The seller and sales price were not disclosed. Milestone assumed the existing loans for both communities and plans to upgrade common areas and amenities. The previous owner fully renovated the interiors at both Kensington Crossing and Magnolia Falls.

October 23, 2024

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 352-Unit Lux on Main Apartments in Carrollton, Texas

by Taylor Williams October 23, 2024

CARROLLTON, TEXAS — Cushman & Wakefield has brokered the sale of Lux on Main, a 352-unit apartment community located in the northern Dallas metro of Carrollton. Built in 2019, the property offers studio, one- and two-bedroom units. Amenities include a pool, wellness center, resident lounge and a business center, as well as 4,095 square feet of fully leased retail space. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Nimes Real Estate, in the transaction. RPM Living purchased the asset for an undisclosed price.

October 23, 2024

Acquisitions Midwest Minnesota Multifamily

Colliers Negotiates Sale of 424-Unit Multifamily Portfolio in Downtown Minneapolis for $32.5M

by Kristin Harlow October 23, 2024

MINNEAPOLIS — Colliers has negotiated the sale of a two-property multifamily portfolio totaling 424 units in the Loring Park neighborhood of downtown Minneapolis for $32.5 million. The properties are located at 215 and 330 Oak Grove St. They feature newly renovated one- and two-bedroom units. Amenities include a patio, garden, resident lounge, fitness center, laundry room, package room and garage parking. Both assets are more than 80 percent leased. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Laramar Group. Grove Estates was the buyer.

October 23, 2024

Acquisitions California Multifamily Western

Pacific Urban Investors Purchases 201-Unit Arioso Multifamily Community in Silicon Valley

by Amy Works October 23, 2024

CUPERTINO, CALIF. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Arioso, an apartment property in the Silicon Valley city of Cupertino. Los Angeles-based CIM Group sold the community for an undisclosed price. Built in 1998, the three-story podium-style community offers 201 one- and two-bedroom floor plans, averaging 1,015 square feet. Community amenities include a leasing office, fitness center, business center, swimming pool and a spa. Arioso’s monthly rental rates range from $3,351 to $10,185, according to Apartments.com.

October 23, 2024

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