Multifamily

Michaelson, Eklund Purchase Apartment Community in Knoxville for $48.1M

by Camren Skelton September 22, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group LLC, in partnership with Eklund Development, has acquired The Metropolitan, a 520-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $48.1 million. Constructed in 1986, the property includes one- and two-bedroom floor plans with an average size of 800 square feet. Units feature wood-style flooring, stainless steel appliances, granite countertops and private balconies or patios. Community amenities include a heated indoor swimming pool, outdoor resort-style pool, clubhouse, fitness center, sports courts and a picnic area with grills. The property was updated in 2015 to include repaved parking lots, new roofs and interior and exterior renovations.

September 22, 2017

Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

InterFace Panel: Property Taxes, Public Transit Among Chief Concerns for DFW Multifamily Market

by Taylor Williams September 22, 2017

DALLAS — With roughly 10,000 new residents moving into the metro area every month and more than 100,000 jobs already created in 2017, the Dallas-Fort Worth (DFW) metroplex appears poised to handle any challenges thrown at its multifamily sector. These obstacles include absorbing the 35,000 or so multifamily units expected to come on line in 2018, maintaining positive rent growth of 3 to 4 percent and navigating a constricting labor market to ensure new projects stay on schedule. For the real estate professionals who spoke on these issues at the InterFace Multifamily Texas conference on Sept. 13 at the Westin Galleria hotel in Dallas, there wasn’t much dissension as to whether the market can handle these tasks. The bigger question among the panelists was what, if anything, could crash the party. Moderator Rob Key, senior vice president at HFF, invited the four panelists — all of whom work for DFW-based firms that offer investment platforms — to share their insights on what they believe is the single-biggest threat to the continued growth and prosperity of DFW’s multifamily market. Kim Radaker, managing principal of The Exponential Property Group of Cos., identified rising property taxes stemming from higher sales prices as her biggest …

September 22, 2017

Multifamily Texas

HSR, Olympus Break Ground on Phase III of 352-Unit Apartment Community in Carrollton

by Taylor Williams September 21, 2017

CARROLLTON, TEXAS — High Street Residential (HSR) and partner Olympus Property have broken ground on Phase III of Union at Carrollton Square, a 352-unit apartment community in the Dallas metro of Carrollton. One- and two-bedroom units at the property, which will also feature 4,025 square feet of ground-floor retail space, will range in size from 381 to 1,149 square feet. Amenities will include a business center with multiple conference rooms, a pool, fitness center and multiple courtyards. The first units of Phase III are slated for fourth-quarter 2018 occupancy.

September 21, 2017

California Multifamily Western

The Bascom Group Buys Casanova Grove Apartments in Monterey for $16.7M

by Nellie Day September 21, 2017

MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.

September 21, 2017

California Multifamily Western

Universe Holdings Acquires 52-Unit Apartment Complex in Los Angeles for $12.6M

by Nellie Day September 21, 2017

LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.

September 21, 2017

Midwest Multifamily Ohio

Joint Venture Breaks Ground on Luxury Apartment Complex in Centerville, Ohio

by Kristin Harlow September 21, 2017

CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.

September 21, 2017

Multifamily New Jersey Northeast

Manhattan Building Co. Develops 377-Unit Apartment Building in Jersey City

by Amy Works September 21, 2017

JERSEY CITY, N.J. — Manhattan Building Co. is developing SoHo Lofts, a rental multifamily property located at 273 16th St. in Jersey City’s SoHo West district. Slated for delivery this October, the two-building property features 377 rental units housed in 13-story and 20-story towers, which are connected by a five-story podium. SoHo Lofts is the second phase of the larger SoHo West neighborhood concept that Manhattan Building Co. is developing. The first phase, The Cast Iron Lofts Collection, features 387 apartments and 20,000 square feet of retail space. SoHo Lofts will feature one-, two-, three- and four-bedroom apartments, as well as a limited number of private townhome rentals. On-site amenities include an infinity-edge pool, private cabanas, surround-sound media room, Zen garden, clubroom, attended lobby, arcade lounge, 10-person sauna and enclosed parking garage. City Homes and Gardens is directing the marketing program at SoHo Lofts, which has begun pre-leasing.

September 21, 2017

Loans Multifamily New Hampshire Northeast

Cornerstone Realty Capital Arranges $37.7M Construction Loan for Apartment Community in New Hampshire

by Amy Works September 21, 2017

SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.

September 21, 2017

Multifamily New Jersey Northeast

David Lloyds Opens First Phase of PARK Residential Community in Roselle, New Jersey

by Amy Works September 21, 2017

ROSELLE, N.J. — Developer David Lloyds has opened the first phase of PARK, a residential property located at 417 Raritan Road at the former Roselle Golf Club in Roselle. The first phase of the property includes a 9,000-square-foot clubhouse and 190 rental units, which are already 52 percent leased. The clubhouse features a state-of-the-art gym, pet spa, movie theater, billiards room, resort-style pool, outdoor entertainment area, dog park, bocce court and three-mile fitness trail. The one- and two-bedroom apartments feature granite countertops, in-unit washers/dryers, nine-foot ceilings, central air conditioning and gas heat, gas stoves and high-speed internet. Situated on 60 acres, PARK will be built in five phases over eight years and bring 932 apartment units to Roselle.

September 21, 2017

Multifamily New York Northeast

Westbeth Artists Housing Breaks Ground on $40M Renovation Project for Manhattan Multifamily Property

by Amy Works September 21, 2017

NEW YORK CITY — Westbeth Artists Housing, the New York City Department of Housing Preservation and Development and the Community Preservation Corp. has broken ground on a $40 million renovation project for Westbeth Artists Housing, a multifamily property located in Manhattan’s Greenwich Village. Located at the former Bell Laboratories campus, the property features 384 affordable homes, as well as commercial spaces, for artists. The $40 million project will repair damages from Hurricane Sandy, including raising boilers above flood level; upgrading cellar windows and critical doorways to prevent flooding; and installing a new emergency generator, submersible domestic water pumps and submersible sump pumps. Additionally, the renovations will preserve the building’s historic status and remove lead paint and asbestos from the basement and outside surfaces. Funding for the project comes from federal Community Development Block Grant Disaster Recovery funds, administered by the HPD Multifamily Storm Recovery and Resiliency Program.

September 21, 2017

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