Multifamily

Positive Rent Growth Makes Louisville Multifamily Market Stand Out From the Pack

by John Nelson October 22, 2024

Amidst economic uncertainty, Louisville stands out for its resilience, establishing itself as a stalwart in today’s market. According to Apartments.com, Louisville ranked No. 1 in the nation for rent growth in the second quarter of 2024. Factors such as Louisville’s non-cyclical job growth, expanding industries including EV production and the burgeoning River Ridge project in Southern Indiana all contribute to its growth. When we inspect the data, we see a basic yet fundamental market factor at play: supply and demand. Louisville’s supply is low relative to the growth in renters, resulting in upward pressure on rents despite a nationwide market that is largely declining. Supply dynamics The bulk of Louisville’s development pipeline is concentrated in Southern Indiana, with 1,039 units under construction in the Jeffersonville submarket. The Southern Indiana region has experienced solid growth with over 10,500 incoming jobs due to the economic activity from River Ridge. River Ridge Commerce Center reported an economic impact of $2.93 billion for calendar year 2023, up over $2.7 billion compared with 2022, according to Inside INdiana Business. Notable development projects in Southern Indiana include: • The Flats on 10th, 3300 Schosser Farm Way (300-units by Schuler Bauer Real Estate) • The Warren, 4501 …

October 22, 2024

Development Multifamily North Carolina Southeast

AvalonBay Communities Underway on 930-Unit Multifamily Project in Durham

by John Nelson October 21, 2024

DURHAM, N.C. — AvalonBay Communities is underway on the development of Avalon Oakridge, a 930-unit multifamily project located on Durham-Chapel Hill Boulevard in Durham. Phase I, which comprises 459 apartment units averaging 932 square feet in size, broke ground earlier this year, with move-ins scheduled to begin in fall 2026. AvalonBay Communities has now acquired 7.8 acres from Beacon Properties Group for Phases II and III of the development, which will together total 471 apartment units. Amenities at the community will include a fitness center, swimming pool, outdoor courtyards with grilling areas, a resident lounge with coworking spaces, pet spa with a dog washing station and onsite bike storage. Chester Allen, Howard Jenkins and Tiffany Hilburn of CBRE represented Beacon Properties Group in the land sale, which marks the second transaction between the seller and AvalonBay Communities at the site.

October 21, 2024

Development Georgia Southeast Student Housing

Toll Brothers Campus Living Completes $91M Student Housing Development Near Georgia Tech

by John Nelson October 21, 2024

ATLANTA — Toll Brothers Campus Living has completed Kinetic, a $91 million student housing development located near the Georgia Institute of Technology (Georgia Tech) campus in Midtown Atlanta. US Bank provided construction financing for the 752-bed project, which broke ground in July 2022. The community offers 239 fully furnished units with bed-to-bath parity in one- through five-bedroom configurations. Shared amenities include study lounges with private and collaborative workspace; a high-tech content studio; coffee bar; community room with a large-screen TV; e-sports lounge; social lounges; and a fitness center with modern equipment and a sauna. Kinetic also features a sky lounge on the 34th floor with a swimming pool and an outdoor courtyard with grills and rooftop dining space.

October 21, 2024

Loans Multifamily Student Housing Texas

Orion Real Estate Refinances 253-Bed Student Housing Property Near Texas State University

by Taylor Williams October 21, 2024

SAN MARCOS, TEXAS — Orion Real Estate Partners has refinanced The Timbers, a 253-bed student housing property located near the Texas State University campus in San Marcos. The loan amount was not disclosed. The Timbers houses 155 units in one-, two- and three-bedroom configurations. Select apartments offer wood-burning fireplaces and vaulted ceilings. Shared amenities include a pool, clubhouse with an arcade, pet park, full basketball court, 24-hour fitness center and a barbecue station. Dan Kearns, Patricia Heminger, Rebecca Brielmaier and Katia Novi of JLL originated the debt.

October 21, 2024

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 64-Unit Apartment Complex in North Austin

by Taylor Williams October 21, 2024

AUSTIN, TEXAS — Northmarq has brokered the sale of Cielo at North Domain, a 64-unit apartment complex in North Austin. Built in 1973, the property consists of eight two-story buildings that primarily house one-bedroom units with an average size of 600 square feet. About half the residences have been recently upgraded with new appliances, windows, fixtures, hardware and countertops. Hayden Schnieders, Scott Lamontagne, Will Collier and Jordan Vaughn of Northmarq represented the seller, Atlanta-based Zavala Capital Group, in the deal. The buyer was Texas Housing Conservancy, an Austin-based multifamily operator.

October 21, 2024

Multifamily New York Northeast

Hope Street Capital Completes $300M Recapitalization of Brooklyn Apartment Building

by Taylor Williams October 21, 2024

NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.

October 21, 2024

Loans Multifamily New York Northeast Seniors Housing

M&T Realty Capital Provides $18.7M Permanent Agency Loan for Bronx Affordable Seniors Housing Property

by Taylor Williams October 21, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.

October 21, 2024

California Development Multifamily Western

HSR Breaks Ground on 278-Unit Multifamily Community in Millbrae, California

by Amy Works October 21, 2024

MILLBRAE, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has started construction on One Meadow Glen, an apartment property at 959 El Camino Real in Millbrae, approximately 15 miles south of San Francisco. Situated on 1.8 acres, the six-story property will offer 278 apartments, including 26 affordable units, and 17,000 square feet of ground-floor retail space. The studio, one-, two- and three-bedroom units will range in size from 450 square feet to 1,460 square feet. Community amenities will include a 25-yard lap pool with spa, sauna, cold plunge, a fitness center, coworking lounge, clubhouse and entertainment lounge, pet wash, resident maker space, secure bike storage and secure parking. Completion is slated for second-quarter 2027. Project partners include BDE Architecture as architect of record and SBI Builders as general contractor. HSR acquired the land from Bay Properties, which plans to retain a retail interest in the property.

October 21, 2024

Arizona Development Loans Multifamily Western

Concord Summit Capital Secures $24.5M Construction Loan for Metrocenter Mall Redevelopment in Phoenix

by Amy Works October 21, 2024

PHOENIX — Concord Summit Capital has arranged a $24.5 million construction loan for the demolition, abatement and infrastructure entitlements for the redevelopment of Metrocenter, a mall situated on 64 acres in Phoenix. The borrowers and developers are Concord Wilshire and TLG Investment Partners. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit Capital sourced the financing for the borrowers. The Metrocenter site will be redeveloped into a mixed-use residential village offering more than 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be more than $500 million. Concord Wilshire Capital and TLG Investment began the abatement and demolition of the Metrocenter Mall last month.

October 21, 2024

Development Multifamily New Jersey Northeast

Walters Underway on 67-Unit Multifamily Restoration Project in Brick, New Jersey

by Taylor Williams October 21, 2024

BRICK, N.J. — New Jersey-based developer Walters is underway on Osborn Dunes at South Mantoloking, a 67-unit multifamily restoration project in the coastal community of Brick. Situated on a three-acre barrier island between Mantoloking and Normandy Beach, Osborn Dunes, formerly known as Camp Osborn, was once a small enclave of beachfront bungalows before being destroyed by Superstorm Sandy in 2012. The restoration of the site will feature 67 duplex apartments with an average size of 1,033 square feet, with work on about half of the residences now finished. Full completion is slated for Memorial Day 2025.

October 21, 2024

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