Multifamily

Hines Breaks Ground on 698-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow July 7, 2017

CHICAGO — Hines has broken ground on Wolf Point East, a 60-story, 698-unit luxury apartment tower in Chicago. Wolf Point East is the second phase of the three-phase development designed by Pelli Clarke Pelli. The tower is located on one of the last remaining riverfront sites in downtown Chicago. Hines is developing the property in partnership with the property’s longtime landowner, the Joseph P. Kennedy Family, and the AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Bank of America Merrill Lynch led the construction loan financing for the project in conjunction with ULLICO, Citizens Bank and ING Real Estate Finance. Walsh Construction is serving as the general contractor and Pappageorge Haymes Partners is the architect of record. Completion is slated for 2019.

July 7, 2017

Loans Michigan Midwest Multifamily

Love Funding Provides $33.3M Construction Loan for Apartment Community in Detroit Suburb

by Kristin Harlow July 7, 2017

NOVI, MICH. — Love Funding has provided a $33.3 million loan for the construction of Manchester, a 172-unit apartment community in Novi, a suburb of Detroit. The 23-building property will feature two- and three-bedroom townhome units. Fairview Construction is building the development, while Alexander V. Bogaerts & Associates provided design services. KMG Prestige will manage the property. Bruce Gerhart of Love Funding originated the 40-year loan through the HUD 221(d)(4) loan insurance program. Real estate developers Michael and Carolina Furnari and James George were the borrowers.

July 7, 2017

Colorado Multifamily Top Stories Western

Gelt Acquires 580-Unit Apartment Portfolio in Lakewood, Colorado for $107M

by Kristin Harlow July 7, 2017

LAKEWOOD, COLO. — Gelt Inc. has acquired a 580-unit apartment portfolio in Lakewood, a western suburb of Denver, for $107 million. The two-property portfolio includes Ascend at Red Rocks and Elevate at Red Rocks. Built in 1981 and located at 13105 W. 2nd Place, Ascend at Red Rocks is comprised of 408 units spanning 16.5 acres. The property offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet. Built in 2000 and located at 409 Zang St., Elevate at Red Rocks is comprised of 172 units across 9.5 acres. The property features one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet. Community amenities at both properties include 24-hour fitness centers, heated swimming pools, recently renovated clubhouses, media and business centers, volleyball courts, BBQ grills and laundry rooms. Ascend and Elevate are located just minutes from the Union Boulevard/Federal Center area, the largest employment center in Lakewood, according to Gelt. Gelt plans to upgrade some of the units by installing vinyl plank flooring, stainless steel appliances and washers/dryers. At Elevate, Gelt will modernize the existing leasing office, clubhouse and playground. The fitness center will be updated at Ascend. A dog park, sports court …

July 7, 2017

Multifamily New Jersey Northeast

Bijou Properties, Intercontinental Real Estate Break Ground for 424-Unit Residential Project in Hoboken

by Amy Works July 6, 2017

HOBOKEN, N.J. — Bijou Properties and Intercontinental Real Estate Corp. have broken ground for a multi-faceted project located at 700 Jackson St. in Hoboken. The project will include a 424-unit residential rental building, a state-of-the-art 6,835-square-foot public gymnasium and a two-acre resiliency park, which is designed to withstand and recover from storm and catastrophic flooding. Designed by Marchetto Higgins Stieve Architects, the 14-story residential building will feature 90,000 square feet of upscale amenities, including a penthouse pool and roof deck, and 25,000 square feet of ground-floor retail space. The two-acre park will include an open grass area, children’s playground and public plaza. Completion of the project is slated for mid-2019.

July 6, 2017

Loans Multifamily New York Northeast

Meridian Capital Arranges $19M Construction Loan for Condo Development in Brooklyn

by Amy Works July 6, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.

July 6, 2017

Multifamily Texas

Waterton Purchases 288-Unit Apartment Community in Dallas

by Taylor Williams July 6, 2017

DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.

July 6, 2017

Multifamily Texas

Praedium Group Acquires 288-Unit Apartment Community in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.

July 6, 2017

Midwest Missouri Multifamily Seniors Housing

IMPACT Strategies Completes $17.5M Seniors Housing Community in St. Charles, Missouri

by Kristin Harlow July 6, 2017

ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.

July 6, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

California Multifamily Student Housing Washington Western

Berkadia Arranges Sale of Two Student Housing Properties in California, Washington for $146M

by Nellie Day July 6, 2017

SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.

July 6, 2017

Newer Posts

Older Posts