Multifamily

Smart Seniors Housing Design Can Offset Development Expenses, Says InterFace Panel

by John Nelson September 5, 2017

With construction costs rising and the supply of talented staff diminishing, doing business has never been more expensive for seniors housing developers. As such, both developers and operators are seeking new ways to save money. Increasingly, these groups are considering the role design plays in their projects, with a particular emphasis on identifying design concepts and elements that save on the bottom line without compromising the property’s sense of livability. A panel of seniors housing developers and operators gathered at the Westin Buckhead Atlanta on Wednesday, Aug. 23 as part of InterFace Seniors Housing Southeast to discuss development trends in today’s market. More than 400 industry professionals attended the conference. Moderator Will Childs, executive vice president of seniors housing for Oracle Healthcare Advisors and based in the firm’s Atlanta office, led the analysis of how construction and labor issues alike are driving developers to think outside the lines. At the most fundamental level, many new designs for seniors housing properties share the goal of repurposing common and outdoor spaces, according to panelist Alan Moise, chief investment officer for Atlanta-based Thrive Development Partners. “Overall pricing for development projects in the Southeast and mid-Atlantic is probably up about 6 percent this year,” …

September 5, 2017

Multifamily New York Northeast

Jefferson Avenue Apartments Underway in Buffalo, New York

by Jaime Lackey September 1, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate and People Inc. have broken ground on Jefferson Avenue Apartments, a $24 million, two-building project in Buffalo’s Masten District. The project will include 84 mixed-income units, with 16 units to be reserved for people who have developmental disabilities but live independently. The apartment buildings will feature one- and two-bedroom units, a community room with a small kitchen, on-site laundry facilities, green space and off-street parking. The project will also include a 23,000-square-foot space that will house a recruitment and program services office for People Inc. Development team partners include Creative Structures Services, Bellamy Enterprises and Long Associates Architects. Financing for the project is expected to come from the City of Buffalo, Empire State Development, NYS Housing Finance Agency, NYS Housing and Community Renewal and the NYS Office for Persons with Developmental Disabilities, as well as federal and state low-income housing tax credits.

September 1, 2017

Multifamily New York Northeast

HFF Arranges $60.9M Sale of 117-Unit Multifamily Property in Manhattan

by Jaime Lackey September 1, 2017

NEW YORK CITY — Holliday Fenoglio Fowler (HFF) has brokered the $60.9 million sale of 321 East 22nd Street, a multifamily property in Manhattan’s Gramercy Park neighborhood. The property is located within three blocks of the 4, 6, N, Q, R and W train lines and near Gramercy Park and Madison Square Park. The six-story building encompasses 117 residential units and 2,800 square feet of commercial space, which is leased to Synergy Fitness. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF represented the seller, Benedict Realty Group, and procured the buyer, Akelius.

September 1, 2017

Multifamily New York Northeast Student Housing

DMG Investments Breaks Ground on 322-Bed Community Near the State University of New York at Albany

by Jaime Lackey September 1, 2017

Albany, N.Y. — DMG Investments has broken ground on a 322-bed student housing community located near the State University of New York at Albany campus in Albany. The $30.5 million community will be located at the former Red Carpet Inn site at 1385 Washington Ave. The four-story, 142,000-square-foot property will offer one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include partially underground parking, in-unit washers and dryers, a fitness center, study room, resident’s lounge, gaming room, on-site tanning and courtyards. A timeline for the project has yet to be announced.

September 1, 2017

Georgia Loans Multifamily Southeast Student Housing

KeyBank Secures $20.6M Loan for Student Housing Community Near University of West Georgia

by Camren Skelton September 1, 2017

CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.

September 1, 2017

California Multifamily Seniors Housing Western

CareTrust, HCP Escape Hurricane Harvey with Little Property Damage, Four Evacuations

by Jeff Shaw September 1, 2017

IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding, particularly in the Houston metro. HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days. HCP also noted that all damage to its properties will be covered by insurance. “Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.” CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due …

September 1, 2017

Multifamily Texas

Inland Arranges $86M Sale of Two Multifamily Properties in Metro Dallas

by Taylor Williams September 1, 2017

CARROLLTON AND PLANO, TEXAS — Inland Private Capital Corp (IPC). has arranged the $86 million sale of two multifamily properties totaling 559 units in metro Dallas. The properties include the 289-unit Mustang Park Apartments, located at 4645 Plano Parkway in Carrollton, and the 270-unit Domaine Apartments, located at 6400 Windcrest Drive in Plano. Both properties offer fitness centers, business centers and pools. IPC facilitated the sale though its subsidiary that serves as asset manager on behalf of one of its 1031 investment programs.

September 1, 2017

Multifamily Texas Top Stories

CoStar: 27 Percent of Houston’s Commercial Real Estate May Be Flooded

by Kristin Harlow September 1, 2017

HOUSTON — CoStar Group Inc. has assessed the potential impact Hurricane Harvey could have on the Houston commercial real estate market, with findings reported that 27 percent of the gross leasable area may be flooded. This represents $55 billion in property value. The commercial real estate analytics firm reports that roughly 72,000 apartment units sit within the 100-year floodplain and are likely to be flooded. A 100-year flood is a flood event that has a 1 percent probability of occurring in any given year. The area of inundation is mapped and referred to as a “100-year floodplain.” In total, CoStar reports there are 12,000 properties with 400 million square feet of space that fall within the 500-year floodplain. This zone has a .2 percent chance of flooding each year. Only 9 million square feet of space, including 4,000 apartments, are within a designated floodway and most are probably inundated with floodwaters today. However, 175 million square feet located in the 100-year floodplain, including 72,000 apartment units and 20 million square feet of office space, are likely seeing water incursion today. Another 225 million square feet sits in the 500-year floodplain and is also at some risk of flooding, according to the report. “Unfortunately, the …

September 1, 2017

Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

Hurricane Harvey May Accelerate Multifamily Absorption in Houston, Says RADCO CEO Norman Radow

by Taylor Williams September 1, 2017

Nearly a week has passed since Hurricane Harvey made landfall in Texas, drenching Houston and the Gulf Coast area with trillions of gallons of rainwater and sending residents scrambling for shelter. While Houston is now, in the words of Mayor Sylvester Turner, “mostly dry,” CoStar estimates that roughly 72,000 residential units are situated within Houston’s 100-year floodplain and are expected to suffer water damage, if they haven’t already. The volume of devastation has prompted property owners across all sectors of commercial real estate in Texas to issue press releases on the status of their properties. Texas Real Estate Business reached out to Norman Radow, CEO of The RADCO Cos., a private equity firm in the multifamily space whose holdings were mostly spared by Harvey. The Atlanta-based company owns seven multifamily properties in Texas, including four in Houston totaling about 1,800 units. Of those, only about 1 percent, or 18 units, were damaged by Harvey. The following interview captures his firm’s efforts to help displaced tenants, and offers insight on how Hurricane Harvey might positively impact future absorption and occupancy in Houston’s multifamily market. Texas Real Estate Business: Prior to the storm, the consensus coming out of Houston seems to have been …

September 1, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Closes on $37.2M in Financing for Workforce Housing in Quincy, Massachusetts

by Jaime Lackey August 31, 2017

QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …

August 31, 2017

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