Being part of a community is an important factor when renters choose a building to call home. According to a National Apartment Association’s report entitled “Adding Value in the Age of Amenities Wars,” a sense of community is what’s behind five of the top 10 amenities added or upgraded in apartments since 2014. Including clubhouses, common areas for socializing and fitness and business centers — the community aspect of apartment living is a huge draw. As property managers, we are constantly challenged to ‘Keep up with the Joneses’ when it comes to offering the latest and greatest amenities. So much so that figuring out how to creatively “add” space to make room for new amenities when updating older buildings has become a top priority. However, while extensive amenities are considered basic requirements for today’s renters, it doesn’t matter how great the amenities are if the building doesn’t have a heart and soul that resonates with residents. To foster that sense of community, there are three best practices in property management to keep in mind: communication, connection and comradery. Make Communication Easy Technology has provided residents the ability to communicate with property management at their convenience. Gone are the days of …
Multifamily
RICHARDSON, TEXAS — Kansas-based development firm WaterWalk has broken ground on WaterWalk Richardson, a four-story, 153-unit multifamily property at 2210 N. Glenville Drive in the northeastern Dallas metro of Richardson. The property will offer the services and amenities of an upscale hotel, such as a coffee bar, media room and lobby. Wichita-based The Law Co. is serving as general contractor on the project, and Dallas-based Woolpert is the architect and civil engineer. The expected completion date is November 2018.
AUSTIN, TEXAS — Greystar has completed Platform, a 355-unit multifamily community located at 2823 E. Martin Luther King Jr. Blvd. in Austin. Designed by Meeks + Partners, the transit-oriented property incorporates three- and four-story apartments, as well as three-story townhomes and roughly 10,000 square feet of ground-floor retail space. Amenities include three pools, an outdoor kitchen and TV lounge, private workspaces, a social dining and bar area and a fitness center.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
Diocesan Housing Services Corp. to Refinance, Rehabilitate 205-Unit Affordable Community in New Jersey
by Amy Works
CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …
TAMFORD, CONN. — LCB Senior Living has broken ground on The Residence at Summer Street, a 104-unit independent living, assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. LCB will both own and operate the community, which is scheduled to open in summer 2018. Headquartered in Massachusetts, LCB Senior Living owns and/or operates communities throughout New England and the Mid-Atlantic states.
KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $39.7 million bridge loan for East 9 Pickwick Plaza Apartments in Kansas City. The property, formerly home to the Pickwick Hotel, was converted into 260 apartment units and 35,000 square feet of commercial space in July of this year. Amenities include a community room, business center, swimming pool, fitness center and outdoor decks. Charley Babb and Todd McNeill of MCA arranged the loan on behalf of the borrower, a partnership sponsored by Kansas-based Gold Crown Properties. The bridge loan was used to refinance a construction and mezzanine loan in order to help stabilize lease-up prior to permanent financing, according to Babb.
OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has brokered the sale of a 295-unit multifamily portfolio in metro Omaha for $19.9 million. Fireside Village is a 180-unit property located at 8214 Wilson Drive in Ralston. Chateau Apartments is a 115-unit property located at 401 Cheateau Drive in Bellevue. Although the portfolio was marketed as a whole, two separate buyers purchased the buildings. Vukota Capital purchased Fireside Village, while Strategic Funding Partnership acquired Chateau Apartments. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the seller, Hudson Equities Management Corp.
DES MOINES, IOWA — Timberland Partners has acquired Ashley Square in Des Moines for an undisclosed price. The 144-unit apartment property consists of one- and two-bedroom floor plans. Built in 1986, the five-building property features amenities such as an outdoor pool and clubhouse. Planned improvements include new signage, fencing and renovations to unit interiors and clubhouse. All units will receive new flooring, lighting, appliances, countertops and in-unit washers and dryers. This is Timberland’s ninth property that it has acquired in the Iowa market. William Ryan, Alex Blagojevich and Michael Sullivan of Berkadia represented the undisclosed seller.
ORLANDO, FLA. — Berkadia has arranged a $65.7 million acquisition loan for Elan Audubon Park, a 449-unit multifamily community located at 990 Warehouse Road in Orlando. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan through Bank of America on behalf of the borrower, Harbor Group International. The company acquired the property for $97.1 million. Constructed this year, Elan Audubon Park features one-, two- and three-bedroom units with vaulted ceilings, hardwood floors and in-unit washers and dryers. Community amenities include two resort-style pools, a poolside bar with a TV, outdoor kitchens with gas grilling areas, outdoor fire pits, two-story clubhouse, two-story fitness center, tanning room, game room, dog park and a dog wash station. Elan Audubon Park is situated near Colonial Town Center, home to a variety of shopping, dining and entertainment destinations.