ARLINGTON, TEXAS — 180 Multifamily Capital has acquired Key Largo Apartments, a 77-unit multifamily asset located at 407 Cora St. in Arlington. The property, which offers a pool and clubhouse, was built in the 1980s and will undergo complete renovations to both its interior and exterior. 180 Multifamily will rebrand the property, its fifth in Arlington’s entertainment district, as Las Palmitas.
ATLANTA — MAA, a multifamily REIT based in Memphis, Tenn., has opened Post Midtown Atlanta, a 332-unit multifamily community located at 33 11th St. N.W. in Atlanta’s Midtown district. MAA acquired Post Properties in 2016, but continues to brand assets under the Post name. The new property includes studio, one-, two- and three-bedroom units with rents starting at $1,670 per month. Individual units feature built-in desks and bookshelves, 10-foot ceilings, quartz countertops and gas cooking stoves. Community amenities include a swimming pool with sundeck, club terrace, outdoor living and dining areas, fitness center, pet park, cycle room and a conference library. Post Midtown Atlanta is within walking distance of Piedmont Park and MARTA’s Midtown station.
CHARLESTON, S.C. — Cushman & Wakefield has brokered the $36.1 million sale of The Palms, a 408-unit apartment community in Charleston. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Savannah, Ga.-based Kole Management, in the transaction. JEM Holdings acquired the property, which was constructed in 1966. Community amenities at The Palms include a swimming pool, fitness center, sports courts and a playground.
PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.
Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019. The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both of which The Habitat Co. will be managing — aim to meet the demand of those looking to be closer to the influx of new businesses moving downtown, as well as an urban lifestyle with robust dining and entertainment options. Like its metro counterparts, Chicago has become a city of renters. According to Harvard University’s Joint Center for Housing Studies, the U.S. homeownership rate hovered at just 64 percent at the start of 2017, following 12 years of decline, while the number of renters continued its upswing. In the past five years, an average of 1 million new renter households were formed every year, per the National Multifamily Housing Council. Indeed, these have been good years for those …
SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.
CHICO, CALIF. — SC Student Housing has broken ground on The Urban, a 108-bed student housing community located near the California State University, Chico campus in Chico. The property will offer three-bedroom townhome units with bed-to-bath parity. Shared amenities will include a rooftop deck, spa, plunge pool, barbecue area and arcade. Modern Building Inc. is building the property, which Entwood Property Management will operate. Completion is slated for June 2018.
NEW YORK CITY — HFF has arranged $17 million in financing for 185 Avenue B, a newly constructed apartment property in Manhattan’s East Village. An HFF team, led by Steven Klein, secured a 15-year, fixed-rate loan through Allianz Real Estate of America for the undisclosed borrower. Completed in 2016, the seven-story building comprises 40 studio and one-bedroom apartment units featuring nine-foot ceilings, noise-buffering double-paned windows and intercom systems.
WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.
MIAMI — Blue Rock Partners LLC Affiliates, in partnership with institutional investors, has acquired Pinebrook Apartments, a 309-unit multifamily community in Miami. Pinebrook South Ltd. sold the property to the joint venture, known as Pinebrook Property Holdings LP, for $37.3 million. The joint venture comprises a Blue Rock Partners affiliate, a Canadian-based investment firm and a New York-based institutional investor. The company will invest roughly $3 million in exterior and interior upgrades and will rename the property The Park at Sheffield. Evan Kristol of Marcus & Millichap brokered the transaction, and Ladder Capital Finance LLC provided debt financing for the acquisition. At the time of sale, the property was 98 percent occupied.
