Multifamily

Seniors Housing Draws Customers to Mixed-Use Centers

by Jeff Shaw May 11, 2017

Generally, when one thinks about the massive, new mixed-use projects under development, a few images come to mind. Apartments, offices, hotels and retail mixed together, with some green walking trails and open spaces. Seniors housing, however, is probably not among those first impressions. This idea is changing, though, as mixed-use developers and seniors housing owners and operators begin to see the mutual benefits that senior living can bring to a project. The demographic wave of Baby Boomers hitting retirement age will nearly double the 65-plus population in the United States by 2050, from 43.1 million to 83.7 million, according to projections by the U.S. Census Bureau. The tactic of integrating seniors living into mixed-use developments is becoming more common throughout the country. Usually in high-end developments, the target market is seniors with disposable income. While the projects are a one-off concept for most seniors housing developers, some are making it a cornerstone of their development philosophies. For example, Georgia-based Formation Development Group, a subsidiary of private equity group Formation Capital, has opened four communities in mixed-use developments in Texas and Illinois since 2009. The company has a fifth currently under construction in Pennsylvania. “That’s an intentional strategy on our part,” …

May 11, 2017

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Healthy Apartment Renter Demand in Indianapolis Eclipses Robust Supply Growth

by Kristin Harlow May 11, 2017

Strong job growth in the second half of 2016, robust tenant absorption of new apartment supply and falling vacancies throughout the Indianapolis metro area supported a markedly improved multifamily marketplace by the end of the year. This year, steady employment gains and rising home prices will continue to bolster apartment property performance metrowide. In the first half of 2016, hiring was sluggish due to a lack of available workers, but ramped up at midyear. By year’s end, area employers increased employee headcounts by 25,300, a 2.5 percent increase overall. Although employment gains were widespread, the education and health services sector led job creation followed by construction. With the opening of Cummins Inc.’s new distribution headquarters and tech sector growth most notably Salesforce’s significant expansion in the area hiring this year is expected to remain stable. The forecast calls for employers to add 20,000 new workers to payrolls this year, which will further elevate demand for multifamily rentals. Construction ramps up Developers delivered 2,500 rental units to the marketplace last year, the second largest annual supply increase in nine years, but tenants readily absorbed the new supply. Nearly half of the submarkets in the metro area received new supply in 2016, …

May 11, 2017

California Multifamily Student Housing Western

QuadReal Invests $600M in Student Housing JV with CA Student Living, GI Partners

by Nellie Day May 10, 2017

SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.

May 10, 2017

Arizona Loans Multifamily Seniors Housing Western

Harborview Arranges Sale, $37.4M HUD Financing for Three-Property Seniors Housing Portfolio Near Phoenix

by Nellie Day May 10, 2017

PHOENIX — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged the sale of three seniors housing properties near Phoenix. The portfolio includes two skilled nursing facilities and an independent and assisted living facility. The names of the properties, buyer and seller were not disclosed. In connection with the transaction, Harborview arranged $37.4 million in HUD financing for the buyer. The loan features a 35-year term at a fixed rate. Eli Kutner originated the loan, along with the firm’s principals Ephraim Kutner and Jonathan Kutner.

May 10, 2017

Loans Multifamily Texas

Ready Capital Closes $5.7M Loan for 72-Unit Multifamily Property in Austin

by Taylor Williams May 10, 2017

AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based lender, has closed a $5.7 million loan for the acquisition, renovation and stabilization of a 72-unit multifamily property located at 2201 W. William Cannon Drive in Austin. The Class B, garden-style property consists of seven two-story buildings. The non-recourse, interest-only loan has a 36-month term with one extension option.

May 10, 2017

Georgia Multifamily Southeast

Berkadia Brokers $6.8M Sale of Apartment Community in Augusta

by John Nelson May 10, 2017

AUGUSTA, GA. — Berkadia has arranged the $6.8 million sale of Oak Hill, a 120-unit apartment community located at 817 Hickman Road in Augusta. Nashville, Tenn.-based Augusta Hickman Road Multifamily Partners LLC purchased the asset from Lakewood, N.J.-based Oak Hill 2008 LLC. Built in 1972, Oak Hill comprises all three-bedroom units with community amenities including two swimming pools, two laundry facilities, new windows and new roofs. The community was 94 percent occupied at the time of sale. Mark Boyce and Blake Coffey of Berkadia’s Charleston office and Jeremiah Jarmin of the firm’s Atlanta office represented the seller in the transaction.

May 10, 2017

Michigan Midwest Multifamily

Wolverine Nears Completion of Two Apartment Properties for Rise Real Estate in Michigan

by Kristin Harlow May 10, 2017

GRAND RAPIDS AND LANSING, MICH. — Wolverine Building Group is constructing two apartment properties totaling 718,000 square feet in Michigan. Georgia-based Rise Real Estate is the developer. Skyvue Apartments is a 418,000-square-foot mixed-use development located in downtown Lansing. The $65 million project began with the demolition of a former car dealership. The property will include 338 units with a mix of one-, two- and four-bedroom units. Amenities include a sky view lounge, outdoor pool and fitness center. The building will also feature more than 4,000 square feet of commercial space for future build-out. Construction began in November 2015 and is slated for completion in July. The Brix at Midtown is located in downtown Grand Rapids. Comprising two buildings and 300,000 square feet, the property will feature 287 apartment units. Amenities include a clubhouse, fitness center, swimming pool, courtyards and dog parks. Construction began in April 2016 and is slated for completion this November.

May 10, 2017

Multifamily New York Northeast Student Housing

EdR Begins Construction on Student Housing Complex at Cornell University

by Haisten Willis May 10, 2017

ITHACA, N.Y. — EdR has begun construction on a new on-campus housing project at Cornell University. The Maplewood Graduate and Professional Student Housing complex will feature 872 beds in 441 units, a playground for children, a community center, study areas and Wi-Fi. The 15-acre project is set to open in August 2018 with a mix of townhouses and apartments.

May 10, 2017

Massachusetts Multifamily Northeast

Northeast Private Client Group Brokers $6.4M Sale of Apartments in Chicopee, Mass.

by Haisten Willis May 10, 2017

CHICOPEE, MASS. — Investment sales broker Northeast Private Client Group has brokered the $6.4 million sale of Brook Edge Apartments, an 82-unit apartment property located at 14-64 Simard Drive in Chicopee. Edward Jordan and Bradley Balletto of Northeast Private Client Group represented the seller, Brook Edge LLC, in the transaction. The firm’s Taylor Perun sourced the buyer, Naviah Investments LLC. Built in 1970, Brook Edge Apartments sits on 2.8 acres near I-91, I-391 and the Massachusetts Turnpike. The 82-unit property features laundry rooms in each building.

May 10, 2017

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

New Jersey’s Post-Suburban Economy Feeds Statewide Multifamily Investment

by Camren Skelton May 10, 2017

With city-like, apartment-rental living back in vogue, New Jersey — from its urban centers to its suburban bedroom communities — is transitioning to more walkable, transit-focused neighborhoods. From Northern, Central and Southern Jersey’s green, well-manicured garden-apartment courtyards to the sleek Class A high-rises peppering Hudson County’s Gold Coast, multifamily living and investment are catalysts for sustained statewide economic and population growth. The groundwork for this trend — and the ensuing surge in construction expected to peak this year — was established a few years back with the emergence of a state-incentivized transit village designation program. While this movement started in 1999 as a means to revitalize transit-friendly communities through mixed-use development, municipal leaders have only begun to embrace and leverage this type of development and private investment long associated with urban centers. Today, New Jersey has 32 state-designated transit villages and a multitude of emerging transit centers. Early designees include Pleasantville (Atlantic County), Journal Square/Jersey City, Morristown, South Amboy, South Orange, Rahway, Cranford and Matawan. Most recently, they have been joined by relative newcomers like East Orange, Summit, Plainfield, Irvington, Park Ridge and Hackensack as well as budding hubs such as Harrison. One example of how multifamily investment is leveraging …

May 10, 2017

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