Multifamily

The Arbor Terrace at Burnt Hickory Marietta

NorthMarq Arranges Construction Financing for Seniors Housing Property in Metro Atlanta

by John Nelson May 12, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.

May 12, 2016

Indiana Midwest Multifamily Student Housing

ICAP Development to Break Ground on Highland Quarters Near Indiana State University

by Christina Cannon May 12, 2016

TERRE HAUTE, IND. — ICAP Development is set to break ground on Highland Quarters, a 60-unit, 224-bed student housing community located at 627 Cherry St. adjacent to Indiana State University in Terre Haute. The 106,000-square-foot, five-story project will feature fully furnished apartments with bed to bath parity and in-unit washers and dryers. The ground level of the project will provide roughly 6,000 square feet of retail space, secured parking for tenants and amenity spaces that will include a full-service fitness facility, study rooms and an entertainment lounge. The project is slated for completion by August 2017.

May 12, 2016

Market Reports Midwest Midwest Market Reports Multifamily Ohio Uncategorized

Why Cleveland’s Thriving Downtown Apartment Market is on Solid Footing

by Christina Cannon May 12, 2016

It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back. Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units. Last year alone saw 573 new units come on line as the direct result of converting nearly 500,000 square feet of former commercial and office space to residential. But despite this additional inventory, the occupancy rate has increased nearly 2 percent over the last five years, ending 2015 at 97.5 percent. Population surge in CBD The downtown area contains approximately 14,000 residents, a 79 percent increase since 2000, according to a newly released report from the Downtown Cleveland Alliance. The average rent …

May 12, 2016

California Loans Multifamily Western

Brooks Street Affiliate Receives $9.8M Loan to Purchase Koreatown Land

by Nellie Day May 11, 2016

LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.

May 11, 2016

Arizona Multifamily Seniors Housing Western

Nakoma Sky Luxury Seniors Community to Debut Near Tucson

by Nellie Day May 11, 2016

ORO VALLEY, ARIZ. — Nonprofit owner/operator La Posada and architecture firm three: living architecture have unveiled plans for Nakoma Sky, a 268-unit independent living, assisted living and memory care community in Oro Valley, just north of Tucson. The community will be a resort-style complex situated on 79 acres in the foothills of the Catalina and Saguaro mountain ranges. The main building will be 500,000 square feet and five stories tall. Development costs are estimated at between $90 million and $100 million. When complete, the community will offer 220 independent living units, 24 assisted living units and 24 memory care units. The development team expects Nakoma Sky will open in early 2019. Diversified Design and Construction, landscaping firm Talley Associates, interior design firm THW Design, and three: living architecture will collaboratively design the project.

May 11, 2016

Indie-Apartments-1648-east-sixth-street-austin-texas

Multifamily Texas

Transwestern Development to Build Micro Apartment Community in Austin

by Haisten Willis May 11, 2016

AUSTIN, TEXAS — Transwestern Development Co. plans to develop Indie Apartments, a micro-unit community at 1648 E. Sixth St. in Austin. Transwestern acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, an entertainment district just east of downtown. Groundbreaking is scheduled for June with the first units expected to deliver in August 2017. The 55,814-square-foot property will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units. The fully furnished apartments will maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables. Located less than one block from the Plaza Saltillo metro station, Indie Apartments will feature a large communal area, fire pits, outdoor TVs and 108 below-grade parking spaces. Martines Palmeiro Construction is the general contractor, and Wilder Belshaw Architects is the architect. Comerica provided the financing for the project.

May 11, 2016

Central-Park-at-Craig-Ranch-mckinney-texas

Multifamily Texas

SWBC Real Estate Acquires Land for Multifamily Developments in Metro Dallas

by Haisten Willis May 11, 2016

MCKINNEY, TEXAS — SWBC Real Estate LLC has purchased 9.3 acres within the 2,200-acre Craig Ranch master planned community in McKinney to develop two Class A multifamily properties. Craig Ranch is located on the north side of State Highway 121, also known as the Sam Rayburn Tollway. SWBC will develop the site in two phases. The first phase will be named Central Park at Craig Ranch and will consist of 269 units. At total build-out, the site is projected to contain 550 units. Central Park at Craig Ranch will include one-, two- and three-bedroom units. Amenities will include a clubhouse with a community business center, attached parking garage, 24-hour fitness center, pool and spa. Units will feature 10-foot ceilings, granite countertops, stainless steel appliances and washer/dryer hookups. Cross Architects is the architect for the project, Stantec is the engineer and SWBC Builders LLC is the general contractor. SWBC Real Estate plans to break ground on the project in the fourth quarter.

May 11, 2016

Illinois Midwest Multifamily

600-Unit North Harbor Tower in Chicago Changes Hands

by Christina Cannon May 11, 2016

CHICAGO — 175 Harbor Drive LLC has acquired North Harbor Tower, a 600-unit high-rise apartment building in Chicago’s Lakeshore East neighborhood, for an undisclosed price. The building is located within a 28-acre master-planned community at 175 N. Harbor Drive. Amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complimentary classes and party room. A multi-million dollar renovation of the 55-story property is scheduled to begin later this year. The tower offers a mix of studio, convertible, one-, two- and three-bedroom units. The seller in the transaction was undisclosed.

May 11, 2016

Illinois Midwest Multifamily Seniors Housing

Caddis to Develop 94-Unit Senior Living Facility in Chicago Suburb

by Christina Cannon May 10, 2016

ORLAND PARK, ILL. — Caddis has unveiled plans for a new senior living facility in Orland Park, approximately 25 miles southwest of Chicago. Heartis Village Orland Park, located at 159th Street and Harlem Avenue, will be a 94-unit, 89,950-square-foot assisted living facility. Caddis began developing its first Illinois facility last year in Peoria, and the project is expected to open this fall. Both properties will be owned by Caddis and managed by Pathway Senior Living LLC. Heartis Village Orland Park will feature a salon and spa with a therapeutic tub, two interior courtyards, a large dining room, a private dining room, chef-prepared meals, daily activities, an arts and crafts room, media room, licensed nursing services, 24-hour emergency call system, housekeeping and laundry services and personal transportation. Austin, Texas-based Katus LLC is the architect, and Rosemont, Ill.-based McShane Construction Company LLC is the general contractor. The project is slated for delivery next fall.

May 10, 2016

Multifamily Texas

JLL Arranges Sale of The Catherine in Austin

by Haisten Willis May 10, 2016

AUSTIN, TEXAS — JLL has arranged the sale of The Catherine, a luxury apartment building in Austin. Catherine Tower LLC, an affiliate of Austin-based Christopher Investment Co., purchased the 300-unit property located in Austin’s SoCo submarket. Jeff Price and Scott LaMontagne led the JLL team in the deal. Completed in 2015, units at The Catherine feature 10-foot ceilings, stainless steel kitchen appliances, stone countertops with gourmet kitchen islands and in-unit washers and dryers. Community amenities include an infinity pool, fitness center and a sky lounge on the 19th floor.

May 10, 2016

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