Multifamily

Peak Properties Adds Stewart School Lofts in Chicago to Management Portfolio

by Kristin Harlow November 19, 2024

CHICAGO — Peak Properties has added Stewart School Lofts in Chicago’s Uptown neighborhood to its management portfolio. The project was a residential conversion of a historic elementary school. The property now features 64 luxury apartment units ranging from studios to three-bedroom layouts. The units incorporate historic details such as wood trim, hardwood floors, exposed brick walls, chalkboards, original basketball court striping and original doors. Originally constructed in 1907, the Graeme Stewart Elementary School was home to students for more than 100 years before its closing in 2013. Peak Properties is the property manager, and Cross Street is handling leasing.

November 19, 2024

Acquisitions Multifamily New York Northeast

JLL Brokers Sale of 303-Unit Apartment Community in White Plains, New York

by Taylor Williams November 19, 2024

WHITE PLAINS, N.Y. — JLL has brokered the sale of The Halden, a 303-unit apartment community located north of New York City in White Plains. Built in 2023, the property offers one-, two- and three-bedroom units with an average size of 999 square feet. Amenities include a pool, clubroom, pet spa, conference room, café and lounge, fitness center and outdoor lounge seating. JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The Halden was 96 percent occupied at the time of sale.

November 19, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates Sale of 176-Unit Apartment Complex in Williamstown, New Jersey

by Taylor Williams November 19, 2024

WILLIAMSTOWN, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the sale of Laurelton Village Apartments, a 176-unit multifamily complex in Williamstown, about 25 miles south of Philadelphia. Built in 1970, the property exclusively offers two-bedroom units that are housed in 14 buildings on a nine-acre site. Amenities include a pool, playground and onsite laundry facilities. Jason Pucci of Kislak represented the seller, an affiliate of New Jersey-based investment firm Kamson Corp., in the deal. Barry Waisbrod, also with Kislak, procured the buyer. The deal traded in conjunction with a 14-unit apartment complex in Bergen County for a combined price of $31 million.

November 19, 2024

Development Florida Loans Multifamily Southeast

Clearline Obtains $95M in Construction Financing for Excel Miami Multifamily Development

by John Nelson November 19, 2024

MIAMI — Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan from Centennial Bank and a $26 million mezzanine loan from Southern Realty Trust Inc., which syndicated $13 million to affiliate firm Sunrise Realty Trust. Designed by Arquitectonica, Excel Miami will offer studio, one- and two-bedroom apartments, as well as 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness room, coworking space, screening room and podcast suites. The construction timeline was not released.

November 19, 2024

Acquisitions Multifamily Southeast Tennessee

Oakley Group Purchases 96-Unit Pro Park Apartments in Clarksville, Tennessee

by John Nelson November 19, 2024

CLARKSVILLE, TENN. — Oakley Group, a multifamily investment firm based in Birmingham, Ala., has purchased Pro Park, a 96-unit apartment community located at 850 Professional Park Drive in Clarksville. The three-building, newly built property is situated on a 4.4-acre site roughly 46 miles northwest of Nashville. Developer Bert Singletary sold the community to Oakley Group for an undisclosed price, and Synovus Bank provided an undisclosed amount of acquisition financing for the purchase. The new owner has selected locally based NextGen Properties to operate Pro Park, which is being rebranded to The Oakley at Pro Park. Completed in 2024, the property offers one- and two-bedroom units ranging from 879 to 1,200 square feet in size, as well as a clubhouse, fitness center swimming pool, 20 garages and 64 storage units. The community was 63 percent occupied at the time of sale.

November 19, 2024

Affordable Housing District of Columbia Loans Multifamily Southeast

FHFA Expands Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by John Nelson November 19, 2024

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The two government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a 4 percent increase from the 2024 caps of $70 billion apiece. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), says that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal funds rate in recent months. “The 4 percent increase in the multifamily loan purchase caps to $73 billion for each GSE is appropriate, given the slightly improved market conditions and lending activity that’s expected next year due to the slow decline in interest rates,” says Broeksmit. The FHFA will continue to exclude multifamily loans that finance workforce housing communities from the 2025 cap and require the GSEs to have at least 50 percent of their multifamily originations finance “mission-driven” affordable housing. The FHFA will continue to monitor the multifamily mortgage market and “maintains the ability to raise the caps further if necessary to support liquidity in the market.” If …

November 19, 2024

Development Illinois Midwest Multifamily Top Stories

High Street Residential Completes 34-Story Flora Multifamily Tower in Chicago’s Fulton Market

by Katie Sloan November 19, 2024

CHICAGO — High Street Residential, the residential subsidiary of Trammell Crow Co., has completed Flora, a multifamily tower rising 34 stories in Chicago’s Fulton Market neighborhood. The community offers 368 luxury units in a mix of studio, one-, two- and three-bedroom configurations alongside penthouse units with condominium-like finishes. Interior amenities include a clubroom, golf and game simulator room, fitness center and yoga studio, private dining space with a chef’s kitchen, dedicated work-from-home areas and a sound recording booth. Flora also features an outdoor amenity deck on the second floor with grilling stations, outdoor televisions and fire pits; a rooftop swimming pool with cabanas; and a dog run and pet washing station. The ground floor is home to 5,118 square feet of retail space, which will be occupied by a restaurant concept by celebrity chef Joe Flamm via local restaurant group Day Off Group. Slated to open in 2025, the restaurant’s name and concept will be announced at a later date. Andrew Becker of Canvas represented High Street Residential in leasing negotiations. The community is part of Trammell Crow’s larger Fulton Park Campus, which includes two existing research and development properties at 400 N. Aberdeen St. and 1375 W. Fulton Market. …

November 19, 2024

Acquisitions Alabama Southeast Student Housing

Preiss, Crow Holdings Acquire 440-Bed Student Housing Community Near University of Alabama

by John Nelson November 18, 2024

TUSCALOOSA, ALA. — The Preiss Co. has acquired Riverfront Village, a 440-bed student housing community located near the University of Alabama campus in Tuscaloosa. Preiss purchased the 92-unit community in partnership with Crow Holdings Capital. The buyers are planning capital improvements, including renovations to select units, a clubhouse redesign, upgrades to the swimming pool and comprehensive technological updates. The seller and sales price were not disclosed.

November 18, 2024

Loans Multifamily Texas

Rosewood Property Refinances 482-Unit Ventura Ridge Apartments in San Antonio

by Taylor Williams November 18, 2024

SAN ANTONIO — Dallas-based Rosewood Property Co. has refinanced Ventura Ridge, a 482-unit apartment community in San Antonio. The loan amount was not disclosed. Built in 2015 on the city’s northwest side, the property offers studio, one- and two-bedroom units with an average size of 844 square feet. Amenities include a pool, dog park, fitness center and a clubhouse. John Brownlee, John Bauman, Chad Lisbeth and Scott Cole of JLL arranged the loan through New York Life Co. on behalf of Rosewood.

November 18, 2024

Market-Street-Village-Apartments-San-Diego-CA

Acquisitions California Multifamily Western

Colliers Arranges $82.2M Sale of Market Street Village Apartments in San Diego’s East Village

by Amy Works November 18, 2024

SAN DIEGO — Colliers has arranged the sale of Market Street Village Apartments, a multifamily community in downtown San Diego’s East Village. A private buyer acquired the asset from Equity Residential for $82.2 million, or $359,000 per unit. Located at 699 14th St., Market Street Village Apartments offers 229 market-rate and affordable apartments with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry and vinyl flooring. Onsite amenities include a fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces and a clubhouse with a pool and spa. Additionally, the property offers ground-floor retail space anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks Coffee. Kitty Wallace and Anna Kampling of Colliers represented the buyer and seller in the deal.

November 18, 2024

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