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Multifamily

Pacific-Wind-Carlsbad-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

IHO, C&C Open $56M Pacific Wind Affordable Housing Community in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Innovative Housing Opportunities (IHO) and C&C Development have opened Pacific Wind, an affordable housing community in Carlsbad, approximately 30 miles north of San Diego. Located at 3875 Sydney Way, the 89-unit property replaced 22 1950s-era duplexes. Pacific Wind features five two- and three-story garden-style walk-up buildings with two play areas for low-income working families and individuals who make between 30 to 80 percent of area median income. The community is already fully leased to more than 300 residents. The property features a clubhouse with leasing and resident service offices, a multi-purpose room with a kitchen and a learning center. Funding sources for the $56 million project include Bank of America, California Municipal Finance Authority, City of Carlsbad and National Equity Fund, as well as federal tax credits. The project team included Bassenian Lagoni Architects, M Zaki Design, JAG Interiors, C&C Construction Services as general contractor, Candela Engineering as electrical engineer, Gouvis Engineering Consultants Group as structural engineer, SWS Engineering as civil engineer, TAD Engineering as MEP and VBK Consulting as project manager.

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Lowry-Pines-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Kaufman Hagan Commercial Brokers $5.1M Sale of Lowry Pines Apartment Complex in Denver

by Amy Works

DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of Lowry Pines, an apartment complex at 835 S. Quebec St. in Denver. The asset traded for $5.1 million, or $151,471 per unit. Lowry Pines offers 34 apartments and an interior courtyard. Andrew Vollert and Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the seller in the deal.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $8.2M Sale of Apartment Building in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has arranged the $8.2 million sale of The Synagogue, a 40-unit apartment building in Chicago’s Uptown neighborhood. Constructed in 1922, the building at 5029 N. Kenmore Ave. is an adaptive reuse of a former temple that was reopened as apartments in 2019. Previously home of Agudas Achim North Shore Congregation, the synagogue closed in 2008 and was put on the market by its board in 2012 after the facilities had fallen into disrepair. Cedar Street purchased the property in 2016 and subsequently converted it into apartments, retaining the temple’s historic exterior as well as several original interior features. The building features eight studios and 32 one-bedroom units, which were almost fully occupied at the time of sale. Jon Morgan and Michael Duckler of Interra represented Cedar Street in the sale as well as the buyer, a local investor.

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Chateau-de-Ville_Anaheim-Calif
CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Orange County Multifamily Sector Hits a Rough Patch

by Jeff Shaw

— By Mark Bridge, Managing Director, Bridge Multifamily Team, Capital Markets, Americas, Cushman & Wakefield — Vacancy The vacancy rate is 4.0 percent as of the mid-point in the second quarter of 2024, up 30 basis points (bps) quarter-over-quarter (QOQ) and year-over-year (YOY). The rate has been increasing in eight out of the last 11 quarters from a market low of 2.1 percent in third quarter 2021. The rate is currently 40 bps above the five-year quarterly average of 3.6 percent. Despite this recent increase, Orange County’s vacancy rate is considerably lower than the national average at 7.7 percent. OC’s vacancy rate ranks it second lowest among the nation’s 50 largest markets. Rent The average asking rent per unit currently sits at $2,513 as of the mid-point in the second quarter of 2024. The market high asking rent per unit peaked in fourth 2023 at $2,530 and has come down 0.7 percent since then. Despite the recent decrease, the asking rent per unit is still up 0.9 percent YOY. Given the tightness of the market and a healthy development pipeline, it is likely that the asking rent will remain elevated. Construction/Deliveries There are currently 23 buildings or 8,183 units under …

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Montgomery Mill Apartments in Windsor Locks, Conn.
Affordable HousingBohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Cracking the Code: Winning Strategies for Affordable Housing in Any Market

by Sarah Daniels

Frustrated by high costs and a lending crunch for market-rate multifamily projects, savvy mainstream developers are seeking opportunities to build affordable housing. But what constitutes opportunity in a sector reliant on agency lending, community stakeholders and controlled rents? Definitions of “opportunity” in affordable housing vary widely, and favorable elements often involve additional and unique challenges. Not only must developers identify opportune site conditions, but they must also evaluate prospects to compete for funding, secure municipal approvals and win community support. And they need to complete the project within required timeframes in order for the asset to qualify as a good opportunity. REBusiness asked experts from two firms at the forefront of affordable housing development about what affordable housing “opportunity” looks like — and about the strategies they use to transform promising sites into viable projects. Beacon Communities is an established developer of affordable, market-rate and mixed-income housing, while Bohler’s land development consulting and site design services have helped clients identify and act on commercial real estate opportunities for more than 35 years. “We look at any development opportunity through three lenses,” says LeAnn Hanfield Curtin, vice president of development at Beacon. “Those are the availability of sites, ability to get …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Opens First Multifamily Building at $200M Ogden Commons Development in Chicago

by Kristin Harlow

CHICAGO — Chicago-based developer and property manager Habitat has opened OC Living, the first multifamily building at the $200 million Ogden Commons mixed-use development in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., OC Living consists of 92 units, 90 percent of which are affordable. The four-story building features a mix of 23 studios, 60 one-bedroom units and nine two-bedroom apartments. Amenities include a rubber-surfaced children’s lot with play structures, bike racks, a walking path, landscaped lawn, 110 parking stalls, a package room, resident lounge, fitness center and social services offices. Developed by Habitat along with Sinai Health System, Alecko Capital and the City of Chicago, Ogden Commons is among the city’s largest opportunity zone projects. Upon full build-out, the development will consist of 120,000 square feet of commercial and retail space along with more than 350 mixed-income housing units. The first phase of Ogden Commons was a 45,000-square-foot commercial building completed in 2021 that is home to Sinai Health System’s One Lawndale Express Care Clinic, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. The second phase is slated for completion by 2026. McHugh Construction and Bowa Construction are the general contractors. Bank of …

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Glen-91-Glendale-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $76.5M Sale of Glen 91 Multifamily Property in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Glen 91, an apartment community in the Phoenix suburb of Glendale. HCW sold the asset to Bridge Investment Group for $76.5 million, $258,446 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Completed in 2023, Glen 91 features 296 apartments, a resort-style swimming pool, hammock garden, covered parking and attached garages. Apartments offer nine-foot ceilings, laundry rooms with full-size washers/dryers and walk-in closets with built-in shelving.

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DevelopmentMultifamilyWashingtonWestern

American Capital, Clarion Partners to Develop 316-Unit Enso Multifamily Project in Lynnwood, Washington

by Amy Works

LYNNWOOD, WASH. — American Capital Group and Clarion Partners have formed a joint venture to develop Enso, an apartment community in Lynnwood, approximately 15 miles north of Seattle. Pacific Life Insurance Co. served as construction lender for the project, with construction scheduled to commence in August for completion in summer 2026. Located at 4001 198th St. SW, Enso will feature 312 apartments, more than 4,200 square feet of retail space, ample parking, a 2,600-square-foot co-working space, a 3,000-square-foot fitness facility, a 2,400-square-foot game lounge and a 2,600-square-foot resident lounge, as well as a dog wash and bike storage.

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MorningStar-Old-Town-Fort-Collins-CO
ColoradoDevelopmentMultifamilySeniors HousingWestern

MorningStar, Haselden Open 160-Unit Seniors Housing Community in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — Co-developers MorningStar Senior Living and Haselden Real Estate Development have opened MorningStar at Old Town, a seniors housing property in Fort Collins. The companies partnered with local landowner and developer J.D. Padilla to develop the asset in Old Town Fort Collins. Located at 360 Tenney Court, MorningStar at Old Town features 160 units for independent living, assisted living and memory care in a four-story residential building. The community offers an indoor pool, a fitness center, therapy space, theatre/chapel and wine tasting room, as well as The Sky Terrace with patios and courtyards in an outdoor space. Project partners included Hord Coplan Macht as architect, Haselden as general contractor and Thoma-Holec as interior designer.

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AcquisitionsDevelopmentFloridaMultifamilySoutheast

Excelsa Acquires 477-Unit Drake at St. Pete Multifamily Community in St. Petersburg, Plans $8M Renovation

by John Nelson

ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.

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