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Multifamily

Radford-Court-Seattle-WA
AcquisitionsMultifamilyStudent HousingWashingtonWestern

Greystar, Provident Acquire Two On-Campus Student Housing Communities at the University of Washington in Seattle

by Amy Works

SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle.  The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties. Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer.  Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center.  These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand. The second phase of UH4 will include the redevelopment of …

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1000-Northeast-Northgate-Way-Seattle-WA
Affordable HousingDevelopmentMultifamilyWashingtonWestern

GMD Development, WNC & Associates to Develop 182-Unit Victory Northgate Affordable Housing Project in Seattle

by Amy Works

SEATTLE — GMD Development and WNC & Associates have closed a deal to begin construction on Victory Northgate, a six-story affordable housing developing in north Seattle. Located at 1000 Northeast Northgate Way, Victory Northgate is slated for completion in April 2026. The community will offer 13 studios, 101 one-bedroom units, 17 two-bedroom units and 51 three-bedroom units, as well as 6,800 square feet of commercial space with 77 underground parking stalls. The 182 affordable apartments are targeted for families earning up to 60 percent of the area median income. The first-floor commercial space is tentatively reserved for a daycare facility run by the YMCA of Greater Seattle. Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard, Washington State’s sustainable building framework. Sustainable features will include Energy Star-rated appliances; high-efficiency mechanical systems, windows and insulation; low-flow plumbing components; LED lighting throughout the property; and 90 percent drought-tolerant landscaping. The deal was structured with 4 percent LIHTC equity, a construction and permanent loan through Citi Community Capital and a $25.5 million soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the nonprofit co-general partner.

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45278-Deep-Canyon-Rd-Palm-Desert-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $14M Sale of Ariana at El Paseo Multifamily Community in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — CBRE has arranged the sale of Ariana at El Paseo, an apartment building in the Coachella Valley city of Palm Desert. Investment Concepts acquired the asset from 45278 Deep Canyon Road for $14 million, or $222,222 per unit. Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston of CBRE represented the seller in the deal. Located at 45278 Deep Canyon Road, the 63-unit property features a mix of studio, one- and two-bedroom floor plans, averaging 865 square feet. Each unit offers a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. Community amenities include a resort-style pool, onsite laundry facilities, an outdoor lounge and fireplace, a pet play area and barbecue stations.

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AcquisitionsColoradoMultifamilySeniors HousingWestern

ESI Brokers Sale of 66-Unit Novellus Cherry Creek Assisted Living Community in Denver

by Amy Works

DENVER — Evans Senior Investments (ESI) has arranged the sale of the Novellus Cherry Creek, an assisted living community in Denver.  ESI represented Novellus Living in the transaction. Peaks Healthcare purchased the asset for an undisclosed price. Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units. The community faced occupancy challenges, with only 36 percent of its units occupied at the time of marketing. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, focusing efforts on its thriving California and Arizona portfolios.

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Affordable HousingConference CoverageDevelopmentFeaturesMultifamilySoutheast Feature Archive

Construction Experts Emphasize Teamwork as Key to Meeting Affordable Housing Building Standards

by Jeff Shaw

ATLANTA — In order to satisfy long-term affordability commitments, builders and designers of affordable housing must be well educated about the sector’s exacting design and construction rules, which are typically driven by the source of a project’s funding. A panel of construction experts speaking at the InterFace Affordable Housing Southeast conference held Thursday, May 9 at Cobb Galleria Centre shared insights about how their industry is meeting these standards today. The inaugural conference hosted by France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business drew approximately 170 industry professionals. Energy efficiency, teamwork and accessibility were three themes running through the discussion. Accessibility in multifamily construction refers to features that enable people with disabilities or limited mobility to navigate common areas and individual units comfortably and safely. Many of these building features are required by various laws. “Get your consultants, architects and contractors to help you put the deal together,” advised Ross Haynes, chief executive officer of Roswell, Georgia-based Community Construction Group. The company focuses on construction and renovation of affordable housing projects.  “That team is there to understand the code requirements that affect the job, including energy programs and accessibility,” added Haynes. Specific energy-efficiency requirements for affordable housing vary. …

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Bay Area Multifamily Sector Focuses on Operations

by Jeff Shaw

— By Anthony Pappageorge, Managing Director, NorthMarq — The Bay Area multifamily market is showing signs of stabilizing, although there are some persistent challenges present in the market that will impact operations. With 2024 likely to be a period of slower economic growth, there will be a continued emphasis on multifamily property operations.  The challenges in the Bay Area rental market have shifted somewhat in recent years. In the period immediately following the pandemic, owners of rental properties were focused on maintaining occupancy levels and rent collections. In the current environment, added pressures surrounding rising property insurance costs and the prospect for additional rent control measures are increasing uncertainty to the Bay Area multifamily market. Occupancy: A Bit Lower than Usual, but Bouncing Back One multifamily property metric where the Bay Area routinely outperforms nearly every other part of the country is occupancy levels. Conditions remain tight at the beginning of 2024, with average occupancies ranging from about 96 percent in the South Bay and San Francisco, to about 94.5 percent in the East Bay. Current occupancies are about 50 basis points lower, on average, than in 2019. This is welcome news to operators who saw rates decline to about 90 …

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DevelopmentMixed-UseMultifamilySoutheastTennessee

McShane Construction to Build 34-Acre Mixed-Use Development in Franklin, Tennessee

by John Nelson

FRANKLIN, TENN. — McShane Construction Co. will build Ellison Cool Springs, a 34-acre mixed-use project in Franklin, approximately 20 miles south of Nashville. Upon completion, the property will comprise 332 apartments and 15 commercial units across three four-story buildings. McShane will construct the project on behalf of the developer, Fluornoy Development Group. Designed by Dynamik Design, amenities at the development will include an outdoor pool, clubroom, fitness center, recording studio, hospitality bar, focus room, pet spa and a car wash. Additionally, the property will feature two two-story parking garages and five standalone six-bay garages. Residences will include apartments in one-, two- and three-bedroom layouts, with select two-story, live-work units. The project team expects to deliver Ellison Cool Springs in August 2026.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Belmont Village, Greystar Plan 185-Unit Active Adult Community in Rancho Santa Fe, California

by Amy Works

RANCHO SANTA FE, CALIF. — Belmont Village Senior Living and Greystar Real Estate Partners have unveiled plans for Belmont Village Rancho Santa Fe, a luxury active adult community in Rancho Santa Fe, approximately 25 miles north of San Diego. Groundbreaking is scheduled to occur before the end of the year. The project will feature over 185 apartments including 15 freestanding cottages. The leaders of both Greystar and Belmont Village, Jerry Brand and Patricia Will, are long-term residents of Rancho Santa Fe. Belmont Village Rancho Santa Fe will be Belmont Village’s fourth community in the San Diego area and 17th in California since 2002. The company enjoys a relationship for program development with the University of California San Diego’s Stein Center for Research on Aging. HPI Architecture designed the development.

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Blueprint-Healthcare-Las-Cruces-NM
AcquisitionsMultifamilyNew MexicoSeniors HousingWestern

Blueprint Arranges Sale of 50-Bed Transitional Care Community in Las Cruces, New Mexico

by Amy Works

LAS CRUCES, N.M. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 50-bed transitional care facility in Las Cruces, approximately 45 miles northwest of El Paso, Texas. The community was built in 2017 and is strategically located within two miles of three short-term acute care hospitals that offer Medicare referral opportunities. With trailing EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) approaching $745,000 at the time of marketing, the facility presented an acquisition opportunity for a regionally focused owner-operator to realize immediate cash flow upon acquisition, expand upon an existing geographical footprint, and still have the ability to achieve significant value by stabilizing the asset. The buyer was an owner-operator that Blueprint previously worked with in New Mexico. The seller and price were not disclosed. Amy Sitzman and Giancarlo Riso led the Blueprint team.

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AcquisitionsIowaMidwestMultifamily

CBRE Arranges Sale of 312-Unit Apartment Complex in Des Moines, Iowa

by Kristin Harlow

DES MOINES, IOWA — CBRE has arranged the sale of Cityville on 9th, a 312-unit apartment complex in Des Moines. The sales price was undisclosed. The property is located at 550 SW 9th St. near Principal Park, Gray’s Lake and the historic Court District. Built in 2015 to 2018, the apartment community features a range of studio, one-, two- and three-bedroom units along with 48,000 square feet of commercial space. Amenities include an outdoor pool and sundeck, fitness center, outdoor fire pit, theater room, business center, dog park, coffee bar and heated parking. Cy Fox, Ray Hamilton and Matt Bukshstaber of CBRE represented the undisclosed seller. ARTISAN Capital Group and Eastham Capital were the buyers.

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