Tuesday, June 10, 2025
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Multifamily

DevelopmentFloridaMultifamilySoutheast

Thompson Thrift to Develop 276-Unit Multifamily Community in Vero Beach, Florida

by John Nelson

VERO BEACH, FLA. — Thompson Thrift plans to develop a new 276-unit multifamily community in Vero Beach. Dubbed Verity, the project is scheduled for completion in summer 2026. The property will comprise apartments across three-story buildings, with units in one-, two- and three-bedroom layouts averaging 1,400 square feet in size. Amenities at the community, which will span 18 acres, will include a clubhouse, fitness center, 24-hour social hub, work-from-home suites, resident conference room, swimming pool, electric firepits, grilling areas, a pickleball court, dog run and pet spa. The property will also feature an Amazon package hub and valet trash service.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

Midas Construction Underway on $37.8M Viva Bene Active Adult Community in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters. Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle. Amenities include a pool, fitness center, wellness hub, coworking spaces, outdoor spaces and pickleball and bocce ball courts. Greystar is the property manager. Completion is slated for this fall.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

Bascom Group Buys 72-Unit Seniors Housing Community in Boulder City, Nevada

by Amy Works

BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.

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Edgemere-Dallas
FeaturesMultifamilySeniors Housing

Seniors Housing Occupancy Rises to 85.6 Percent in 11th Consecutive Quarterly Increase, Says NIC

by Taylor Williams

By Jeff Shaw ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 50 basis points to 85.6 percent in the first quarter of 2024, according to data from NIC MAP Vision. It’s the 11th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 780 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. Net absorption in the first quarter totaled roughly 5,000 units, a more than 40 percent increase over the level of absorption in the first quarter of 2023, according to NIC. “The continued upward climb of occupancy along with strong absorption levels supports the NIC forecast of returning to and surpassing the pre-pandemic occupancy levels sometime in 2024,” says Lisa McCracken, NIC’s head of research and analytics. Construction starts increased slightly from …

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DevelopmentMultifamilySoutheastVirginia

GW Real Estate, Griffin Capital Break Ground on 250-Unit Apartment Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — GW Real Estate Partners and capital partner Griffin Capital Co. have broken ground on The Arrowood Charlottesville, a 250-unit apartment community located at 463 Rio Road W in Charlottesville. Situated two miles from The Shops at Stonefield and a short drive to University of Virginia, the property features studio to three-bedroom layouts, as well as a clubhouse with a fitness center, coworking space, resort-style swimming pool and a grill/lounge area. Fifth Third Bank provided construction financing for the project. The design-build team includes general contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, MEP engineer GTP Consulting Engineers and landscape architect LandDesign. The developers expect first buildings at The Arrowood to be ready for occupancy in mid-2025, with full community completion expected by March 2026.

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Build-to-RentFloridaLoansMultifamilySingle-Family RentalSoutheast

JLL Arranges $43M Loan for Build-to-Rent Residential Community in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.

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Ivy-&-Green-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Hornrock Properties Begins Leasing 168-Unit Apartment Complex in Hackensack

by Taylor Williams

HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing a 168-unit multifamily project in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building represents Phase II of a larger development known as Ivy & Green, Phase I of which totaled 221 units. Residences come in studio, one- and two-bedroom floor plans, and the campaign begins with 30 percent of the units preleased. Ivy & Green offers amenities such as a pool, coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start at $2,215 for a studio.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $24.5M in Bond Financing for Metro Boston Affordable Housing Project

by Taylor Williams

CHELSEA, MASS. — MassDevelopment has provided $24.5 million in tax-exempt bond financing for a 66-unit affordable housing project that will be located just south of Boston in Chelsea. The building at 170 Cottage St. will ultimately house 11 three-bedroom units, 43 two-bedroom apartments and 12 one-bedroom residences. Units will be reserved for households earning up to 30, 50 or 60 percent or the area median income. The development will also include onsite parking and 15,000 square feet of open green space. A subsidiary of Eastern Bank purchased the bond, and the project is also being funded by $19.7 million in federal tax credits. The developer is nonprofit agency The Community Builders.

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IllinoisLoansMidwestMultifamily

JLL Arranges $127M Loan for Refinancing of Apartment Tower in Downtown Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $127 million loan for the refinancing of 465 N. Park Drive, a 444-unit apartment tower in Chicago’s Streeterville neighborhood. Built in 2018, the 48-story property features studio, one-, two- and three-bedroom units. The 40,000-square-foot amenity package includes a rooftop pool, hot tub, sauna, lounge, fitness center, conference center, green space, clubroom, rooftop sky deck and outdoor dining area. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier of JLL arranged the five-year loan on behalf of the borrower, a joint venture between MetLife Investment Management and Allstate Investments. The Northwestern Mutual Life Insurance Co. provided the loan.

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Gantry-Apts-Property-Albany-OR
LoansMultifamilyOregonWestern

Gantry Arranges $40.5M Loan for Multifamily Community in Albany, Oregon

by Amy Works

ALBANY, ORE. — Gantry has arranged a $40.5 million permanent loan to retire construction financing for a multifamily property in Albany, approximately midway between Salem and Eugene. The recently completed, stabilized, Class A property features 264 apartments in a mix of one-, two- and three-bedroom floor plans spread across 23 buildings on 17 acres. Community amenities include a clubhouse, pool, therapeutic hot tub, sauna, 24/7 fitness center, theater room, sports court, playground and off-leash dog park. Blake Hering and Crischell Bacarro represented the borrower, a private real estate investor. Fannie Mae, via Walker & Dunlop, provided the five-year, interest-only, fixed-rate loan.

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