Multifamily

Bascom Group Buys 96-Unit San Miguel Court Apartments in Santa Fe, New Mexico

by Amy Works March 8, 2024

SANTA FE, N.M. — The Bascom Group has acquired San Miguel Court Apartments, a multifamily property at 2029 Calle Lorca in Santa Fe. Terms of the transaction were not released. Built in 1974, San Miguel Court features 96 one-, two- and three-bedroom apartments with in-home washers/dryers, hardwood-style flooring, stainless steel appliances and large walk-in closets. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with La Salle Debt Investors as the lender. Apartment Management Consultants will manage the asset, and SD-CAP will provide construction management services.

March 8, 2024

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Remains Promising Amid Challenges

by Jeff Shaw March 8, 2024

— By John Kobierowski, President/CEO, ABI Multifamily — Phoenix has experienced a surge in population due to its favorable climate, affordable cost of living and thriving job market. Since 2012, Phoenix has seen an average of 1.6 percent in population growth per year versus an annual U.S. average of 0.6 percent. The city’s allure is particularly strong among young professionals drawn to its continued job growth and retirees seeking sunny skies. This rising demand has translated into increased rental rates and occupancy levels over time, making the Phoenix market highly appealing to investors seeking stable and profitable ventures To meet the rising demand for multifamily housing, developers have ramped up construction activities in Phoenix. There are 40,459 new construction projects planned for 50-plus-unit construction. The market has also witnessed an escalation in the number of new projects — 28,841, according to Yardi). These include luxury apartments, mixed-use developments and affordable housing options. These projects not only cater to professionals, but target Millennials and members of Generation Z, who are increasingly gravitating toward rental properties. However, ABI Multifamily outlook sees a substantial drop-off in completions starting at the end of 2024 through 2025 as a result of increased pricing in materials, …

March 8, 2024

Development District of Columbia Mixed-Use Multifamily Retail Southeast

Donohoe Development, Aimco Complete Final Phase of $300M Mixed-Use Development in D.C.

by John Nelson March 7, 2024

WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

March 7, 2024

Development Loans Mixed-Use Multifamily Southeast Virginia

Kennedy Wilson Provides $96M Construction Loan for Office-to-Residential Conversion Project in Alexandria, Virginia

by John Nelson March 7, 2024

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River. Construction is scheduled to begin immediately, with completion expected in 2026.

March 7, 2024

Development Multifamily Texas

Legacy Partners Completes 361-Unit Ovation at Galatyn Park Apartments in Metro Dallas

by Taylor Williams March 7, 2024

RICHARDSON, TEXAS — San Francisco-based developer Legacy Partners has completed Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various pieces of smart-home technology products. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Legacy developed the project in partnership with Bridge Investment Group. Construction began in June 2021. Rents start at $1,525 per month for a one-bedroom apartment.

March 7, 2024

Acquisitions California Multifamily Western

PCCP, Alliance Residential Buy Prado Apartment Community in Santa Clara, California for $125M

by Amy Works March 7, 2024

SANTA CLARA, CALIF. — PCCP and Alliance Residential have acquired Prado, a mid-rise multifamily property at 3560 Rambla Place in Santa Clara, for $125 million, or $498,000 per unit. Built by SummerHill Homes and delivered in April 2021, Prado features 251 apartments on an infill site in Silicon Valley. The seven-story building features a mix of one- and two-bedroom units offering stainless steel appliances, quartz countertops, hardwood-style flooring, gas ranges, walk-in closets and private outdoor patios. Onsite amenities include an oversized pool and spa, a two-story fitness center, indoor and outdoor resident lounges, a remote-work business center and outdoor barbecues. Prado is situated within the 27-acre Nuevo master-planned community that SummerHill designed, which includes high-end rental and for-sale residential product with shared amenity offerings.

March 7, 2024

Acquisitions California Loans Multifamily Western

Helio Group Receives $40M Acquisition Loan for Cobalt Apartments in Culver City, California

by Amy Works March 7, 2024

CULVER CITY, CALIF. — Helio Group has received a $40 million loan for the acquisition of Cobalt Apartments, a multifamily property in Culver City. Jeff Sause, Chad Morgan and Jacob Michael of JLL Capital Markets arranged the loan for the borrower from a regional bank. Cobalt Apartments features 135 units and 14,754 square feet of ground-floor retail space. Situated along Washington Boulevard, the property sits across the street from Sony Pictures Studios near interstates 10 and 405. Additionally, residents are within a 15-minute walk from the Palms Station Expo Line, which offers regional transportation.

March 7, 2024

Acquisitions California Multifamily Western

TMG Brokers $16.5M Purchase of Vantage Point Apartments in Bakersfield, California

by Amy Works March 7, 2024

BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the acquisition of Vantage Point Apartments, a multifamily community in Bakersfield. A Central Valley-based investor acquired the asset for $16.5 million in an off-market transaction. The name of seller was not released. Built in 1985, Vantage Point features 144 one- and two-bedroom apartments ranging from 597 square feet to 805 square feet. Amenities include large closets, ceiling fans, a heated pool, laundry facilities and gated access. The property is situated on 6.31 acres at 6001 Auburn St. Mark Bonas of TMG represented the buyer in the deal.

March 7, 2024

Acquisitions Massachusetts Multifamily Northeast

JLL Arranges Recapitalization of 36-Story Boston Apartment Tower

by Taylor Williams March 7, 2024

BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story apartment tower located within the Bulfinch Crossing development in downtown Boston that was completed in 2020. Units come in one-, two- and three-bedroom floor plans and have an average size of 855 square feet. The Sudbury also houses 55 condos. Amenities include a pool, fitness center, golf simulator, rooftop terrace, children’s playroom, coworking space and a private dining room. Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen of JLL represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the transaction. The team also procured the new equity partner, Carmel Partners.

March 7, 2024

Affordable Housing Development Georgia Multifamily Southeast

Gorman & Co. Delivers 60-Unit Mixed-Income Apartment Community in Atlanta

by John Nelson March 7, 2024

ATLANTA — Gorman & Co. has delivered Residences at Westview, a 60-unit mixed-income apartment community located at 1991 Martin Luther King Jr. Drive SW in Atlanta. Atlanta Mayor Andre Dickens attended the ribbon-cutting ceremony in late February. Situated near the West Lake MARTA Station, Residences at Westview features one-, two- and three-bedroom apartments, with 90 percent of the units affordable for households earning 50 to 60 percent of the area median income (AMI). Amenities include a playground, community garden and outdoor gathering spaces, as well as after-school services provided by Catholic Charities. Capital sources for Residences at Westview include Georgia Department of Community Affairs, Invest Atlanta, RBC, US Bank and Catholic Charities. Gorman & Co. has 350 units in its development pipeline in the metro Atlanta area over the next two years.

March 7, 2024

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