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Multifamily

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DevelopmentMultifamilyTexas

Midway Opens 359-Unit Laura Apartments at East River in Houston

by Taylor Williams

HOUSTON — Midway has opened The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project, construction of which began in late 2021. Rents started at $1,600 per month for a studio when leasing began last fall.

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Affordable HousingDevelopmentMultifamilyTexas

NRP Group Completes 330-Unit Mixed-Income Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Cleveland-based multifamily developer The NRP Group has completed The Markson, a mixed-income housing project in the Barton Springs area of Austin. Named after former company executive Dan Markson, the $60 million property comprises 330 units, more than half of which will be reserved for renters earning 80 percent or less of the area median income. Amenities include a pool, dog park, conference rooms, coworking lounge, coffee bar, fitness center, game room, outdoor kitchen, volleyball and bocce ball courts and access to surrounding nature trails. The NRP Group developed The Markson in partnership with the Housing Authority of the City of Austin. Amegy Bank and J.P. Morgan Asset Management provided financing for the project. According to the property website, monthly rents at The Markson’s essential worker living units start at $1,442 while market-rate units start at $1,790.

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Remington-Ridge-Weatherford
AcquisitionsMultifamilyTexas

Cushman & Wakefield Arranges Sale of 257-Unit Multifamily Property in Metro Dallas

by Taylor Williams

WEATHERFORD, TEXAS — Cushman & Wakefield has arranged the sale of Remington Ridge, a 257-unit multifamily property in the southern Dallas suburb of Weatherford. The initial 133-unit phase was completed in 2022, and construction is underway on the second and final 124-unit phase. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, dog park, game room and an outdoor lounge. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Trinity Capital Group, in the transaction. The buyer was Juniper Investment Group.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Swinerton Underway on $97.8M Oxbow Apartment Community in Charlotte

by John Nelson

CHARLOTTE, N.C. — General contractor Swinerton is underway on the development of Oxbow, a $97.8 million apartment community located within The Mill District in Charlotte. Swinerton is constructing the property on behalf of the developer, Space Craft. Upon completion, which is set for fall 2026, Oxbow will total 398 units across six floors and feature 14,300 square feet of ground-floor retail space. Apartments will range from studio to four-bedroom layouts. Amenities will include a gym, rooftop patio, bike storage and a resident courtyard. Swinerton is using cross laminated timber for Oxbow’s façade that was fabricated by affiliate firm Timberlab at its facility in Greenville, S.C.

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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Berkadia Brokers $14.6M Sale of Build-to-Rent Townhouse Community in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Berkadia has brokered the $14.6 million sale of ID Flagler Village, a build-to-rent (BTR) townhouse community located at 113 N.E. 6th St. in the Flagler Village neighborhood of Fort Lauderdale. The property totals 24 homes spanning 1,600 square feet each. Built in 2018, ID Flagler Village also features private two-car garages, private patios and balconies and amenities including an onsite dog park and controlled access entry. Yoav Yuhjtman, Roberto Pesant, Jaret Turkell and Omar Morales of Berkadia’s South Florida office represented the seller, locally based Ceiba Groupe, in the transaction. An entity doing business as US Housing Reditus Fund LLC acquired the property.

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AcquisitionsMidwestMultifamilyOhio

Friedman Brokers $11.5M Sale of Multifamily Property in Niles, Ohio

by Kristin Harlow

NILES, OHIO — Friedman Real Estate has brokered the $11.5 million sale of Timber Creek Apartments in Niles, about 65 miles southeast of Cleveland. The 305-unit multifamily property is located at 1223 North Road. Peter Jankowski, Rich Deptula and Chrris Weir of Friedman represented the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Helios Arranges $7.5M in Acquisition Financing for Memory Care Community in Suburban St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Helios has arranged a $7.5 million loan and revolving line of credit on behalf of a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month financing for the borrower’s acquisition of a specialty memory care community in suburban St. Paul. The community was stabilized at the time of acquisition and was originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. A Minnesota-based community bank provided the financing.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Negotiates Sale of 23-Unit Apartment Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Marcus & Millichap has negotiated the sale of a 23-unit apartment building in Elgin for an undisclosed price. Originally built in 1976, the property is located at 450 S. Belmont Ave. near Elgin Community College, the Highlands of Elgin Golf Club and Marcus Elgin Cinema. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $5.6M Sale of Manhattan Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $5.6 million sale of a portfolio of three multifamily buildings totaling 56 units in Manhattan. The rent-stabilized buildings, two of which are contiguous, are located along West 111th Street near the edge of Central Park. Seth Glasser, Shaun Riney and Michael Fusco of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Softened Rents, Tenant Dynamics Define Orange County’s Multifamily Market

by Jeff Shaw

— By Pat Swanson, executive vice president, Colliers International — As Orange County enters 2024, its multifamily market stands at the brink of transformation, confronting challenges like softened rents, affordability dynamics and the resilience required in the face of tenant-related complexities. In the midst of a robust economy, the region grapples with obstacles and opportunities that will significantly shape the future of its real estate sector. Orange County’s economic vitality is evident, with a 5.2 percent growth in U.S. GDP and a thriving job market. However, the looming shadow of interest rate fluctuations and inflation above 3 percent has briefly slowed down real estate transactions. While rates are predicted to stabilize, the potential for modest reductions later in the year signals a period of nuanced economic growth and sustained higher rates. In 2024, Orange County’s multifamily housing market is set for change, departing from previous trends of rent increases. The region anticipates modest growth that will be influenced by factors like slower job growth, an influx of 510,000 new units and the mounting challenge of finding qualified tenants. Affordability takes center stage, with rent-to-income ratios reaching 29.8 percent. The widening affordability gap between owning a home and renting is further …

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