Multifamily

Douglaston Development Tops Out $320M Multifamily Project in Brooklyn

by Taylor Williams February 28, 2024

NEW YORK CITY — Douglaston Development has topped out a $320 million multifamily project located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood Brooklyn. The 17-story building will ultimately house 456 apartments, 137 of which will be reserved as affordable housing. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged financing for the project, which included $185 million in construction financing from Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate also have a preferred equity investment project in the development, which is slated for completion in late 2025.

February 28, 2024

Development Kansas Midwest Multifamily Seniors Housing

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Kristin Harlow February 28, 2024

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

February 28, 2024

Development Midwest Multifamily Nebraska

Sullivan Development Breaks Ground on 28-Unit Leavenworth Lofts Apartment Building in Omaha

by Kristin Harlow February 28, 2024

OMAHA, NEB. — Developer Sullivan Development Co. has broken ground on Leavenworth Lofts, a 28-unit apartment building in Omaha. The project site at 3612 Leavenworth St. is within walking distance of the University of Nebraska Medical Center. Completion is slated for spring 2025. Leavenworth Lofts will feature one-bedroom units averaging 1,000 square feet. Penthouse units on the fifth floor will feature secured access and private rooftop terraces. Unique to the property is a short-term rental option for units on the lower level as well as a gallery in the lobby that will spotlight rotating exhibits by local artists. Residents will have access to concierge housekeeping services as well as a controlled-entrance garage. BVH Architecture and Ronco Construction make up the project team.

February 28, 2024

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

JV Receives Construction Financing for $125M Rialto West Affordable Housing Development in Hell’s Kitchen

by Kristin Harlow February 28, 2024

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received construction financing for Rialto West, a $125 million affordable housing development in Manhattan’s Hell’s Kitchen neighborhood. Located at 509 W. 48th St., the eight-story building will include 158 units for low- and moderate-income residents. Rialto West will feature a mix of studio, one-, two- and three-bedroom units that will be designated for households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless households. Shared amenity spaces will include a fitness center, laundry room and bicycle storage area. Additionally, the development’s ground floor will include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave. The NYC Department of Parks and Recreation will operate the public open space, which is to be named after Lorraine Hansberry, the famed playwright and author of “A Raisin in the Sun.” The developers are in discussions with IndieSpace, a provider of affordable workspaces for artists, to lease and operate rehearsal and coworking spaces at the property. The …

February 28, 2024

Acquisitions Multifamily Texas

Reynolds, Newport Buy Two Multifamily Properties in Texarkana for $23M

by Taylor Williams February 27, 2024

TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.

February 27, 2024

Acquisitions Multifamily Texas

Colliers Brokers Sale of 128-Unit Apartment Complex in Metro Houston

by Taylor Williams February 27, 2024

HUMBLE, TEXAS — Colliers has brokered the sale of Deer Springs Apartments, a 128-unit multifamily complex located in the northeastern Houston suburb of Humble that was built in 1984. According to Apartments.com, the age-restricted complex offers one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The undisclosed buyer plans to implement a value-add program.

February 27, 2024

Acquisitions Multifamily Seniors Housing Texas

ESI Arranges the Sale of a 119-Bed Seniors Housing Property in Dallas, Buyer Plans $9M Renovation

by Taylor Williams February 27, 2024

DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.

February 27, 2024

Development Multifamily New Jersey Northeast

Hartz Mountain Industries Begins Leasing 262-Unit Apartment Community in Weehawken, New Jersey

by Taylor Williams February 27, 2024

WEEHAWKEN, N.J. — Hartz Mountain Industries has begun leasing Hoboken Point, a 262-unit waterfront apartment community in the Northern New Jersey community of Weehawken. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, individual washers and dryers and various pieces of smart-home technology. Amenities include a fitness center, coworking lounge, demonstration kitchen, game lounge and sports simulator, screening room and library, and a rooftop terrace. Rents start at $3,100 per month for a studio apartment. The first move-ins will begin in late spring. CetraRuddy designed Hoboken Point.

February 27, 2024

Development Florida Multifamily Southeast

Partnership Begins Preleasing 264-Unit Edera Apartments in Palm Springs, Florida

by John Nelson February 27, 2024

PALM SPRINGS, FLA. — A partnership between Mast Capital, Rockpoint and The Spear Group have launched preleasing at Edera, a 264-unit apartment development underway in Palm Springs. Located at 2085 S. Congress Ave. near West Palm Beach, the garden-style community is slated to open for first residents in April. The property will feature a mix of one-, two- and three-bedroom apartments ranging from 715 to 1,212 square feet, with monthly rental rates ranging from $1,925 to $3,325. Designed by MSA Architects, Edera’s amenities will include a central clubhouse, indoor/outdoor yoga area and fitness lawn, lake with a walking path, dog park, playground, resort-style pool with cabanas, coworking spaces, game room and a clubhouse gym.

February 27, 2024

Development Florida Loans Multifamily Seniors Housing Southeast

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by John Nelson February 27, 2024

JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.

February 27, 2024

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