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Multifamily

The-Burrow-at-Green-District-Marlborough
AcquisitionsMassachusettsMultifamilyNortheast

Rockpoint, Post Road Sell 235-Unit Apartment Community in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — A partnership between Boston-based private equity firm Rockpoint and Connecticut-based developer Post Road Residential has sold The Burrow at Green District, a 235-unit apartment community located in the western Boston suburb of Marlborough. The newly built complex sits on 10 acres and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coworking space, rooftop deck, podcasting room and access to 40 acres of trails and woodlands. The buyer and sales price were not disclosed.

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ColoradoDevelopmentLoansLumentMultifamilySeniors HousingWestern

Lument Arranges $27M Construction Financing for Seniors Housing Project in Durango, Colorado

by Amy Works

DURANGO, COLO. — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent investment firm. C-PACE is an alternative financing mechanism used for the upfront costs associated with energy efficiency or renewable energy improvements. Founded in 2012, Mission Senior Living is an owner and operator of senior living communities in the Western U.S. with six communities totaling 639 units under management.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers $6.1M Sale of Wasko Modern Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wasko Modern Apartments, a multifamily property in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Located at 2302 E. Fort Lowell Road, the 30,280-square-foot investment property features 38 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Holly-Villas-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

ABI Multifamily Negotiates $5M Purchase of Two-Property Multifamily Portfolio in East Phoenix

by Amy Works

PHOENIX — ABI Multifamily has brokered the acqusition of a two-property apartment portfolio in Phoenix. The 30-unit portfolio traded for $5 million, or $166,667 per unit. The undisclosed buyer and seller are both based in Arizona. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal. Built in 1963, Holly Villas Apartments consists of six buildings offering a total of 22 two-bedroom/two-bath apartments. Consisting of six separate lots, the property sits on a total of 1.49 acres. Built in 1976, 50th Street Apartments features two buildings with seven two-bedroom/one-bath units and one three-bedroom/one-bath unit. The two-lot property sits on a total of 0.48 acres.

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IowaLoansMidwestMultifamilySeniors Housing

JLL Arranges $17.9M in Acquisition Financing for Two Seniors Housing Properties in Iowa

by Kristin Harlow

INDIANOLA AND MASON CITY, IOWA — JLL Capital Markets has arranged $17.9 million in acquisition financing for Vintage Hills of Indianola and Country Meadow Place in Iowa. The assisted living and memory care communities total 118 units. Jeff Lepley and Alex Sheaffer of JLL arranged two loans on behalf of the borrower, affiliates of Jaybird Senior Living. Jaybird managed both communities prior to the acquisition. JLL arranged one loan through a regional bank, while the other utilized the HUD 232/223(f) program. The loans represent greater than 80 percent of the total purchase price. Vintage Hills of Indianola is a 62-unit facility located in Indianola, a southern suburb of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and community parlor. Country Meadow Place is a 56-unit property in Mason City, a city in northern Iowa. The community offers the same amenities as Vintage Hills of Indianola.

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The-Franklin-Westfield
DevelopmentMultifamilyNew JerseyNortheast

Coldwell Banker Begins Leasing 40-Unit Apartment Complex in Westfield, New Jersey

by Taylor Williams

WESTFIELD, N.J. — Coldwell Banker Realty has begun leasing The Franklin Westfield, a 40-unit apartment complex in Northern New Jersey. Locally based developer Adoni Property Group owns the property, which offers one-, two- and three-bedroom units ranging in size from 750 to 2,650 square feet. Amenities include a pool, fitness center, resident lounge, outdoor grilling and dining stations, business center, library and a pet park. Rents start at $4,300 per month for a one-bedroom apartment.

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AcquisitionsKansasMidwestMultifamilySeniors Housing

Blueprint Negotiates Sale of 58-Unit Assisted Living Community in Central Kansas

by Kristin Harlow

KANSAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 58-unit assisted living community in Central Kansas. Built in the early 1990s, the property was well maintained by current ownership, including a $400,000 capital expenditure investment to ensure the community remained competitive within the local market, according to Blueprint. The buyer was a Kansas-based owner-operator. Further details were not provided. Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint brokered the sale.

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Market ReportsMultifamilyNorth CarolinaSoutheastSoutheast Market Reports

Raleigh-Durham Multifamily Market to See Rent, Occupancy Growth in 2024

by John Nelson

By Lisa Narducci-Nix of Drucker + Falk As a third-party manager of more than 7,000 multifamily units in the Raleigh-Durham metropolitan area, the question we’ve been asked the most lately is, “What do you see for 2024 in terms of rent growth and occupancy?” Alongside other concerning variables such as liability insurance and payroll, rent and occupancy performance seem to be front and center in most conversations.  Rents have notably cooled from the unprecedented growth enjoyed most of 2022. According to a multifamily market report on Raleigh by Yardi Matrix, rent growth was negative 0.2 percent in third-quarter 2023 compared to the second quarter and down 1.5 percent on a year-over-year basis.  We expect that those numbers represent a market correction of sorts from the unsustainable growth in 2022 as employment and population growth remain strong in the Raleigh-Durham market. In recent headlines, Apple is planning to begin its first phase of its 281-acre office campus, which will add 3,000 jobs at full build-out, and VinFast will begin developing its $4 billion electric vehicle plant in nearby Chatham County in 2025.  Additionally, the U.S. Census Bureau found that the population of the Raleigh-Durham MSA grew by 2 percent in 2021 …

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Greystone Provides $39M Construction Financing for Affordable Housing Development in Tysons Corner, Virginia

by John Nelson

TYSONS CORNER, VA. — Greystone has provided $39 million in Freddie Mac tax-exempt loan (TEL) unfunded forward financing for the construction of 265 units within a new affordable housing development in Tysons Corner, a city roughly 16 miles west of Washington, D.C. Pharrah Jackson of Greystone originated the financing on behalf of the borrower, Arlington Partnership for Affordable Housing (APAH). Located at 1592 Spring Hill Road, the property is situated within the larger The Exchange at Spring Hill Station development. Upon completion, the community will total 516 units across two, 20-story buildings — Dominion North and Dominion South — and will mark the first multifamily property in Tysons to comprise 100 percent affordable housing units, according to Greystone. In addition to the residential buildings, the project will include a community center condominium owned and managed by Fairfax County. Dominion North, the subject of the financing, will feature 55 one-bedroom units, 146 two-bedroom units and 64 three-bedroom units, with varying affordability restrictions. The Fairfax County Redevelopment and Housing Authority (FCRHA) has also approved and awarded the developer 40 project-based vouchers, which will require that 40 units be leased to residents earning 30 percent or less of the area median income (AMI). …

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DevelopmentFloridaMultifamilySoutheast

Kolter Breaks Ground on 252-Unit Alton Osprey Apartments Near Sarasota, Florida

by John Nelson

OSPREY, FLA. — Kolter Multifamily, an affiliate of Delray Beach, Fla.-based The Kolter Group, has broken ground on Alton Osprey, a 252-unit apartment community in Osprey. Situated at 174 E. Bay St. roughly 10 miles outside of Sarasota, the property will feature one-, two- and three-bedroom units within three-, four- and five-story buildings. Apartments will range from 740 to 1,492 square feet. Amenities will include a swimming pool, fireside lounge, outdoor kitchen with grills, business center, conference room, coworking offices with a coffee bar and free Wi-Fi, game lounge and a fitness center with a yoga and spin studio. The property will also feature bike storage areas, package acceptance services and electric vehicle charging stations. A construction timeline was not disclosed.

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