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Multifamily

Selkirk-Reserve-Bethlehem-New-York
DevelopmentMultifamilyNew YorkNortheast

NRP Group Breaks Ground on 72-Unit Workforce Housing Project in Bethlehem, New York

by Taylor Williams

BETHLEHEM, N.Y. — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Selkirk Reserve, a 72-unit workforce housing project that will be located just south of Albany in Bethlehem. The property will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 60 percent of the area median income. NRP Group is developing the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Completion is slated for August 2025.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Madison Communities Obtains $80M Construction Loan for Charlotte Multifamily Development

by John Nelson

CHARLOTTE, N.C. — Madison Communities has obtained an $80 million loan for the construction of a multifamily community in the Lower South End (LoSo) neighborhood of Charlotte. Patterson Real Estate Advisory Group arranged the loan through META Real Estate Partners and Bank of America on behalf of Madison Communities. Situated adjacent to Olde Mecklenburg Brewery (OMB), the unnamed community will comprise 320 units and will include dedicated parking for brewery patrons. A timeline for the project was not disclosed. Additionally, parent company Madison Capital Group will relocate its corporate headquarters to a property directly next to OMB. 

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DevelopmentMultifamilySoutheastTennessee

Alliance Residential Opens 303-Unit Broadstone Berry Hill Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Arizona-based Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit apartment community located at 2500 Bransford Ave. in Nashville. In addition to studio, one- and two-bedroom residences, the property features a soon-to-be-opened coffee shop and Second Story, A Private Office Collective, which comprises 19 private offices for rent. Amenities at Broadstone Berry Hill include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a saltwater pool, and the other includes an outdoor TV lounge, fire pit and turf area for lawn games. The project team includes architect Dynamik Design and interior designer Mad Studio. Monthly rental rates range from $1,618 to $3,465, according to the property website.

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8152-W-Eastman-Pl-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

Brixton Capital Buys 352-Unit The Windsor Multifamily Community in Lakewood, Colorado for $124.2M

by Amy Works

LAKEWOOD, COLO. — Brixton Capital has acquired The Windsor, a townhome and apartment property in Lakewood, from Boston-based TA Realty for $124.2 million. The buyer plans to rebrand the community as Brixton Townhomes at Bear Creek and complete a comprehensive renovation to unit interiors and enhance common area amenities. Located at 8152 W. Eastman Place on 29 acres, The Windsor features 53 buildings totaling 392,000 square feet of leasable space. The property offers 352 units, averaging 1,115 square feet, with one- and two-car direct-access garages, in-unit washers/dryers and nine- to 10-foot ceilings. San Francisco-based Carmel Properties originally built the property, which offers a blend of single-family-style living at apartment rental rates. In collaboration with Greystar, Brixton’s third-party property management company, the firm will provide asset management for the property. Brixton Capital and TA Realty were both self-represented in the transaction.

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Cobalt-Apts-Los-Angeles-CA
AcquisitionsCaliforniaMultifamilyWestern

Greystar Sells 135-Unit Cobalt Apartments in Los Angeles to Helio Group

by Amy Works

LOS ANGELES — Greystar has completed the disposition of Cobalt Apartments, a multifamily community in the West Los Angeles-Culver City area of Los Angeles. The acquisition price was not released. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, Hello Group, in the deal. Built in 2019, Cobalt Apartments offers 135 units with stackable washers/dryers, stainless steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets and linen closets. Community amenities include a clubhouse, fitness center, heated pool and spa, two open-air lounges, gated covered parking and bike storage.

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Merx-Portland-OR
DevelopmentMultifamilyOregonWestern

Deacon Development Nears Completion of Three Multifamily Communities in Oregon Totaling 352 Units

by Amy Works

PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Provides $14.3M in Construction Financing for Affordable Housing Project in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.

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LoansMultifamilySouth CarolinaSoutheast

CBRE Secures $120M Refinancing for Morrison Yard Residences in Charleston

by John Nelson

CHARLESTON, S.C. — CBRE has secured a $120 million loan for the refinancing of Morrison Yard Residences, a 379-unit apartment community located along the Cooper River at 838 Morrison Drive in Charleston. The borrower, a joint venture between Woodfield Investments and Argosy Real Estate Partners, delivered the community last year. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE arranged the loan through Northwestern Mutual Life Co. The loan was underwritten with a fixed interest rate in the low 6 percent range. Morrison Yard features a 10-story tower and a six-story mid-rise building offering one-, two- and three-bedroom apartments, as well as penthouse units. Amenities include outdoor courtyards, pool overlooking Charleston Harbor, game room and a bocce ball court, as well as 27,608 square feet of ground-level retail space. BODYROK, a Pilates fitness concept, recently signed a lease to occupy retail space at Morrison Yard Residences. The apartment community serves as the multifamily component of Morrison Yard, a mixed-use development that will also feature an office tower, Kimpton Hotel and 40,000 square feet of retail space at full build-out.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 297-Unit Broadstone Craft Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone Craft, a 297-unit apartment community located at 1015 N. Alexander St. in Charlotte’s Optimist Park neighborhood. The property is situated adjacent to Birdsong Brewery and a stop on the Parkwood LYNX Blue Line. Cline Design Associates and interior designer LS3P designed the property with a 1980s aesthetic that incorporates elements of craft beer culture. The property’s public spaces include a two-tap kegerator system serving cold brew and kombucha for residents, a custom retro TV wall and beer barrel seating booths. Other amenities include a resort-style saltwater pool with two grilling stations and an exterior courtyard featuring a beer fermentation tank, as well as coworking and private focus rooms, a mailroom with 24-7 package access, bike storage, electric vehicle charging stations and a fenced pet park. Broadstone Craft offers a mix of studio, one- and two-bedroom apartments averaging 716 square feet in size. Monthly rental rates range from $1,471 to $2,866, according to the property website.

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AcquisitionsFloridaMultifamilySoutheast

JBM Brokers $66.5M Sale of Charlotte Commons Apartments in Southwest Florida

by John Nelson

PORT CHARLOTTE, FLA. — JBM Institutional Multifamily Advisors has brokered the sale of Charlotte Commons, a 264-unit apartment community located in the Southwest Florida city of Port Charlotte. An unnamed New York-based company and Image Capital purchased the Class A property for $66.5 million. The seller, Indiana-based SC Bodner Co., developed Charlotte Commons in 2022. The property comprises 11 three-story buildings with studios, one- and two-bedroom apartments averaging 846 square feet in size. Amenities include a resort-style pool with a sun deck, grilling stations, shaded outdoor lounge area, fitness center, clubhouse with a business center, bark park, pickleball courts and 57 garages available for rent.

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