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Multifamily

2840-Atlantic-Ave.-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Moinian Group, Bushburg Begin Leasing 320-Unit Multifamily Redevelopment Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg has begun leasing a 320-unit multifamily redevelopment project in the Cypress Hills area of Brooklyn. The development team converted the former Empire State Dairy site at 2840 Atlantic Ave. into a 14-story multifamily building with market-rate and affordable housing units, as well as 21,000 square feet of commercial space and an onsite charter school. Units come in studio, one-, two- and three-bedroom formats, and amenities include a rooftop terrace, fitness center, coworking space, tenant lounge and children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. Information on starting rents was not disclosed.

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AcquisitionsIowaMidwestMultifamily

NAS Investment Solutions Purchases 120-Unit Multifamily Property in Des Moines

by Kristin Harlow

DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the multifamily property rises three stories with 120 units averaging 875 square feet. Amenities include an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.

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955-Ave-of-the-Oaks-Reno-NV
AcquisitionsMultifamilyNevadaWestern

Tower 16 Capital Partners Purchases Deco at Victorian Square Apartment Community in Reno, Nevada for $43M

by Amy Works

RENO, NEV. — San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, an apartment property located at 955 Avenue of the Oaks in Reno, for $43 million. Built in 2021, The Deco features 209 apartments in a mix of studio, one- and two-bedroom layouts averaging 731 square feet. Tower 16 plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company has also planned outdoor amenities, including barbecues, seating and game areas. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil Secured arranged debt financing for the buyer.

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Birge-Held
FeaturesMultifamily

How Multifamily Owners Can Strike A Balance Between Technology Use, Human Connection

by Taylor Williams

By Heather Drennan, senior director of talent development, and Kory Nelson, marketing director, of Birge & Held The use of proptech is a factor that is sure to come up regularly in conversations among executive teams, regional vice presidents and local property teams, simply because the capabilities of modern technology and innovations are endless. For example, consider this article by Fast Company, a publication at the forefront of technology, innovation and leadership. The article cites how the implementation of proptech can have an all-encompassing, positive effect at the resident, community, societal and even environmental level. From innovations that reimagine the way residents tour an apartment complex and gain access to their units to those that redefine how property management and maintenance teams complete trainings and respond to residents’ requests, it’s clear that technologies bolstering automation and artificial intelligence (AI) are here to stay. But that’s not to say there isn’t any pushback. The multifamily space is rooted in relationships that are essential to building and maintaining community, and for many renters, the presence of a human connection remains key. This poses a clear dilemma — how should multifamily owners and operators strike a balance between reaping the benefits of proptech …

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DevelopmentSeniors HousingSoutheastVirginia

Focus Healthcare Completes $67M Renovation at The Virginian Seniors Housing Community in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. ­— Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the Washington, D.C., suburb of Fairfax. LCS operates the property. This remodel included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include a pickleball court, bocce ball court, putting green, a dog park and a fire pit area. In addition, renovations added an exclusive fifth-floor concierge level that offers its own dining room and bar. The one, two- and three-bedroom apartments were upgraded to include California closet design, electronic blinds, smart thermostats and smart lights that connect to a smartphone. The seven-story, 367,000-square-foot property now boasts four wings, offering 155 independent living apartments, 56 assisted living residences, 36 memory care units and 53 skilled nursing units.

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AcquisitionsGeorgiaSoutheastStudent Housing

University Partners Acquires 370-Bed Student Housing Community Near University of Georgia

by John Nelson

ATHENS, GA. — University Partners has acquired The William, a 370-bed student housing community located adjacent to the University of Georgia campus in Athens. The property was developed in 2022 and offers studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop swimming pool, patio and lounge space, fitness center, collaborative study spaces and a private outdoor courtyard. Ryan Lang, Jack Brett, Ben Harkrider, Ben Roelke, Trent Houchin and Ian Walker of Newmark arranged both the sale and acquisition financing on behalf of University Partners. The seller and terms of the transaction were not disclosed.

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DevelopmentMidwestMultifamilyWisconsin

Inland Closes $27M Capital Raise for 261-Unit Luxury Apartment Complex in Milwaukee’s Historic Third Ward

by Kristin Harlow

MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a more than $27 million capital raise for a joint venture multifamily development in Milwaukee. The 261-unit luxury apartment project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. IVP purchased the land parcel at 245 Harbor Drive in the city’s Historic Third Ward, and construction began in March 2023. Leasing is expected to begin in January 2025. The property will feature a pool, patio, dog park, parking garage and other amenities. Construction financing closed in March 2023 in sequence with the construction start, according to Rod Curtis, president of IVP. “The $27 million equity portion of the capital stack was initially backstopped by corporate funding, and as we raised capital from accredited investors, corporate funding was replaced by investor equity. The remaining portion was funding by a third-party construction loan,” he says.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Secures $4.2M Loan for Refinancing of Multifamily Property in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.

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LoansMichiganMidwestMultifamily

PACE Loan Group Arranges $4M in C-PACE Financing for Short-Term Rental Condos in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — PACE Loan Group has arranged nearly $4 million in C-PACE financing for The Boardwalk, a short-term rental condominium project under construction in Traverse City. The property is being built in two phases. The first phase, which features 42 units with first-floor retail space, received $1.7 million in early 2023 and is slated for completion in March. The second phase, which features 48 units, received $1.8 million and is scheduled for completion in the second quarter. The project is utilizing modular construction methods. The senior lender for both C-PACE loans was a local credit union. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including increased building insulation, Energy Star windows, high-efficiency HVAC and plumbing fixtures, and LED lighting. The renewable and energy conservation measures are expected to save $120,140 annually in the payback period of 13.5 years. The Boardwalk marks the fourth PACE project in Grand Traverse County and the 76th in the state of Michigan. The PACE program is administered in a public-private partnership through Lean & Green Michigan. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing …

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Oakview-Apts-Biltmore-Apts-CA
AcquisitionsCaliforniaMultifamilyWestern

FPA Multifamily Buys Two-Property Apartment Portfolio in Ventura County, California for $153M

by Amy Works

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — FPA Multifamily has purchased a two-property apartment portfolio in Ventura County from a private multifamily investor for $153 million. The portfolio includes Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit property built in 1965 in Thousand Oaks. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and facilitated the buyer in the deal.

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