Multifamily

Madison Capital, Inlet Property Break Ground on 86-Unit Apartment Development in Charlottesville, Virginia

by John Nelson October 7, 2024

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Group and Inlet Property Co. has broken ground on Madison Charlottesville, an 86-unit apartment development located near the University of Virginia. Situated on a four-acre site off Rio Road, the property will feature studio, one- and two-bedroom apartments ranging in size from 575 to 1,211 square feet. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Longline Financial on behalf of Madison Capital and Inlet Property. The construction timeline for Madison Charlottesville was not disclosed.

October 7, 2024

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Breaks Ground on Two-Phase Affordable Seniors Housing Community in Columbus, Ohio

by Kristin Harlow October 7, 2024

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver. The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft …

October 7, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.6M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow October 7, 2024

ST. PAUL, MINN. — Marcus & Millichap has brokered the $3.6 million sale of Birmingham Heights, a 28-unit multifamily property in St. Paul. Built in 1983, the community is located at 1424 Case Ave. E in the city’s Greater East Side neighborhood. Matt Shide, Evan Miller, Chris Collins, Eric Wagner and Zack Olson of Marcus & Millichap represented the seller, a local owner. The buyer was an out-of-state 1031 exchange investor looking to build its portfolio of apartments throughout Minnesota. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

October 7, 2024

California Development Multifamily Student Housing Western

Joint Venture to Break Ground on 262-Bed Student Housing Development Near UC Berkeley

by Amy Works October 7, 2024

BERKELEY, CALIF. — A joint venture between Canyon Partners Real Estate, The Martin Group and Valiance Capital is set to break ground on The Valiant, a 262-bed student housing development located near the University of California, Berkeley (UC Berkeley) campus. Construction on the project is expected to begin imminently with completion planned for fall 2026. The joint venture recently closed on a senior construction loan for the development that was provided by Kennedy Wilson. Further details on the financing were not disclosed. The eight-story community will feature 83 units and 1,461 square feet of retail space. Shared amenities will include a study lobby, fitness center, rooftop deck lounge, gathering spaces, private study lounges and secured bike stations.

October 7, 2024

Development Multifamily New Jersey Northeast

Tinkelman Brothers Completes 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams October 7, 2024

POUGHKEEPSIE, N.Y. — Tinkelman Brothers Development Corp. has completed 44 Springside, a 28-unit multifamily project located north of New York City in Poughkeepsie. Designed by the firm’s in-house architecture team, 44 Springside offers one- and two-bedroom units that feature quartz countertops, laundry/storage rooms and smart lock/entry systems. Amenities include a community room, rooftop terrace and an indoor pool. Rents start at $2,500 per month for a one-bedroom apartment.

October 7, 2024

Arizona California Company News Development Georgia Massachusetts Student Housing Texas Top Stories

ACC Delivers Six Student Housing Developments in 2024 Totaling $855M

by Hayden Spiess October 7, 2024

AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …

October 7, 2024

Acquisitions Affordable Housing Multifamily Southeast Virginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson October 4, 2024

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

October 4, 2024

Acquisitions Florida Multifamily Southeast

American Landmark Acquires, Rebrands 455-Unit Apartment Community in Brandon, Florida

by John Nelson October 4, 2024

BRANDON, FLA. — American Landmark Apartments has acquired Courtney Trace & The Addison, a 455-unit multifamily community located at 1131 Courtney Trace Drive and 251 Annapolis Way in Brandon, about 13 miles east of Tampa. The locally based buyer will rebrand the property as “The Griffin” moving forward. American Landmark also plans to implement $7 million of upgrades at the community, including a new dog park, updates to the clubhouse and fitness center, improvements to the pool and outdoor areas and the addition of electric vehicle charging stations. Interior units will also undergo substantial renovations. The seller and sales price were not disclosed.

October 4, 2024

Acquisitions Loans Multifamily Texas

JLL Arranges Refinancings for Two Houston Multifamily Properties Totaling 745 Units

by Taylor Williams October 4, 2024

HOUSTON — JLL has arranged two loans of undisclosed amounts for the refinancing of a pair of multifamily properties totaling 745 units in Houston’s River Oaks area. Hanover Autry Park is a 23-story high-rise building with 324 units and nearly 23,000 square feet of ground-floor retail space. Hanover Parkview is a 421-unit midrise apartment building with 24,000 square feet of ground-floor retail space. Both properties were completed in 2022 and offer amenities such as pools, outdoor grilling areas, social lounges with entertainment kitchens, fitness centers and rooftop lounges with indoor/outdoor bars. The properties were 92 and 95 percent occupied, respectively, at the time of the closings of the loans, both of which were structured with five-year terms and fixed interest rates. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin of JLL arranged the loans through funds backed by global private equity firm KKR. The borrower, a partnership between Hanover Co. and Lionstone Investments, will use proceeds to retire construction debt that JLL also originated for both properties in 2019.

October 4, 2024

Acquisitions Multifamily Texas

GREA Negotiates Sale of 152-Unit Park Lane Terrace Apartments in Dallas

by Taylor Williams October 4, 2024

DALLAS — Multifamily brokerage firm GREA has negotiated the sale of Park Lane Terrace, a 152-unit apartment complex located at 6864 Larmanda St. in the Vickery Meadows neighborhood of Dallas. According to Apartments.com, Park Lane Terrace was originally built in 1968. The property offers one-, two- and three-bedroom apartments with an average unit size that exceeds 800 square feet. A California-based firm sold the property to a private equity real estate firm, with both parties requesting anonymity. Mark Allen and Chibuzor Nnaji of GREA brokered the deal.

October 4, 2024

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