Multifamily

Partnership Begins Leasing Next Phase of Build-to-Rent Townhome Development in Ashburn, Virginia

by John Nelson January 31, 2024

ASHBURN, VA. — A partnership between American Real Estate Partners, GreenBarn Investment Group and Rithm Capital has begun the next wave of leasing at CityHouse Ashburn Station, a 200-unit build-to-rent luxury townhome development underway in metropolitan Washington, D.C. Bozzuto Management Co. is the property manager of the development, which is being delivered in phases. The latest phase adds 12 townhomes to the development, which is expected to fully deliver in early 2025. CityHouse Ashburn Station is situated near the Ashburn Metro Station and features three-bedroom, three-bathroom townhomes ranging in size from 1,544 to 2,486 square feet. All units feature dens, attached garages and oversized windows, and select units include 15-foot kitchen islands and rooftop terraces with outdoor fireplaces. Amenities include a sports court for pickleball or basketball, private playground, pavilion and outdoor kitchen with grills and dining areas, green space for yard games and a pet park. Dream Finders Homes is the general contractor for the project. Rental rates range from $3,495 to $5,590 per month, according to the CityHouse Ashburn Station website.

January 31, 2024

Development Illinois Midwest Multifamily

Joint Venture Completes 304-Unit Lumen Fox Valley Luxury Apartment Complex in Aurora, Illinois

by Kristin Harlow January 31, 2024

AURORA, ILL. — Developers Atlantic Residential and Focus have completed Lumen Fox Valley, a 304-unit luxury apartment complex that repositioned a portion of the Fox Valley Mall in Aurora. Evanston-based Morgante Wilson Architects (MWA) completed the interiors of the property. MWA will also complete the interiors of Lucca Fox Valley, which will replace a former department store with 323 luxury apartment units as part of the second phase of the mall’s redevelopment. Lumen Fox Valley repurposed a vacant Sears store at the mall. MWA designed all common spaces and amenities, including a two-story lobby and lounge, private dining room, clubroom, game room, fitness and yoga studio, and pet spa. MWA also selected the unit finishes for kitchens, baths and flooring, and designed and furnished the model units. Torti Gallas + Partners and HKM Architects + Planners were the project architects. Focus was the general contractor, and USAA Real Estate provided financing. Monthly rents at Lumen Fox Valley start around $1,717. Residents can now earn a free month of rent on select one- and two-bedroom units if they move in by the end of February, according to the property’s website.

January 31, 2024

California Development Multifamily Western

JPI Breaks Ground on 222-Unit Jefferson Inglewood Multifamily Community in California

by Amy Works January 31, 2024

INGLEWOOD, CALIF. — JPI has broken ground on Jefferson Inglewood, a market-rate and affordable housing apartment project in Inglewood, just southwest of Los Angeles. Move-ins are scheduled to begin in early 2026. The eight-story, transit-oriented property will feature 222 studio, one- and two-bedroom apartments. Units will offer stainless steel appliances and full-size washers and dryers. Community amenities will include a pool, cabana, clubroom, fitness center and rooftop deck. Jefferson Inglewood is located three metro stops from El Segundo and one stop from Los Angeles’ The Automated People Mover, including an electric train system on a 2.25-mile elevated guideway with six stations. The project recently received $1 billion in federal funding and construction is scheduled to begin this year. The Jefferson Inglewood project team includes TCA Architects, Englekirk Engineering and Kimley Horn Associates Engineering.

January 31, 2024

Development Multifamily New York Northeast Top Stories

Developers Plan Two Multifamily Projects in Yonkers, New York, Totaling $186.8M

by Kristin Harlow January 31, 2024

YONKERS, N.Y. — Developers have released plans to build two new multifamily projects in Yonkers, about 20 miles north of New York City. The developments represent a total of $186.6 million in private investment and are expected to create 503 construction jobs. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for both projects. Miroza Tower, which a subsidiary of Azorim Construction Co. Ltd. is developing, will rise 27 stories at 44 Hudson St. The $133.5 million project will comprise 250 apartment units, 25 of which will be designated as affordable housing. Amenities will include a party room, library, conference room, gym, two resident lounges, a rooftop garden and children’s playroom. The tower will also include 1,920 square feet of first-floor retail space and a 252-space parking garage. Azorim is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes (PILOT) agreement valued at $12.4 million. The project is expected to create 324 construction jobs. The Center for Urban Rehabilitation and Empowerment Inc. (CURE), a local nonprofit, and Conifer Realty LLC in partnership with the City of Yonkers are developing the second project, …

January 31, 2024

Development Georgia Multifamily Southeast

ECI Group, Griffin Fund Break Ground on $76M Apartment Community in Lawrenceville, Georgia

by John Nelson January 30, 2024

LAWRENCEVILLE, GA. — ECI Group and joint venture partner The Griffin Fund have broken ground on The Averly Collins Hill, a $76 million apartment development in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. The 300-unit, eight-building project will be situated on 22 acres at 700 Collins Road. ECI Construction is the general contractor for the project, and Synovus Bank is providing $46 million in construction financing. The project is planned to deliver concurrently with the nearby 15-story Northside Hospital Gwinnett healthcare tower, as well as a planned active adult housing development. Upon completion, The Averly Collins Hill will feature one-, two- and three-bedroom floor plans, as well as a clubhouse with a clubroom, fitness center, lounge areas and coworking space. Other amenities will include a pool, dog play area and a coffee bar.

January 30, 2024

California Development Multifamily Seniors Housing Western

California Commercial Investment Group Plans 300-Unit Seniors Housing Community in Woodland Hills, California

by Amy Works January 30, 2024

WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.

January 30, 2024

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest Underway on $44.8M Affordable Housing Renovation Project in Springfield, Illinois

by Kristin Harlow January 30, 2024

SPRINGFIELD, ILL. — Related Midwest is underway on the renovation of Poplar Place, a 100-unit affordable housing community in Springfield. The waitlist is now open for the community, and the first rental homes are available for lease. Working with the City of Springfield and the Springfield Housing Authority, Related Midwest and general contractor LR Contracting Co. is in the process of transforming Poplar Place, which was constructed in 1950, into a modern community comprising 100 units with single-family and duplex floor plans. The $44.8 million redevelopment includes de-densifying the existing property and fully rehabbing a total of 75 buildings. Plans also call for a 2.5-acre great lawn, a new community center, playground, management office and walking paths. The affordable residences range from two to four bedrooms, with monthly rents between $800 and $925. The units are income-restricted, with qualified incomes ranging between $41,760 and $78,660 based on household size. Evan Lloyd Architects served as architect for the redevelopment.

January 30, 2024

Development Multifamily New York Northeast

Moinian Group Begins Vertical Construction of 35-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams January 30, 2024

NEW YORK CITY — Locally based developer The Moinian Group has begun vertical construction of 7 Platt Street, a 35-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. The design team includes Rockwell Group and Hill West Architects. Completion is scheduled for late 2025.

January 30, 2024

Company News Multifamily New York Northeast

Berkadia Secures Top Spot Among GSE Lenders, Closes $11.9B in Loans in 2023

by Taylor Williams January 30, 2024

NEW YORK CITY — Berkadia has secured the title of top agency lender for 2023. The firm closed roughly $6.6 billion in Freddie Mac loans and $5.3 billion in Fannie Mae loans, good for the first and second place, respectively, among qualified government-sponsored enterprise (GSE) lenders. Berkadia was also the top HUD lender in terms of volume, closing $1.2 billion in HUD-insured loans in 2023.

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

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