Multifamily

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson July 24, 2024

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

July 24, 2024

Affordable Housing Development Georgia Mixed-Use Multifamily Retail Southeast

City of Refuge Breaks Ground on $15.2M Mixed-Use Center in West Atlanta

by John Nelson July 24, 2024

ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …

July 24, 2024

Development Massachusetts Multifamily Northeast

Greystar Breaks Ground on 416-Unit Multifamily Project in Everett, Massachusetts

by Taylor Williams July 24, 2024

EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on a 416-unit multifamily project in the eastern Boston suburb of Everett. The project represents the second phase of a larger development at 1690 Revere Beach Parkway, the first phase of which totals 325 units and is known as Jade. Phase II will be known as Juniper and is slated for a mid-2026 delivery. CUBE3 Architects designed both properties, which between them will include 850 parking spaces, 10,500 square feet of retail space and 22,800 square feet of amenity space.

July 24, 2024

Development Multifamily New Jersey Northeast Seniors Housing

DIGroup, JCHC Complete Renovation, Expansion of Northern New Jersey Seniors Housing Property

by Taylor Williams July 24, 2024

WHIPPANY, N.J. — DIGroup Architecture and Jewish Community Housing Corp. (JCHC) have completed a renovation and expansion project at Lester Senior Living in Whippany, approximately 30 miles west of Manhattan. The facility provides independent living and assisted living services. The project added about 20,000 square feet of new amenities. The project team also worked to create more interactive spaces for residents by enhancing the café/reading room and refurbishing the dining room. A new theater was added to the second level, and the atrium was also renovated.

July 24, 2024

Acquisitions Arizona Multifamily Western

Bridge Investment Group Divests of 288-Unit Equestrian Multifamily Property in Tucson, Arizona

by Amy Works July 24, 2024

TUCSON, ARIZ. — Bridge Investment Group has completed the disposition of Equestrian, a multifamily property in Tucson. Investors Capital Group acquired the asset for an undisclosed price. Built in 2008, Equestrian features 288 apartments with fully equipped kitchens, granite countertops, in-unit washers and dryers, nine-foot ceilings, large walk-in closets and private patio or balconies. Community amenities include a leasing office, business center, resort-style swimming pool, clubhouse, fitness center, covered parking and 70 private detached garages. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 24, 2024

Acquisitions Development Multifamily Washington Western

Marcus & Millichap Arranges $1.8M Sale of Apartment Development Site in Seattle

by Amy Works July 24, 2024

SEATTLE, WASH. — Marcus & Millichap has brokered the sale of a 5,178-square-foot land parcel at 849 NW Market St. in Seattle. A private investor acquired the asset for $1.8 million, or $51,000 per unit. Jake Morse, Ryan Dinus and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the buyer in the deal. The 5,178-square-foot parcel is fully entitled for a 35-unit multifamily development.

July 24, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson July 23, 2024

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

July 23, 2024

Development Southeast Student Housing Tennessee

Core Spaces, Schenk Realty Plan 800-Bed Student Housing Development Near University of Tennessee

by John Nelson July 23, 2024

KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.

July 23, 2024

Georgia Loans Multifamily Southeast

Greystone Provides $15.5M Agency Refinancing for Apartment Community in Albany, Georgia

by John Nelson July 23, 2024

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.

July 23, 2024

Development Multifamily Texas

Wood Partners Breaks Ground on 312-Unit Multifamily Project in West San Antonio

by Taylor Williams July 23, 2024

SAN ANTONIO — Atlanta-based developer Wood Partners has broken ground on Alta Westover Hills, a 312-unit multifamily project on the west side of San Antonio. Alta Westover Hills will offer one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes, custom cabinets and full-sized washers and dryers. Amenities will include a pool, clubroom, fitness center, business center, conference and entertainment spaces, outdoor kitchen and dining areas and a dog park. Wood Partners is developing the property in partnership with German investment firm EIG EuroInvestor. Completion is slated for summer 2025.

July 23, 2024

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