RICHMOND, VA. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a senior living community located at 9801 Harmony Woods Way and 2422 University Blvd. in Richmond. Totaling 219 units, the property features independent living, assisted living and memory care residences situated on one contiguous campus. Amenities include restaurant-style dining, a Legends club and bar, wellness center, movie theater, concierge services and programming, including lectures, fitness classes and onsite therapy. The property was 93 percent occupied at the time of financing. Ryan Stoll and Taylor Mokris of BWE secured the financing on behalf of the borrower, an undisclosed private equity investor.
TULSA, OKLA. — A public-private partnership between Pennrose and the Tulsa Housing Authority (THA) will develop 36N, a $190 million, 545-unit mixed-income residential project. The partnership will redevelop the existing 271-unit Comanche Park Apartments and construct an additional 274 units from the ground up as part of a larger revitalization initiative known as Envision Comanche. The development will also feature single-family homes and a mix of commercial and civic uses, including a grocery store, urban farm and a wilderness area. Vertical construction for Phase I of 36N will begin later this summer, with full completion slated for 2028.
HOUSTON — Atlanta-based multifamily investment and development firm Cortland has acquired a 288-unit property in Houston’s River Oaks neighborhood. Villas River Oaks offers one- and two-bedroom units that range in size from 625 to 1,200 square feet. Amenities include a pool, clubhouse, fitness center, lounge, community garden and outdoor grilling and dining stations. The seller was international investment firm Heitman. The sales price was not disclosed. The new ownership will implement a value-add program and rebrand the property as Cortland River Oaks.
CLEVELAND — The Bell Apartments, an adaptive reuse project that involved the conversion of the former Ohio Bell Building into apartments, has opened at 45 Erieview Plaza in downtown Cleveland. Cross Street is handling leasing and marketing for the 367-unit luxury apartment building, while Peak Properties is the property manager. Formerly the Ohio Bell telephone headquarters, the property now features amenities such as a rooftop pool, coworking space, 10,000-square-foot fitness center, pet areas and 24-hour door attendant. Residents can choose from one- and two-bedroom floor plans. Monthly rents start at $1,224, according to the property’s website.
BROOMFIELD, COLO. — Northmarq has arranged $46 million in construction financing for Blackburn Communities for the development of Wadsworth Junction, a Class A multifamily property at 11495 Wadsworth Blvd. in Broomfield. Situated on 7.7 acres, the three-building community will offer 227 one-, two- and three-bedroom apartments averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, washers/dryers, walk-in closets and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room; a resort-style pool with spa, cabanas and grilling areas; covered parking; electric vehicle charging stations; and an onsite dog park. Jeff DeHarty and Carl Riggins of Northmarq’s Denver debt and equity team arranged four-year, interest-only loan with an extension option for the borrower through a regional commercial bank.
VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, an apartment community in Vancouver, just across the Columbia River from Portland, Oregon. Situated on nine acres on NE 72nd Avenue, One26 Vista will feature 238 one-, two- and three-bedroom apartments, averaging approximately 920 square feet. LSW Architects designed the garden-style apartment property, which will offer secure access entries, stainless steel appliances, quartz countertops, kitchen tile backsplashes, laminate cabinets and flooring, roller shades and air conditioning. Community amenities will include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge. Krevolin & Horst of Atlanta represented Vista Residential Partners.
NEW YORK CITY — A developer doing business as Bronx 161 LLC has completed Bronx Vibe, a 155-unit mixed-income housing project in the borough’s Concourse Village area. Residences come in studio, one- and two-bedroom floor plans, with 30 percent of the units reserved as affordable housing. Amenities include a pool, fitness center, coworking lounge, game roof and a rooftop terrace. IMC Architecture designed the project. Classic Image handled interior design, and Ray Builders served as the general contractor. Information on starting rents was not disclosed.
By Sonya Haffey, CEO of V Starr In today’s bustling real estate landscape, the multifamily sector holds as a beacon of opportunity amid the evolving demands of modern living. As urban areas continue to expand and diversify, the need for appealing residential spaces becomes more critical. However, with competition at its peak, developers and their design partners face the challenge of distinguishing their offerings in a crowded market. To thrive in this environment, those groups must adopt innovative strategies that captivate potential residents. The key? Thoughtful, strategic branding that distinguishes our properties, promising a realm of elevated modern living. To craft a distinctive brand identity tailored to each property, our team at V Starr undertakes a meticulous analysis of the desires, needs and lifestyles of the target demographics. By crafting detailed personas representing a spectrum of tenants — from recent graduates seeking their first studio apartments to young, growing families occupying two- to three-bedroom units — we gain invaluable insight into their daily lives. This foresight allows us to anticipate their needs and sensibilities, ensuring that our properties exceed their expectations of urban living. This approach allows us to deliver sharp aesthetics and tailored amenities that resonate deeply with residents. …
— By Candice Chevaillier, CCIM, Principal, Lee & Associates | Pacific Northwest Multifamily Team — Absorption still lags supply in the Seattle MSA contributing to higher vacancy and flat rents. In Q1 2024 3,000 units were delivered, yet only 2,800 were absorbed. Vacancy is stabilizing at 6.9 percent this quarter and then is expected to trend down starting in Q3, finally allowing meaningful growth in rents. Construction costs remain high and options for financing limited, curtailing new development. This is creating demand for existing value-add acquisitions. 2024 and 2023 sale volume in the Seattle MSA is still a trickle of what it was in 2022 and 2021, shifting Cap Rates slowly upwards. This trend is expected to be short-lived. As interest rates finally begin to fall, and rents begin to rise, investors who catch this inflection point will prevail from best pricing and benefit while more conservative capital sits on the sidelines.
NEW BRAUNFELS, TEXAS — Berkadia has arranged the sale of The Blake at New Braunfels, a 112-unit seniors housing property located on the northeastern outskirts of San Antonio. Built in 2021, the property features 71 assisted living units and 41 memory care units. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia represented the seller, Mississippi-based LifeCare Properties, in the transaction. Arizona-based Inspired Healthcare Capital purchased The Blake for an undisclosed price.