Multifamily

Wayfinder, Read King Break Ground on 348-Unit Multifamily Project in Metro Houston

by Taylor Williams December 13, 2023

KATY, TEXAS — A partnership between two developers, Austin-based Wayfinder Real Estate and Houston-based Read King Commercial Real Estate, has broken ground on The Oak at Katy Park, a 348-unit multifamily project in the western Houston suburb of Katy. The site is located within the 54-acre Market at Katy Park master-planned development. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, coworking space, pickleball court and outdoor grilling and dining stations. Meeks Architects is designing the project, and OHT Construction is serving as the general contractor. Completion is slated for early 2025.

December 13, 2023

Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $100M in Bridge Financing for West Harlem Apartment Building

by Taylor Williams December 13, 2023

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.

December 13, 2023

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $18.6M Loan for Refinancing of Jersey City Apartment Complex

by Taylor Williams December 13, 2023

JERSEY CITY, N.J. — JLL has arranged an $18.6 million loan for the refinancing of an 83-unit apartment complex in the Journal Square area of Jersey City. The six-story building at 39 High St. was delivered earlier this year and houses a mix of studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace. Matthew Pizzolato, Max Custer and John Cumming of JLL arranged the fixed-rate loan through an undisclosed life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group.

December 13, 2023

Development Florida Multifamily Southeast

Ryan Cos. Begins Leasing 502-Unit Renata at Lakewood Ranch Apartments in Metro Tampa

by John Nelson December 13, 2023

BRADENTON, FLA. — Ryan Cos. has begun leasing Renata at Lakewood Ranch, a 502-unit apartment development located in Bradenton, a suburb of Tampa. The property is part of the 33,000-acre Lakewood Ranch development. Renata’s first buildings and clubhouse are set to open this month. Ryan Cos., along with development partners PGIM Real Estate and ParkSprings Development, expect to fully open the property by July 2024. Renata will include one-, two- and three-bedroom apartments ranging in size from 740 to 1,285 square feet, as well as a resort-style pool, fitness facilities and a private lakeside beach. Monthly rental rates will range from $2,145 to $2,790, according to Apartments.com.

December 13, 2023

Development Florida Southeast Student Housing

Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami

by John Nelson December 13, 2023

MIAMI — The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 square feet of retail space. Further details on the project were not provided. The development team includes FirstBank Florida, ABANCA USA, MODIS Architects, MOSS & Associates and Asset Living.

December 13, 2023

California Development Hospitality Mixed-Use Multifamily Retail Western

Caribou Industries to Develop Mixed-Use Property in Downtown Santa Ana, California

by Amy Works December 13, 2023

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to begin construction on 3rd & Broadway Promenade, a mixed-use project in downtown Santa Ana. Located in the southeastern suburbs of Los Angeles, 3rd & Broadway Promenade will feature a 16-story multifamily building, a 10-story hotel and an event center. The residential component will offer studio, one- and two-bedroom floorplans and 198 secured homeowner garages. The three-star hotel will feature 75 guest rooms, a rooftop conference facility, restaurant, bar and more than 13,500 square feet of retail and residential space. Additionally, 3rd & Broadway Promenade will feature a 204-space parking structure for the public. Construction is slated to begin in second-quarter 2024. Gensler is serving as architect for the project.

December 13, 2023

Affordable Housing Development Loans Multifamily Texas

BWE Provides $14.4M HUD-Insured Construction Loan for Denton Affordable Housing Project

by Taylor Williams December 12, 2023

DENTON, TEXAS — BWE, the commercial mortgage banking firm formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.4 million, HUD-insured construction loan for Westview Heights, a 132-unit affordable housing project in the North Texas city of Denton. Westview Heights will offer one-, two- and three-bedroom units across three buildings that be reserved for households earning between 30 and 60 percent of the area median income, with 22 units being rented at market rates. Amenities will include a pool, fitness center, business center, laundry facilities and outdoor grilling and dining stations. Jon Killough of BWE originated the loan, which is structured with a fixed interest rate and interest-only payments for the duration of construction, through HUD’s 221(d)(4) program. The borrower was Generation Housing Partners. The capital stack also includes Low-Income Housing Tax Credit (LIHTC) equity that was provided by the Texas Department of Housing & Community Affairs.

December 12, 2023

Acquisitions California Multifamily Western

Decron Properties Buys Margo at The Society Multifamily Community in San Diego for $125.5M

by Amy Works December 12, 2023

SAN DIEGO — Decron Properties has acquired Margo at The Society, an apartment property located at 201 Del Sol Drive in San Diego, for $125.5 million. The name of the seller was not released. The acquisition was fueled through a 1031 exchange, with Decron selling two properties in Thousand Oaks — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvesting a portion of those funds into Margo at The Society. Part of a mixed-use development that includes four multifamily communities, Margo at The Society features 240 one-, two and three-bedroom apartments with quartz countertops, stainless steel appliances, designer backsplashes, soft-close cabinets and drawers, keyless entry and Nest thermostat systems. Community amenities include a resort-style pool area, fitness center and common area lounge and meeting rooms.

December 12, 2023

Sutton-Landing-at-Mount Sinai-Long-Island

Acquisitions Multifamily New York Northeast Seniors Housing

CBRE Negotiates Sale of 225-Unit Active Adult Property in Mount Sinai, New York

by Taylor Williams December 12, 2023

MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.

December 12, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

SLIB Negotiates Sale of 40-Unit Renew Saddle Rock Memory Care in Aurora, Colorado

by Amy Works December 12, 2023

AURORA, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Renew Saddle Rock Memory Care in Aurora, approximately 20 miles southeast of Denver. The asset features 40 units and 52 beds and was built in 2015. The property totals 38,585 square feet on approximately 4.7 acres of land. The seller was an out-of-state private equity group with a third-party operator divesting the asset to exit the senior living space. The buyer was an experienced Denver-based owner-operator looking to grow its portfolio. The price was not disclosed. Vince Viverito, Ryan Saul and Jason Punzel of SLIB handled the transaction.

December 12, 2023

Newer Posts

Older Posts