Multifamily

Blackstone Agrees to Buy Tricon Residential for $3.5B, Take Company Private

by Taylor Williams January 22, 2024

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Tricon Residential (NYSE: TCN) for $3.5 billion in a deal that will take the Canadian owner-operator private. The transaction is expected to close in the second quarter. One of the acquiring entities, Blackstone Real Estate Income Trust (BREIT), already has an 11 percent ownership stake in Tricon Residential following a $240 million equity purchase in 2020. Under the terms of the deal, the New York City-based global asset manager will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 days. Blackstone intends to maintain and leverage the Tricon platform as it undertakes $1 billion of single-family residential development in the United States and $2.5 billion of traditional multifamily development in Canada. Tricon’s U.S. platform encompasses roughly 2,500 single-family residences in various stages of development, as well as numerous land holdings that can support an additional 21,000 homes. Tricon’s apartment development pipeline in Canada consists of …

January 22, 2024

Loans Multifamily Texas

MMCC Arranges $23M Acquisition Loan for Northwest Dallas Multifamily Property

by Taylor Williams January 19, 2024

DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit apartment community in northwest Dallas. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom units that range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. Maravilla was 99 percent occupied at the time of sale.

January 19, 2024

Development Loans Multifamily New Jersey Northeast

JLL Arranges $150M Construction Loan for Metro Manhattan Multifamily Project

by Taylor Williams January 19, 2024

WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.

January 19, 2024

Loans Multifamily Washington Western

FFV Crown Hill Receives $11.8M Refinancing for J.G. Whittier Apartments in Seattle

by Amy Works January 19, 2024

SEATTLE — JLL Capital Markets has arranged $11.8 million in refinancing for J.G. Whittier, a mid-rise apartment community in Seattle’s Ballard neighborhood. Seth Heikkila and Steve Petrie of JLL secured the five-year, fixed-rate loan for the borrower, FFV Crown Hill LLC, through National Life Group. Completed in 2023, J.G. Whittier features 54 studio, one- and two-bedroom apartments with stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop pet play area with washing station; a rooftop deck with green space; walking paths and multiple seating areas; a fireplace lobby and lounge; media room; electric vehicle charging stations; sundeck; and business center. Additionally, the asset features 2,819 square feet of ground-floor retail space. J.G. Whittier is located at 7759 15th Ave. NW.

January 19, 2024

Development District of Columbia Multifamily Southeast

JAG, FORTIS Deliver 12-Story Multifamily Development in D.C.

by John Nelson January 19, 2024

WASHINGTON, D.C. — Jefferson Apartment Group (JAG) and The Fortis Cos. have delivered J. Coopers Row, a 312-unit multifamily development located in the Capitol Riverfront submarket of Washington, D.C. Situated at 1319 S. Capitol St. SW, the building stands at 110 feet across 12 stories. Apartments at the property range from 444 to 1,850 square feet in one-, two- and three-bedroom layouts. Amenities at the development include a rooftop swimming pool, outdoor lounge areas, penthouse-level sky lounge, fitness center, coworking area, maker space, dog run, pet spa and 24-hour concierge service. The community is located one block from the Navy Yard-Ballpark Metro station and is proximate to Audi Field, The Yards, The Boilermaker Shops, the Navy Yard, the Southwest Waterfront and The Wharf.

January 19, 2024

Arkansas Development Multifamily Southeast

ERC, Tradewind to Develop 272-Unit Multifamily Community in Springdale, Arkansas

by John Nelson January 19, 2024

SPRINGDALE, ARK. — Arkansas-based ERC Holdings and Houston-based Tradewind Properties will develop a 272-unit multifamily community at Elm Springs Road and N. 48th Street in Springdale. Dubbed The Ramsay, the property will comprise 18 three-story buildings housing 143 one-bedroom apartments and 129 two-bedroom apartments. Amenities will include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. Completion of the first units is scheduled for fall of this year.

January 19, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $66M Sale of Pearce at Pavilion Apartment Community in Tampa

by John Nelson January 19, 2024

TAMPA, FLA. — JBM Institutional Multifamily Advisors has brokered the $66 million sale of Pearce at Pavilion, an apartment community located along U.S. Road 301 in Tampa. California-based Passco Cos. was the seller. Situated on 13.7 acres, the community features 250 units averaging 949 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a pool and hot tub with private cabanas, grilling stations, a 24-hour fitness center with a yoga studio, a clubhouse with a coffee bar, Wi-Fi café, business center, multimedia game room, Luxer One package room, fenced dog park with a pet wash and a lakeside walking trail. The buyer was not disclosed.

January 19, 2024

Acquisitions Affordable Housing Midwest Multifamily Wisconsin

CPP Acquires Woodside Terrace Affordable Housing Community in Beloit, Wisconsin, for $8M

by Kristin Harlow January 19, 2024

BELOIT, WIS. — Community Preservation Partners (CPP) has acquired Woodside Terrace, an affordable housing community in Beloit, a city in southern Wisconsin. The development consists of 120 units, 116 of which are Section 8. The transaction marks CPP’s first investment in Wisconsin. The community will receive extensive renovations, estimated at $72,912.03 per unit. CPP’s total investment is roughly $27.4 million, which includes the purchase price of $8 million. Built in 1972, the property consists of three buildings on three contiguous parcels. There are 90 one-bedroom units averaging 540 square feet and 30 two-bedroom units averaging 835 square feet. In addition to the individual unit upgrades, the community will receive a new playground, gazebo, dog park, barbecue grills and bike racks. The property’s Section 8 contract was set to expire in 2030. With CPP’s acquisition and upgrades, the community will have renewed affordability status for 20 years. Renovations are slated for completion in December 2025. Project partners include the Wisconsin Housing and Economic Development Authority, R4 Capital, general contractor Renu, Wisconsin Management Co. and architect C&S Engineering.

January 19, 2024

Development Florida Hospitality Mixed-Use Multifamily Retail Southeast Top Stories

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

California Development Loans Multifamily Western

Calmwater Capital Funds $32.2M Construction Loan for Multifamily Project in San Gabriel, California

by Amy Works January 18, 2024

SAN GABRIEL, CALIF. — Calmwater Capital has provided Alhambra-based GE Development with a $32.2 million construction loan for the completion of The One, a multifamily community in San Gabriel, a suburb of Los Angeles. The transaction also included an additional $3.7 million in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment. The financing will be used to take out the original construction loan with a portion of the proceeds to be used to fund hard and soft costs needed to bring the project to 100 percent completion. The property was 86 percent completed at loan closing. Located at 101 E. Valley Blvd., The One will feature 81 market-rate studio, one- and two-bedroom apartments in a multi-level, four-story building. Additionally, the property will offer 13,000 square feet of street-level retail space, a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck and a rooftop garden. Completion is slated for second-quarter 2024. Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan.

January 18, 2024

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