Multifamily

Fields Grade, Alpine Residential Begin Leasing 169-Unit Apartment Complex in Jersey City

by Taylor Williams December 1, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has begun leasing Atlas, a 169-unit apartment complex located at 270 Johnston Ave. in Jersey City. The 24-story building houses studio, one-, two- and three-bedroom units as well as 9,000 square feet of retail space. Ten units are reserved as affordable housing. Amenities include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. served as the general contractor. Rents start at roughly $2,700 per month for a studio apartment.

December 1, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Inver Grove Heights, Minnesota

by Kristin Harlow December 1, 2023

INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has brokered the $7.5 million sale of The Commons, a four-building multifamily property in Inver Grove Heights, a southern suburb of St. Paul. Located at 8213 College Trail and constructed in 1987, the community features 60 units. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The property has undergone renovations for new countertops, appliances and cabinetry.

December 1, 2023

Affordable Housing Development Illinois Midwest Multifamily

NHP Foundation Opens 30-Unit Covent Apartments in Chicago

by Kristin Harlow December 1, 2023

CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual. The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.

December 1, 2023

Acquisitions Conference Coverage Features Multifamily

Bid-Ask Spread Continues to Throttle Down Multifamily Investment Sales, Say InterFace Panelists

by Jeff Shaw December 1, 2023

ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held yesterday at France Media’s InterFace Multifamily Southeast conference at the Westin Buckhead in Atlanta. The panel included Brian Grant, senior vice president of acquisitions of Equity Residential; John Leonard, first vice president/regional manager of Marcus & Millichap; Eddy O’Brien, managing partner and co-founder of Blaze Capital Partners; Matt Trammell, chief financial officer of Wood Partners; Kristina Lynn, senior director, of housing and alternative investments in the Americas at Nuveen Real Estate; and moderator Paul Berry, president and chief operating officer of Mesa Capital Partners, who recently joined the firm from CBRE. Berry kicked off the discussion by noting that “the bid-ask spread affects all of us.” While he noted that …

December 1, 2023

Development Mixed-Use Multifamily Retail Utah Western

Bridge Investment, Lowe Property Group Receive $157.5M Refinancing for Post District Mixed-Use Project in Salt Lake City

by Amy Works November 30, 2023

SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.

November 30, 2023

Development Loans Multifamily Washington Western

CBRE Arranges $47M Construction Loan for Motto Apartments in Marysville, Washington

by Amy Works November 30, 2023

MARYSVILLE, WASH. — CBRE has arranged $47 million in construction financing for Motto Apartments, a multifamily property in Marysville, 35 miles north of Seattle. Intracorp Homes is developing the 228-unit community. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Construction of the project will begin with the close of financing. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Completion is slated for early 2026.

November 30, 2023

Development Midwest Missouri Multifamily

Mia Rose Holdings Opens 44 West Luxury Living Apartment Complex in Valley Park, Missouri

by Kristin Harlow November 30, 2023

VALLEY PARK, MO. — Developer Mia Rose Holdings has opened 44 West Luxury Living, a new apartment complex in the St. Louis suburb of Valley Park. The project features five buildings with one- and two-bedroom units along with a clubhouse. Three of the five buildings totaling 120 units are complete. The remaining two buildings totaling 84 units are slated for completion in January. The two-bedroom units average 1,020 square feet while the one-bedroom floor plans are approximately 780 square feet. The 3,800-square-foot clubhouse features a conference center, package concierge, specialty coffee bar, great room and fitness center. The outdoor amenities, which include a pool, sun deck and lounge with fire pits and grills, will open this spring. Additionally, a two-acre parcel of the 10-acre project site is slated for future commercial and retail space. Wright Construction is the general contractor, Rosemann & Associates PC is the architect, Engenuity is the mechanical, electrical and plumbing engineer, and Premier Design Group is the civil engineer. The property manager is 2B Residential.

November 30, 2023

Illinois Loans Midwest Multifamily Student Housing

BWE Arranges $10M Equity Investment for Acquisition of Illinois Student Housing Portfolio

by Kristin Harlow November 30, 2023

CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.

November 30, 2023

Development Multifamily Texas

Ryan Cos. Tops Out 345-Unit Multifamily Project in Austin’s Mueller District

by Taylor Williams November 30, 2023

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units will feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities will include a pool, rooftop deck, coworking space and outdoor gathering areas. The first units are expected to be available for occupancy next spring. Construction began in March 2022.

November 30, 2023

Development Multifamily Seniors Housing Texas

JPI Begins Leasing 185-Unit Independent Living Community in Anna, Texas

by Taylor Williams November 30, 2023

ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.

November 30, 2023

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