Multifamily

WinnDevelopment Breaks Ground on $55.3M Affordable Seniors Housing Project in Western Massachusetts

by Taylor Williams November 28, 2023

HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.

November 28, 2023

Acquisitions Multifamily New York Northeast

JLL Arranges $10.2M Sale of Manhattan Apartment Building

by Taylor Williams November 28, 2023

NEW YORK CITY — JLL has arranged the $10.2 million sale of a 62-unit apartment building located at 788 Riverside Drive in the Washington Heights area of Manhattan. The 11-story building primarily houses two- and three-bedroom units that have an average size of 1,025 square feet. Of the 62 apartments, 53 of which are rent-stabilized, five are rent-controlled and four are rented at market rates. The buyer and seller were both family offices that requested anonymity. Paul Smadbeck and Hall Oster of JLL brokered the deal.

November 28, 2023

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Arranges Sale of 158-Unit Multifamily Portfolio in Wisconsin

by Kristin Harlow November 28, 2023

MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin for an undisclosed price. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Benley Manorf and Central Park West, located in Manitowoc, were built between 1996 and 1998 and offer townhome-style units. Woodland Commons in McFarland was built between 2005 and 2006 and offers amenities such as a pool, spa, community room and fitness center. The Trafalgar Apartments in Madison was built in 2005 and features in-unit washers and dryers along with private balconies. Matthew Whiteside of Marcus & Millichap represented the seller, a private investor, and the buyer, a private investor.

November 28, 2023

California Development Multifamily Seniors Housing Western

Community HousingWorks Opens 58-Unit Portola Senior Apartments in Lake Forest, California

by Amy Works November 28, 2023

LAKE FOREST, CALIF. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest. CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples age 62 years and older who are living on 50 percent of the area median income (AMI) or less (approximately $50,000 per year). Over 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Rent is $1,264 per month (after a utility allowance) and the waiting list currently has more than 1,000 applicants. Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The development team included general contractor Sunrise Pacific Construction Inc.; architectural firm AVRP Studios; civil …

November 28, 2023

Acquisitions Multifamily Nevada Western

Kidder Mathews Negotiates $14.5M Sale of Quail Meadows Apartments in Reno, Nevada

by Amy Works November 28, 2023

RENO, NEV. — Kidder Mathews has arranged the sale of Quail Meadows, a multifamily property located at 5599 Quail Manor Court in Reno. A San Jose, Calif.-based private real estate investment firm acquired the asset from a QM56 LLC for $14.5 million. Gerrit Hillebrand and Ben Nelson of Kidder Mathews represented the seller, while Jim Henderson of Kidder Mathews arranged financing for the buyer in the transaction. Situated on 5.4 acres, the 53,140-square-foot property features 56 units spread across 10 residential buildings. The unit mix consists of 17 one-bedroom/one-bath units, 34 two-bedroom/two-bath units and five three-bedroom/two-bath units. At the time of sale, Quail Meadows was 98 percent occupied.

November 28, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $7.5M in Financing for Multifamily Property in Windsor, Massachusetts

by Taylor Williams November 28, 2023

WINDSOR, MASS. — MassHousing has provided $7.5 million in financing for Prospect Estates, a 25-unit multifamily property located in the western Massachusetts community of Windsor. The borrower, Affordable Housing & Services Collaborative, will use the proceeds to acquire and renovate the property. NEI General Contracting will handle renovations, which will include upgrades to kitchens and bathrooms, as well as building systems and exterior components. The development team will also preserve historic elements of the original structures, such as windows and wood flooring, and add a management office.

November 28, 2023

Affordable Housing Financing Timeline Quote Tracy Peters

Affordable Housing Content Partner Development Features Loans Lument Midwest Northeast Southeast Texas Western

How to Clear Affordable Housing’s Construction Financing Hurdle

by Sarah Daniels November 28, 2023

Developers are finding it tougher than ever to finance affordable housing. And often, the biggest hurdle for the sector’s borrowers involves construction — either obtaining that initial loan at a manageable cost or qualifying for take-out financing after a protracted construction period — which has strained resources and delivery schedules for a number of developments. Limitations on rent increases make the industry especially vulnerable to rising costs, and expenses today have risen precipitously across the board. Rents have also grown, but not on pace with construction and operating costs driven up by inflation, wage pressures, soaring insurance premiums and a series of interest rate hikes, observes Tracy Peters, a senior managing director on Lument’s affordable housing production team. “Borrowers are squeezed by a number of things in this marketplace,” Peters says. “The fed funds rate climbing 5 percent over the last two years means the interest rates on construction loans have basically come up 5 percent or more over that time. Now folks who had budgeted for a much lower interest rate — if they are still in construction mode — are trying to figure out how to deal with these higher interest rates.” At the same time, the …

November 28, 2023

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of 26-Unit Apartment Building in D.C.

by John Nelson November 27, 2023

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 26-unit apartment building located at 2724 11th St. NW in the Columbia Heights neighborhood of Washington, D.C. The transaction follows a decade of legal disputes and a Chapter 11 bankruptcy filing by the seller. Nick Murray, Marty Zupancic and John Slowinski of Marcus & Millichap arranged the sale. The undisclosed buyer plans to implement a redevelopment at the property. The sales price was not disclosed.

November 27, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $2.2M Sale of Apartment Building in Los Angeles

by Amy Works November 27, 2023

LOS ANGELES — Marcus & Millichap has arranged the sale of 2900 Francis Avenue, a multifamily property located in Los Angeles’ Koreatown neighborhood. An undisclosed seller sold the asset to a private investor for $2.2 million, or $225,000 per unit. Jason Tuvia and Joshua Yeager of Marcus & Millichap represented the seller and secured the buyer in the transaction. Built in 1922, the value-add property features 10 one-bedroom/one-bath apartments that are subject to Los Angeles’ rent control laws.

November 27, 2023

Affordable Housing Development Illinois Midwest Multifamily

Housing Trust Group Opens $18.2M Affordable Housing Community in Arlington Heights, Illinois

by Kristin Harlow November 27, 2023

ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has opened Crescent Place, an $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The community marks HTG’s entry into the Illinois market. HTG developed the property in partnership with nonprofit developer Turnstone Development Corp. Crescent Place offers 40 units that are reserved for residents who earn up to 60 percent of the area median income. Monthly rents range from $621 to $1,489, while units range from 646 to 880 square feet. Amenities at the four-story development include a community room, library, computer café, fitness room, resident garden, outdoor patio, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Funding for Crescent Place included a $10.9 million construction loan and a $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9 percent Low Income Housing Tax Credit equity from National Equity Fund; $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building according to Energy Star efficient standards. The project team included general contractor Henry Bros Co., civil engineer Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designer Frosolone Interiors, …

November 27, 2023

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