Multifamily

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson November 20, 2023

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

November 20, 2023

Loans Multifamily Texas

Eastern Union Arranges $17.5M Acquisition Loan for Metro Houston Apartments

by Taylor Williams November 20, 2023

BAYTOWN, TEXAS — New York City-based Eastern Union has arranged a $17.5 million acquisition loan for The Lakes at Madera, a 392-unit apartment complex located in the eastern Houston suburb of Baytown. Built in 1983, The Lakes at Madera comprises 22 two-story buildings on a 20-acre parcel. The unit mix consists of 242 one-bedroom units, 120 two-bedroom apartments and 30 three-bedroom residences. Yoel Goldberg, Michael Muller, Alex Jaffa and Mikael Rechdiener led the transaction for Eastern Union. Arbor Realty Trust provided the debt. The borrower was not disclosed.

November 20, 2023

Affordable Housing Arizona Development Multifamily Seniors Housing Western

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Amy Works November 20, 2023

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.

November 20, 2023

California Development Multifamily Student Housing Western

Kapital Partners Plans 39-Unit Student Housing Community Near Santa Clara University

by Amy Works November 20, 2023

SANTA CLARA, CALIF. — Kapital Partners has announced plans for a 39-unit student housing development located at 2655 The Alameda near the Santa Clara University campus in California. The property will also feature 1,500 square feet of retail space on the first floor. Shared amenities at the community will include a barbecue, ping pong tables and picnic tables for residents. Construction is scheduled to begin in 2024 with completion scheduled for 2025.

November 20, 2023

Development Multifamily New Jersey Northeast

PEEK Properties Begins Leasing 138-Unit Apartment Complex in Orange, New Jersey

by Taylor Williams November 20, 2023

ORANGE, N.J. — Locally based development and management firm PEEK Properties has begun leasing The Highland, a 138-unit apartment complex in the Northern New Jersey community of Orange. The five-story building houses a mix of studio, one- and two-bedroom apartments that range in size from 533 to 1,163 square feet. Amenities include a resident lounge, fitness center, dog park and outdoor grilling and dining stations. Information on starting rents was not disclosed.

November 20, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $8.5M Sale of Multifamily Development Site in Hoboken

by Taylor Williams November 20, 2023

HOBOKEN, N.J. — CBRE has brokered the $8.5 million sale of a multifamily development site located at 921-931 Madison St. in Hoboken, located just outside New York City. Locally based firm AIRN Management sold the site, which formerly housed the operations of Water Music Studios, to an undisclosed private developer that plans to construct a 36-unit building with roughly 10,000 square feet of retail space. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE brokered the deal.

November 20, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $6.2M in Financing for Affordable Seniors Housing Complex in Sandwich, Massachusetts

by Taylor Williams November 20, 2023

SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.

November 20, 2023

Development Midwest Multifamily Student Housing Wisconsin

CRG Tops Out 534-Bed Chapter at Madison Student Housing Community in Wisconsin

by Kristin Harlow November 20, 2023

MADISON, WIS. — CRG has topped out Chapter at Madison, a 534-bed student housing community rising 10 stories near the University of Wisconsin-Madison. The property is nearly two-thirds preleased ahead of its completion date, which is slated for September 2024. Located at 802 Regent St. within the historic Greenbush neighborhood, Chapter at Madison will feature 165 units in a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging from 395 to 1,633 square feet. Monthly rental rates per bed will range from $999 to $1,859. Amenities will include a fitness center, yoga studio, rooftop terrace, underground parking garage and private study spaces. The development will also house 2,200 square feet of ground-floor commercial space. Lamar Johnson Collaborative is the architect, and Madison-based Findorff is the general contractor.

November 20, 2023

Acquisitions Arizona Multifamily Top Stories Western

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona for $100.2M

by Taylor Williams November 20, 2023

TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …

November 20, 2023

Development Florida Multifamily Southeast

Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Miami

by John Nelson November 17, 2023

MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.

November 17, 2023

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