Multifamily

JLL Arranges $99M Refinancing for The Fitzgerald Apartment Community in Denver

by Amy Works November 15, 2023

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.

November 15, 2023

Development Multifamily Oregon Student Housing Western

CRG, Kenter Capital Break Ground on 302-Bed Chapter at Eugene Student Housing Development Near University of Oregon

by Amy Works November 15, 2023

EUGENE, ORE. — A joint venture between CRG and Kenter Capital has broken ground on Chapter at Eugene, a 302-bed development located near the University of Oregon campus in Eugene. The project is scheduled for completion in September 2024. Upon completion, the community will offer 119 units in a mix of studio, two-, three-, four- and five-bedroom configurations. Units will feature bed-to-bath parity, contemporary furniture and smart televisions. Shared amenities are set to include a 5,000-square-foot rooftop deck with a dog run; dining areas and fire pits; a 12th-floor lounge with a demonstration kitchen and study rooms; state-of-the-art fitness center and yoga room; resident storage; and a coffee lounge. The community will also offer 50 parking spaces and bicycle storage. The development team for the project includes Jackson Main Architecture and John Hyland Construction Inc. Pre-leasing for the property is currently underway.

November 15, 2023

Acquisitions Development Multifamily Utah Western

Dart Interest Buys High-Rise Apartment Development Site in Downtown Salt Lake City for $19.7M

by Amy Works November 15, 2023

SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.

November 15, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $3M Acquisition of Apartment Building in Englewood, Colorado

by Amy Works November 15, 2023

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a multifamily property located at 3455 S. Logan St. in the Denver suburb of Englewood. The asset traded for $3 million, which equates to $157,895 per unit or $257.20 per square foot. The apartment building features 19 for-rent residences. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the buyer in the transaction.

November 15, 2023

Loans Maryland Multifamily Southeast

PGIM Provides $188M Refinancing for Multifamily Portfolio in Downtown Silver Spring, Maryland

by John Nelson November 14, 2023

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.

November 14, 2023

Georgia Loans Southeast Student Housing

Vesper Recapitalizes 850-Bed Student Housing Community Near Kennesaw State University in Metro Atlanta

by John Nelson November 14, 2023

KENNESAW, GA. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in metro Atlanta. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, firepit and a hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years, including the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team represented Vesper in the transaction, along with CBRE’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged the financing on behalf of the joint venture.

November 14, 2023

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 520-Unit Apartment Community in East Brunswick, New Jersey

by Taylor Williams November 14, 2023

EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities has begun leasing Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development features studio, one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Rents start at roughly $2,300 per month for a one-bedroom apartment.

November 14, 2023

Development Michigan Midwest Multifamily Student Housing

Brinkmann Constructors Breaks Ground on 729-Bed Student Housing Community in Ann Arbor

by Kristin Harlow November 14, 2023

ANN ARBOR, MICH. — Brinkmann Constructors has broken ground on VERVE Ann Arbor, a 729-bed student housing community near the University of Michigan in Ann Arbor. St. Louis-based Subtext is developing the 13-story, 350,000-square-foot project. Amenities at the 217-unit development will include a fitness center, terrace, rooftop pool and coworking spaces. WDG Architecture is the project architect. A timeline for completion was not provided.

November 14, 2023

Acquisitions Michigan Midwest Multifamily

Friedman Brokers $25.7M Sale of Multifamily Property in Brownstown, Michigan

by Kristin Harlow November 14, 2023

BROWNSTOWN, MICH. — Friedman Real Estate has brokered the $25.7 million sale of a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit. The community is located at 21901 Stratford Place Blvd. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller and the buyer, Four Corners Development Group.

November 14, 2023

Acquisitions Multifamily New York Northeast Seniors Housing

CBRE Brokers Sale of 200-Unit Active Adult Complex on Long Island

by Taylor Williams November 14, 2023

DEER PARK, N.Y. — CBRE has brokered the sale of Sutton Landing at Deer Park, a 200-unit active adult complex on Long Island. The age-restricted property was built in 2021 and offers amenities such as a pool, fitness center, game room, outdoor grilling and dining stations and a leasing office. Aron Will, John Sweeny and Scott Bray of CBRE represented the seller, a partnership between local developer B2K Development and Chicago-based investment firm Harrison Street, in the transaction. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan of CBRE originated Freddie Mac acquisition financing on behalf of the buyer, Fairfield Properties.

November 14, 2023

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