Multifamily

Wingspan Development Group Opens 231-Unit Luxury Apartment Complex in Brookfield, Wisconsin

by Kristin Harlow November 13, 2023

BROOKFIELD, WIS. — Wingspan Development Group has opened The Ruby at Brookfield Square, a 231-unit luxury apartment complex in the Milwaukee suburb of Brookfield. The property is nearly 30 percent leased, and first move-ins began in early October. The community, which features two four-story buildings connected by a skybridge, is the first new Class A rental property in Brookfield since 2019, according to Wingspan. Located adjacent to Brookfield Square Mall, the complex features a mix of floor plans ranging from 381 to 1,407 square feet. Amenities include a resort-style pool, dog park, fitness center, yoga studio, pet spa, entertainment lounge, golf simulator, business center and package room. Monthly rents start at $1,595, according to the property’s website.

November 13, 2023

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Completes $10.5M Affordable Housing Community in Mount Clemens, Michigan

by Kristin Harlow November 13, 2023

MOUNT CLEMENS, MICH. — Woda Cooper Cos. Inc. has completed Edison Crossing, a $10.5 million affordable housing community in Mount Clemens, a northern suburb of Detroit. The 30-unit property features 11 units that are designated as Permanent Supportive Housing units with a preference for veterans. The entire development is restricted for residents who earn up to 80 percent of the area median income. The four-story building features amenities such as a multipurpose room, playground, picnic tables, onsite management center and additional space for coordination of supportive services by Macomb Community Action. Financing for the project was supported by the allocation of Low-Income Housing Tax Credits by the Michigan State Housing Development Authority. R4 Capital invested in the tax credits to provide equity financing. Comerica Bank provided a construction loan, and RiverHills Bank provided a permanent mortgage. Additionally, the city approved a Payment in Lieu of Taxes. Hooker DeJong Inc. was the project architect, and Greentech Engineering Inc. was the civil engineer. Woda Construction Inc. served as general contractor. Woda Management & Real Estate is handling leasing and property management.

November 13, 2023

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 300-Unit Affordable Housing Project in Schertz, Texas

by Taylor Williams November 10, 2023

SCHERTZ, TEXAS — Cleveland-based multifamily developer The NRP Group has broken ground on Aviator 1518, a 300-unit affordable housing project in Schertz, a northeastern suburb of San Antonio. Aviator 1518 will feature one-, two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center, clubhouse and a playground. The NRP Group is developing the project in partnership with the Schertz Housing Authority. Alta Architects designed the project, and Bank of America provided construction financing. Preleasing will begin in 2025, with full completion slated for 2026.

November 10, 2023

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 242-Bed Seniors Housing Property in Northwest Houston

by Taylor Williams November 10, 2023

HOUSTON — A subsidiary of The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Champions Healthcare at Willowbrook, a 242-bed seniors housing property located in northwest Houston. The healthcare campus consists of a 98-bed skilled nursing facility and a 144-bed assisted living facility. The seller and sales price were not disclosed.

November 10, 2023

Retreat-Mountainside-Colorado-Springs-CO

Colorado Development Multifamily Western

MBK, Hines to Develop 284-Unit Retreat at Mountainside Multifamily Community in Colorado Springs

by Amy Works November 10, 2023

COLORADO SPRINGS, COLO. — A partnership between MBK Rental Living and Hines is developing Retreat at Mountainside, a Class A apartment property situated on 9.7 acres in the Briargate neighborhood of Colorado Springs. Spread across multiple three- and four-story buildings, Retreat at Mountainside will feature 284 one-, two- and three-bedroom apartments ranging from 628 square feet to 1,429 square feet. Community amenities will include a clubhouse with a resort-style swimming pool, contemporary coworking spaces, a fitness center and dog park. Completion for the development is slated for 2025.

November 10, 2023

Acquisitions Multifamily Northeast Student Housing Vermont

CBRE Brokers Sale of 308-Bed Student Housing Community Near University of Vermont

by Taylor Williams November 10, 2023

WINOOSKI, VT. — CBRE has arranged the sale of Spinner Place, a 308-bed student housing community located near the University of Vermont in Winooski. The community offers shared amenities including a media room, fitness center and recreation room. The property also features ground-floor retail space that is leased to The Archives Bar, Champlain Nails, Asian Bistro and La Bella Skin Boutique. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, John Reed and Jack Reed of CBRE represented the undisclosed seller in the transaction. Property Income Advisors Inc. represented the undisclosed buyer. Mike Bryant and Brad Peters, also with CBRE, arranged acquisition financing on behalf of the buyer.

November 10, 2023

Development Multifamily Northeast Pennsylvania

Bozzuto Completes 250-Unit Ember at Berwyn Apartments Near Philadelphia

by Taylor Williams November 10, 2023

BERWYN, PA. — Maryland-based developer Bozzuto has completed Ember at Berwyn, a 250-unit apartment complex located about 25 miles northwest of Philadelphia. Ember at Berwyn features studio, one-, two- and three-bedroom floor plans that range in size from 438 to 1,476 square feet. Amenities include a fitness center with a yoga studio, business center with coworking space and conference rooms, courtyards with grilling and dining stations, a dog park, pool and a social lounge. Bozzuto developed the project via a joint venture with developer ECHO Realty. Rents start at $1,910 per month for a studio apartment.

November 10, 2023

Acquisitions Illinois Midwest Multifamily Student Housing

JLL Brokers Sale of 481-Bed Student Housing Community in Normal, Illinois

by Kristin Harlow November 10, 2023

NORMAL, ILL. — JLL Capital Markets has brokered the sale of The Edge on Hovey, a 481-bed student housing community located adjacent to Illinois State University in Normal. The sales price was undisclosed. Built in 2004, the property features two-, three- and four-bedroom units averaging 1,470 square feet. The fully furnished units feature private walk-in closets, bed-bath parity and nine-foot ceilings. Amenities include a lobby, cyber lounge, fitness center, private study rooms, high-speed internet and controlled building access. Recently renovated, the community still presents the opportunity for value-add interior upgrades, according to JLL. The Edge also features a parking garage with 549 spaces and a 5,586-square-foot retail space. Scott Clifton, Teddy Leatherman, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented the seller, an entity of Blue Vista Capital Management. FPA Multifamily was the buyer.

November 10, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Higher-Wage Job Growth Buoys Rent Growth, Continued Development in Reno

by Jeff Shaw November 10, 2023

— By Aiman Noursoultanova, Senior Vice President, CBRE’s Reno Investment Properties Group — Reno’s multifamily sector has performed exceptionally well over the past decade due, in part, to strong, sustained job growth. Nevada continues to lead the nation in employment growth at 3.8 percent over the past year, according to July data from the Bureau of Labor Statistics. While Reno’s job growth over the past decade has focused more on diversification, recent growth can best be characterized by higher-wage industries like healthcare, technology, manufacturing and aerospace/aviation. As a result, the market has seen an influx of new Class A, well-amenitized construction that appeals to this new tenant demographic. Notable company relocations and expansions thus far in 2023 include OMEC Medical, a life sciences instrument manufacturer; Edgecore, a wholesale data center developer, owner and operator; Generac, a leading global designer, manufacturer and provider of energy technology solutions; and Stellar Aviation, a fixed-base private airplane operator catering to private planes and jets. Companies investing in Reno most commonly appreciate the region’s attractive regulatory environment, low cost of doing business, access to regional transportation corridors and a high quality of life for its employees. Regarding rent growth over the past decade, several submarkets have performed …

November 10, 2023

Development Georgia Multifamily Southeast

FIDES Delivers 160-Unit Perry Apartments in Norcross, Georgia

by John Nelson November 9, 2023

NORCROSS, GA. — Locally based FIDES Development has delivered The Perry, a 160-unit, garden-style apartment community in the Atlanta suburb of Norcross. The gated development is situated at the intersection of Jimmy Carter and Peachtree Industrial boulevards. Ware Malcomb provided interior architecture and design services for the amenity spaces, which include a hospitality zone and lounge that comprises the pool and a lobby featuring custom specialty millwork, TVs, sofas and games. Other amenity spaces include a bike room, coworking space, office work rooms, mail room, pet spa area and a gym. Fortune-Johnson was the general contractor for The Perry, which commands rents beginning at $1,500 per month, according to Apartments.com.

November 9, 2023

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