Multifamily

JLL Arranges $27M Acquisition Loan for Hoboken Apartment Complex

by Taylor Williams November 8, 2023

HOBOKEN, N.J. — JLL has arranged a $27 million acquisition loan for Edge Lofts, an apartment complex located in the Northern New Jersey community of Hoboken. Edge Lofts comprises 69 units across two five-story buildings located at 1405 Clinton and 1405 Adams St. that were constructed in 2013 and 2019, respectively. Units come in one-, two- and three-bedroom floor plans and average 975 feet. Amenities include a package room, resident lounge with a bar and TV, fitness center and a common terrace with grilling stations. Jim Cadranell, Greg Nalbandian, Salvatore Buzzerio and John Cumming of JLL arranged the 10-year, fixed-rate loan through an unnamed life insurance company. The borrower was also not disclosed. In addition, a JLL team of Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce represented the seller, Bijou Properties, in the disposition of Edge Lofts.

November 8, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Completes 169-Bed Topaz Apartments Near San Diego State University

by Amy Works November 8, 2023

SAN DIEGO — Pierce Education Properties has completed Topaz Apartments, a 169-bed student housing development located near San Diego State University. The property offers a mix of one-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include study rooms, a game room, vertical tanning bed, spa and fitness center. The community also features ground-floor retail space, which is currently leased to McDonald’s, Handel’s Ice Cream, Jimmy John’s, Dunkin and The Alley.

November 8, 2023

Affordable Housing Indiana Loans Midwest Multifamily Ohio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow November 8, 2023

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

November 8, 2023

Development Indiana Midwest Multifamily Student Housing

Subtext Breaks Ground on 449-Bed Student Housing Community at Purdue University

by Kristin Harlow November 8, 2023

WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.

November 8, 2023

Development Florida Multifamily Southeast Student Housing Top Stories

Toll Brothers, Davis Plan 680-Bed Aperture Student Housing Community Near University of Central Florida

by Kristin Harlow November 8, 2023

ORLANDO, FLA. — Toll Brothers Campus Living and The Davis Cos. have unveiled plans to develop Aperture, a 680-bed student housing community situated adjacent to the University of Central Florida (UCF) in Orlando. The project will encompass two buildings and rise five stories. Located at 12727 E. Colonial Drive, Aperture will feature a fitness center, e-sports gaming center, computer lounge, content creation studio, LuxerOne package locker system, courtyard and resort-style pool. Residents will have access to a private shuttle to campus, as well as a parking garage with electric vehicle charging stations. Completion is slated for fall 2025. TD Bank provided a $50 million construction loan for the project. Toll Brothers’ in-house finance department arranged the equity and debt. According to the developers, UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022-2023 academic year. “Demand for elevated student housing continues to rise across the country as highly amenitized offerings gain prevalence in the market, especially in the Sun Belt region,” says Jerry Murphy, managing director of investments at Davis. Toll Brothers Campus Living will manage the property’s development, construction and asset management, as well as handle marketing …

November 8, 2023

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Robust Multifamily Fundamentals Boost Market Appeal of Grand Rapids

by Kristin Harlow November 8, 2023

By Scott Nurski and Kevin O’Reilly, NAI Wisinski Great Lakes The Grand Rapids multifamily investment sales market has experienced reduced volume year-to-date, but the fundamentals remain strong. West Michigan, especially Grand Rapids, is affordable, with abundant high-paying employment opportunities and a high quality of life. In the words of author Malcolm Gladwell, “I love Grand Rapids. Why doesn’t everyone live in Grand Rapids?” Unlike many major markets, the construction pipeline here is slow and steady, with little risk of oversupply. While multifamily sales volume is down across the board, Grand Rapids remains a desirable location for owners and operators alike. Multifamily fundamentals Annualized rent growth continues to normalize from the wild parabolic rise seen nationwide due to the pandemic and associated market disruptions. It currently stands at 5.1 percent, according to third-quarter data from CoStar for Kent County (30 units and above). This figure is a solid uptick from the second-quarter 2023 figure of 3.2 percent. The market generally is returning to the 3 to 5 percent range typically seen during pre-pandemic norms. Occupancy improved slightly from 95.2 percent in the second quarter of 2023 to 95.4 percent in the third quarter of 2023. However, it has been gradually declining …

November 8, 2023

Loans Multifamily Southeast Tennessee

JLL Arranges $101.2M Refinancing for Kenect Nashville Apartments

by John Nelson November 7, 2023

NASHVILLE, TENN. — JLL has arranged the $101.2 million refinancing for Kenect Nashville, a 420-unit, Class A apartment community located at 800 19th Ave. in Nashville’s Midtown district. Jesse Wright, Kenny Cutler, Brian Dawson, Joshua Odessky and J.J. Hovenden of JLL arranged the loan through MF1 on behalf of the borrower, Akara Partners. Built in 2019, Kenect Nashville features a mix of studio, one-, two- and three-bedroom units ranging in size from 360 to 612 square feet, according to Apartments.com. Amenities include coworking spaces via membership for all residents, as well as a pool, business center, fitness center, concierge, pet play area and a clubhouse.

November 7, 2023

Development Multifamily North Carolina Southeast

Joint Venture Opens 263-Unit Beckon Apartments in Downtown Durham

by John Nelson November 7, 2023

DURHAM, N.C. — A joint venture between Ivanhoe Cambridge, Public Sector Pension Investment Board (PSP Investments) and Greystar has opened Beckon, a six-story, 263-unit apartment community located at 311 Liggett St. in Durham. The property features a mix of 52 studios, 142 one-bedroom, 64 two-bedroom and five three-bedroom apartments. Rental rates start at $1,570 per month and renters can receive one month of free rent, according to the property website. Amenities include a pool, courtyard, fitness center, sky lounge, clubroom, outdoor kitchen, coworking spaces, private conference rooms, pet wash station, dog park, an urban pocket park and an onsite parking garage with EV charging capabilities. Additionally, Beckon features 5,600 square feet of ground-floor retail space that will include Crank Arm Brewery.

November 7, 2023

Acquisitions Maryland Southeast Student Housing

TSB Realty Brokers Sale of 328-Bed Student Housing Community Near Johns Hopkins University in Baltimore

by John Nelson November 7, 2023

BALTIMORE — TSB Realty has brokered the sale of The Academy on Charles, a 328-bed student housing community located adjacent to the Johns Hopkins University campus in Baltimore. Randall Calvert of TSB Realty arranged the disposition from GMH Communities to an undisclosed buyer. The luxury property was originally built in the early 1930s and renovated and converted into student housing in 2014. The community offers fully furnished units alongside shared amenities including a rooftop terrace, fitness center, games center, garage and surface parking and private and group study lounges. The community is fully leased for the 2023-2024 academic year.

November 7, 2023

Development Illinois Midwest Multifamily

Optima Completes 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow November 7, 2023

WILMETTE, ILL. — Optima Inc. has completed Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The property is 72 percent leased. The property features one-, two- and three-bedroom layouts and penthouse configurations ranging from 660 to 2,790 square feet. Monthly rents range from approximately $3,000 to nearly $12,000. Designed by David Hovey Sr. and David Hovey Jr., the community features a seventh-floor sky deck. The rooftop common area features a sun deck, barbecues, herb gardens, a bocce court, fire pits, party room, game room, sauna and heated lap pool with retractable glass walls designed for year-round use. Indoor amenities can be found on the building’s first floor and include a pickleball/basketball court, fitness center, yoga studio, massage rooms, sports lounge, golf simulator, kids’ playroom, dog run, library lounge and work-from-home spaces. The community is slated to achieve Two Green Globes certification via the use of bird-friendly glass, eco-friendly induction cooktops and outdoor electric grills. Optima Verdana features the Chicago-area debut of Optima’s propriety exterior vertical landscaping system, which includes plants staying green year-round and promoting evaporative cooling, air purification, noise reduction and stormwater detention.

November 7, 2023

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