Multifamily

Brinkmann Constructors Tops Out 152-Unit Apartment Community in Kirkwood, Missouri

by Kristin Harlow November 7, 2023

KIRKWOOD, MO. — Brinkmann Constructors has topped out The James, a 152-unit apartment community in the western St. Louis suburb of Kirkwood. High Street Residential, the residential subsidiary of Trammell Crow Co., is the developer. The five-story project will feature 285 parking spaces and 7,000 square feet of retail space. Amenities will include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home spaces and coffee bar. The project team includes ESG Architecture and Design. Greystar is handling property management and leasing efforts, which are currently underway. Monthly rents start at $1,583, according to the property’s website. Completion is slated for January.

November 7, 2023

Arizona Development Multifamily Western

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 Multifamily Community in Phoenix

by Amy Works November 7, 2023

PHOENIX — Thompson Thrift has released plans for Refinery at Pointe17, a Class A apartment property to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the latter half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments that average 1,000 square feet. Apartments will feature nine-foot ceilings, stainless steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, walk-in closets, patio and balcony options and full-size washers/dryers, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped, 24-hour fitness center; yoga and spin studio; bike storage; resort-style swimming pool; fire pits with seating areas; community grilling areas; pickleball courts; 24-hour business center; private focus rooms and offices for rent; rooftop deck; event lounge; over 80 on-site electric vehicle charging stations; dog park and pet spa; billiards; and a shuffleboard court. Refinery is the multifamily component of Pointe17 mixed-use development. Retail tenants at Pointe17 include Oregano’s, Twisted Sugar, Over Easy, Foothills Grille, Heartland Dental, Yoga Six, BFT fitness studio, The Bar and a nail salon.

November 7, 2023

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Downtown Newark

by Taylor Williams November 7, 2023

NEWARK, N.J. — Locally based firm Russo Development has begun leasing Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $1,900 per month for a studio apartment.

November 7, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Arranges $2.2M Sale of Multifamily Property in Wheat Ridge, Colorado

by Amy Works November 7, 2023

WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of a 12-unit apartment building located at 3010-3050 Gray St. and 5851-5855 W. 30th Ave. in Wheat Ridge. The asset traded for $2.2 million, or $185,000 per unit. The names of the buyer and seller were not released. Matt Lewallen and Kevin Calame of NorthPeak Commercial Advisors handled the transaction.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

Development Multifamily North Carolina Southeast

Camden Property Trust Opens 420-Unit Multifamily Community in Downtown Durham

by John Nelson November 6, 2023

DURHAM, N.C. — Camden Property Trust (CPT) has opened Camden Durham, a 420-unit multifamily community located at 441 Dillard St. in downtown Durham. The property features one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhomes. Amenities at the community include a 24-hour athletic club, resident lounge and community workspace, swimming pool, barbecue grills and a lawn for gatherings. Additionally, the property features 5,945 square feet of ground-floor retail space available for lease. Monthly rental rates begin at $1,529, according to the community website.

November 6, 2023

Development Loans Seniors Housing Southeast Virginia

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Break Ground on $37M Seniors Housing Community in Miami

by John Nelson November 6, 2023

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.

November 6, 2023

Alabama Loans Southeast Student Housing

The Preiss Co. Secures Recapitalization for 600-Bed Student Housing Community Near Auburn University in Alabama

by John Nelson November 6, 2023

AUBURN, ALA. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed student housing community located near the Auburn University campus in Alabama. A multimillion-dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are scheduled to begin in spring 2025. The Collective at Auburn offers two-, three- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, game room, movie theater and a business center.

November 6, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of Multifamily Portfolio Totaling 673 Units in Texas

by Taylor Williams November 6, 2023

AUSTIN, KATY AND STAFFORD, TEXAS — Newmark has brokered the sale of a portfolio of three multifamily properties totaling 673 units in the Austin and Houston metro areas. The portfolio consists of Treehouse, a 297-unit community that sits on a 12.4-acre site in Austin’s East Riverside area; the 208-unit Stonecreek in the western Houston suburb of Katy; and Waterstone Place, a 168-unit apartment complex located on the southwestern outskirts of Houston. All three properties offer value-add potential. Zach Springer, Jim Young and Carter Mizell of Newmark represented the seller, Houston-based investment firm Nitya Capital, in the transaction. The buyer was Houston-based Disrupt Equity.

November 6, 2023

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