Multifamily

Housing Trust Group Opens $18.2M Affordable Housing Community in Arlington Heights, Illinois

by Kristin Harlow November 27, 2023

ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has opened Crescent Place, an $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The community marks HTG’s entry into the Illinois market. HTG developed the property in partnership with nonprofit developer Turnstone Development Corp. Crescent Place offers 40 units that are reserved for residents who earn up to 60 percent of the area median income. Monthly rents range from $621 to $1,489, while units range from 646 to 880 square feet. Amenities at the four-story development include a community room, library, computer café, fitness room, resident garden, outdoor patio, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Funding for Crescent Place included a $10.9 million construction loan and a $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9 percent Low Income Housing Tax Credit equity from National Equity Fund; $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building according to Energy Star efficient standards. The project team included general contractor Henry Bros Co., civil engineer Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designer Frosolone Interiors, …

November 27, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $49.5M Loan for Refinancing of Central New Jersey Apartments

by Taylor Williams November 27, 2023

CLARK, N.J. — JLL has arranged a $49.5 million loan for the refinancing of Walnut Hill, a 177-unit apartment complex in Clark, about 23 miles southwest of New York City. The newly built property features one-, two- and three-bedroom units and amenities such as a fitness center, pool, clubhouse with lounges and a game room. About 15 percent (28 units) of the residences are reserved as affordable housing. Evan Pariser, Matthew Pizzolato and Jackie Ferrer of JLL arranged the 10-year, fixed-rate loan through Nationwide. The borrower was an affiliate of locally based developer Garden Communities.

November 27, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $8.9M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams November 27, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $8.9 million sale of a portfolio of three multifamily buildings totaling 28 units in Brooklyn’s Williamsburg neighborhood. The four-story building at 313 S. Fourth St. was built in 1915 and totals 12 units, and the two-building complex at 431-433 Wythe Ave. was constructed in 1920 and totals 16 units. Ben Khakshoor, Reoven Elharar and Alex Fuchs of Rosewood Realty represented the seller, a private investor, in the transaction and procured the buyer, Edifice Management.

November 27, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3.4M Sale of Brooklyn Apartment Building

by Taylor Williams November 27, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $3.4 million sale of an eight-unit apartment building located at 923 Bedford Ave. in Brooklyn’s Clinton Hill neighborhood. The four-story building was originally constructed in 1901 and offers studio, one- and two-bedroom units. Daniel Greenblatt and Shaun Riney of Marcus & Millichap represented the seller, a family office, in the transaction and procured the buyer, an individual/personal trust.

November 27, 2023

Development Multifamily New York Northeast Seniors Housing

FilBen Group, RSF Partners Near Completion of $54M Assisted Living Facility in Montebello, New York

by Taylor Williams November 22, 2023

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners is nearing completion of Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, completion of which is scheduled for next year.

November 22, 2023

Development Florida Multifamily Southeast

Partnership Breaks Ground on 412-Unit Siesta Lakes Apartments in Cape Coral, Florida

by John Nelson November 22, 2023

CAPE CORAL, FLA. — A partnership comprising Shoreham Capital, Bridge Investment Group and Wynkoop Financial has broken ground on Siesta Lakes, a 412-unit apartment community in Cape Coral, a city in southwest Florida near Fort Myers. The property will include one-, two- and three-bedroom floor plans with high-end finishes and private balconies with views of a private lagoon. The ownership group, which purchased the 26-acre site within an opportunity zone at 186-264 Tierra De Pa Loop in July 2022, recently secured a $66 million construction loan for the project. The development team has also selected Curran Young Construction as general contractor for Siesta Lakes, which is estimated for completion in second-quarter 2025.

November 22, 2023

Development Georgia Multifamily Southeast

Alliance Residential Opens 278-Unit Broadstone 2Thirty Apartments in Downtown Atlanta

by John Nelson November 22, 2023

ATLANTA — Alliance Residential Co. has opened Broadstone 2Thirty, a 278-unit apartment community located at 230 Martin Luther King Drive SE in downtown Atlanta’s Oakland neighborhood. Situated near Grant Park, Historic Oakland Cemetery and the Atlanta BeltLine, Broadstone 2Thirty features a mix of studio, one-, two- and three-bedroom apartments averaging 790 square feet in size. Amenities include a rooftop resort-style pool and a clubroom with a game parlor, ride share waiting area, private focus rooms and a modern fitness center. Dynamik Design was the architect for the project, and Alliance Residential served as the general contractor. Monthly rental rates at Broadstone 2Thirty range from $1,590 to $3,185, according to the property website.

November 22, 2023

Acquisitions Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Bonaventure Purchases Monticello Station Apartments in Downtown Norfolk for $42M

by John Nelson November 22, 2023

NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit community located at 328 E. Freemason St. in downtown Norfolk, for $42 million. The Alexandria, Va.-based firm plans to rebrand the property as Attain Downtown East. The seller was not disclosed. In addition to apartments in one- to four-bedroom layouts, the property includes 33,000 square feet of retail space leased to tenants including Buffalo Wild Wings, 7-Eleven and Sushi King. Amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits and a conference room.

November 22, 2023

Acquisitions California Multifamily Western

Granite Capital Acquires The Boulders Apartments in Walnut Creek, California for $58M

by Amy Works November 22, 2023

WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has purchased The Boulders Apartments in the Bay Area city of Walnut Creek from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. Built in 1972, The Boulders features 164 renovated studio, one- and two-bedroom units with in-unit washers/dryers, vinyl plank floors and kitchens with new cabinets, granite countertops and stainless steel appliances. GCG assumed a $41.2 million Fannie Mae loan fixed at 4.42 percent with all interest-only payments to acquire the asset. An additional $2.3 million in partnership interest is being offered to accredited investors with the funds used to further upgrade the property and for operating reserves. The Northern California team of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

November 22, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $2.6M Sale of Apartment Building in Los Angeles’ Pico Union Submarket

by Amy Works November 22, 2023

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment building located at 1807 S. New Hampshire Ave. in the Pico Union submarket of Los Angeles. The asset traded for $2.6 million, or $647,500 per unit. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2021, the property features four four-bedroom/four-bath apartments that are not subject to Los Angeles’ rent control laws.

November 22, 2023

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