Multifamily

SPI Advisory Buys 266-Unit Main Street Lofts Apartments in Mansfield, Texas

by Taylor Williams December 20, 2023

MANSFIELD, TEXAS — Texas-based private equity firm SPI Advisory has purchased Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Completed in 2022, the property offers studio, one-, two- and three-bedroom units. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Grant Raymond, Asher Hall, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, a partnership between Dallas-based Realty Capital Residential and Florida-based PointOne Holdings, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

December 20, 2023

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 72-Unit Lorenzo Apartments in San Antonio

by Taylor Williams December 20, 2023

SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Lorenzo Apartments, a 72-unit complex in San Antonio. Built in 1960 on the city’s south side, the property features one- and two-bedroom units with an average size of 611 square feet, as well as a dog park and onsite laundry facilities. Jon Krebbs of TMG represented the seller, and Christopher Siemasko of TMG procured the buyer. Both parties requested anonymity.

December 20, 2023

Loans Multifamily New York Northeast

Wells Fargo Provides $293M in Fannie Mae Financing for Manhattan Apartment Building

by Taylor Williams December 20, 2023

NEW YORK CITY — Wells Fargo has provided $293 million in Fannie Mae financing for Lyra, a 590-unit apartment building in Manhattan’s Hudson Yards neighborhood. The property was completed in 2022 and features Class A amenities, a full-time doorman and ground-floor retail space. Additionally, 30 percent of the units are designated as affordable housing. The five-year loan retires a $225 million construction loan that Wells Fargo provided in 2019. Matthew Wiener and Preyaa Strzalkowski of Wells Fargo originated the financing on behalf of the borrower, an affiliate of Rockrose Development.

December 20, 2023

Acquisitions Multifamily Oregon Student Housing Western

Core Spaces, Harrison Street Acquire 686-Bed Student Housing Community Near University of Oregon

by Amy Works December 20, 2023

EUGENE, ORE. — A joint venture between Core Spaces and Harrison Street has acquired Identity Eugene, a 686-bed student housing community located near the University of Oregon campus in Eugene. The property has been rebranded The Rive Eugene and offers 209 units in studio through five-bedroom configurations. Shared amenities at the community include a resort-style, rooftop swimming pool and hot tub; state-of-the-art fitness center; roof deck with fire pits and outdoor grilling space; and a clubroom with games and private workspaces. Accounts managed by KKR provided financing for the transaction. The seller and price were not disclosed. “The University of Oregon fits well within our strategy and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance,” says Brendan Miller, chief investment officer of student housing at Core Spaces.

December 20, 2023

Development Loans Multifamily New York Northeast Walker & Dunlop

Partnership Receives $108.1M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams December 20, 2023

NEW YORK CITY — A partnership between two locally based firms, EJS Group and New Hope Capital, has received $108.1 million in construction financing for a 240-unit multifamily project in Brooklyn’s Bedford-Stuyvesant neighborhood. The development at 12 Halsey St. will consist of three buildings, with 30 percent of the units to be reserved as affordable housing. Amenities will include a pool, fitness center, tenant lounge and rooftop garden, as well as ground-floor retail space. Completion is slated for fall 2025. The financing package consists of an $83.1 million senior mortgage loan from Bank OZK and $25 million in mezzanine financing from CanAm Enterprises. Aaron Appel of Walker & Dunlop arranged the debt on behalf of the developers.

December 20, 2023

Arizona Development Multifamily Western

Dinerstein Cos. Plans 261-Unit Atlas Kierland Apartments in Scottsdale, Arizona

by Amy Works December 20, 2023

SCOTTSDALE, ARIZ. — The Dinerstein Cos. (TDC) is developing Atlas Kierland, a multifamily property in Scottsdale, and the latest addition to its Atlas-branded properties. Located at 7007 E. Marilyn Road, Atlas Kierland will feature 261 one-, two- and three-bedroom apartments, ranging in size from 809 square feet to 1,456 square feet. Residences will have vinyl plank flooring and contemporary kitchens equipped with quartz countertops, islands and premium appliances, as well as bathrooms with full-height tiled showers, soaking tubs and illuminated mirrors. Units will also feature full-size, stackable washers/dryers and keyless electronic door locking systems. The community will include a rooftop with resort-style pool, lounging areas and outdoor kitchens with grills. A sky lounge on the fifth floor will offer space for residents to host gatherings and a gourmet kitchen. Additionally, amenities include a fitness center, lounge center, golf simulator and pet spa. Construction is slated to begin in December, with completion scheduled for 2026. TDC Construction, the in-house construction arm of TDC, will serve as general contractor. Leasing for the property is set to begin in summer 2026.

December 20, 2023

Development Multifamily New Jersey Northeast

Joint Venture Underway on 162-Unit Multifamily Project in Westfield, New Jersey

by Taylor Williams December 20, 2023

WESTFIELD, N.J. — A joint venture between two New Jersey-based developers, Premier Development and Garden Communities, is underway on construction of a 162-unit multifamily project in the Northern New Jersey community of Westfield. Designed by BlackBird Group Architects, Parkside at Westfield will be a three-story building that offers one-, two- and three-bedroom units. Residences will range in size from 985 to 1,944 square feet. Amenities will include a fitness center, clubhouse, library, golf simulator, playground and outdoor grilling and dining stations. Delivery is scheduled for late spring 2024.

December 20, 2023

Development Multifamily New Jersey Northeast

Woodmont Properties Hits Leasing Milestone at Northern New Jersey Apartment Complex

by Taylor Williams December 20, 2023

INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has reached 75 percent occupancy at the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began in April, at which point rents started at $2,440 per month for a one-bedroom apartment.

December 20, 2023

Illinois Midwest Multifamily

Origin Investments: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Kristin Harlow December 20, 2023

CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational opportunity in senior debt and preferred equity investments,” explains David Scherer, co-CEO of Origin. “Despite uncertainties, it remains a mistake to stay out of the multifamily investment market in 2024.” Origin predicts that rent growth will stabilize to historic norms in 2024. The analysis theorizes that the negative rent growth some markets — such as Austin, Texas — experienced in 2023 was likely due to oversupply, and will reverse by January 2025. The report also indicates that long-term demand and absorption of apartments and rental homes is likely to remain strong for several years, as the U.S. is facing a shortage of between 5.5 million and 6.8 million housing units. …

December 20, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Kristin Harlow December 20, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens store that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.

December 20, 2023

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