Multifamily

Alliance Residential Opens 323-Unit Broadstone Optimist Park Apartments in Charlotte

by John Nelson October 20, 2023

CHARLOTTE, N.C. — Alliance Residential Co. has opened Broadstone Optimist Park, a 323-unit multifamily community located at 2010 N. Brevard St. in Charlotte. Apartment and townhome units at the property range from 600 to 1,368 square feet in studio, one- and two-bedroom layouts. Monthly rental rates range from $1,300 to $3,000, according to Apartments.com. Amenities at Broadstone Optimist Park include a swimming pool with private cabanas; courtyard with outdoor grilling stations, dining areas, games and firepits; fitness center; indoor/outdoor clubroom; coworking spaces; a 24-hour mail package system; podcast recording studio; indoor/outdoor sky lounge; 40 electric vehicle charging stations; and 410 parking spaces. Located in the Optimist Park neighborhood, the community is walkable to both the 25th St. Light Rail Station and the new Urban District Market food hall. Cline Design Associates was the architect on the project, and John R. McAdams Co. served as the civil engineer. LS3P provided interior design services.

October 20, 2023

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

Advenir Oakley to Develop 302-Unit Build-to-Rent Residential Project in Wildwood, Florida

by John Nelson October 20, 2023

WILDWOOD, FLA. — Advenir Oakley Capital will begin development on LEO at Wildwood, a new multifamily development in Wildwood, part of The Villages MSA in Central Florida. Miami-based Advenir Living purchased the site in September 2022 in partnership with Birmingham-based Oakley Group for $8.5 million. Upon completion, LEO at Wildwood will feature standalone cottages with attached garages, duplexes, rowhouses and carriage houses. Residences will range from 782 to 1,300 square feet. Certified General Contractors will serve as the general contractor on the project, which was designed by Nequette Architecture & Design. Amenities will include a swimming pool, clubhouse with a 24-hour fitness center and coffee/water bar, internet lounge, pocket parks, a dog park, pet washing station and free Wi-Fi. Delivery of the first homes is scheduled for January 2025. Monthly rental rates will range from $1,900 to $2,700.

October 20, 2023

Development Multifamily North Carolina Southeast

DRP to Break Ground on 270-Unit Perimeter Pointe Apartments in Southwest Charlotte

by John Nelson October 20, 2023

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) will break ground this month on Perimeter Pointe Apartments, a 270-unit multifamily community in southwest Charlotte. Situated within the LakePointe Corporate Center business park at 3737 Glen Lake Drive, the property will feature a pool, activity lawn, automated package delivery system, fitness center and a club/game room. Rule Joy Trammell & Rubio designed the community, and Armada Hoffler Construction will serve as the general contractor. The first units are scheduled for delivery in the first quarter of 2025. Trustmark Bank, along with Dogwood State Bank and Providence Bank, is providing financing for the project. CBRE acted as an advisor on the debt placement, and the Richmond office of Hunton Andrews Kurth represented DRP. Moore & Van Allen assisted in rezoning the property, which was acquired from Childress Klein for an undisclosed amount. Perimeter Pointe marks DRP’s sixth project in the metro Charlotte area.

October 20, 2023

Development Multifamily Texas

NRP Group, H.I.G. Break Ground on 331-Unit Diamond Flats Apartments in Metro Dallas

by Taylor Williams October 20, 2023

CARROLLTON, TEXAS — A partnership between Cleveland-based developer The NRP Group and H.I.G. Realty Partners has broken ground on Diamond Flats, a 331-unit apartment community in the northern Dallas metro of Carrollton. The site spans six acres, and the building will rise four stories. Diamond Flats will offer one-, two- and three-bedroom units with an average size of 950 square feet. Amenities will include a pool, fitness center, game room and outdoor courtyards. Santander Bank provided construction financing for the project, the first units of which are expected to be available for occupancy in 2025.

October 20, 2023

100-Christopher-Columbus-Drive-Jersey-City

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $124.1M Loan for Refinancing of Jersey City Apartment Complex

by Taylor Williams October 20, 2023

JERSEY CITY, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $124.1 million loan for the refinancing of Grove Pointe Apartments, a 458-unit multifamily complex located at 100 Christopher Columbus Drive in Jersey City. Built in 2007, the 29-story building houses 19,675 square feet of ground-floor retail space and 535 parking spaces. The unit mix consists of 34 studios, 274 one-bedroom apartments and 150 two-bedroom residences. Amenities include a pool, fitness center, billiards room, lounge and a children’s playroom. The sponsor, a partnership between Kushner Real Estate Group and National Real Estate Investors, will use a portion of the proceeds to fund capital improvements. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the debt through an undisclosed life insurance company.

October 20, 2023

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $41.2M in Financing for Affordable Housing Complex in Beacon, New York

by Taylor Williams October 20, 2023

BEACON, N.Y. — KeyBank has provided $41.2 million in financing for Tompkins Terrace, a 193-unit affordable housing complex in Beacon, about 65 north of Manhattan. The financing consists of $17.1 million in Low-Income Housing Tax Credit equity and a $24.1 million Fannie Mae permanent loan. The borrower, New York City-based Related Affordable, will use the proceeds to acquire the property, fund capital improvements and preserve the affordability status. Tompkins Terrace was originally built on 16.3 acres in 1973 and last renovated in 2008. Units are reserved for households earning 50 to 60 percent or less of the area median income.

October 20, 2023

California Development Multifamily Western

Cityview Completes 123-Unit The Parker Multifamily Project in West Los Angeles

by Amy Works October 20, 2023

LOS ANGELES — Cityview has completed The Parker, an apartment property in the Pico-Robertson community of West Los Angeles. The transit-oriented development features 123 studio, one- and two-bedroom apartments, including 13 affordable units, and 4,000 square feet of retail space. Located at 5935 W. Pico Blvd., The Parker also offers a rooftop pool courtyard with daybeds, lounge chairs, firepits and landscaping; an open-air cinema with a projector and amphitheater seating; a ping pong table; lounge chairs; and festival lights. Other community amenities include a fitness center with a yoga area, treadmills, ellipticals, stationary bikes and weights; an outdoor training deck with battle ropes, a boxing bag and rock-climbing wall; coworking space; an outdoor dining room; barbecue grilling stations; and a built-in pizza oven. The pet-friendly property also features a dog playground with agility equipment and a dog wash and spa. Apartments feature stainless steel appliances, luxury vinyl plank flooring, smart thermostats, keyless entry and quartz countertops. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.

October 20, 2023

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $26.9M Sale of Seventh & James Apartments in Seattle

by Amy Works October 20, 2023

SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.

October 20, 2023

Casa-de-Flores-Bayside-Care-Center-Morro-Bay-CA

California Loans Multifamily Seniors Housing Western

Cambridge Realty Capital Provides $15.4M Refinancing for Two Seniors Housing Properties in Morro Bay, California

by Amy Works October 20, 2023

MORRO BAY, CALIF. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.

October 20, 2023

Affordable Housing Development Hospitality Mixed-Use Multifamily New York Northeast Restaurant Retail Top Stories

Soloviev Group Plans 1,325-Unit Apartment Complex in Mixed-Use Freedom Plaza Development in Manhattan

by Jeff Shaw October 20, 2023

NEW YORK CITY — Soloviev Group has announced plans for two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component. Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut. The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent or below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives. “Affordable housing, specifically the creation of new …

October 20, 2023

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