Multifamily

Halpern Real Estate Nears Completion of 337-Unit Apartment Community in Jersey City

by Taylor Williams October 26, 2023

JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures is nearing completion of a 337-unit apartment community located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the six-story building, which was recently branded The Birch House, houses studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners included JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Leasing will begin in January. Construction began in late 2021 and topped out this spring.

October 26, 2023

Acquisitions Georgia Southeast Student Housing

CBRE Brokers Sale of 876-Bed Student Housing Community Near University of Georgia

by John Nelson October 26, 2023

ATHENS, GA. — CBRE has brokered the sale of The Connection at Athens, an 876-bed student housing community located near the University of Georgia campus in Athens. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Kevin Geiger and Shea Campbell of CBRE represented the seller, a partnership between Pierce Education Properties and Nuveen Real Estate, in the transaction. Priderock Capital Partners acquired the community for an undisclosed price. The Connection at Athens offers shared amenities including a resort-style pool pavilion with four pools, clubhouse, private study rooms, grilling stations, a fire pit, basketball court, sand volleyball court, game room and a dog park.

October 26, 2023

Development Illinois Loans Midwest Multifamily

Wingspan, Tucker Receive $100M Construction Loan for Multifamily Development in Skokie, Illinois

by Kristin Harlow October 26, 2023

SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has received a $100 million construction loan for The Henry at Harms Woods in Skokie. The project at 5400 Old Orchard Road will feature 245 luxury apartment units, 49 rental townhomes and roughly 10,000 square feet of commercial space. Kennedy Wilson and a national insurance company provided the financing. The project architect is HKM Architects + Planners, and Nicholas & Associates will serve as general contractor. Demolition of an existing office structure at the site is scheduled for this winter. Construction is scheduled to begin in the spring. The Henry at Harms Woods will feature studio, one-, two- and three-bedroom apartment units as well as three-story townhomes. Amenities will include a courtyard, pool, sun deck, grilling areas, fitness center and coworking stations. The project is situated near the 350-acre Harms Woods Nature Preserve as well as Westfield Old Orchard shopping mall. Plans for the project were first announced earlier this year.

October 26, 2023

Acquisitions Indiana Midwest Multifamily

Morgan Properties Acquires 470-Unit Multifamily Community in Indianapolis

by Kristin Harlow October 26, 2023

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.

October 26, 2023

Indiana Loans Midwest Multifamily

Berkadia Arranges $42.9M in Acquisition Financing for Apartment Community in Brownsburg, Indiana

by Kristin Harlow October 26, 2023

BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.

October 26, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $31.5M Condo Deconversion Sale in Chicago

by Kristin Harlow October 26, 2023

CHICAGO — Kiser Group has brokered a Section 15 condominium deconversion sale of The Granville Tower Condominium Associated for $31.5 million. Situated immediately south of the Loyola campus, the property is located at 6166 N. Sheridan Road. Granville Tower was converted from apartments to condominiums in 1981. There are 154 units. Andy Friedman and Jake Parker of Kiser brokered the sale. Becovic Management Group was the buyer. With high dues and upcoming maintenance needs, properties like Granville Tower have faced challenges in resale, making a deconversion sale an attractive option, says Parker.

October 26, 2023

Arizona Development Multifamily Western

Milhaus, Banyan Residential to Develop 320-Unit Alanna Multifamily Property in Phoenix

by Amy Works October 26, 2023

PHOENIX — Milhausa and Banyan Residential are developing Alanna, an apartment community located at 48th and Washington streets in Phoenix. Spread across four residential buildings, Alanna will feature 320 apartments with quartz countertops, luxury vinyl tile flooring and tile tub/shower surrounds. The property will offer 10,000 square feet of amenity space, including a fitness center, yoga studio, social lounge, golf simulator and saltwater pool. McShane Construction Co. will provide design-assist construction services for the project, which Todd & Associates designed. Before construction began, McShane performed site work, which included using deep dynamic compaction and imported fill prior to mass grading, as well as installing a vapor/methane mitigation system for site remediation.

October 26, 2023

Acquisitions Colorado Multifamily Western

MG Properties Acquires 316-Unit Syracuse Apartments in Denver

by Amy Works October 26, 2023

DENVER — MG Properties has purchased 4400 Syracuse Apartments, a multifamily community in Denver. Morgan Group and LaSalle Investment Management sold the property for an undisclosed price. Situated in the Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments features 316 units with modern finishes, functional floor plans and best-in-class amenity spaces. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged an undisclosed amount of Freddie Mac financing for the transaction.

October 26, 2023

High Tech Solutions Lenders Bill Hyman Lument quote

Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Video Western

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels October 26, 2023

Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

October 26, 2023

Acquisitions Multifamily Oklahoma Texas

Cushman & Wakefield Brokers Sale of 360-Unit Legend Park Apartments in Lawton, Oklahoma

by Taylor Williams October 25, 2023

LAWTON, OKLA. — Cushman & Wakefield has brokered the sale of Legend Park, a 360-unit apartment community in Lawton, located about 90 miles southwest of Oklahoma City. Built between 2010 and 2012, Legend Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, basketball court, dog park, business center, playground and outdoor grilling and dining areas. Martin Bynum, Craig Hey and Stephen Pestinger of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

October 25, 2023

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