Multifamily

Walker & Dunlop Secures $62M Construction Loan for Revel Apartments in Greensboro, North Carolina

by John Nelson September 19, 2023

GREENSBORO, N.C. — Walker & Dunlop has secured a $62 million construction loan for The Revel Apartments, a 360-unit multifamily development in Greensboro. Jamie Butler, Cliff Ayers, Nicole Brickhouse, Jason McFadden and Michael Bowles of Walker & Dunlop arranged the loan on behalf of the borrower, Collett Capital. The non-recourse financing was underwritten at a 70 percent loan-to-value ratio. Situated adjacent to Piedmont Triad International Airport, Revel will feature a mix of one-, two- and three-bedroom apartments with chef-inspired kitchens featuring fixed islands, quartz countertops, tile backsplashes and energy-efficient, stainless steel appliances. Amenities will include a lobby, 24-hour fitness center, 24-hour package room, resort-style pool, covered outdoor terrace, lounge, business center, offices, conference space and a dog park.

September 19, 2023

Development Midwest Missouri Multifamily

Cordish Opens Three Light Luxury Apartments in Kansas City’s Power & Light District

by Kristin Harlow September 19, 2023

KANSAS CITY, MO. — The Cordish Cos. has opened Three Light Luxury Apartments in Kansas City’s Power & Light District. Three Light joins sister properties One Light and Two Light, both of which are 97 percent occupied. Located at the corner of Truman Road and Main Street, the 25-story, 288-unit apartment tower features a seven-story parking garage with 472 spaces as well as 7,600 square feet of ground-floor retail space. Monthly rents start at $1,350 per month. There are more than 30,000 square feet of amenity spaces, including an eighth-floor outdoor terrace with infinity-edge pool, clubroom, party room, entertainment kitchen, theater room, game room, business center, coworking spaces, fitness center, infrared sauna, dog washing stations and personal concierge services. The Power & Light District, developed by Cordish, opened 15 years ago. There has been more than $9.7 billion in public and private investment over the last 15 years, with more than 12,111 new apartment units and 5,326 new or renovated hotel rooms as well as the KC Streetcar line.

September 19, 2023

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Student Housing Texas Western

Multifamily Must Innovate, Adapt Now to Anticipate Resident Connectivity Demands

by Sarah Daniels September 19, 2023

“Traditional wired and wireless networks are becoming faster and more reliable with each new standard on the market,” says Pavlov Media CEO Cory Douglas. “We’re seeing multifamily consumers extend these data networks well beyond the need for just for voice and video. There are all kinds of new demands on multi-dwelling units (MDUs) for integrating Internet of Things (IoT), life safety and power and water management systems into traditional data networks.” For more than 30 years, Pavlov Media has been the leading national provider of residential Wi-Fi service, and now, with Douglas as the company’s newly named CEO, Pavlov Media has plans to build on its success through its unique technology and its eye on the innovation required by multifamily’s evolving needs. Douglas, promoted to replace retiring founder and CEO Mark Scifres, says what sets Pavlov Media apart is its ability to rapidly implement broadband Wi-Fi and video solutions for any style of community, located in any part of the country. “That capability is really driven by the investments in our back office, technology and engineering workflows that we’ve developed over time,” Douglas explains. “It’s our goal to make the purchasing and deployment experience easy for our customers. It’s done …

September 19, 2023

Development Multifamily North Carolina Southeast

Canyon, NRP to Develop 392-Unit Multifamily Community in Charlotte

by John Nelson September 18, 2023

CHARLOTTE, N.C. — Canyon Partners Real Estate and The NRP Group have formed a joint venture for the development of Abernethy Lofts, a 392-unit multifamily community to be located in Charlotte’s NoDa neighborhood. Upon completion, which is scheduled for the second quarter of 2026, the property will feature structured parking with 509 spaces, as well as a pool, pizza and grilling stations, work pods, a garage with electric bikes, fitness center and a dog park. Canyon has provided $35.9 million of limited partner financing for the project and previously collaborated with NRP in February for the development of South Tryon, a residential community in Charlotte’s South End.

September 18, 2023

Development Georgia Multifamily Southeast

RangeWater to Break Ground on 304-Unit Apartment Community in Metro Atlanta

by John Nelson September 18, 2023

DORAVILLE, GA. — RangeWater Real Estate will break ground on Camino, a 304-unit apartment community to be located at 3712 Stewart Road in Doraville, roughly 15 miles northeast of Atlanta. Scheduled for completion in spring 2025, the development will feature micro, studio, one-, two- and three-bedroom apartments ranging from 474 to 1,411 square feet. Amenities at the property will include a dog park and spa, pool courtyard, coworking offices with a dedicated podcast recording space, an outdoor grilling station, fitness center, rooftop lounge and a private speakeasy. This marks the fourth project for RangeWater’s in-house construction firm.

September 18, 2023

Affordable Housing Development Multifamily New Jersey Northeast

NJEDA Approves $90M in Tax Credits for Mixed-Income Residential Building in Newark, New Jersey

by Taylor Williams September 18, 2023

NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for the development of a mixed-income residential building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans, and 70 units will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.

September 18, 2023

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Breaks Ground on $12.5M Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow September 18, 2023

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has broken ground on Hemming Crossing, a $12.5 million affordable seniors housing community in Carrollton, a city in eastern Ohio. The 42-unit property will offer one- and two-bedroom units for residents age 55 and older who earn 30 to 70 percent of the area median income. The three-story building will feature a community room, grandchild playroom, fitness center, patio, picnic tables and grills. The development is made possible with funding supported by Low-Income Housing Tax Credits (LIHTC) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Affordable housing finance syndicator Marble Cliff Capital (MCC) provided the LIHTC investment financing. Consumers National Bank is a primary lender for the project and secondary investor through MCC. PCI Design Group is the architect, Chadan Engineering is the civil engineer and Sol Design + Consulting is the sustainability consultant. Woda Construction Inc. is the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management. A timeline for completion was not provided.

September 18, 2023

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Brokers Sale of 15-Unit Apartment Building in Chicago

by Kristin Harlow September 18, 2023

CHICAGO — Monarch Realty Partners has brokered the sale of a 15-unit apartment building in Chicago’s far south Chicago Lawn neighborhood. Located at 2537 W. 63rd St., the property features two commercial spaces. Robert Berman of Monarch represented the long-term, local owner in the sale. The property sold to an out-of-state buyer for an undisclosed price.

September 18, 2023

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $2M Sale of La Paloma Apartments in Las Vegas

by Amy Works September 18, 2023

LAS VEGAS — Northcap Commercial has arranged the off-market sale of La Paloma Apartments, a multifamily building in Las Vegas. The property traded for $2 million, or $117,647 per unit. Built in 1978, La Paloma Apartments features 17 residences. The property is located at 1509 E. Harmon Ave. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial handled the transaction. The names of the buyer and seller were not released.

September 18, 2023

California Development Mixed-Use Multifamily Office Restaurant Retail Top Stories Western

Presidio Bay Ventures Opens 6.4-Acre Springline Mixed-Use Development in Menlo Park, California

by John Nelson September 18, 2023

MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …

September 18, 2023

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