Multifamily

LCOR Underway on 307-Unit Apartment Building in New Rochelle, New York

by Taylor Williams August 28, 2023

NEW ROCHELLE, N.Y. — Locally based developer LCOR is underway on construction of a 307-unit apartment building at 247 North Ave. in New Rochelle, located north of New York City. The 28-story development will include 18,000 square feet of commercial space and offer studio, one- and two-bedroom apartments. Roughly 10 percent (31) of the units will be reserved as affordable housing for renters earning 80 percent or less of the area median income. Bob Tonnessen and Steven Klein of JLL arranged $94 million in construction financing through Pacific Life for the project. Completion is slated for mid-2025.

August 28, 2023

Connecticut Development Multifamily Northeast

Vessel Technologies to Develop 96-Unit Rental Project in Rocky Hill, Connecticut

by Taylor Williams August 28, 2023

ROCKY HILL, CONN. — Vessel Technologies, a New York City-based provider of modular and prefabricated housing, will develop a 96-unit rental project in Rocky Hill, a southern suburb of Hartford. The property will be developed at a vacant site at 125 Henkel Way. The majority of the units will have one-bedroom floor plans to accompany several residences with two-bedroom floor plans. Fabrication will commence in September, and the first move-ins are scheduled for late 2024.

August 28, 2023

Acquisitions Multifamily New Mexico Seniors Housing Western

SLIB Arranges Sale of Two Seniors Housing Communities in Albuquerque, New Mexico

by Amy Works August 28, 2023

ALBUQUERQUE, N.M. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Albuquerque. The communities were built in 1972 and 1982, with renovations in 2011 and 2015. The properties are 3,176 and 7,880 square feet and are situated on approximately 0.38 and 0.6 acres of land. The seller was a mom-and-pop owner divesting to retire from the industry. The buyer is an owner-operator expanding its presence in the West. This is the buyer’s first acquisition in New Mexico. The price was not disclosed. Vince Viverito and Matthew Alley of SLIB handled the transaction.

August 28, 2023

Development Multifamily North Carolina Property Type Southeast

SPG Breaks Ground on 360-Unit Multifamily Community in Metro Charlotte

by Hayden Spiess August 25, 2023

MONROE, N.C. — Signature Property Group (SPG) has broken ground Elevate Rocky River, a 360-unit multifamily community in Monroe, roughly 30 miles outside of Charlotte. The community will be part of Rocky River Crossing, a mixed-use development that will feature self-storage space and a hotel. Amenities at Elevate Rocky River will include a clubhouse with a fitness center, game room, private work pods and a complimentary coffee bar, as well as a swimming pool, fire pits, grilling areas, an off-leash dog park and electric vehicle charging stations. SPG expects first units to deliver for occupancy in fall 2024.

August 25, 2023

Acquisitions Florida Multifamily Southeast

American Landmark Purchases 322-Unit Wimberly at Deerwood Apartments in Jacksonville

by Hayden Spiess August 25, 2023

JACKSONVILLE, FLA. — American Landmark Apartments has acquired The Wimberly at Deerwood, a 322-unit multifamily community located at 9727 Touchton Road in Jacksonville. Built in 2000 and now dubbed The Drake at Deerwood, the property features residences in one-, two- and three-bedroom layouts ranging from 659 to 1,300 square feet. Amenities at the community include a pool and sundeck, outdoor kitchen and barbecue grills, a volleyball court, two dog parks, garages and boat parking available for rent and a clubhouse with a resident lounge, media room, billiards lounge, game room and fitness studio. American Landmark plans to upgrade the clubhouse, fitness center, pool, outdoor kitchen, roofs, landscaping and exterior paint, as well as add electric vehicle charging stations, package lockers and a new camera system. The seller and sales price were not disclosed.

August 25, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 42-Unit Multifamily Property in Fort Worth

by Taylor Williams August 25, 2023

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Villa Capri, a 42-unit multifamily property in Fort Worth. According to Apartments.com, the property was built in 1959 and offers studio, one- and two-bedroom units. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured an undisclosed, out-of-state partnership as the buyer.

August 25, 2023

Acquisitions California Multifamily Western

JRK Property Holdings Acquires Duo Apartments in San Jose for $93.5M

by Amy Works August 25, 2023

SAN JOSE, CALIF. — JRK Property Holdings has purchased Duo Apartments, a multifamily community in San Jose, for $93.5 million. Located at 6670 Emergent Way, Duo features 301 apartments and was 97 percent leased at the time of closing. Built in 2021 by the undisclosed seller, Duo features studio, one-, two- and three-bedroom apartments spread across two four-story residential buildings. Community amenities include controlled-access parking, a 24-hour fitness center, arcade room with high-definition golf stimulator, a resort-style pool with cabanas, coworking spaces with private conference rooms, and outdoor grilling areas. The acquisition of Duo was financed with a 10-year, fixed-rate loan from Freddie Mac. Institutional Property Advisors placed the loan and also marketed the property for sale on behalf of the seller. The acquisition is the third from the JRK Platform V, a Los Angeles-based real estate investment fund that targets higher quality, well-located multifamily investments built after 1990.

August 25, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $320M for Renovation of Bronx Affordable Housing Complex

by Taylor Williams August 25, 2023

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.

August 25, 2023

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Amy Works August 25, 2023

REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.

August 25, 2023

Loans Multifamily New Jersey Northeast

Walker & Dunlop Arranges $36M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 25, 2023

BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.

August 25, 2023

Newer Posts

Older Posts