JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a 60,000-square-foot supportive housing project in Jersey City. The newly expanded campus features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took roughly two years to construct.
ORANGE, N.J. — New Jersey-based developer Prime City has broken ground on two affordable housing projects in the Northern New Jersey community of Orange. The projects at 150 and 151 Taylor St. will consist of four one-bedroom townhomes averaging 1,100 square feet and a nine-building complex, respectively. Delivery is slated for 2025. Information on specific income restrictions was not disclosed.
FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a multifamily community in Fremont, from Clarion Partners for $89.7 million. Built in 2017, Artist Walk features 185 apartments and 30,000 square feet of ground-floor retail space. Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield represented the seller in the deal. Andrew Behrens, Jesse Weber and Stephen Baird of CBRE Capital Markets arranged financing, provided by Freddie Mac, for the transaction.
NEW YORK CITY — New York-based Bayport Funding has provided a $4 million loan for the acquisition and construction of a 12-unit apartment project in the Ozone Park area of Queens. The 10,000-square-foot project will include 1,400 square feet of retail space, as well as onsite parking and a side yard. The name of the borrower and a tentative construction timeline were not disclosed.
LOS ANGELES — Cityview and Stockbridge have started construction on Apollo, an apartment development in Los Angeles’ South Bay neighborhood. Slated for completion in 2025, the transit-oriented community will feature 265 apartments in a mix of studio, one- and two-bedroom floor plans. Residences will feature stainless steel appliances, quartz countertops, vinyl plank flooring, smart thermostats, keyless entry, smart home systems, and fiber optic internet and Wi-Fi. Located at 12888 Crenshaw Blvd., the community amenities will include a swimming pool and spa deck with loungers and daybeds; a CV Works coworking center; podcast room; 3D printer; indoor fitness center; outdoor strength and stretching area; indoor-outdoor community room; and open-air courtyards with an entertainment lounge, pool table, Korean barbecue grills, fire pits, lounge seating, gathering tables and a variety of dining areas. Additionally, the property will feature ample secure bike lockers and storage, a transit kiosk, and walk and bike path access. City National Bank and Banc of California provided construction financing. The project team includes WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture.
DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 758 N. Clarkson St. in Denver. The property traded for $5 million, or $294,117 per unit. The 9,329-square-foot asset features 17 newly renovated residential units. Greg Johnson and Conner Piretti of NorthPeak represented the undisclosed seller in the deal. The name of the buyer was not released.
ATHENS, GA. — Woodfield Development has begun leasing Holden at Oak Grove, a 276-unit apartment community located at 110 Addison Road in Athens’ Oak Grove neighborhood. Operated by Atlanta-based RangeWater Real Estate, the property will feature one-, two- and three-bedroom apartments, as well as a game room, coworking spaces, private workstations, fitness center, yoga room, dog spa, outdoor grills and a swimming pool. Shelton Taylor + Associates handled interior design at Holden at Oak Grove, with finishes including two-tone shaker cabinets, stainless steel appliances, two-panel doors and matte black accents. Floor plans range from 649 to 1,342 square feet and rental rates range from $1,445 to $2,182, according to the property website.
EL PASO, TEXAS — Greysteel has arranged the sale of El Sol del Lago, a 320-unit multifamily property in El Paso. The garden-style community was built in 1973 and offers studio, one- and two-bedroom units, according to Apartments.com. Doug Banerjee, Andrew Mueller, John Tallis and Sterling Warren of Greysteel represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program. El Sol del Lago was approximately 98 percent occupied at the time of sale.
NATICK AND MILLIS, MASS. — Anthology Senior Living has opened Anthology of Natick and Anthology of Millis, both located in western suburbs of Boston. Located just outside the city center on 5.5 acres, Anthology of Natick offers assisted living and memory care. Anthology of Millis is a luxury community offering independent living, assisted living and memory care services. Callahan Construction Managers served as the general contractor on both projects. The number of units at each property was not disclosed.
Inflation may be a handy — and valid — excuse for escalated costs, but that doesn’t mean students will simply sigh, sign on the dotted line and move on with a lighter bank account when faced with today’s escalating rents. “There is no doubt that higher rental rates have significantly increased the expectations from our current and prospective residents,” says Jason Fort, executive vice president of Asset Living. Yardi’s National Student Housing report, released in the third quarter of 2023, noted June marked the fifth consecutive month of annual rent growth over 7 percent at the 200 universities it tracks. June logged a 7.2 percent growth. “Given that 2022 held the previous rent record for student housing, obtaining more than 7 percent growth off of previous record-high numbers is exceptional,” the report states. “The average rent per bed at Yardi 200 universities was $846 at quarter-end, a new all-time high.” “We have never seen leasing strength close to what we are currently experiencing,” says Tadros ‘Teddy’ Abdelmalek, national director of business development at Campus Life & Style. “Our industry normally provides steady rent growth of 2 percent to 4 percent per year with occupancies in the low 90s percentile-wise. For the …