BROWNSVILLE, TEXAS — Brownsville Residential, an affiliate of the Housing Authority of the City of Brownsville, will undertake a multifamily conversion project in the Rio Grande Valley. The project will transform the historic El Jardin Hotel, which originally opened in 1927, into a 44-unit affordable housing complex that will house units available to renters earning up to 30, 50 and 60 percent of the area median income. Residences will come in one-, two- and three-bedroom formats, and amenities will include fitness center, library, computer lab, community room and garden area. Residents will also have access to annual health fairs, quarterly nutrition courses, bimonthly arts-and-crafts activities and weekly exercise classes. Financing for the project includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Additionally, Bank OZK provided the $18.7 million construction loan.
RALEIGH, N.C. — Bell Partners has purchased Vintage Jones Franklin, a newly built, 277-unit apartment community located in Raleigh. The seller and sales price were not disclosed, but multiple outlets report that the developer and seller, TDK Construction, sold the property to Bell Partners for nearly $80 million. Built in 2022, Vintage Jones Franklin is situated at the intersection of I-40, I-440 and U.S. Highway 1 between downtown Raleigh and Cary, N.C. The community comprises studio, one-, two- and three-bedroom apartments, as well as a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Bell Partners purchased the asset via its Bell Core Fund I vehicle and will rebrand the property as Bell Jones Franklin.
BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.
HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.
PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs. Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income. CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years. Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant. Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness. Development …
NEW YORK CITY — Locally based brokerage firm GFI Realty has negotiated the sale of an eight-unit apartment building in the Boerum Hill area of Brooklyn. The four-story building was originally constructed in 1905, offers two- and three-bedroom units and recently underwent a gut renovation. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction.
PLEASANT HILL, IOWA — Colliers Mortgage has provided a $4.9 million Fannie Mae loan for the acquisition of Riverwood Apartments in Pleasant Hill, an eastern suburb of Des Moines. The 69-unit multifamily property features one-, two- and three-bedroom floor plans. Brett Olson and Matt Halberg of Colliers originated the 10-year loan on behalf of the undisclosed borrower.
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Improved Land Surveys, Due Diligence Can Ensure Development Project Success
Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …
BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.
DALLAS — Dallas-based investment firm Bridgeview has acquired The Dunhill, a 214-unit apartment complex in the Dallas Design District. Built in 2010, The Dunhill features studio, one- and two-bedroom units that range in size from 665 to 1,671 square feet. Amenities include a pool, resident clubhouse, fitness center, business center, outdoor picnic areas, amphitheater and a dog park. Bridgeview, which acquired the property via a Delaware Statutory Trust, plans to implement a value-add program and rebrand the property as The Adelphi. The seller was not disclosed.