Multifamily

CRG Opens Chapter at The Streets Luxury Apartments in Suburban St. Louis

by Kristin Harlow July 31, 2023

ST. CHARLES, MO. — CRG has opened Chapter at The Streets, a 245-unit luxury apartment community in the St. Louis suburb of St. Charles. The five-story property is located at 333 Mulholland Drive. Chapter at The Streets offers studio, one- and two-bedroom floor plans ranging in size from 504 to 1,141 square feet. Monthly rents range from $1,475 to $2,390. Amenities include a fitness center, resident lounge, coworking space, pet grooming station, pool, sun deck and grilling stations. The community offers AT&T wireless connectivity in all common areas. Aligning with CRG’s mission to incorporate neighborhood-inspired artwork into its developments, Chapter at The Streets features a mural along the building’s parking garage co-designed by Media-Objectives and artist Wylie Caudill. The mural references the history and location of St. Charles. The project is situated within The Streets of St. Charles mixed-use development, which spans 27 acres and features numerous retail, restaurant and entertainment offerings, including an eight-screen AMC movie theater. The Streets also houses office space, two hotels and public spaces. Residents of Chapter at The Streets also enjoy direct access to the 240-mile Katy Trail. The project team included Chicago-based Humphreys & Partners Architects and Chesterfield, Mo.-based Brinkmann Constructors. St. Louis-based …

July 31, 2023

Loans Midwest Minnesota Multifamily

JLL Provides $34.6M Loan for Refinancing of Savor Apartments in West St. Paul

by Kristin Harlow July 31, 2023

WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.

July 31, 2023

California Loans Mixed-Use Multifamily Retail Western

PSRS Arranges $9.6M Refinancing for Renaissance Court Mixed-Use Property in Pasadena, California

by Jeff Shaw July 31, 2023

PASADENA, CALIF. — PSRS has arranged the a $9.6 million loan to refinance debt on Renaissance Court, a mixed-use community in Pasadena, just northeast of Los Angeles. Renaissance Court offers 41 multifamily units, including one- and two-bedroom apartments and two-bedroom townhomes. The property also includes nine ground-level retail units. Kostas Kavayiotidis arranged the non-recourse loan through a life insurance company. The financing features a 10-year term and 30-year amortization.

July 31, 2023

Affordable Housing Development Multifamily New York Northeast

Douglaston Development Nears Completion of 188-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 31, 2023

NEW YORK CITY — Locally based firm Douglaston Development is nearing completion of a 188-unit affordable seniors housing project in The Bronx. The 12-story building at 2856 Webster Ave., which is adjacent to the New York Botanical Garden (NYBG), represents Phase I of a larger development. Phase II consists of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston is developing the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group is the project architect, and Levine Builders is the general contractor and construction manager. The first move-ins are now underway.

July 31, 2023

Acquisitions Multifamily Texas

Matthews Arranges Sale of 60-Unit Apartment Complex in Kerrville, Texas

by Taylor Williams July 28, 2023

KERRVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of Sidney Baker Apartments, a 60-unit multifamily complex in Kerrville, about 65 miles northwest of San Antonio. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool and a pet park. Tyler Marshall of Matthews represented the undisclosed buyer in the transaction. The seller was also not disclosed.

July 28, 2023

Development Indiana Midwest Multifamily

Mia Rose Holdings Breaks Ground on 250-Unit Luxury Apartment Complex in Westfield, Indiana

by Kristin Harlow July 28, 2023

WESTFIELD, IND. — Developer Mia Rose Holdings has broken ground on Chatham Hills Luxury Living, a 250-unit apartment complex in Westfield, a far north suburb of Indianapolis. The development will feature 124 one-bedroom units, 114 two-bedroom units and 12 three-bedroom apartments across eight buildings. The project will be situated within the Chatham Hills planned residential and recreational development. The community will provide access to a nature trail and lake recreation as well as feature amenities such as a pool, golf simulator, fitness facility and pickleball courts. Completion is slated for August 2024. The project team includes Rosemann & Associates as architect, Midas Construction as general contractor, V3 Cos. as civil engineer and Engenuity as the mechanical, electrical and plumbing engineer.

July 28, 2023

Development Florida Multifamily Southeast

Terra Delivers 460-Unit Natura Gardens Apartments in Metro Miami

by John Nelson July 28, 2023

HIALEAH, FLA. — Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month. Natura Gardens is situated directly south of the planned American Dream mall in Miami Lakes and between I-75 and the Florida Turnpike. Amenities include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on beach sand; a media room, billiards and children’s playroom; a lounge with a bar and kitchen; modern fitness center with yoga, aerobics and spinning studios; a business center with coworking spaces and a coffee bar; a children’s “tot-lot: with recreational equipment and electronic charging stations; residents-only dog park and outdoor spaces including open lawns, lakes, preserves and mobile device charging stations throughout the entire community. The design team includes Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units designed by …

July 28, 2023

Acquisitions Florida Southeast Student Housing

Balfour Beatty Acquires 592-Bed Student Housing Community Near Florida State University

by John Nelson July 28, 2023

TALLAHASSEE, FLA. — Balfour Beatty has acquired The Quarters at Tallahassee, a 592-bed student housing community located one mile from the Florida State University campus in Tallahassee. The property, which offers 168 units in a mix of six floor plans, has been rebranded Oktiv by the new ownership. Shared amenities at the community include a business center, clubhouse, fitness center, resort-style swimming pool, hot tub, sauna, study rooms and a yoga studio with on-demand classes. Berkadia secured acquisition financing for the transaction through an affiliate of Walton Street Capital. The seller and terms of the transaction were not disclosed. The community will be managed by Balfour Beatty’s internal residential management division, Balfour Beatty Communities.

July 28, 2023

Development Multifamily North Carolina Southeast

Wood Partners, GTIS Open 308-Unit Alta West Morehead Apartment Community in Uptown Charlotte

by John Nelson July 28, 2023

CHARLOTTE, N.C. — Wood Partners and GTIS Partners have completed the development of Alta West Morehead, a 308-unit apartment community located in Uptown Charlotte. The joint venture announced the project in September 2021. Located at 2020 W. Morehead St., the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities at the property include a pool, pet spa and a clubhouse with a fitness center, coworking space, lounge and game room. Monthly rents begin at $1,560, according to the community website. Wood Residential, an affiliate of Wood Partners, manages the property.

July 28, 2023

Features Student Housing

Where Third-Party Management is Headed for Student Housing

by Katie Sloan July 28, 2023

Where is third-party management headed? This is a loaded question in 2023. The economic environment alone presents its fair share of challenges. An indirect result of fewer properties transacting in the student housing sector is that properties are changing management firms less often. This doesn’t mean that third-party managers are resting on their laurels, however. They are continuing to enhance operations to create a better experience for guests while becoming more efficient for their property owner clients. Instead, operators are using this time to hone their craft, and there is much to ponder. Which COVID-19 protocols should remain from an on-site perspective? Should they look at centralizing some processes? And how can the implementation of AI help streamline processes without taking away the personal element? All of these questions — and more — are currently being assessed by third-party managers heading into the all-important turn season this summer. But unlike the temperatures outside, operators are keeping their cool with a focus on what they do best — customer service. Meeting Current Challenges The sector — and commercial real estate at large — is facing a number of hurdles, many of which are being exacerbated by the looming turn cycle. “It seems each …

July 28, 2023

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