Multifamily

NewPoint-Sponsored Fund Provides $13.3M Bond Financing for Affordable Housing Rehab in Southeast D.C.

by John Nelson June 7, 2024

WASHINGTON, D.C. — NewPoint Real Estate Capital’s NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing for Ridgecrest Apartments Phase II, a 128-unit affordable housing community in southeast Washington, D.C.’s Anacostia submarket. The New York-based borrower, The NHP Foundation, will use the funds to acquire, rehabilitate and recapitalize the community. Bryan Dickson of NewPoint arranged and structured the tax-exempt construction-to-permanent phased bond financing. Other capital partners in the development include DC Green Bank, the Office of the Deputy Mayor for Planning and Economic Development, DC Department of Housing and Community Development (DCHD) and the District of Columbia Housing Authority. The new financing will be combined with $29.2 million in soft debt and grants from the DCHD. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that NHPF purchased in 2019. After recapitalization, 20 percent of the Phase II units will be restricted at 30 percent of the area median income (AMI) to serve as permanent supportive housing. The remaining 80 percent of units will be restricted at 50, 60 and 80 percent of AMI. The garden-style apartment community features a mix of two- and three-bedroom units ranging in size from …

June 7, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $9.3M Sale of Brooklyn Apartment Building

by Taylor Williams June 7, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $9.3 million sale of The West, a 22-unit apartment building located at 144 West St. in Brooklyn. The building was completed in 2021 and offers one- and two-bedroom units and amenities such as a package room, urban garden, lounge with a bar and a rooftop deck. Shaun Riney, Michael Salvatico and Samuel Leppo of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, private investor Chesky Landau.

June 7, 2024

Development Midwest Missouri Multifamily

Thompson Thrift Opens 300-Unit Luxury Apartment Community in Suburban Kansas City

by Kristin Harlow June 7, 2024

RAYMORE, MO. — Thompson Thrift has opened The Depot, a 300-unit luxury apartment community in the Kansas City suburb of Raymore. The property is nearly 30 percent leased. Located at 101 S. Dean Ave., The Depot offers nine three-story buildings with one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, resort-style pool, dog park and speakeasy-inspired clubhouse. The Depot sits adjacent to the Raymore Galleria, a 400,000-square-foot shopping center. Monthly rents start at $1,295. Residents can earn six weeks of free rent if they move in prior to June 30, according to the property’s website.

June 7, 2024

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Berkadia Arranges $17.6M in LIHTC Financing for Affordable Seniors Housing Property in Harvey, Illinois

by Kristin Harlow June 7, 2024

HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.

June 7, 2024

Development Multifamily Texas

Intracorp Homes to Develop 270-Unit Multifamily Project in Austin

by Taylor Williams June 6, 2024

AUSTIN, TEXAS — Intracorp Homes will develop Leland South Congress, a 270-unit multifamily project in the Bouldin Creek area of Austin. The property will offer studio-, one-, two- and three-bedroom for-sale units as well as penthouses on the top level and 22,000 square feet of retail and restaurant space. Amenities will include a pool, fitness center, private garden, pet play area, private dining room, catering kitchen, library, coworking lounges and a clubroom. The design team consists of Kirksey Architecture (lead architect), Michael Hsu Office of Architecture (interiors and amenities) and Nudge Design (landscaping). Construction is scheduled to begin later this year and to be complete in 2027.

June 6, 2024

Acquisitions Georgia Southeast Student Housing

TSB Realty Brokers Sale of 330-Bed Student Housing Community Near Georgia Tech in Midtown Atlanta

by John Nelson June 6, 2024

ATLANTA — TSB Realty has brokered the sale of 100 Midtown, a 330-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. Pope & Land Real Estate purchased the property from an undisclosed seller. In addition to TSB Realty brokering the sale, TSB Capital Advisors acted as consultant for acquisition financing with First Carolina Bank. 100 Midtown offers fully furnished two- and four-bedroom units. Shared amenities include a fitness center, clubhouse, film lounge, business center and private study rooms. The property was originally developed in 1968 and repositioned as student housing in 2004. The community was 98 percent occupied at the time of sale.

June 6, 2024

Loans Multifamily North Carolina Southeast

BWE Arranges $35.9M Refinancing for Accent Southrail Apartments in Charlotte

by John Nelson June 6, 2024

CHARLOTTE, N.C. — BWE has arranged a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit mid-rise apartment community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End (LoSo) district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender on behalf of the borrower, Atlanta-based Westplan Investors. The loan features flexible prepayment options. Built in 2021, Accent Southrail features a mix of one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with lounge, hammock sun garden, centralized bike storage, coffee bar, outdoor patios with grilling stations, a dog washing station and coworking spaces.

June 6, 2024

Acquisitions Kentucky Seniors Housing Southeast

Walker & Dunlop Negotiates Sale of 128-Unit Seniors Housing Property in Metro Cincinnati

by John Nelson June 6, 2024

FLORENCE, KY. — Walker & Dunlop has negotiated the sale of Legacy Living Florence, a 128-unit seniors housing community in Florence, just south of Cincinnati. Built in 2022, Legacy Living features independent living, assisted living and memory care units. The buyer was an undisclosed REIT. The seller and sales price were also not disclosed. Alex Vice, Joshua Jandris and Brett Gardner led the Walker & Dunlop Investment Sales team in brokering the sale.

June 6, 2024

Loans Michigan Midwest Multifamily

District Capital Arranges $11.6M Acquisition Loan for Apartment Community in Southeast Michigan

by Kristin Harlow June 6, 2024

MICHIGAN — District Capital has arranged an $11.6 million loan for the acquisition of a 135-unit townhome apartment community in southeast Michigan. The agency loan features an initial interest-only period followed by a 30-year amortization. Dave Dismondy of District Capital arranged the nonrecourse loan, which allows for additional loan proceeds once a value-add plan is accomplished.

June 6, 2024

Acquisitions Affordable Housing Multifamily Washington Western

CPP Acquires 168-Unit Crestview Terrace Affordable Housing Community in Ellensburg, Washington

by Amy Works June 6, 2024

ELLENSBURG, WASH. — Community Preservation Partners (CPP) has purchased Crestview Terrace, an affordable housing development in Ellensburg, approximately 110 miles southeast of Seattle. Terms of the transaction were not released. CPP plans to renovate the 168 units at Crestview Terrace, which was built in 1970 and last renovated in 2008. Comprising 76 single-story buildings, the community offers 95 one-bedroom, 36 two-bedroom, 26 three-bedroom and nine four-bedroom units. The property is restricted to residents earning between 40 percent and 50 percent of area median income. Interior upgrades will include the installation of new kitchen cabinets, countertops, flooring, Energy Star refrigerators, dishwashers, ranges, hoods, sinks faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions and path-of-travel improvements, as well as the addition of a dog park and community garden. Construction is scheduled to begin this month, with completion slated for July 2025. Each household will be temporarily relocated for seven to 10 days at no cost to the tenants, after which they will return to a fully renovated apartment. The property’s affordability status was set …

June 6, 2024

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