Multifamily

JPI Starts Construction of 482-Unit The Exchange at Riverside Apartments in California

by Amy Works August 29, 2023

RIVERSIDE, CALIF. — Irving, Texas-based JPI has begun vertical construction on The Exchange at Riverside, a three-story multifamily development in the Inland Empire city of Riverside. The community will feature 482 one-, two- and three-bedroom apartments, as well as several live/work units. Apartments will offer energy-efficient, stainless steel appliances and electric ranges; private tiered balconies; nine-foot ceilings; and a full-sized washers/dryers. Community amenities will include two resort-style pools with cabanas and outdoor fireplaces, an outdoor kitchen, coworking lounges, a fitness center, dog park, bicycle storage and repair room and electric vehicle charging stations. First occupancy for The Exchange at Riverside is slated for late 2024.

August 29, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $74.7M Sale of Millennium Edina Apartment Complex in Suburban Minneapolis

by Kristin Harlow August 29, 2023

EDINA, MINN. — JLL Capital Markets has brokered the $74.7 million sale of Millennium Edina, a 227-unit apartment complex in the Minneapolis suburb of Edina. Completed in 2021, the property features studio, one-, two- and three-bedroom units averaging 905 square feet. Amenities include a green roof, yoga studio, game room, golf simulator, movie theater, fitness center, sunset terrace, outdoor pool and coworking spaces. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, a joint venture between Dakota Pacific Real Estate and Landmark Cos. The team also procured the buyer, a private investor. Brock Yaffe led the JLL capital markets debt advisory team that originated acquisition financing through Fannie Mae.

August 29, 2023

Acquisitions Illinois Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $35M Sale of Apartment Building in Chicago

by Kristin Harlow August 29, 2023

CHICAGO — Walker & Dunlop has arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the property features 58 apartment units and 9,643 square feet of retail space. Todd Stofflet and Jason Stevens of Walker & Dunlop represented the seller and developer, Borecki Real Estate. The sale represented one of the highest-priced sales per door in Chicago, according to Walker & Dunlop. The Arcade Residences is located on the border of the city’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University. Amenities at the property include a tenant lounge, fitness center and rooftop deck. Over 90 percent of the retail space is leased by tenants such as Bank of America and Verizon.

August 29, 2023

Affordable Housing Development District of Columbia Multifamily Southeast

Hoffman & Associates Nears Completion of 449-Unit Westerly Apartment Community in Southwest D.C.

by John Nelson August 28, 2023

WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.

August 28, 2023

Acquisitions Multifamily South Carolina Southeast

HGI Acquires New Apartment Community in Myrtle Beach, South Carolina for $64.4M

by John Nelson August 28, 2023

MYRTLE BEACH, S.C. — Harbor Group International (HGI) has acquired Artisan Carolina Forest, a 276-unit apartment community located in Myrtle Beach, for $64.4 million. Developed in 2022, the property is located directly off SC Highway 31. Amenities at Artisan Carolina Forest include a swimming pool with a TV lounge and cabanas, dog park, electrical vehicle charging stations, a fitness and yoga center and coworking and conference rooms. John Currin and Andrea Howard of Northmarq brokered the transaction. The seller was not disclosed.

August 28, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges $11.4M Sale of Westside Crossing in Atlanta’s Upper Westside

by John Nelson August 28, 2023

ATLANTA — Global Real Estate Advisors (GREA) has arranged the $11.4 million sale of Westside Crossing, a multifamily community located at 2265 Perry Blvd. in Atlanta’s Upper Westside neighborhood. Built in 1962, the community features 112 units in studio, one-, two- and three-bedroom floor plans. Taylor Brown, Chandler Brown and Mack Leath of GREA arranged the transaction on behalf of the seller, Greenleaf Partners. Zavala Capital acquired the property.

August 28, 2023

Acquisitions Multifamily Texas

Harbor Group International Buys 336-Unit Warner Apartments in Metro Austin

by Taylor Williams August 28, 2023

ROUND ROCK, TEXAS — Harbor Group International has purchased The Warner, a 336-unit apartment community located in the northern Austin suburb of Round Rock. Built in 2022, The Warner offers one-, two- and three-bedroom units and amenities such as a fitness center, pool with outdoor kitchens, lounge, dog park and a parking garage with EV charging stations. The Warner was 98 percent occupied at the time of sale. Patton Jones of Newmark brokered the deal. The seller was not disclosed.

August 28, 2023

Development Loans Multifamily New York Northeast

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

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