Multifamily

Carmel Properties Plans 1 MSF Forge at Alloy Mixed-Use Project in Los Angeles

by Amy Works September 29, 2023

LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.

September 29, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $13.4M Agency Loan for Refinancing of Seniors Housing Complex in Metro Houston

by Taylor Williams September 29, 2023

HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

September 29, 2023

Acquisitions Affordable Housing Development Maryland Multifamily Southeast

APAH Acquires 170-Unit Falkland Chase Apartment Community in Silver Spring, Maryland

by Hayden Spiess September 29, 2023

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.

September 29, 2023

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on Phase II of $67M Luxury Apartment Development in Mishawaka, Indiana

by Kristin Harlow September 29, 2023

MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.

September 29, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow September 29, 2023

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

September 29, 2023

Development Multifamily Texas

Midway Begins Leasing 359-Unit Apartment Community at East River in Houston

by Taylor Williams September 28, 2023

HOUSTON — Midway has begun leasing The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project. The first move-ins will begin in December. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. Rents start at $1,600 per month for a studio.

September 28, 2023

Affordable Housing Development Multifamily Utah Western

Hunt Capital Partners, CJM Development Open 120-Unit Sandstone Hills Apartments in Richfield, Utah

by Amy Works September 28, 2023

RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City. Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income. The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area. The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent. Financing for the development includes the syndication of $9.3 million in federal Low-Income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. Additionally, …

September 28, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $5M Sale of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow September 28, 2023

ST. PAUL, MINN. — Marcus & Millichap has brokered the $5 million sale of Phalen Shores, a 53-unit multifamily property in St. Paul. Built in 1987, the five-story community features a fitness center, outdoor spaces and an underground heated garage. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, neither of which were disclosed.

September 28, 2023

Affordable Housing Development Georgia Multifamily Southeast

Trammell Crow Co. Starts Construction of 280-Unit The Grace Residences at Science Square in Atlanta

by Hayden Spiess September 28, 2023

ATLANTA — High Street Residential (HSR), the housing subsidiary of Trammell Crow Co. (TCC), has started construction of The Grace Residences. The 280-unit apartment tower will be located adjacent to Georgia Institute of Technology within the Science Square mixed-use project in Atlanta. Rule Joy Trammell + Rubio designed the 14-story building, which will offer one-, two- and three-bedroom floorplans, with 28 units designated as affordable housing. Amenities at the community will include a bike room; club room; an outdoor courtyard with fire pits, grilling areas and a pool; a fitness center; pet spa; package room; coworking spaces; and an indoor/outdoor sky lounge. Completion of the building is scheduled for May 2024. Preleasing will begin early next year. The tower will also feature 2,350 square feet of ground-floor retail space. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners will handle retail leasing for the development. Construction on Science Square began in 2022. The first phase includes a 364,740-square-foot lab/office tower that Perkins + Will designed.

September 28, 2023

Development Multifamily New Jersey Northeast

Developer Begins Leasing 297-Unit Overlook Flats Apartments in Jersey City

by Taylor Williams September 28, 2023

JERSEY CITY, N.J. — Developer Milton Fantin has begun leasing Overlook Flats, a 297-unit apartment complex in the Journal Square area of Jersey City. Designed by Michels & Waldron with interiors by Builders Design, the 16-story building houses studio, one-, two- and three-bedroom units. Residences are furnished with stainless steel appliances, designer cabinetry and quartz countertops. Outdoor amenities include a rooftop deck with a pool, kitchen, lounge area, picnic areas, bocce ball court and a pet play area. Inside, residents have access to coworking spaces, a children’s playroom, fitness center, golf simulator and a package room. Rents start at $2,600 per month for a studio apartment.

September 28, 2023

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