Multifamily

Continental Properties Opens 320-Unit Townhome-Style Apartment Community in St. Charles, Illinois

by Kristin Harlow February 20, 2024

ST. CHARLES, ILL. — Continental Properties has opened Springs at St. Charles, a 320-unit townhome-style apartment community in St. Charles, about 40 miles west of Chicago. Located at 405 Smith Road, the property features a mix of studio, one-, two- and three-bedroom floor plans. Residences have private entrances and attached garage options. Amenities include a resort-style pool, clubhouse, outdoor grill area, 24-hour fitness center, car care area and two leash-free dog parks. The property is situated less than a 10-minute drive from the 800-acre DuPage Business Center, which includes employers such as Amazon, Norix Group Inc., Suncast Corp. and Alton Industry Group. Springs at St. Charles marks the seventh Springs apartment community in metro Chicago.

February 20, 2024

Acquisitions Midwest Missouri Multifamily Seniors Housing

JLL Negotiates Sale of Three-Property Seniors Housing Portfolio in Missouri

by Kristin Harlow February 20, 2024

WILDWOOD, TOWN AND COUNTRY, AND KANSAS CITY, MO. — JLL Capital Markets has negotiated the sale of three seniors housing communities in Wildwood, Town and Country, and the Burlington Creek area of Kansas City. The sales price was undisclosed. The portfolio comprises 252 units of private pay assisted living and memory care with comprehensive amenities. The properties were built between 2016 and 2018. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the undisclosed seller and procured the buyer, a joint venture between Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. Scarp Ridge spearheaded the acquisition, which was capitalized by Artemis. Arrow is taking over operations of the three communities. The acquisition is the first for the joint venture.

February 20, 2024

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges Sales of Two Multifamily Buildings in Chicago

by Kristin Harlow February 20, 2024

CHICAGO — Essex Realty Group Inc. has arranged the sales of two multifamily properties in Chicago’s Greater Grand Crossing and Chatham neighborhoods. The first building includes 16 units and is located on South Indiana Avenue, while the second asset features 19 units and is located on South Drexel Avenue. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each sale. Further details were not provided.

February 20, 2024

Acquisitions Arizona Multifamily Western

ABI Brokers $2.1M Sale of Multifamily Community in Downtown Phoenix

by Hayden Spiess February 20, 2024

PHOENIX — ABI Multifamily has brokered the $2.1 million sale of a multifamily community located at 614-616 N.10th Ave. in downtown Phoenix. Built in 1936 and 1954 and renovated in 2023, the property features eight apartments in one- and two-bedroom layouts. Dallin Hammond, Mitchell Drake, Carson Griesemer, Tom Palestina, Andrew Arambula and Bryce Neagle of ABI represented the Arizona-based seller in the transaction. Both the buyer and seller were undisclosed.

February 20, 2024

Development Florida Multifamily Southeast

Catalfumo Cos. Receives Approval for 620 Additional Units at Gardens Station Multifamily Project in South Florida

by John Nelson February 19, 2024

PALM BEACH GARDENS, FLA. — Catalfumo Cos. has received approval from the City of Palm Beach Gardens for the development of an additional 620 multifamily units at its Gardens Station project in South Florida. Project partner The Richman Group of Cos. is currently underway on the construction of the originally planned 398 units. Located at 11025 RCA Center Drive, the community will total 1,016 apartments, with more than 100 residences dedicated to workforce housing. Gardens Station is situated within the larger PGA Station transit-oriented development, which also features office space and apartment community The Marc, which is scheduled for delivery later this year. The new addition to Gardens Station was designed by Corwil Architects. A construction timeline was not disclosed.

February 19, 2024

Build-to-Rent Development Multifamily North Carolina Single-Family Rental Southeast

Trilogy Investment to Develop Three Rental Townhome Communities in Metro Asheville

by John Nelson February 19, 2024

ARDEN AND ASHEVILLE, N.C. — Trilogy Investment Co. will develop three rental townhome communities in metro Asheville. Located in the city of Asheville and the unincorporated community of Arden, the Rêve Communities-branded properties will total 267 units across 35 acres. Amenities at each community will include 24-hour maintenance, valet trash, a clubhouse, pool, playground and a dog park. Construction is scheduled to begin in the third quarter of this year, with preleasing expected to begin in mid-2025.

February 19, 2024

Development Multifamily Texas

Report: Z Modular Nears Completion of $62M Multifamily Project in San Marcos, Texas

by Taylor Williams February 19, 2024

SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.

February 19, 2024

Loans Multifamily Texas

Greystone Provides $15.4M in Bridge Financing for North Texas Multifamily Portfolio

by Taylor Williams February 19, 2024

SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three multifamily properties totaling 189 units in North Texas. One of the properties is located in Sherman, and the other two are located in Denison. All were built in the 1960s and 1970s. The interest-only loan carries a two-year term with two six-month extension options. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed, Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal.

February 19, 2024

Loans Multifamily Northeast Rhode Island

Fantini & Gorga Arranges $3.3M Bridge Loan for Multifamily Project in Warwick, Rhode Island

by Taylor Williams February 19, 2024

WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged a $3.3 million bridge loan for a 210-unit multifamily project in Warwick, located just south of Providence. The site currently serves as a parking lot, and the borrower, Skydra Development, plans to construct a four-story building with one-, two- and three-bedroom units. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender on behalf of Skydra Development.

February 19, 2024

Development Midwest Multifamily Seniors Housing South Dakota

Sanford Health Plans 330-Unit Continuing Care Retirement Community in Sioux Falls, South Dakota

by Kristin Harlow February 19, 2024

SIOUX FALLS, S.D. — Sanford Health has unveiled plans to build Good Samaritan Society — Founder’s Crossing, a continuing care retirement community (CCRC) in Sioux Falls. The developer plans to break ground this spring. The first phase of the CCRC will include 146 independent living villas, 120 independent living apartments, 32 assisted living apartments and 32 memory care apartments, all slated for completion in 2026. A second phase over the following two years will add a short-term rehabilitation and long-term care center, additional villas, a Sanford Health clinic and a Lewis Drug location. The health clinic and pharmacy will be open to the public. Phase II is scheduled for completion by 2028.

February 19, 2024

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