Multifamily

Gotham, Brandywine Welcome First Residents to 326-Unit Avira Apartments in Philadelphia

by Taylor Williams September 26, 2023

PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust have begun welcoming the first residents to Avira, a 326-unit multifamily project in Philadelphia. Residences were constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units come in studio, one-, two- and three-bedroom floor plans and are housed within the building’s top 18 floors. The property also features 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. Rents start at $2,025 per month for a studio apartment.

September 26, 2023

California Development Multifamily Seniors Housing Western

Confluent, MorningStar Plan 233-Unit Seniors Housing Project in Tustin, California

by Amy Works September 26, 2023

TUSTIN, CALIF. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location provides direct access to the next phase of Tustin Legacy Park, which will ultimately connect all sections of Tustin Legacy. The developers plan to break ground in the first half of 2025 through a public-private partnership with the city. HPI Architecture designed the project. During the initial nine-month ENA period, the city, Confluent and MorningStar will negotiate a Disposition and Development Agreement (DDA) that will provide the price and terms of the transaction with the city. Confluent and MorningStar will pursue approval of entitlements for the project during the same ENA period.

September 26, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $3M Sale of Multifamily Property in The Bronx

by Taylor Williams September 26, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $3 million sale of a 31-unit multifamily property located in the Morrisania area of The Bronx. The property at 988-992 Boston Road consists of two contiguous, five-story buildings that were originally constructed in 1910. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Brooklyn-based HK Organization, in the transaction and procured an undisclosed private investor as the buyer. The sale also included an adjoining, undeveloped lot.

September 26, 2023

Development Illinois Midwest Multifamily Seniors Housing

McShane Completes 131-Unit Assisted Living Community in West Dundee, Illinois

by Kristin Harlow September 26, 2023

WEST DUNDEE, ILL. — McShane Construction has completed The Woodlands at Canterfield, a 131-unit senior living community in West Dundee, about 41 miles northwest of Chicago. Built for Westbrook at Canterfield LLC, the development features 91 assisted living units and 40 memory care beds. Units are offered in studio, one- and two-bedroom configurations. The assisted living wing also features a guest suite for visitors. There are 16,000 square feet of amenity spaces, including a fitness center, two spas, a salon, theater, pub, clubrooms, onsite restaurants, patios, a bocce ball court and putting green. AG Architecture was the architect, and RDG Planning and Design was the interior designer. NAVIGATE Building Solutions served as the owner’s representative.

September 26, 2023

Development Florida Multifamily Southeast

PMG, Raven Capital Begin Leasing 27-Story Society Orlando Apartment Tower

by John Nelson September 26, 2023

ORLANDO, FLA. — PMG and Raven Capital Management/RCM Living have begun leasing Society Orlando, a 27-story apartment tower under development in downtown Orlando. The community comprises 462 apartments and 34,000 square feet of ground-floor retail space. Amenities will include a pool deck with grilling and entertainment areas, coworking lab with private conference rooms, gym and fitness studio, social lounges, yoga lawn, a craft food-and-beverage operation in the lobby, smart package lockers, app-based keys and integrated retail space. PMG is planning to open more than 8,500 units under the Society Living brand in Miami, Atlanta, Fort Lauderdale, Nashville, Denver and Brooklyn, with more locations to come. Move-ins at Society Orlando are expected to begin before the end of the year. PMG and Raven Capital obtained a $120 million construction loan for the project in 2021.

September 26, 2023

Development Georgia Southeast Student Housing

Stratus Development Delivers 186-Unit Puritan Mill Student Housing Community in Athens, Georgia

by John Nelson September 26, 2023

ATHENS, GA. — Stratus Development Group has delivered Puritan Mill, a 186-unit student housing community located near the University of Georgia in Athens. Located at 1120 Macon Highway, the property once housed a ruined mill and still features the mill’s water tower and a mill pond with a waterfall. Puritan Mill is situated near McNutt Creek and is walkable to Mama’s Boy, Molly’s Coffee, Amici, Oak House Distillery and the new Macon Highway Boat Launch. The community comprises two- and three-bedroom townhomes, as well as a swimming pool, clubhouse, gym, park, hammock garden and community grills.

September 26, 2023

Acquisitions Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

Berkadia Arranges $37.5M Acquisition Loan for Single-Family Rental Development Underway in Port St. Lucie, Florida

by John Nelson September 26, 2023

PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. The buyer, an investment vehicle managed by GTIS Partners, is purchasing the townhome-style development from K. Hovnanian, which will deliver units through mid-2024. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 square feet in size. Amenities will include pickleball courts, a fitness center, swimming pool, dog park, over 500 acres of lakes and 300 acres of parks.

September 26, 2023

Acquisitions Multifamily South Carolina Southeast Student Housing Top Stories

Core Spaces Acquires 641-Bed Student Housing Community in Clemson, South Carolina

by Jeff Shaw September 26, 2023

CLEMSON, S.C. — Core Spaces has acquired Clemson Lofts, a 233-unit, 641-bed student housing community in Clemson. GEM Realty Capital joined Core Spaces as equity partner, and KKR provided financing. The seller and price were not disclosed. Clemson Lofts is positioned directly north of Tiger Boulevard, which is the main entryway into Clemson University and includes the most popular retail and restaurants. The property is spread across 19 acres and includes 14 separate residential buildings and a clubhouse. The floor plans include one-bedroom through four-bedroom units, each fully furnished with modern furniture and appliances. Features include high-end finishes, spacious living areas and ample storage areas. The community also boasts a variety of amenities, including a resort-style pool and hot tub, fitness center, outdoor yoga space, dog park, communal clubhouse and private study rooms. Clemson Lofts was originally built in 2015, and amenity spaces and select unit renovations started in 2021. Core and GEM plan to renovate the remaining units in summer 2024. “The growth of our acquisitions platform is predicated on finding great communities in Tier 1 university markets,” says Brendan Miller, chief investment officer of student housing at Core Spaces. “We believe the value-creation opportunities at Clemson Lofts amidst …

September 26, 2023

Conference Coverage Features Multifamily Seniors Housing

Investment in Infrastructure, Processes is Key to Owner-Operator Success, Says Expert Panel

by Taylor Williams September 26, 2023

By Channing Hamilton ATLANTA — Today’s seniors housing market is a tough one, characterized by an inflationary environment and high operational costs. Amid the challenges the industry currently faces, owner-operators within the sector must focus on controlling expenses, such as labor and insurance, to maintain profitability — and earlier is better when it comes to planning to mitigate these expenses. Eric Mendelsohn, CEO and president of National Health Investors, a REIT that specializes in seniors housing, emphasized the importance of labor market analysis in the underwriting stage of operations. “Labor is a key element of expense structure in the building,” he said. “Before, we could give it a cursory look. Now, it’s important to really drill down into a market. “We pay closer attention to labor expense and availability,” he continued. “We’ll see what our competitors are paying, and then see what other industries such as retail and fast food in the area are paying. If Target and TGI Fridays are unable to find labor, that’s an indicator that you’re going to have a problem.” Mendelsohn’s remarks came during the keynote address at the 10th annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace …

September 26, 2023

Acquisitions Multifamily Texas

Partners Real Estate Negotiates Sale of Eight-Unit Apartment Building in West Houston

by Taylor Williams September 25, 2023

HOUSTON — Partners Real Estate has negotiated the sale of an eight-unit apartment building located at 4218 J St. in West Houston. According to LoopNet Inc., the property was built in 1963 and renovated in 2022. Ryan DeGennaro represented the seller, Mell Investment Group, in the transaction. Elaine Lan Nguyen of HomeSmart represented the buyer.

September 25, 2023

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