Multifamily

Durham-Spartanburg

By Richard Ross, CEO of Quinn Residences Climate change is an enormous topic with implications so expansive that it can be difficult to understand how — or even if — we can make a positive impact. While companies and individuals can make essential changes on the margins, like advocating for public policies that promote better climate outcomes, there is one place where everyone can make a distinct difference: at home. The built environment is one of the most significant contributors to climate change, and our residences account for much of our carbon footprint. Changing how we build and what we buy or rent can alter this dynamic, and for new builds, this process starts on day one. Here are five ways in which developers, builders, buyers and renters can make that possible. Implement a Solar Program Rooftop solar panel adoption is soaring, setting installation records for six consecutive years. More than 700,000 homeowners installed solar panels in 2022, and over half of U.S. adults say they “want to power their home with solar panels in the future.” Meanwhile, the costs of installing and maintaining solar panels have never been lower, thanks to cheaper material costs, streamlined permitting processes and workforce …

FacebookTwitterLinkedinEmail

KEY WEST, FLA. — KeyBank Real Estate Capital has secured a $77.5 million Fannie Mae non-recourse loan for the refinancing of Ocean Walk, an apartment community located in Key West. Built in 1991 and renovated in 2016, the property comprises 297 units across two buildings situated on 17 acres. Amenities at the community include a clubhouse, swimming pool, tennis courts and a basketball court. Caleb Marten and Chris Neil of KeyBank arranged the financing on behalf of the borrower, Passco Cos., which acquired the community in 2017 for $101.5 million. The 10-year loan features a seven-year interest-only period and will amortize on a 30-year schedule.

FacebookTwitterLinkedinEmail

HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.

FacebookTwitterLinkedinEmail

HUNTSVILLE, ALA. — General contractor Jim Chapman Construction Group (JCCG) has broken ground on Nestledown Farm, a build-to-rent (BTR) residential community in Huntsville. Upon completion, the development will feature 201 attached townhomes in two- and three-bedroom layouts ranging from 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and 24-hour emergency maintenance services. Move-ins are scheduled to begin in fall 2024.

FacebookTwitterLinkedinEmail
Stemmons-Towers-Dallas

DALLAS — Locally based hospitality development firm Sava Holdings has purchased Stemmons Towers, a 285,312-square-foot office complex in West Dallas, with plans to convert the property to multifamily use. Stemmons Towers consists of two 12-story buildings that were originally developed in the 1960s by Trammell Crow and John Stemmons, and Sava plans to add a 13th floor to each building as part of the project. The 13-acre site also includes open space for a residential pocket park and greenbelt area. Sava will rebrand the property as Lumiere. Construction is scheduled to begin in mid- to late 2024. John St. Clair and Trae Anderson of Dallas-based brokerage firm Younger Partners represented the seller in the disposition of the property.

FacebookTwitterLinkedinEmail
Talia-Apartments-Marlborough-Massachusetts

MARLBOROUGH, MASS. — CBRE has brokered the $74 million sale of Talia, a 225-unit apartment complex located in the western Massachusetts suburb of Marlborough. Talia offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, outdoor grilling and dining stations, a pet spa, game room, coffee bar, courtyard and walking/jogging trails. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership between Fairfield Properties and an unnamed institutional investor, in the transaction. The buyer was a fund advised by regional investment firm The DSF Group.

FacebookTwitterLinkedinEmail
Portico-Oakland-CA

OAKLAND, CALIF. — Cityview is developing Portico, a 378-unit multifamily community located in an Opportunity Zone in Oakland’s Brooklyn Basin neighborhood. Slated for completion December 2023, the eight-story project will feature studio, one-, two- and three-bedroom apartments, as well as townhomes, with more than 80 percent of the units overlooking the waterways separating Oakland from Alameda. All units will feature stainless steel appliances, smart thermostats, large closets, air conditioning, full-sized washers/dryers, keyless entry, luxury vinyl plank flooring, and kitchens with fully tiled backsplashes and quartz countertops. Community amenities will include 331 parking spaces for residents and guests, a rooftop sky lounge, pool and spa deck, courtyard, an outdoor pet spa, indoor and outdoor fitness areas, a movement studio, clubroom, wine cellar, game room and leasing lobby lounge. Managed Wi-Fi will be available throughout the community and a coworking space will provide private and community workspaces for residents. Designed to meet LEED Silver standards, Portico will feature low-flow fixtures, Energy Star-certified appliances, a solar thermal system that helps provide hot water for units and energy efficient windows. The project team includes James E. Roberts Obayashi and Webcor as general contractors, AC Martin as architect and Nadia Gellar Designs as interior designer. Portico …

FacebookTwitterLinkedinEmail
Edge-DTC-Denver-CO

DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.

FacebookTwitterLinkedinEmail

LAKE SAINT LOUIS, MO. — Mia Rose Holdings has sold The Solstice, a 156-unit Class A apartment complex in Lake Saint Louis, a northwest suburb of St. Louis. The sales price was undisclosed. Minneapolis-based Timberland Partners was the buyer. The Solstice features 48 two-bedroom units and 108 one-bedroom units spread across five buildings. Mia Rose completed development of the property this spring. The St. Louis-based multifamily developer has more than 3,000 units in development across the St. Louis, Northwest Arkansas, Indianapolis and North Texas markets.  

FacebookTwitterLinkedinEmail
Presidium-183-Austin

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Presidium 183, a 374-unit multifamily project in North Austin. Designed by O’Brien Architects, Presidium 183 will offer several different floor plans, and units will be furnished with stainless steel appliances, quartz-style countertops and individual washers and dryers. Amenities will include a coworking lounge with private offices, fitness center with yoga and spin studios, a speakeasy-style bar, entertainment room with a theater and golf simulator, outdoor game lawn, pool and a dog run. Completion is slated for mid-2025.

FacebookTwitterLinkedinEmail