Multifamily

Interra Realty Brokers $4.2M Sale of Three Apartment Buildings in Chicago’s Pilsen Neighborhood

by Kristin Harlow May 31, 2023

CHICAGO — Interra Realty has brokered the $4.2 million sale of a three-building multifamily portfolio in Chicago’s Pilsen neighborhood. The 14-unit building at 1924 S. Throop St. underwent recent capital improvements that included new exterior doors, freshly painted hallways and LED lighting. The property was 43 percent vacant at the time of sale. The building on South Oakley Avenue features 10 units with renovated kitchens, bathroom and flooring. The property also includes one ground-floor retail space and has received a new rear porch, window replacements, a new perimeter fence and electrical upgrades. Located at 2300 W. 23rd St., the third property in the portfolio features seven apartment units and one ground-floor retail space. Most of the units have undergone renovations such as updated kitchens, bathrooms and flooring. Additional improvements include in-unit electrical upgrades and new individual HVAC and tankless hot water systems. Jeremy Morton of Interra represented both the private buyer and seller.

May 31, 2023

Life Sciences Innovation Districts Danvers quote

Bohler Content Partner Development Features Life Sciences Midwest Multifamily Northeast Southeast Texas Western

Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design

by Sarah Daniels May 31, 2023

In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …

May 31, 2023

Development Florida Multifamily Southeast

Wood Partners Starts Construction of 324-Unit Alta Citron Apartment Community in Davenport, Florida

by Hayden Spiess May 30, 2023

DAVENPORT, FLA. — Wood Partners has broken ground on Alta Citron, a multifamily project in Davenport. Upon completion, the development will comprise 324 apartments in one-, two- and three-bedroom layouts. Amenities at the property will include a pool, clubhouse with a fitness center, grilling stations, outdoor fire pits, hammocks and a pet park with a washing station. Pre-leasing at the community is expected to begin this fall, with the opening scheduled for the fourth quarter of this year.

May 30, 2023

Development Multifamily Texas

GenCap Partners Breaks Ground on 372-Unit Multifamily Project in San Antonio

by Taylor Williams May 30, 2023

SAN ANTONIO — Dallas-based GenCap Partners has broken ground on a 372-unit multifamily project on a 16-acre site in the Westover Hills area of San Antonio. The garden-style community will offer studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, conference rooms, coffee bar, outdoor grilling and dining areas and two dog parks. GenCap Partners is developing the property in partnership with International Development. Dwell Design Studio is the project architect, and Rampart Multifamily is the general contractor. Completion is slated for early 2025.

May 30, 2023

Development Loans Multifamily Seniors Housing Utah Western

Joint Venture Receives $160M C-PACE Financing for Summit Vista CCRC in Taylorsville

by Jeff Shaw May 30, 2023

TAYLORSVILLE, UTAH — D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the arrangers, the proceeds will be dedicated toward ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency. Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus. Upon full build-out, the community will feature nearly 1,600 units. Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville. It is centrally located near major transportation corridors, enabling connectivity to surrounding neighborhoods. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100 percent of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.

May 30, 2023

Affordable Housing Development Hawaii Multifamily Western

Waikoloa Vacation Rentals Plans 229-Unit Affordable Housing Community in Hawaii

by Jeff Shaw May 30, 2023

WAIKOLOA, HAWAII — Waikoloa Vacation Rentals has released plans for Ho’omalu at Waikoloa Beach Resort, a 229-unit affordable community in Waikoloa, located on the western portion of the “big island” of Hawaii. Ho’omalu at Waikoloa Beach will offer one-, two- and three-bedroom floor plans, as well as amenities such as a day care, pool, fitness center, barbeque area and community center. The community will be available to households earning between 30 and 100 percent of the area median income. The project is listed on the county of Hawaii’s website as being currently under development, and Waikoloa Vacation Rentals plans to break ground before the end of 2024.

May 30, 2023

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $58M Refinancing for Two Seniors Housing Communities in Oregon

by Jeff Shaw May 30, 2023

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE National Senior Housing has arranged a $58 million refinancing for The Springs at Carman Oaks and The Springs at Wilsonville on behalf of The Springs Living (TSL). Nestled in the northwestern corner of Clackamas County, The Springs at Carman Oaks is situated in the affluent suburb of Lake Owego, while The Springs at Wilsonville is located in Wilsonville, approximately 17 miles south of downtown Portland. The communities combined offer 294 independent living, assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing. The three-year loan features two years of interest-only payments. A syndication of two regional banks provided the capital. This financing represents the second time that CBRE has refinanced the portfolio over the past three years. TSL is headquartered in McMinnville and owns and operates 19 senior living communities across Oregon and Montana, with one additional community under construction.

May 30, 2023

Acquisitions Multifamily Texas

GREA Negotiates Sale of 158-Unit Multifamily Property in Fort Worth

by Taylor Williams May 30, 2023

FORT WORTH, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Southgate Manor, a 158-unit multifamily property in Fort Worth. According to Apartments.com, the property was built in 1963 and features studio, one-, two- and three-bedroom units that range in from 425 to 1,065 square feet. Mark Allen of GREA represented the undisclosed, Texas-based seller in the transaction. The buyer and sales price were also not disclosed.

May 30, 2023

Development Multifamily New York Northeast

LCOR Tops Out 463-Unit Multifamily Project on Coney Island

by Taylor Williams May 30, 2023

NEW YORK CITY — Locally based developer LCOR has topped out 1515 Surf Avenue, a 463-unit multifamily project in Brooklyn’s Coney Island area. Designed by STUDIO V Architecture, the building will offer one- and two-bedroom units and amenities such as an outdoor pool, landscaped courtyard, fitness center, an indoor basketball court, multiple tenant lounges and coworking spaces. Approximately 30 percent (139) of the residences will be reserved as affordable housing. The building will also house 11,000 square feet of retail space. LRC Construction is the general contractor for the project, completion of which is slated for early 2024.

May 30, 2023

Development Multifamily Texas

OHT Partners Breaks Ground on 359-Unit Lenox Heights Apartments in Houston

by Taylor Williams May 26, 2023

HOUSTON — Austin-based developer OHT Partners has broken ground on Lenox Heights, a five-story, 359-unit multifamily project in Houston’s Heights neighborhood. Units will come in one- and two-bedroom floor plans and will range in size from 629 to 1,247 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart technology. Amenities will include two pools, a fitness center, coworking lounge, clubhouse and a pet spa. Steinberg Dickey Collaborative is the project architect. Completion is slated for early 2025.

May 26, 2023

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