Multifamily

IPA Brokers Sale of 211-Unit Apartment Complex in Mansfield, Texas

by Taylor Williams November 3, 2023

MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Audrey, a 211-unit apartment complex in Mansfield, a southern suburb of Fort Worth. Built in 2021, the property offers one- and two-bedroom units with an average size of 923 square feet. Amenities include a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Joey Tumminello, Taylor Hill, Michael Ware, Jeff Kindorf and Will Balthrope of IPA represented the seller, a partnership between Carleton Cos. and M.R. Development, in the transaction. The team also procured the buyer, a partnership between RPM and a fund managed by Roseview Investment Advisors.

November 3, 2023

Development Idaho Loans Multifamily Western

NewPoint Provides $22.5M in Financing for The Larkspur Workforce Housing Development in Victor, Idaho

by Amy Works November 3, 2023

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border. Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms. The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers. The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.

November 3, 2023

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $30M Sale of Multifamily Property in Griswold, Connecticut

by Taylor Williams November 3, 2023

GRISWOLD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $30 million sale of Pleasant View Estates, a 102-unit, newly built multifamily property in Griswold, located near the Connecticut-Rhode Island border. The unit mix consists of two-bedroom apartments with an average size of 1,036 square feet and three-bedroom townhouses that range in size from 1,363 to 1,693 square feet. Amenities include a clubhouse, game room, playground and walking/biking trails. Rick Chozick of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

November 3, 2023

Affordable Housing Development Midwest Multifamily Wisconsin

McShane Completes 172-Unit Affordable Housing Community in Sun Prairie, Wisconsin

by Kristin Harlow November 3, 2023

SUN PRAIRIE, WIS. — McShane Construction Co. has completed The Wildwood at Main in Sun Prairie, a northwest suburb of Madison. Roers Cos. was the developer. The 172-unit affordable housing community is comprised of two buildings at 150 Schneider Road. Units come in one, two- and three-bedroom layouts. Amenities include a clubroom, fitness center, yoga studio, outdoor patio, playground and storage lockers. A heated underground parking garage provides 209 spaces for residents. Korb + Associates provided architectural services. Income restrictions for residents were not disclosed.

November 3, 2023

Development Illinois Loans Midwest Multifamily

PACE Equity Provides $10.9M in C-PACE Financing for Multifamily Conversion Project in Rockford, Illinois

by Kristin Harlow November 3, 2023

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

November 3, 2023

Loans Multifamily New Jersey Northeast

Greystone Provides $12.2M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams November 3, 2023

BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.

November 3, 2023

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $8.1M Sale of Jersey City Apartment Complex

by Taylor Williams November 3, 2023

JERSEY CITY, N.J. — CBRE has brokered the $8.1 million sale of a 41-unit apartment complex located at 160 Vroom St. in the Journal Square area of Jersey City. The transit-served property houses 22 one-bedroom units, 19 two-bedroom apartments and onsite laundry facilities. A private investment group acquired the building from a New York City-based family office, with both parties requesting anonymity. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented both parties in the deal.

November 3, 2023

Affordable Housing Development Florida Multifamily Southeast

Universal Destinations, Wendover Housing Break Ground on 20-Acre Affordable Housing Development in Orlando

by John Nelson November 2, 2023

ORLANDO, FLA. — Universal Destinations & Experiences and Wendover Housing Partners have begun construction on Catchlight Crossings, a 20-acre residential district in Orlando. The land was donated by Universal’s not-for-profit Housing for Tomorrow. Situated near the Orange County Convention Center along International Drive, the project will ultimately feature 1,000 affordable housing apartments, onsite amenities and services, 16,000 square feet of retail space, play areas and a transportation center. Some features will include Bezos Academy, a tuition-free preschool, as well as educational opportunities via the nearby University of Central Florida. Amenities will include resort-style pools, a fitness center, game room, cafes, bike and walking paths, a community garden and four acres of open green space. Chase is the primary construction lender for Catchlight Crossings, which will remain an affordable community in perpetuity. The majority of the units – 75 percent — will be designated as affordable and reserved for households with incomes at or below 60 percent of the area’s median income (AMI). Universal Destinations & Experiences and Wendover Housing expect to open the first phase of Catchlight Crossings in 2026.

November 2, 2023

Kentucky Loans Lument Multifamily Southeast

Lument Provides $78.8M HUD-Insured Refinancing for Hub Apartments in Bowling Green, Kentucky

by John Nelson November 2, 2023

BOWLING GREEN, KY. — Lument has provided a $78.8 million loan through HUD’s 223(f) program for The Hub, a 590-unit apartment community in Bowling Green. Ryan Duling of Lument’s Columbus, Ohio office originated the financing, which was underwritten with a low fixed interest rate and a 25-basis-point mortgage insurance premium due to its green classification. The borrower was not disclosed. Built in 2020, The Hub comprises 42 apartment buildings surrounding a central park. Amenities include pickleball courts, a splash pad, pet park and resort-style pools with multiple pavilions and lounge areas, as well as food-and-beverage options.

November 2, 2023

Acquisitions Loans South Carolina Southeast Student Housing

JLL Funds $18.5M Acquisition Loan for Student Housing Community Near Coastal Carolina University

by John Nelson November 2, 2023

CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.

November 2, 2023

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