Multifamily

Integra Investments Delivers 280-Unit Wrecker’s Cay Apartments in Key West, Florida

by John Nelson April 27, 2023

KEY WEST, FLA. — Integra Investments has delivered Wrecker’s Cay Apartments, a 280-unit workforce housing community located at 6125 2nd St. on Key West’s Stock Island. The stabilized property features a variety of floor plans, including one-, two- and three-bedroom apartments. Of those, 70 are designated low-income units, 98 median-income units and 112 moderate-income units. Designed by PQH Group, Wrecker’s Cay features a children’s playground, fitness center, waterfront clubhouse with a catering kitchen, pavilion with an outdoor kitchen and a resort-style pool. According to the property website, potential residents can apply to lease a one-bedroom unit for $2,460 per month or a two-bedroom apartment for $2,769 per month.

April 27, 2023

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates Sale of Apartment Portfolio in Spokane, Washington for $2.5M

by Jeff Shaw April 27, 2023

SPOKANE, WASH. — Marcus & Millichap has arranged the sale of a 17-unit apartment portfolio in Spokane. An unnamed buyer acquired the assets for $2.5 million. The three-property portfolio is located at 212-218 W 7th Aven. and 45 E 8th Ave. Each of the apartment buildings are two-story, garden-style assets. Most of the units have been renovated with new floors, countertops, appliances and fixtures. The buyer intends to hold the property long term. Georgie Christensen-Riley and Joshua C. Reynolds of Marcus & Millichap’s Portland office marketed the property on behalf of the undisclosed seller. Joel Deis assisted in securing the buyer.

April 27, 2023

Acquisitions Multifamily Washington Western

Kidder Matthews Brokers Sale of Pioneer Pathway House Apartments in Spokane, Washington

by Jeff Shaw April 27, 2023

SPOKANE, WASH. — A local investor has acquired the 39-unit Pioneer Pathway House Apartments in Spokane for $1 million. The community is located at 224 S. Howard St. It is designated as a low-income, affordable housing complex. The majority of units are SRO (single-room occupancy), dorm-style, private living spaces with shared bathrooms. Max Frame of the Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the seller. They were the only brokers involved in the transaction.

April 27, 2023

Development Multifamily Texas

Wood Partners to Develop 650-Unit Multifamily Project in Bastrop, Texas

by Taylor Williams April 27, 2023

BASTROP, TEXAS — Atlanta-based multifamily developer Wood Partners has acquired 26 acres in Bastrop, about 30 miles east of Austin, for the construction of a 650-unit project. The site is located within a larger mixed-use development by Houston-based Pearl River Cos. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented Pearl River Cos. in the disposition of the land. Wood Partners plans to break ground in the coming weeks and expects for construction to last 24 to 36 months. Information on floor plans and amenities was not disclosed.

April 27, 2023

Development Multifamily New Jersey Northeast

Joint Venture Breaks Ground on 401-Unit Multifamily Project in Jersey City

by Taylor Williams April 27, 2023

JERSEY CITY, N.J. — A joint venture between Cleveland-based developer The NRP Group, asset management firm Rockwood Capital and locally based firm G&S Investors has broken ground on a 401-unit multifamily project in Jersey City. The site is located at 190 Chapel Ave. in the Port Liberté area. Units will come in one-, two- and three-bedroom formats. Amenities will include a pool, pet play and wash area, outdoor grilling and dining stations, rooftop deck with a lounge area, game room, communal kitchen, conference room and a commuter lounge. Citizens Bank and Fifth Third Bank provided senior construction loans for the project, which is slated for a summer 2025 completion.

April 27, 2023

Loans Multifamily Texas

Newmark Arranges $122M Loan for Refinancing of Irving Apartment Community

by Taylor Williams April 26, 2023

IRVING, TEXAS — Newmark has arranged a $122 million loan for the refinancing of Alesio Urban Center, a 908-unit apartment community in Irving. Alesio Urban Center offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as new hardware, lighting and cabinetry. Amenities include five pools, six courtyards, a fitness center, outdoor grilling and dining stations, running trails and a game lounge. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged the five-year fixed-rate loan through global investment management firm KKR on behalf of the borrower, Harbor Group International.

April 26, 2023

Acquisitions Multifamily Texas

Capital Commercial Acquires 379,014 SF Office Building in Irving

by Taylor Williams April 26, 2023

IRVING, TEXAS — Capital Commercial Investments has acquired a 379,014-square-foot office building located at 5959 Las Colinas Blvd. in Irving. Capital Commercial also purchased the 290-acre campus on which the building is situated, which has the capacity for future expansion/development. Office amenities include a fitness center, cafeteria and multiple conference rooms. Michael Swaldi and Jonathan Carrier of JLL represented the undisclosed seller in the transaction. JLL has also been retained to manage the property and market it for lease.

April 26, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 128-Unit Apartment Complex in Duncanville, Texas

by Taylor Williams April 26, 2023

DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.

April 26, 2023

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 350-Unit Apartment Community in Concord, Massachusetts

by Taylor Williams April 26, 2023

CONCORD, MASS. — CBRE has arranged the sale of The Prescott at Concord, a 350-unit apartment community located on the northwestern outskirts of Boston. Built in 2012 by Mill Creek Residential, the property consists of 302 apartments and 48 townhomes that feature one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, dog park, playground, outdoor grilling stations and a resident lounge with an entertainment kitchen. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction. The team also procured the buyer, BlackRock. The sales price was not disclosed.

April 26, 2023

Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Begin Construction on $37.4M Seniors Housing Project in Bradenton, Florida

by John Nelson April 26, 2023

BRADENTON, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024. Funding sources for Astoria on 9th include Fifth Third Bank, Capital One (via Freddie Mac), Bradenton CRA and Raymond James, as well as a State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund (NHTF) loan; and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL. The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton …

April 26, 2023

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