Multifamily

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson April 26, 2023

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

April 26, 2023

California Development Multifamily Western

AO Completes Construction of 165-Unit The Mark Apartments in Riverside, California

by Jeff Shaw April 26, 2023

RIVERSIDE, CALIF. — AO has completed construction of The Mark, a seven-story apartment building the Inland Empire city of Riverside. The community is situated across from the Fox Theater and is steps from the historic Mission Inn Hotel. The project included 20,000 square feet of retail space hosting street-level boutiques and restaurants below 165 apartments ranging from studio to three-bedroom units. AO served as the project’s designer. The project included restoration and preservation of three historic buildings on the site, including the city’s first fire station.

April 26, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Completes 135-Unit Affordable Housing Project in Boston

by Taylor Williams April 26, 2023

BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.

April 26, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $5.5M Sale of Arrow Townhomes in Upland, California

by Jeff Shaw April 26, 2023

UPLAND, CALIF. — An individual/personal trust has acquired the 18-unit Arrow Townhomes in Upland for $5.5 million. The community is located at 614-628 Arrow Highway in San Bernardino County, just east of Los Angeles. Arrow Townhomes contains all two-bedroom, townhouse-style apartment units with two-car attached garages. Other amenities include enclosed patios, balconies, central air conditioning and laundry hook-ups in each unit. Douglas McCauley and David Covarrubias of Marcus & Millichap represented both the buyer and seller, an LLC.

April 26, 2023

Development Industrial Mississippi Multifamily Seniors Housing Southeast

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Seniors Housing Development

by John Nelson April 26, 2023

TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.

April 26, 2023

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Apartments in Las Vegas

by Jeff Shaw April 26, 2023

LAS VEGAS — Camino Verde Group has purchased the 10-unit Sherwood Apartments in Midtown Las Vegas. The community is situated just east of Las Vegas Boulevard. There are major redevelopments within walking distance of the complex. They include the construction of the Fontainebleau and the MSG Sphere, as well as renovations at Circus Circus.

April 26, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow April 26, 2023

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

April 26, 2023

Affordable Housing Development Multifamily Southeast Virginia

S.L. Nusbaum Breaks Ground on 119-Unit Affordable Housing Development in Williamsburg, Virginia

by John Nelson April 25, 2023

WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.

April 25, 2023

Acquisitions Multifamily Texas

Hamilton Zanze Sells 240-Unit Apartment Complex in Fort Worth

by Taylor Williams April 25, 2023

FORT WORTH, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold 4000 Hulen, a 240-unit apartment complex in Fort Worth. The property was built in 2015, has an average unit size of 886 square feet and offers amenities such as a pool, fitness center, coffee bar, game room and a dog park. Hamilton Zanze acquired the property in 2017 and implemented a value-add program that upgraded unit interiors, amenity spaces, building exteriors and landscaping. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented Hamilton Zanze in the transaction and procured the buyer, Pegasus Real Estate. At the time of sale, 4000 Hulen was 95 percent occupied.

April 25, 2023

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $27M Sale of Aspire Lakewood Apartments in Colorado

by Jeff Shaw April 25, 2023

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of the 96-unit Aspire Lakewood Apartments in Lakewood. A new-to-the-market investment group bought the asset for $27 million. The community is located at 12160 W. Nevada Drive. It includes a fitness center, clubhouse and swimming pool. The property’s one- to four-bedroom units feature private patios or balconies. Kent Guerin, Jason Hornik and Greg Parker of Marcus & Millichap represented the buyer. The seller was not disclosed.

April 25, 2023

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