Multifamily

JLL Arranges $28M Loan for Refinancing, Expansion of Seniors Housing Property in Spring, Texas

by Taylor Williams November 2, 2023

SPRING, TEXAS — JLL has arranged a $28 million loan for the refinancing of The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, a northern suburb of Houston. The community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care services, as well as 28 to-be-built independent living, duplex-style cottage units. Zane Sweet, Alanna Ellis, Zach Brantley and Kyle White of JLL arranged the four-year, fixed-to-floating-rate loan from an undisclosed life insurance company. The borrower, Harmony Communities, will use a portion of the proceeds to fund an expansion of the community.

November 2, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 32-Unit Apartment Complex in Near Downtown Austin

by Taylor Williams November 2, 2023

AUSTIN, TEXAS — Northmarq has brokered the sale of Cielo at Azulyk, a 32-unit apartment complex in central Austin. The property consists of four two-story buildings on a 2.5-acre site that were built between 1973 and 1986 ad house one- and two-bedroom units. Hayden Schnieders, Will Collier, Jordan Vaughn, Chase Gardner, Diane Sogal and Scott Lamontagne of Northmarq represented the seller, Atlanta-based Zavala Capital Group, in the transaction. Noah Villicana and Cheryl Higley of Northmarq arranged acquisition financing on behalf of the buyer, California-based Mosch Capital, which plans to implement a value-add program.

November 2, 2023

Acquisitions Illinois Midwest Multifamily

JLL Negotiates $95M Sale of Woodlands of Crest Hill Apartment Community in Suburban Chicago

by Kristin Harlow November 2, 2023

CREST HILL, ILL. — JLL Capital Markets has negotiated the sale of Woodlands of Crest Hill for $95 million. The 730-unit apartment community is located in Crest Hill, a southwest suburb of Chicago. Built in 1972, the property has undergone various renovations since 2018. Woodlands of Crest Hill offers studio, one- and two-bedroom units with an average size of 649 square feet. Amenities include a pool, sundeck, clubroom and fitness center. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the sellers, a fund managed by DRA Advisors and Marquette Cos. Buyer information was not provided.

November 2, 2023

Development Multifamily New Jersey Northeast

UNLMTD Real Estate Underway on 300-Unit Multifamily Project in Fort Lee, New Jersey

by Taylor Williams November 2, 2023

FORT LEE, N.J. — Regional developer UNLMTD Real Estate is underway on construction of FIAT House, a 300-unit multifamily project in the Northern New Jersey community of Fort Lee. The site is located at the foot of the George Washington Bridge. Units will come in studio, one- and two-bedroom formats, and the property will house more than 30,000 square feet of amenity and social gathering spaces. The first units are expected to be available for occupancy in early 2024. The developer is constructing the project in partnership with Italian automaker FIAT, and residents will have access to a car-sharing program of FIAT electric vehicles.

November 2, 2023

Affordable Housing Colorado Development Multifamily Western

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

University of Washington Bothell Phase 1 Residential Village

Development Multifamily Student Housing Washington Western

P3 Completes Phase I of Residential Village at the University of Washington Bothell

by Amy Works November 2, 2023

BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.

November 2, 2023

Development Georgia Southeast Student Housing

Joint Venture Underway on 798-Bed Student Housing Tower Near Georgia Tech in Midtown Atlanta

by John Nelson November 1, 2023

ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.

November 1, 2023

Affordable Housing Development Florida Multifamily Southeast

Related Urban Opens Two Affordable Housing Communities in Miami Totaling 497 Units

by John Nelson November 1, 2023

MIAMI — Related Urban, the affordable housing and mixed-income division of Related Group, has opened Robert King High and Paseo Del Rio, two newly completed affordable housing communities in Miami’s Little Havana neighborhood. The 315-unit Robert King High project is the substantial rehab of an elderly public housing high-rise built in 1964. The property is reserved for low-income seniors housing citizens and comprises residential towers, a one-story clubhouse that was also overhauled and a 1,500-square-foot convenience store. Paseo del Rio is a 182-unit, seven-story residential tower reserved for households earning 30, 60 and 80 percent of the area median income (AMI). Amenities will include a multipurpose room, fitness center, business center, dog park, bike storage, outdoor grill areas, resident courtyard and a 3,000-square-foot Pinecrest Bakery shop, which is set to open in early 2024. Robert King High and Paseo del Rio are now fully leased and occupied. The properties represent the fourth and fifth phases of the River Parc master plan, which will ultimately comprise 2,500 affordable housing, workforce housing and market-rate apartments. Full completion of the master plan’s 10 phases is slated for 2027.

November 1, 2023

Acquisitions California Multifamily Western

Transwestern Brokers $15M Sale of Summerhill Place Apartments in Union City, California

by Amy Works November 1, 2023

UNION CITY, CALIF. — Transwestern Real Estate Services has arranged the sale of Summerhill Place Apartments, a multifamily property in Union City, located between Oakland and San Jose. An undisclosed seller sold the asset to Interstate Equities Corp. for $15 million, or $250,000 per unit. Located at 3900 Horner St., Summerhill Place was built in 1986 and originally acquired by the seller in 1993. The property features 60 one- and two-bedroom apartments. Community amenities include ample parking, onsite laundry and a pool. Shivu Srinivasan of Transwestern handled the transaction.

November 1, 2023

Acquisitions Midwest Multifamily Wisconsin

MLG Capital Acquires Three Multifamily Properties in Metro Milwaukee

by Kristin Harlow November 1, 2023

MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three multifamily properties in metro Milwaukee. Trostel Square is a 99-unit property located at 1818 N. Commerce St. in Milwaukee. The mid-rise community features direct access to Milwaukee’s River Walk and is situated in the city’s Brewers Hill neighborhood. Norhardt Crossing and Norhardt Apartments are both located on Norhardt Drive in Brookfield. Together, the two properties total 211 units and share a full amenity set at Norhardt Crossing. The seller and sales price were not provided.

November 1, 2023

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