Multifamily

Brinkmann Constructors Breaks Ground on 361-Unit Luxury Apartment Project in Merriam, Kansas

by Kristin Harlow June 26, 2023

MERRIAM, KAN. — Brinkmann Constructors has broken ground on Merriam Grand Station Lofts, a 361-unit luxury apartment project in Merriam, a southwest suburb of Kansas City. Drake Development is developing the project on the site of a former retail development that has been vacant for 10 years. The development is part of the larger Merriam Grand Station, a $72.5 million project including retail, residential and public gathering space. Merriam Grand Station Lofts will consist of two buildings with 73,000 square feet of below-grade parking. Amenities will include a pool, pet wash station, game rooms and electric vehicle charging stations. Completion is slated for 2025.

June 26, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $6.1M Sale of Multifamily Property in Chicago’s Logan Square

by Kristin Harlow June 26, 2023

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Logan Square neighborhood for $6.1 million. Located at 2543 N. California Ave., the building was constructed in 1902 and renovated in 2018. There are eight two-bedroom units, five three-bedroom units, one four-bedroom layout and two commercial spaces. Starbucks has been a long-term tenant in one of the commercial spaces. Brad Feldman of Interra represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer.

June 26, 2023

Acquisitions Affordable Housing Loans Montana Multifamily Seniors Housing Western

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw June 26, 2023

BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.

June 26, 2023

Development Loans Multifamily Texas

Cronheim Mortgage Arranges $18.3M Construction Loan for Multifamily Project in Edinburg, Texas

by Taylor Williams June 26, 2023

EDINBURG, TEXAS — New Jersey-based Cronheim Mortgage has arranged an $18.3 million construction loan for Las Vilitas, a 200-unit multifamily project that will be located in the Rio Grande Valley city of Edinburg. An undisclosed regional bank provided the loan, which was structured with three years of interest-only payments followed by a 12-year term. The sponsor is locally based developer Verturo Interests. David Poncia led the transaction for Cronheim Mortgage.

June 26, 2023

Development Multifamily Texas

Forum Capital Provides $18M Equity Investment for Multifamily Project in San Antonio

by Taylor Williams June 26, 2023

SAN ANTONIO — Forum Capital Advisors, a Denver-based investment firm, has provided an $18 million equity investment for Tacara at Steubing Heights, a 293-unit multifamily project that will be located near South Texas Medical Center in San Antonio. The four-story complex will feature studio, one- and two-bedroom units and amenities such as a pool, clubhouse, outdoor lounge and a pet park. The name of the lead developer was not disclosed. Construction is expected to begin before the end of the year and to be complete in 2025.

June 26, 2023

Development Multifamily New Jersey Northeast

SJP, Scotto Break Ground on 260,000 SF Office Project in Morristown, New Jersey

by Taylor Williams June 26, 2023

MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and Scotto Properties has broken ground on M Station West, a 260,000-square-foot office project in the Northern New Jersey community of Morristown. Designed by Gensler and inclusive of retail space, the two-building complex will serve as the new flagship office of Sanofi, a global pharmaceutical company that is based in Paris. Sanofi plans to employ nearly 2,000 people at the campus, which is slated for a first-quarter 2025 delivery. The partnership completed the 120,0000-square-foot M Station East in July 2022.

June 26, 2023

Affordable Housing Development Multifamily New Jersey Northeast

RPM Development to Build 120-Unit Mixed-Income Residential Project in Downtown Trenton

by Taylor Williams June 26, 2023

TRENTON, N.J. — RPM Development will build a 120-unit mixed-income residential project in downtown Trenton. The site at 150-170 Broad St. spans 1.3 acres, and the development will consist of 70 market-rate units, 48 affordable housing units and two superintendent units. Units will come in one-, two- and three-bedroom formats. Amenities will include a fitness center, resident lounge and a rooftop deck, and the property will also offer 168 parking spaces and a 7,500-square-foot retail plaza. The New Jersey Economic Development Authority and the New Jersey Housing & Mortgage Finance Agency both provided tax credit equity to finance the project. A construction timeline was not disclosed.

June 26, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $3.6M Sale of Brooklyn Multifamily Property

by Taylor Williams June 26, 2023

NEW YORK CITY — Marcus & Millichap has arranged the $3.6 million sale of a multifamily property located at 88 Fifth Ave. in Brooklyn’s Park Slope neighborhood. According to LoopNet Inc., the four-story building was constructed in 1920 and houses seven units. Shaun Riney, Mark Zarrella and Andrew Bronsteen of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. Additional terms of sale were not disclosed.

June 26, 2023

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $1.8M Sale of South Williams Apartment Building in Mesa, Arizona

by Jeff Shaw June 23, 2023

MESA, ARIZ. — A private investor has purchased the 12-unit South Williams apartment building in Mesa for $1.8 million. It is located at 335-359 South Williams, about two miles north of the US-60 freeway and less than a mile south of the Valley Metro Light Rail. New ownership will have the opportunity to renovate all unit interiors to capitalize on renovation premiums already proven in the submarket, notes Paul Bay of Marcus & Millichap’s Phoenix office, who secured the buyer. Bay, Adam Saylor and Darrell Moffitt arranged the transaction. The seller was also a private investor.

June 23, 2023

Acquisitions Florida Multifamily Southeast

Waterton Buys 321-Unit Apartment Community in Plantation, Florida for $88M

by Hayden Spiess June 23, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community located at 1650 Southwest 78th Ave. in the Broward County city of Plantation. South Florida Business Journal reports that Stiles and PGIM Real Estate sold the property for $88 million. Built in 2013 as part of the 860-acre Plantation Midtown master planned development, the community features one-, two- and three-bedroom residences within a 12-story tower. Amenities at the property include a business center, private work rooms, movie theater, resident lounge areas, dog park, catering kitchen and fitness center. The new owner plans to renovate the clubhouse and convert existing parking garage rooftop tennis courts to pickleball courts. Newmark’s South Florida team brokered the transaction.

June 23, 2023

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