Multifamily

EPC, Belay Sell 361-Unit Captiva Club Apartment Community in Tampa

by John Nelson September 1, 2023

TAMPA, FLA. — Eagle Property Capital (EPC) and Belay Investment Group have sold Captiva Club Apartments, a 361-unit multifamily community located at 4401 Club Captiva Drive in Tampa. Built in 1973, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a clubhouse, two swimming pools, two dog parks, a business center and onsite laundry. The partners acquired the property in 2016 and implemented $4.3 million in capital improvements, including the addition of 17 new units. The buyer and sales price were not disclosed.

September 1, 2023

Affordable Housing Development Seniors Housing Southeast Virginia

APAH Opens 150-Unit Oakwood Meadow Affordable Seniors Housing Community in Alexandria, Virginia

by John Nelson September 1, 2023

ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.

September 1, 2023

Loans Multifamily Texas

KeyBank Funds $32.3M Agency Loan for Refinancing of Metro Austin Apartment Community

by Taylor Williams September 1, 2023

GEORGETOWN, TEXAS — KeyBank Real Estate Capital has provided a $32.3 million Fannie Mae loan for the refinancing of Williamson at the Overlook, a 270-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool with cabanas and grilling areas, a 24-hour fitness center, cybercafé, clubroom and an entertainment kitchen. Timothy DeWispelaere and Eric Jones of KeyBank originated the fixed-rate financing on behalf of the borrower, RSE Capital Partners.

September 1, 2023

Affordable Housing Development Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams September 1, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Gray, a 135-unit affordable housing project that will be located in Houston’s Northline neighborhood. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

September 1, 2023

Acquisitions California Multifamily Western

Berkadia Arranges Sale of 348-Unit Broadstone Cavora Apartment Community in Laguna Niguel, California

by Amy Works September 1, 2023

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora, a multifamily property in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Located at 26033 Cape Drive, Broadstone Cavora features 348 apartments averaging 890 square feet with walk-in closets, private patios and in-unit washers/dryers. Community amenities include a resident clubhouse, resort-style pool, multi-level fitness center, rooftop sun terrace, game room and leisure lawn. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal.

September 1, 2023

Acquisitions Colorado Multifamily Western

Newmark Brokers $1.4M Sale of Residential Development Site in Castle Rock, Colorado

by Amy Works September 1, 2023

CASTLE ROCK, COLO. — Newmark has arranged the land sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II LCC acquired the residential land asset from Castle Rock Development Co. for $1.4 million. The investment sale includes 98,881 square feet of land. Kittie Hook and Cathy Mcdermott of Newmark represented the seller, while Connolly Capital represented the buyer in the deal.

September 1, 2023

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper, IMPACT Community Action Break Ground on 102-Unit Affordable Housing Community in Ohio

by Kristin Harlow September 1, 2023

WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall, an eastern suburb of Columbus. Located at 3540 E. Main St., the project will offer one-, two- and three-bedroom layouts. Units will be restricted for residents who earn 30 to 80 percent of the area median income. There will also be several units adapted for those with mobility challenges and sight or hearing disabilities. Amenities will include a community room with kitchenette and a management office for an onsite community manager. There will also be dedicated space for assisting residents with supportive services such as case management, workforce development and employment training, emergency assistance and financial literacy to be coordinated by IMPACT. The Ohio Housing Finance Agency (OHFA) provided a tax-exempt bond issuance and allocated 4 percent Low-Income Housing Tax Credits and soft funds to the development through its bond gap financing program. Alliant Capital invested in the tax credits to provide equity financing. CF Bank will provide a permanent mortgage and construction loan, through the purchase of the tax-exempt bonds issued by OHFA. Franklin County is providing an additional soft mortgage through …

September 1, 2023

Acquisitions Midwest Minnesota Multifamily Retail

JLL Arranges $8.5M Sale of Historic Apartment, Retail Building in Duluth, Minnesota

by Kristin Harlow September 1, 2023

DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square in Duluth. The property comprises 29 apartment units along with retail space in the city’s Canal Park neighborhood. Originally constructed in 1886, the building underwent a redevelopment in 2015 to convert the second-story office space into luxury apartments. Units average 835 square feet, and amenities include a clubroom and fitness center. Retailers include 310 Pub, Green Mill, Love Creamery, Cloud 9 Bistro, Canal Park Liquor and Rue 48 Salon. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was undisclosed.

September 1, 2023

Development Multifamily New York Northeast

PAZ Management Begins Leasing 39-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams September 1, 2023

POUGHKEEPSIE, N.Y. — Locally based developer PAZ Management has begun leasing The Flats at Raymond, a 39-unit multifamily project located north of New York City in Poughkeepsie. The property features one- and two-bedroom units ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of a larger development known as The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project known as Lofts at The School, began welcoming residents earlier this year and is now 90 percent occupied. Rents at The Flats at Raymond start at $1,975 per month.

September 1, 2023

Idaho Market Reports Multifamily Western Western Market Reports

The Flourishing Idaho Multifamily Market Touts Growth, Shifting Dynamics, Resilience

by Jeff Shaw September 1, 2023

— By Colton Yasinski, Investment Sales Advsor, Capstone Cos. — The multifamily market in Idaho and, specifically, Boise, has experienced an impressive surge over the past five years. This has largely been fueled by the impact of COVID and the attractiveness of Idaho living. The result has been an unprecedented demand for multifamily housing, triggering a development boom that has reshaped the market landscape. In the past year alone, Boise has seen the delivery of 4,000 multifamily units with numerous ongoing construction projects. The city’s rapid population growth and robust housing demand has attracted institutional capital, leading to tighter cap rates similar to larger metropolitan areas. Pioneering developers have recognized the potential in Idaho’s market and entered the scene alongside local development groups. Among them are prominent names like Lincoln Property Company, Alliance Residential Company, Woodside Homes, Morgan Stonehill, American Homes 4 Rent and others shaping the multifamily landscape. However, amidst this growth, market dynamics have started to shift. Over the past year, multifamily sales in Boise have declined by more than 70 percent, accompanied by rising cap rates due to fluctuations in the capital markets. The surge in new units has transitioned the market from favoring landlords to becoming …

September 1, 2023

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