Multifamily

Greenstone Partners Brokers $3.6M Sale of Apartment, Retail Building in Chicago’s Lincoln Square

by Kristin Harlow August 18, 2023

CHICAGO — Greenstone Partners has brokered the $3.6 million sale of an 11,500-square-foot apartment and retail building in Chicago’s Lincoln Square neighborhood. Located at 2200 W. Lawrence Ave., the building is anchored by Roots Pizza and The Sixth, a two-concept retail tenant signed to a long-term lease. The property’s six apartment units were built in 2014 when the building underwent a full rehab. Danny Spitz, Jordan Multack and Tom Galvin of Greenstone represented the seller and procured the buyer, a New York-based private investor.

August 18, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

Development Multifamily Texas

StreetLights Residential Completes 377-Unit Apartment Community in Northwest Austin

by Taylor Williams August 17, 2023

AUSTIN, TEXAS — Dallas-based StreetLights Residential has completed The Asher, a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the third phase of a larger development known as Presidio. Units come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences are furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio served as the architect of record for the project and handled all interior design work in-house. SLR Construction LLC acted as the general contractor. Information on starting rents was not disclosed.

August 17, 2023

Affordable Housing Development Loans Multifamily Texas

Brownsville Residential to Undertake Multifamily Conversion Project in Rio Grande Valley

by Taylor Williams August 17, 2023

BROWNSVILLE, TEXAS — Brownsville Residential, an affiliate of the Housing Authority of the City of Brownsville, will undertake a multifamily conversion project in the Rio Grande Valley. The project will transform the historic El Jardin Hotel, which originally opened in 1927, into a 44-unit affordable housing complex that will house units available to renters earning up to 30, 50 and 60 percent of the area median income. Residences will come in one-, two- and three-bedroom formats, and amenities will include fitness center, library, computer lab, community room and garden area. Residents will also have access to annual health fairs, quarterly nutrition courses, bimonthly arts-and-crafts activities and weekly exercise classes. Financing for the project includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Additionally, Bank OZK provided the $18.7 million construction loan.

August 17, 2023

Acquisitions Multifamily North Carolina Southeast

Bell Partners Acquires 277-Unit Vintage Jones Franklin Apartments in Raleigh

by John Nelson August 17, 2023

RALEIGH, N.C. — Bell Partners has purchased Vintage Jones Franklin, a newly built, 277-unit apartment community located in Raleigh. The seller and sales price were not disclosed, but multiple outlets report that the developer and seller, TDK Construction, sold the property to Bell Partners for nearly $80 million. Built in 2022, Vintage Jones Franklin is situated at the intersection of I-40, I-440 and U.S. Highway 1 between downtown Raleigh and Cary, N.C. The community comprises studio, one-, two- and three-bedroom apartments, as well as a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Bell Partners purchased the asset via its Bell Core Fund I vehicle and will rebrand the property as Bell Jones Franklin.

August 17, 2023

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $6.7M Agency Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 17, 2023

BOUND BROOK, N.J. — Walker & Dunlop has provided a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit apartment complex located in the Northern New Jersey community of Bound Brook. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom apartments and 16 two-bedroom apartments. The borrower was New Jersey-based Reynolds Asset Management.

August 17, 2023

Acquisitions Development Florida Multifamily Southeast

Colliers Arranges $7.5M Sale of Multifamily Development Site in Metro Miami

by John Nelson August 17, 2023

HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.

August 17, 2023

Acquisitions Affordable Housing California Multifamily Western

CPP Acquires Sunnyview Villa Affordable Housing Property in Palm Springs, California

by Amy Works August 17, 2023

PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs. Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income. CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years. Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant. Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness. Development …

August 17, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Negotiates $4.7M Sale of Brooklyn Apartment Building

by Taylor Williams August 17, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty has negotiated the sale of an eight-unit apartment building in the Boerum Hill area of Brooklyn. The four-story building was originally constructed in 1905, offers two- and three-bedroom units and recently underwent a gut renovation. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction.

August 17, 2023

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $4.9M Acquisition Loan for Multifamily Property in Pleasant Hill, Iowa

by Kristin Harlow August 17, 2023

PLEASANT HILL, IOWA — Colliers Mortgage has provided a $4.9 million Fannie Mae loan for the acquisition of Riverwood Apartments in Pleasant Hill, an eastern suburb of Des Moines. The 69-unit multifamily property features one-, two- and three-bedroom floor plans. Brett Olson and Matt Halberg of Colliers originated the 10-year loan on behalf of the undisclosed borrower.

August 17, 2023

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