Multifamily

Equus Capital Sells 500-Unit Madison Druid Hills Apartments in Atlanta

by John Nelson October 2, 2023

ATLANTA — Equus Capital Partners Ltd. has completed the sale of Madison Druid Hills, a 500-unit garden-style apartment community in Atlanta’s Druid Hills neighborhood. David Gutting of Newmark represented Equus, which sold the asset on behalf of its Equus Investment Partnership X LP investment vehicle, in the transaction. The buyer and sales price were not disclosed. Since its acquisition of Madison Druid Hills in 2017, Equus completed a multimillion-dollar capital improvement program that included new roofs, exterior paint, clubhouse renovations, the addition of a dog park and green upgrades, including water efficient aerators throughout all units. Madison Druid Hills includes a mixture of recently renovated one-, two- and three-bedroom apartments. Amenities on the 49-acre site include an outdoor swimming pool, fitness center, car care center, barbecue grills and picnic area with a fire pit and two tennis courts.

October 2, 2023

Acquisitions Maryland Multifamily Southeast

KLNB Negotiates Sales of Two Apartment Communities in Gaithersburg, Maryland

by John Nelson October 2, 2023

GAITHERSBURG, MD. — KLNB has negotiated the sale of two apartment communities in Gaithersburg totaling 194 units. The properties include Towne Crest and Chelsea Park. Acento Real Estate Partners purchased both communities from the undisclosed sellers. The sales prices were also not disclosed. Acento plans to make renovations to both properties and add amenities. Rawles Wilcox, Jared Emery and Dutch Seitz of KLNB represented the sellers in both transactions.

October 2, 2023

Development Multifamily Seniors Housing Texas

Tradition Senior Living Completes 297-Unit Project in Fort Worth

by Taylor Williams September 29, 2023

FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has completed construction on a 297-unit project within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork offers 214 independent living residences and 95 assisted living and memory care units. Residences come in one- and two-bedroom formats and range in size from 880 to 2,200 square feet. Residents have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Jackson & Ryan Architects designed the project, and Rogers-O’Brien Construction served as general contractor.

September 29, 2023

Acquisitions Multifamily Texas

SPI Advisory Acquires 164-Unit Riverbend Apartments in New Braunfels, Texas

by Taylor Williams September 29, 2023

NEW BRAUNFELS, TEXAS — Texas-based private equity firm SPI Advisory has acquired Hawthorne Riverside, a 164-unit multifamily complex in New Braunfels, a northwestern suburb of San Antonio. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments. The seller and sales price were not disclosed.

September 29, 2023

California Development Mixed-Use Multifamily Office Retail Western

Carmel Properties Plans 1 MSF Forge at Alloy Mixed-Use Project in Los Angeles

by Amy Works September 29, 2023

LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.

September 29, 2023

Loans Lument Multifamily Seniors Housing Texas

Lument Provides $13.4M Agency Loan for Refinancing of Seniors Housing Complex in Metro Houston

by Taylor Williams September 29, 2023

HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

September 29, 2023

Acquisitions Affordable Housing Development Maryland Multifamily Southeast

APAH Acquires 170-Unit Falkland Chase Apartment Community in Silver Spring, Maryland

by Hayden Spiess September 29, 2023

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.

September 29, 2023

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on Phase II of $67M Luxury Apartment Development in Mishawaka, Indiana

by Kristin Harlow September 29, 2023

MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.

September 29, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow September 29, 2023

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

September 29, 2023

Development Multifamily Texas

Midway Begins Leasing 359-Unit Apartment Community at East River in Houston

by Taylor Williams September 28, 2023

HOUSTON — Midway has begun leasing The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project. The first move-ins will begin in December. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. Rents start at $1,600 per month for a studio.

September 28, 2023

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