BALA CYNWYD, PA. — LCB Senior Living has completed The Residence at Bala Cynwyd, an adaptive reuse project located northwest of Philadelphia. The number of units was not disclosed. Built in the 1850s as Benjamin Schofield’s West Manayunk Woolen Mills, the property eventually became known as Lee’s Shoddy Mill, named after the heavy fabric created from recycled wool and cotton. The Residence at Bala Cynwyd offers independent living, personal care and memory care accommodations. Units are available in studio, one-bedroom and two-bedroom floor plans.
LOWELL, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $12.8 million sale of Willard Street Apartments, a 72-unit multifamily complex in Lowell, a northern suburb of Boston. The three-building property houses three studios, 24 one-bedroom units and 45 two-bedroom apartments. Francis Saenz, Drew Kirkland, Jim Casey, Brad Carlson and Brett Curtis represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
EVERETT, MASS. — A partnership between two locally based developers, RISE and btcRE, will build a 46-unit multifamily project at 52 School St. in Everett, a northern suburb of Boston. The four-story building will feature a mix of studio, one- and two-bedroom units, and seven residences will be reserved for renters earning 80 percent or less of the area median income. Needham Bank provided financing for the construction of the project, which is scheduled to begin in the third quarter.
By Mark Stern, JLL Chicago’s multifamily sector currently enjoys strong market fundamentals highlighted by healthy occupancy rates and continued rental rate growth. The current core apartment rents average over $4 per square foot, which is higher than previous peak pricing. After the pandemic, rental rates between late 2021 to 2022 recorded 10 to 15 percent growth, which is substantially ahead of the historical norms. Currently, the Chicago rental market is experiencing more stable rent growth in the 3 to 4 percent range. Chicago remains one of the most affordable major markets to rent an apartment when looking at the current average effective rents as a percentage of median household income. This affordability will allow owners to continue to push rental rates in the future. One of the major factors leading to strong operating fundamentals in the Chicago market is the lack of new supply. The supply in Chicago is currently 1 percent of the inventory, which is quite low in comparison to other markets where there could be as much as 10 to 12 percent of the inventory under construction. In the city, there are just over 7,000 units under construction slated for delivery between 2023 and 2024. The majority …
WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.
MIAMI — ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply. The properties will comprise an eight-story building and 12-story tower that will house units ranging from studios to three-bedroom apartments. ROVR plans to develop three more phases at adjacent sites located between 1701 and 1851 Delaware Parkway totaling 1,000 units. ATL Architecture and Michael Wolk Design are leading the designs for the Tides and Moorings communities.
DAYTONA BEACH, FLA. — JLL has secured $77 million in construction financing for the development of Atlantica at Daytona, a 341-unit apartment community located at 1799 N. Williamson Blvd. in Daytona Beach. The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL arranged the three-year loan with a 75 percent loan-to-cost ratio through Broadshore Capital Partners. Atlantica at Daytona will feature one-, two- and three-bedroom units averaging 981 square feet in size. Amenities will include a resort-style pool, grill station, screened lanai with a fireplace, bar and TVs, outdoor summer kitchen, dog park, coworking space, game room and a high-tech fitness center.
KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.
CHICAGO — Related Midwest has opened The Row Fulton Market, a 300-unit luxury apartment tower located at 164 N. Peoria St. in Chicago’s Fulton Market District. Designed by Morris Adjmi Architects, the building rises 43 stories. Units range from 617 to 1,933 square feet. A select number of premium penthouse residences on floors 42 and 43 range from 2,358 to 3,418 square feet. Monthly rents start at $2,705. The penthouses start at $15,250 per month. Twenty percent of the units are designated as affordable housing. The Row features 22,600 square feet of amenity spaces, including an entertainment suite, gathering room, workspace options, fitness center, wellness studio and children’s play area. MAWD designed the interiors. The sixth floor features a 13,800-square-foot landscaped deck with a pool, grilling kitchens, fire pits and hammocks. The Row offers a range of services, including a 24-hour concierge, door attendant, move-in coordination, housekeeping and dog-walking services. Residents also have access to valet dry cleaning, package service, bike storage and 144 parking spaces, 12 of which are electric vehicle charging stations.
SAN MARCOS, TEXAS — The Preiss Co., a North Carolina-based student housing owner-operator, has recapitalized Outpost San Marcos, a 486-bed residential community that serves students at Texas State University. Located roughly 1.5 miles from campus, the property offers two-, three- and four-bedroom units that are furnished with individual washers and dryers and private balconies. The recapitalization includes fresh equity that will subsidize a multimillion-dollar capital improvement program.