Multifamily

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawaii. Development costs are estimated at $58 million. In partnership with Hawaii Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawaii. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawaii through its …

February 28, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 28, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

Bascom Group Acquires 230-Unit Active Adult Community in Lakewood, Colorado

by Amy Works February 28, 2023

LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 West 15th Place. Terms of the transaction were not released. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset.

February 28, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.

February 28, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield Brokers $25M Sale of Hickory Point Apartments in Newport News, Virginia

by John Nelson February 28, 2023

NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.

February 28, 2023

Development Midwest Missouri Mixed-Use Multifamily Office Restaurant Retail Top Stories Uncategorized

Brain Group, Mercier Street Begin $250M Mixed-Use Redevelopment Project at Former Middle and High School in Kansas City

by Jaime Lackey February 28, 2023

KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the high school’s original 1908-era building are being preserved and restored, as are the original hardwood floors and …

February 28, 2023

Development Multifamily Texas

Abby Development to Build 280-Unit Apartment Community in Cleburne, Texas

by Taylor Williams February 28, 2023

CLEBURNE, TEXAS — Dallas-based Abby Development will build a 280-unit apartment community in Cleburne, about 30 miles south of Fort Worth. The unnamed development will feature one-, two- and three-bedroom units that will be furnished with stainless steel appliances, stone countertops, walk-in closets and private balconies/patios. Amenities will include a pool, fitness center, resident lounge, outdoor grilling and dining areas, business center and a dog park. Berkadia provided construction financing for the project, which is slated for a late 2024 delivery.

February 28, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawai‘i. Development costs are estimated at $58 million. In partnership with Hawai‘i Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawai‘i. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 years or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawai‘i through …

February 28, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

February 28, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

Bascom Group Acquires 230-Unit Active Adult Community in Lakewood, Colorado

by Amy Works February 28, 2023

LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 W. 15th Place. Terms of the transaction were not released. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness studio, yoga studio, gardening plots, sky lounge, electric vehicle charging stations and a pet park.

February 28, 2023

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