Multifamily

Wolff Sells Aiya Multifamily Community in Gilbert, Arizona to Olympus Property for $112M

by Amy Works September 15, 2023

GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.

September 15, 2023

Acquisitions California Loans Multifamily Western

IPA Capital Markets Arranges $62.1M Acquisition Financing for DUO Apartments in San Jose

by Amy Works September 15, 2023

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.

September 15, 2023

Development Maryland Southeast Student Housing

Core Spaces Opens New 475-Bed Student Housing Community Near University of Maryland

by John Nelson September 14, 2023

COLLEGE PARK, MD. — Core Spaces has opened Hub College Park, a 475-bed student housing community located near the University of Maryland campus in College Park. The 239,542-square-foot property offers 161 fully furnished units in studio through five-bedroom configurations. Shared amenities include a fitness center, spa and sauna, coworking spaces, private study lounges, rooftop swimming pool and a coffee shop. Studio K Creative designed the interior of the property alongside Core’s in-house design team. Antunovich Associates served as the architect and Treehouse Builders was the general contractor for the development. Core’s in-house management team is managing the community, which opened ahead of the 2023-2024 academic year.

September 14, 2023

Alabama Development Southeast Student Housing

Capstone, Boaz Ventures to Break Ground on $60M Student Housing Property Near University of Alabama Huntsville

by John Nelson September 14, 2023

HUNTSVILLE, ALA. — Capstone Development Partners and Boaz Ventures plan to break ground on a $60 million student housing property adjacent to University of Alabama Huntsville (UAH) in October. Located at 4315 Holmes Ave. NW near the UAH Campus Recreation Center, the community, dubbed Nexus on Holmes, will be a four-story, 249-unit property with a mix of one-, two- and four-bedroom apartments. Capstone and Boaz are envisioning the 239,000-square-foot residential property to house undergraduate and graduate students, as well as UAH staff. Amenities will include two courtyards, an outdoor pool, grilling area, community kitchen, TV lounge, multi-purpose room and quiet study lounges. The design-build team includes general contractor Fite Building Co. and architect Williams Blackstock Architects. The project is situated within a designated opportunity zone, and OPAL Investments (a for-profit subsidiary of Opportunity Alabama) is the lead equity investor. Capstone and Boaz plan to open Nexus on Holmes in summer 2025.

September 14, 2023

Development Multifamily Texas

Anthem Development Breaks Ground on 340-Unit Multifamily Project in Garland, Texas

by Taylor Williams September 14, 2023

GARLAND, TEXAS — Dallas-based Anthem Development has broken ground on Lofts iThirty, a 340-unit multifamily project in Garland, a northeastern suburb of Dallas. The community will consist of five four-story buildings with two pools, two fitness centers, a pet park, coffee bar, game room and outdoor kitchens. Construction is set to be complete in 2025. Los Angeles-based Nova Capital arranged $63 million in construction financing through Bank OZK for the project. Nova Capital also secured an undisclosed, institutional investment firm as the joint venture equity partner.

September 14, 2023

Development Multifamily Texas

KWA Construction Tops Out 334-Unit Multifamily Project in North Dallas

by Taylor Williams September 14, 2023

DALLAS — Locally based general contractor KWA Construction has topped out Lyle, a 334-unit multifamily project located in North Dallas. Dallas-based GFF Architects designed the project, and a joint venture between Equity Residential and Toll Brothers is the developer. Lyle will offer studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking spaces, a pet spa, game room and Zen courtyards, as well as a 475-space parking garage. Completion is slated for November 2024.

September 14, 2023

Acquisitions Midwest Missouri Multifamily

Berkadia Negotiates Sale of 120-Unit Multifamily Property in St. Louis

by Kristin Harlow September 14, 2023

ST. LOUIS — Berkadia has negotiated the sale of Majestic Stove Lofts, a 120-unit multifamily property in St. Louis. The sales price was undisclosed. Located at 2017 Washington Ave. and built in 2006, the community was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. The asset sold to a California-based buyer.

September 14, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Arc Building Partners, Claremont Complete 60,000 SF Supportive Housing Project in Jersey City

by Taylor Williams September 14, 2023

JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a 60,000-square-foot supportive housing project in Jersey City. The newly expanded campus features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took roughly two years to construct.

September 14, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Prime City Breaks Ground on Two Affordable Housing Projects in Orange, New Jersey

by Taylor Williams September 14, 2023

ORANGE, N.J. — New Jersey-based developer Prime City has broken ground on two affordable housing projects in the Northern New Jersey community of Orange. The projects at 150 and 151 Taylor St. will consist of four one-bedroom townhomes averaging 1,100 square feet and a nine-building complex, respectively. Delivery is slated for 2025. Information on specific income restrictions was not disclosed.

September 14, 2023

Acquisitions California Multifamily Western

MG Properties Buys Artist Walk Apartments in Fremont, California for $89.7M

by Amy Works September 14, 2023

FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a multifamily community in Fremont, from Clarion Partners for $89.7 million. Built in 2017, Artist Walk features 185 apartments and 30,000 square feet of ground-floor retail space. Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield represented the seller in the deal. Andrew Behrens, Jesse Weber and Stephen Baird of CBRE Capital Markets arranged financing, provided by Freddie Mac, for the transaction.

September 14, 2023

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