Multifamily

Flaherty & Collins Breaks Ground on $60M Luxury Apartment Complex in Cleveland Heights

by Kristin Harlow May 16, 2023

CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties has broken ground on The Marquee at Cedar Lee, a $60 million luxury apartment complex in Cleveland Heights, an eastern suburb of Cleveland. Plans call for 204 units and 8,534 square feet of retail space. The parking garage will hold 225 parking spaces and there will be 42 surface lot spaces surrounding the property. Amenities will include a saltwater pool, courtyard, outdoor sky lounge, pet spa, bark park, fitness center, coworking suites and a 24-hour market. Completion is slated for spring 2025. Flaherty & Collins is developing the project as a public-private partnership with the City of Cleveland Heights. First National Bank of Omaha provided a construction loan. The project team includes general contractor Snavely Group as well as City Architecture and Project Management Consultants.

May 16, 2023

Development Multifamily New Jersey Northeast

Larken Associates Completes 254-Unit Multifamily Project in Readington, New Jersey

by Taylor Williams May 16, 2023

READINGTON, N.J. — New Jersey-based developer Larken Associates has completed The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington features a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences are furnished with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. Rents start at $1,950 per month for a one-bedroom apartment.

May 16, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $23M Sale of Multifamily Portfolio in Stratford, Connecticut

by Taylor Williams May 16, 2023

STRATFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $23 million sale of a portfolio of two multifamily properties totaling 129 units that are located in the southern coastal Connecticut community of Stratford. Sherwood Square features 105 units in studio, one- and two-bedroom floor plans. Avon Apartments consists of 24 units, the majority of which are one-bedroom residences. Brad Balletto and Robert Paterno of NEPCG represented the seller, New Jersey-based Navarino Properties, in the transaction, and procured the buyer, Maple Leaf.

May 16, 2023

Development Multifamily Texas

BHW Capital Completes 239-Unit Park on Napoli Apartments in Northwest Houston

by Taylor Williams May 15, 2023

HOUSTON — Houston-based developer BHW Capital has completed Park on Napoli, a 239-unit apartment community on the city’s northwest side. Park on Napoli offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse with coworking space. Houston-based Mucasey & Associates served as the project architect, and Blazer Building served as the general contractor. Texas Capital Bank provided construction financing. Rents start at roughly $1,300 per month for a one-bedroom apartment.

May 15, 2023

Development Multifamily North Carolina Southeast

RangeWater to Develop 350-Unit Kingsman Multifamily Community in Charlotte’s Lower South End

by John Nelson May 15, 2023

CHARLOTTE, N.C. —Atlanta-based RangeWater has acquired 3.8 acres in Charlotte’s Lower South End for the development of The Kingsman, a 350-unit multifamily community. Located at 4700 Nations Crossing, the community will include apartments in studio, one-, two- and three-bedroom layouts ranging from 543 to 1,519 square feet. Amenities will include a dog park and spa, pool, clubroom, coworking spaces, micro-offices, outdoor grills and fireplaces, a fitness center and a sky lounge. Construction is scheduled to begin this month, with move-ins expected to begin in April 2025. This marks RangeWater’s ninth development in the Charlotte market.

May 15, 2023

Development Seniors Housing Southeast Virginia

Sunrise Senior Living Opens Assisted Living, Memory Care Community in Metro D.C.

by John Nelson May 15, 2023

MCLEAN, VA. — Sunrise Senior Living has opened Sunrise of McLean Village, a seniors housing community located at 1515 Chain Bridge Road in McLean, roughly 15 miles outside Washington, D.C. Comprising 90,000 square feet, the three-story property has the capacity for more than 120 residents and offers assisted living and memory care accommodations. Amenities at the community include a dining room and bistro with a bar, fitness center, library, two sunrooms, an activity room, hair and nail salon and a massage room. The property also features five covered porches, a large outdoor terrace, two rooftop terraces and a public-private garden. Rust | Orling Architecture served as architect, and The Whiting-Turner Contracting Co. was the general contractor for the project.

May 15, 2023

Acquisitions Multifamily South Carolina Southeast

Knightvest Capital Acquires 332-Unit Apartments at Brayden in Metro Charlotte

by John Nelson May 15, 2023

FORT MILL, S.C. — Knightvest Capital has acquired The Apartments at Brayden, a 332-unit, garden-style multifamily community located in Fort Mill, approximately 20 miles southwest of Charlotte. The seller and sales price were not disclosed. Built in 2016, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a swimming pool, fitness center and clubhouse. The Apartments at Brayden marks Knightvest’s fifth acquisition in metro Charlotte since 2020.

May 15, 2023

Connecticut Development Multifamily Northeast

Joint Venture to Develop 240-Unit Multifamily Project in Middletown, Connecticut

by Taylor Williams May 15, 2023

MIDDLETOWN, CONN. — A joint venture between Harbor Group International and PB Development will build Springside Middletown, a 240-unit multifamily project that will be located on the southern outskirts of Hartford. The total capitalization of the project is $83.5 million. Springside Middletown will feature one-, two- and three-bedroom units with an average size of 1,020 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, coworking lounge, pickleball courts, outdoor grilling and dining stations, a dog park, playground and walking trails. Construction is slated for a 2025 completion.

May 15, 2023

Development Illinois Midwest Multifamily

Optima Begins Leasing 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow May 15, 2023

WILMETTE, ILL. — Optima Inc. has begun leasing Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The community is scheduled to welcome its first residents in July and is currently more than 30 percent leased. Optima Verdana offers one-, two- and three-bedroom units as well as penthouse residences ranging in size from 660 to 2,790 square feet. Monthly rents will range from $2,950 to nearly $12,000. Optima’s CEO and founder, David Hovey Sr., designed the community. Residents will have access to Optima’s complimentary concierge program, Optimized Service, which provides in-home package delivery, grocery delivery and plant watering. Residents can also schedule on-demand services through the Optima Verdana mobile app such as housekeeping, pet care, fitness classes, massage service and a private chef. Optima Verdana gets its name from “verdure,” which means lush green vegetation. The community features several sustainable initiatives, including the Chicago area debut of Optima’s proprietary exterior vertical landscaping system. The self-contained irrigation and drainage system uses plants to promote evaporative cooling, reoxygenate the air, reduce dust and smog levels, decrease ambient noise and detain stormwater. Indoor amenities at the property include a 24-hour front door person, pickleball/basketball court, fitness center, yoga room, …

May 15, 2023

Acquisitions California Multifamily Western

79 Lotus Apts Buys Three-Property Multifamily Portfolio in San Bernardino, California for $12M

by Jeff Shaw May 15, 2023

SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a multifamily portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles. The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans. CBRE’s Eric Chen represented both the buyer and the undisclosed sellers in the transaction.

May 15, 2023

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