Multifamily

Collier Cos. to Break Ground on 303-Unit Atlantic One Apartment Project in Pompano Beach, Florida

by John Nelson February 21, 2023

POMPANO BEACH, FLA. — The Collier Cos. plans to break ground this week on Atlantic One, a 303-unit luxury apartment development in the South Florida city of Pompano Beach. The mid-rise property will feature seven buildings with 10,000 square feet of commercial space on the ground level fronting East Atlantic Boulevard. Amenities will include a clubhouse, second-level resident’s lounge, modern fitness facility, resort-style outdoor pool with surrounding cabanas, private courtyards, dog walks and a rooftop plaza with a community patio and barbeque pavilion. Collier Cos. plans to begin leasing in summer/fall 2024 and to deliver Atlantic One in spring/summer 2025.

February 21, 2023

Acquisitions Arkansas Multifamily Southeast

Elevate Commercial Acquires 232-Unit Multifamily Community in Centerton, Arkansas

by John Nelson February 21, 2023

CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units. Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.

February 21, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TAT, Beacon Communities Open 55-Unit Affordable Seniors Housing Complex in South Boston

by Taylor Williams February 21, 2023

BOSTON — The Architectural Team (TAT) and Beacon Communities LLC have opened Phase III of The Anne M. Lynch Homes at Old Colony, an affordable seniors housing complex in South Boston. The property rises four stories and totals 51,000 square feet and 55 units. Dimeo Construction served as the general contractor on the project, which was also built using Passive House sustainability standards.

February 21, 2023

Florida Loans Multifamily Southeast

JLL Arranges Refinancing for 129-Unit Q at Maitland Apartments in Central Florida

by John Nelson February 21, 2023

MAITLAND, FLA. — JLL has arranged the refinancing for The Q at Maitland, a 129-unit apartment community in Central Florida. Melissa Quinn, Lee Weaver and Rob Rothaug of JLL arranged the fixed-rate, Fannie Mae loan on behalf of the borrower, JT Capital. The loan amount was not disclosed. Built in 1966 and renovated in 2008 and 2022, The Q at Maitland features one-, two-, three- and four-bedroom units. Community amenities include a resort-inspired pool, poolside grilling station with cabanas, resident lounge and a 24-hour fitness center.

February 21, 2023

Affordable Housing California Development Multifamily Western

USA Properties Starts Construction of $81.2M Mainline North Affordable Multifamily Project in Santa Clara, California

by Amy Works February 21, 2023

SANTA CLARA, CALIF. — USA Properties Fund has broken ground on Mainline North, an affordable multifamily property in Santa Clara. The project is part of a public-private partnership that includes Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will feature 151 studio, one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. The $81.2 million, eight-story building’s first three floors will contain the parking garage, lobby, leasing area, community room, fitness center, flex room and 5,000 square feet of retail space. Additional amenities will include a computer area with free Wi-Fi and a rooftop courtyard with outdoor seating, barbecue areas and a pet wash station. Completion is slated for early 2025. Rents will start around $850 per month for a studio to $1,080 per month for a two-bedroom apartment for households that earn up to 30 percent of the area median income.

February 21, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SVN Cornerstone Arranges $10.1M Sale of Whispering Pines Apartments in Spokane, Washington

by Amy Works February 21, 2023

SPOKANE, WASH. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.

February 21, 2023

California Loans Multifamily Student Housing Western

Champion Real Estate Receives $16.1M Refinancing for Victory on Portland Student Housing Property in Los Angeles

by Amy Works February 21, 2023

LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.

February 21, 2023

Acquisitions Midwest Mixed-Use Multifamily Ohio Restaurant Retail Top Stories

Nicol Investment Sells The Banks Mixed-Use Project in Downtown Cincinnati for $177M

by Jeff Shaw February 21, 2023

CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million. The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky. The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium. “Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by …

February 21, 2023

Development Florida Multifamily Southeast

Estate Cos. Breaks Ground on Eight-Story Apartment Community in South Florida

by John Nelson February 20, 2023

POMPANO BEACH, FLA. — The Estate Cos. (EIG) has broken ground on Soleste Pompano Beach, an eight-story multifamily project located at 208 N. Federal Highway in South Florida’s Broward County. Upon completion, the community will feature 253 apartments in one- and two-bedroom configurations and 4,000 square feet of commercial space. Amenities will include a pool and sun deck, fitness center and a picnic area. The property will also include a parking garage with 367 spaces and an additional 11 spaces at ground level.

February 20, 2023

Acquisitions Georgia Multifamily Southeast

Crown Bay Group Purchases Cameron Run Apartment Community Near Atlanta for $35M

by John Nelson February 20, 2023

EAST POINT, GA. — Crown Bay Group LLC has purchased Cameron Run, a workforce housing community in East Point, for $35 million. Located at 4395 Washington Road, the property comprises 284 units in one-, two- and three-bedroom layouts. Originally built in 1972, the community recently underwent $1 million in capital improvements and features a gym, playground, artificial turf sports field and a dog park. Cameron Run was 93 percent occupied at the time of sale. Crown Bay Group plans to hold the property for three to five years and make capital improvements. The seller and sales price were not disclosed.

February 20, 2023

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