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Multifamily

AcquisitionsGeorgiaLoansMultifamilySoutheast

Greystone Provides $10.4M Acquisition Loan for Park Estates Apartments in Decatur, Georgia

by John Nelson

DECATUR, GA. — Greystone has provided a $10.4 million Fannie Mae loan for the acquisition of Park Estates, a 100-unit apartment community located in the Atlanta suburb of Decatur. Dan Sacks and Avi Kozlowski of Greystone’s New York office arranged the non-recourse, fixed-rate loan on behalf of the borrower, an entity doing business as Park Estates FO LLC. Meridian Capital – New York acted as correspondent on the deal. The five-year loan featured full-term interest-only payments. Built in 1985, Park Estates comprises 13 garden-style buildings housing two-bedroom apartments.

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AcquisitionsMultifamilyTexas

Nord Group Acquires 248-Unit Apartment Community in North Austin

by Taylor Williams

AUSTIN, TEXAS — The Nord Group, a private equity firm with offices in New York City and Houston, has acquired The Park at Crestview, a 248-unit apartment community in North Austin. Built in 1970, the property consists of 37 two-story buildings on a 13-acre site. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, playground and a dog park. Austin Marshak of New York City-based brokerage firm Rosewood Realty Group represented Nord Group in the transaction. Mike Kerwin and Scott Bernstein, also with Rosewood, represented the seller, Houston-based investment firm Nitya Capital.

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DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of 285-Unit Domain CityGate Apartment Complex in Suburban Chicago

by Kristin Harlow

NAPERVILLE, ILL. — McShane Construction Co. has completed Domain CityGate, a 285-unit luxury apartment complex in the Chicago suburb of Naperville. Located in the town’s CityGate Centre, the project rises four stories and features a parking garage with 430 spaces. Atop the parking garage is a 38,000-square-foot rooftop event space. Amenities include a resident lounge, remote workspaces, a fitness center, bike lounge, pool and cabanas, fire pits, private pickleball court and dog run. Units come in a mix of studio, one- and two-bedroom floor plans. Monthly rents start at $1,775 for one-bedroom units, according to the property’s website. Lincoln Property Co. and Calamos Real Estate were the co-developers. Callison RTKL served as architect.

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AcquisitionsCaliforniaMultifamilyWestern

JLL Brokers $53.6M Sale of Six Multifamily Communities in Los Angeles County

by Jeff Shaw

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million.  Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC.  The identity of the three buyers was not disclosed. All three buyers assumed existing debt on the assets.  Peter Yorck and Nick Lavin led the JLL Capital Markets investment sales and advisory team representing the seller, while Jeff Sause and Max Mraz led the JLL Capital Markets debt advisory team.  The properties are 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside.

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ArizonaDevelopmentMixed-UseMultifamilyWestern

Opus Group Opens 335-Unit Melody on Main Apartments in Mesa, Arizona

by Jeff Shaw

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa.  The mixed-use project includes 335 apartment units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, 24-hour fitness center, yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open.  Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was a co-developer on the project. MT Builders is the general contractor, and P.B. Bell is providing property management services.  Melody on Main is one of 12 communities that Griffin Capital Qualified Opportunity Zone Fund II is developing, which will comprise 4,096 units with an estimated total project cost of approximately $1.3 billion.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastWalker & Dunlop

Walker & Dunlop Arranges $81.7M in Financing for Affordable Housing Projects in The Bronx

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.

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AcquisitionsMassachusettsMultifamilyNortheast

Northeast Private Client Group Brokers Sale of 109-Unit Multifamily Portfolio in Holyoke, Massachusetts

by Taylor Williams

HOLYOKE, MASS. — Northeast Private Client Group (NEPCG) has brokered the sale of a portfolio of five multifamily buildings totaling 109 units in the western Massachusetts community of Holyoke. The buildings offer a mix of floor plans as well as retail spaces. Taylor Perun, Alex Burr and Cameron Formica of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.

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Conference CoverageFeaturesStudent Housing

Wellness Amenities, Updated Technology are Top Priorities for Student Housing Projects, Says InterFace Panel

by Katie Sloan

With some markets today saturated with new student housing development, differentiating your project has become of paramount importance. One of the primary ways of doing that is by keeping in touch with the wants and needs of today’s student — and specifically a community’s surrounding demographic.  This was discussed at length during the kick-off panel for InterFace Student Housing, which took place in April in Austin, Texas. In preparation for the panel — titled “What’s Trending in New Development: A Survey of 2023 New Deliveries & How Developers and Operators Aim to Address the Needs and Wants of Today’s Students” — a survey was sent out by uForis to 500 Gen Z students ranging in age from 18 to 24 years old regarding their wants, needs and preferences when looking for their next place of residence. The primary takeaways from this year’s survey were the impact of regional differences due to weather and year-round use of amenities; the shift away from entertainment towards health and wellness for shared amenity spaces; and the increasing impact of tech offerings like digital touring and online leasing, according to panel moderator TJ Chambers, owner and founder of Chambers Real Estate Advisors. “During pre-development at …

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DevelopmentLoansMultifamilyWashingtonWestern

Grandview North Receives $57M in Construction Financing for Harrington Place Apartments in Ferndale, Washington

by Jeff Shaw

FERNDALE, WASH. — Grandview North has received $57 million in construction financing for Harrington Place, a 350-unit, multi-phase apartment community in Ferndale, located near the Pacific Coast and the Canadian border. Construction is already underway on the property, located at 6276 Portal Way.  Bayview Asset Management provided capital through Bayview PACE, which provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding. An affiliate, Oceanview Life and Annuity Co., also brought in $45 million of construction financing. Mortgage broker  Seattle-based CapNorth helped arrange the transaction.

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