Multifamily

Monument Realty Delivers 14-Story Sonya Apartments in D.C.

by John Nelson May 3, 2023

WASHINGTON, D.C. — Monument Realty, along with investment partners JRE Partners and Ghitis Property Co., has opened Sonya, a 14-story apartment community in Washington, D.C.’s NoMa district. The property’s name pays homage to the surrounding South of New York Avenue neighborhood. The 321-unit community is located at 40 Patterson St. and is bounded by First Street NE and Capital Street NE. KGD Architecture designed the property to achieve LEED Silver certification. Sonya offers a mix of studio, one-, two- and three-bedroom apartments, as well as more than 16,000 square feet of amenity space, including a rooftop pool, social club and entertainment spaces, hospitality bars and a fitness center. Rents start at $1,895 per month, according to the property website.

May 3, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers $52M Sale of Del Ray Central Apartments in Alexandria, Virginia

by John Nelson May 3, 2023

ALEXANDRIA, VA. — Berkadia has brokered the $52 million sale of Del Ray Central, a 141-unit apartment community located at 3501 Mount Vernon Ave. in Alexandria. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the transaction. The buyer is a partnership led by Caruthers Cos. The property, which was 97 percent occupied at the time of sale, is situated approximately a half-mile from the Potomac Yard Metro Station and near the Old Town Alexandria and National Landing neighborhoods of metro Washington, D.C. Del Ray Central features a unit mix of studio, one- and two-bedroom apartments, as well as 2,670 square feet of ground-floor retail space, a pool, clubhouse, business center, bike storage, roof terrace, walking/biking trails and a courtyard, according to Apartments.com.

May 3, 2023

Development Illinois Midwest Multifamily

Structured Development Nears Completion of 10-Story Co-Living Project in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — Structured Development is nearing completion of Post Chicago, a 10-story, 431-bed co-living community in Chicago’s Lincoln Park neighborhood. The project marks the city’s largest co-living development, according to Structured. Located at 853 W. Blackhawk St., the property will be operated by co-living and residential property operator Tripalink. Designed for students, corporate transferees and others in search of flexible, turnkey housing, Post Chicago offers 107 units with bedrooms that are fully furnished and individually leased. Units have between two and four bedrooms. Monthly rents start at $1,375. Cable and high-speed internet are included in the rent, and residents also benefit from weekly cleaning service. Residents share access to a living room, kitchen, in-unit washer and dryer and bathroom for those who don’t have their own ensuite bath. Amenities include a fitness center, rooftop deck, bike room, package room and lounge areas. In addition to the co-living units, Post Chicago will offer 19 conventional unfurnished units with monthly rents starting at $1,799. Post Chicago is the second of three residential buildings totaling 487 units to be completed in a mixed-income development named Wendelin Park.

May 3, 2023

Acquisitions Midwest Minnesota Multifamily

SRS Brokers $26.9M Sale of Apartment Complex in Rochester, Minnesota

by Kristin Harlow May 3, 2023

ROCHESTER, MINN. — SRS Real Estate Partners has brokered the $26.9 million sale of Residence at Discovery Square, a 138-unit apartment complex in Rochester. Built in 2018 and located at 511 3rd Ave. SW, the property rises seven stories and features 11,831 square feet of ground-floor retail space. The community, which was roughly 95 percent leased at the time of sale, is part of Discovery Square, a district built in collaboration with the Mayo Clinic. Frank Rogers and Michael Carter of SRS, along with Chad Behnken of Hamilton Real Estate, represented the seller, a Rochester-based investor. Rochester-based Black Swan Real Estate was the buyer. The sales price represents the highest price paid for a multifamily property so far this year in Minnesota, according to SRS.

May 3, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 150-Unit Multifamily Property in North Dallas

by Taylor Williams May 3, 2023

DALLAS — Northmarq has brokered the sale of Wyndham on the Creek, a 150-unit multifamily property in North Dallas. Built in 1984, the property offers one- and two-bedroom units that range in size from 603 to 1,100 square feet and are furnished with washer and dryer hookups, granite countertops and private balconies/patios. The amenity package comprises a pool, clubhouse, business center and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Charles Hubbard and Philip Wiegand of Northmarq brokered the deal. The buyer was a partnership between two Dallas-based firms, Realty Capital Partners and Windmass Capital. The seller were not disclosed.

May 3, 2023

Development Loans Multifamily New Jersey Northeast

Wells Fargo Provides $150M Permanent Loan for Hoboken Multifamily Project

by Taylor Williams May 3, 2023

HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.

May 3, 2023

Development Massachusetts Multifamily Northeast

FoxRock Properties Begins Leasing 465-Unit Ashlar Park Apartments in Quincy, Massachusetts

by Taylor Williams May 3, 2023

QUINCY, MASS. — Locally based developer FoxRock Properties has begun leasing Ashlar Park, a four-building, 465-unit multifamily project located at the site of the former Quincy Medical Center on the southern outskirts of Boston. Ashlar Park features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, outdoor terrace, fitness center with outdoor yoga space, resident lounge, coworking space, library and a conference room. Citizens Bank provided $128.7 million in construction financing for the project. Rents start at $1,925 per month for a studio apartment.

May 3, 2023

Market Reports Multifamily Utah Western Western Market Reports

Salt Lake City’s Multifamily Market Remains Resilient Among Uncertainty

by Jeff Shaw May 3, 2023

— By Rawley Nielsen, President of Investment Sales, Colliers — Salt Lake City’s multifamily market will continue to stand out and impress in 2023…even with so much uncertainty, ongoing readjustments within the market and many investors at a stay. That’s because Utah continues to receive outsized investor interest that will maintain stability in pricing. Investors recognize overall performance at property levels remains healthy as the state continues to be a leader in population growth. Utah is also one of the top states for outstanding job creation, increased demand for housing and exponential rent growth. While multifamily investment sales volume was record-setting during the first half of 2022, we have seen volume taper dramatically in recent months. This is due to rising interest rates and a lack of clarity in the debt and equity markets that have impacted pricing. Much of this slowing can be attributed to the rising cost of capital and low leverage caused by debt service coverage ratio (DSCR) requirements. (See Tables 1-3) Overall, 2022 saw an average cap rate of 3.75 percent, decompressing over 20 basis points compared to the first half of the year. Cap rates are expected to expand further through 2023 as uncertainty in …

May 3, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $4.7M Sale of Brooklyn Multifamily Building

by Taylor Williams May 3, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.7 million sale of a nine-unit multifamily building in Brooklyn’s Heights neighborhood. The building houses eight one-bedroom units and one two-bedroom unit. Sean Kelly, Stephen Vorvolakos, Nicole Daniggelis and Julian Montilus of Ariel represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, acquired the property vacant and plans to convert it into for-sale condominiums.

May 3, 2023

Castlewinds-Apartments-North-Richland-Hills

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams May 2, 2023

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

May 2, 2023

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