Multifamily

The-Enclave-at-Dewy-Meadows-Basking-Ridge

Garden Communities Completes 198-Unit Multifamily Project in Basking Ridge, New Jersey

by Taylor Williams February 14, 2023

BASKING RIDGE, N.J. — New Jersey-based developer Garden Communities has completed the second phase of The Enclave at Dewy Meadows, a 198-unit multifamily project in the Northern New Jersey community of Basking Ridge. Phase I of the project comprised 90 units, and the latest phase added another 108 apartments. Residences come in one-, two- and three-bedroom floor plans and include individual washers and dryers, as well as private balconies/patios in select units. The amenity package comprises a pool, courtyards, fitness center, two lounges, business center, dog park, card room and a children’s play area. Rents start at $2,700 per month for a one-bedroom unit.

February 14, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $6.7M Sale of Multifamily Property in The Bronx

by Taylor Williams February 14, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.7 million sale of a 22-unit multifamily property in the Pelham Bay area of The Bronx. The seven-story building offers one-, two- and three-bedroom units, includes 11 parking spots and was fully occupied at the time of sale. Daniel Mahfar, Jason Gold and Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

February 14, 2023

Share of Markets with Rising Apartment Cap Rates_460

Arbor Realty Trust Build-to-Rent Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure

by Sarah Daniels February 14, 2023

— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …

February 14, 2023

Development Multifamily Texas

Wood Partners Breaks Ground on 378-Unit Multifamily Project in North Houston

by Taylor Williams February 13, 2023

HOUSTON — Atlanta-based developer Wood Partners has broken ground on Alta Sunset Heights, a 378-unit multifamily project in North Houston. Units will come in one- and two-bedroom formats and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, outdoor kitchen and a dog park. German private equity firm EuroInvestor contributed an undisclosed amount of equity to finance the project. Preleasing will begin in December, with full completion slated for early 2024.

February 13, 2023

Loans Multifamily North Carolina South Carolina Southeast Tennessee

Berkadia Arranges Equity for Three Southeast Apartment Communities Totaling 875 Units

by John Nelson February 13, 2023

NEW YORK CITY — Berkadia has arranged programmatic equity on behalf of The Sterling Group for the recapitalization of three apartment communities in the Southeast. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the undisclosed amount of financing through a global institutional investor. Properties included in Sterling’s recapitalization include Wellsley Park at Deane Hill in Knoxville, Tenn.; Apartments @ Eleven240 in Charlotte, N.C.; and Enclave at Bailes Ridge in Indian Land, S.C. The communities comprise 358, 271 and 246 units, respectively.

February 13, 2023

Development Seniors Housing Southeast Virginia

Northmarq Facilitates $38.1M Construction Financing for Seniors Housing Project in Metro Richmond

by John Nelson February 13, 2023

MIDLOTHIAN, VA. — Northmarq has arranged a $38.1 million construction loan for the development of Lake Forest at Swift Creek, a 176-unit seniors housing project at 5950 Harbour Lane in Midlothian, roughly 15 miles outside of Richmond. The borrower, The Holladay Corp., is developing the community, which will comprise one building on 11.7 acres that is designed for active adults ages 55 and older. Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry of Northmarq’s Richmond office secured the financing through Sandy Spring Bank. Delivery is scheduled for 2024.

February 13, 2023

Affordable Housing Development Loans Multifamily New York Northeast

Wells Fargo Provides $288M in Financing for Manhattan Affordable Housing Project

by Taylor Williams February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.

February 13, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $8.6M Sale of Bronx Multifamily Portfolio

by Taylor Williams February 13, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $8.6 million sale of The St. Ann’s Portfolio, a collection of six multifamily buildings in The Bronx. The buildings total 82 residential units and four commercial spaces and are located in the Mott Haven neighborhood. Heritage Affordable Communities purchased the portfolio from Castellan Real Estate Partners. Victor Sozio, Shimon Shkury, Jason Gold and Daniel Mahfar of Ariel Property Advisors brokered the deal.

February 13, 2023

Acquisitions Multifamily Oregon Student Housing Western

Marcus & Millichap Negotiates Sale of 650-Bed Ducks Village Student Housing Community Near the University of Oregon

by Amy Works February 13, 2023

EUGENE, ORE. — Marcus & Millichap has arranged the sale of Ducks Village, a 650-bed student housing property located near the University of Oregon campus in Eugene. The 22-building community offers 230 units. Shared amenities include a renovated clubhouse, resort-style swimming pool, fire pits, a fitness center, basketball courts and a tanning booth. Joel Dumes and Patrick Mullowney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the transaction.

February 13, 2023

Acquisitions California Multifamily Western

Berkadia Brokers $20.3M Sale of YOLO West Apartments in Ventura, California

by Amy Works February 13, 2023

VENTURA, CALIF. — Berkadia has brokered the sale of YOLO West Apartments, a multifamily community located at 11114 Darling Road in Ventura. California-based NUWI Capital sold the asset to California-based Universe Holdings for $20.3 million, or $452,222 per unit. Adrienne Barr of Berkadia Los Angeles represented the seller in the deal. Built 2019, YOLO West Apartments features 45 one- and two-bedroom floor plans, including four live-work units, with in-unit washers/dryers and private balconies. Community amenities include a fitness center, a picnic and game area, and a clubhouse.

February 13, 2023

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