Multifamily

Capital Square to Break Ground on 348-Unit Apartment Community in Knoxville, Tennessee

by John Nelson January 31, 2023

KNOXVILLE, TENN. — Capital Square plans to break ground soon on Livano Knoxville, a 348-unit apartment community in south Knoxville. To fund the $116 million development, the firm is launching CSRA Opportunity Zone Fund VIII LLC, a project-specific opportunity zone fund that seeks to raise $46.7 million in equity from accredited investors. Capital Square has previously secured a $70.4 million construction loan from Truist Bank, as well as a $6.5 million commitment from the City of Knoxville due to the project including 35 workforce housing apartments, which will be affordable to households earning 80 percent of the area median income. Capital Square has also formed a joint venture with LIV Development for the project. Situated at 451 W. Blount Ave. adjacent to University of Tennessee’s Neyland Stadium, Livano Knoxville will include studio, one-, two- and three-bedroom apartments averaging approximately 930 square feet. The development team, including general contractor Southern Building Group Inc., plans to break ground on the community in February.

January 31, 2023

Loans Multifamily Washington Western

Marcus & Millichap Arranges $4.1M Acquisition Loan for Powerhouse Villas in Yakima, Washington

by Amy Works January 31, 2023

YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.

January 31, 2023

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 324-Unit Mixed-Income Housing Development in Dallas

by Taylor Williams January 31, 2023

DALLAS — Cleveland-based developer The NRP Group has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income housing development in southwest Dallas. Half of the units will be reserved for households earning 80 percent or less of the area median income, and the remainder will be rented at market rates. Residences will feature one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities will include a pool, fitness center and a resident lounge. Completion is slated for September 2024.

January 31, 2023

Development Multifamily Oklahoma Texas

Tradewind, ERC Holdings Underway on 150-Unit Multifamily Project in Oklahoma City

by Taylor Williams January 31, 2023

OKLAHOMA CITY — A partnership between Houston-based developer Tradewind Properties and Arkansas-based ERC Holdings is underway on construction of PURE OKC, a 150-unit multifamily project in Oklahoma City. Located within the 24-acre Brookstone Village master-planned development on the city’s southwest side, PURE OKC will offer one- and two-bedroom units that will be housed across four three-story buildings. Courtyard Block & Building is designing the project, and Pick-It Construction Inc. is serving as the general contractor. Greystar will manage the property. The first units are expected to be available for occupancy this fall.

January 31, 2023

Acquisitions Illinois Midwest Multifamily

JVM Acquires 149-Unit Apartment Community in Suburban Chicago

by Kristin Harlow January 31, 2023

WHEATON, ILL. — JVM Realty Corp. has acquired Courthouse Square, a 149-unit apartment community in the western Chicago suburb of Wheaton. The purchase price was undisclosed. Located at 250 S. Naperville Road, Courthouse Square was built in 2016 and consists of two six-story buildings. Amenities include a pool and sundeck, concierge service, package receiving, fitness center and yoga studio, event room, outdoor deck, heated indoor garage parking, pet wash and bike repair stations. With this latest acquisition, JVM now owns and manages eight apartment communities in Illinois and 23 throughout the Midwest. Kevin Girard, Mark Stern, Zach Kaufman and Avi Schiffman of JLL represented the undisclosed seller.

January 31, 2023

Loans Multifamily New Jersey Northeast Student Housing

PRC Group Receives $88.4M Refinancing for 612-Bed Student Housing Community in Ewing, New Jersey

by Taylor Williams January 31, 2023

EWING, N.J. — Locally based student housing development and management firm The PRC Group has received an $88.4 million loan for the refinancing of Campus Town at TCNJ, a 612-bed development located in the Northern New Jersey community of Ewing. The property, which serves students at The College of New Jersey, offers 184 units in one-, two- and four-bedroom floor plans alongside 78,787 square feet of ground-floor retail space. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop arranged the financing on behalf of PRC Group. The direct lender was not disclosed.

January 31, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $17.6M Sale of Harlem Multifamily Portfolio

by Taylor Williams January 31, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $17.6 million sale of a portfolio of eight multifamily buildings totaling 84 units in Harlem. The portfolio includes four commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.5 percent.

January 31, 2023

Development Mixed-Use Multifamily Office Restaurant Retail South Carolina Southeast Top Stories

Jamestown Breaks Ground on 79-Acre Navy Yard Redevelopment Project in North Charleston

by Jeff Shaw January 31, 2023

NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …

January 31, 2023

Development Multifamily South Carolina Southeast

Atlas, FIDES Acquire Site in Charleston for 331-Unit Darby Apartment Project

by John Nelson January 30, 2023

CHARLESTON, S.C. — Atlas Real Estate Partners and FIDES Development have acquired a site in Charleston for the development of The Darby, a 331-unit multifamily community. Located at 1590 Meeting St., the asset will be situated in Charleston’s NoMo corridor. Full entitlements and site plan approval have been obtained for the project, which will include units in studio, one- and two-bedroom layouts. Upon completion, the community will feature two courtyards, a pool, pickleball court, dog park and 9,000 square feet of indoor amenity space, including a coworking facility. The sales price for the land was not disclosed.

January 30, 2023

Acquisitions Loans Multifamily Texas

Trez Capital Sells Two Apartment Communities Totaling 608 Units in Metro Austin

by Taylor Williams January 30, 2023

PFLUGERVILLE, TEXAS — Trez Capital has sold The Dalton and The Beacon, two apartment communities in the northern Austin suburb of Pflugerville that total 350 and 258 units, respectively. Trez Capital developed both properties in partnership with Thompson Realty Capital, with construction on both projects commencing in late 2019/early 2020 and wrapping up in 2021 and 2022, respectively. The Dalton and The Beacon both feature one-, two- and three-bedroom units and amenities such as pools, fitness centers, outdoor grilling and dining areas, dog parks and resident lounges. TerraCap Management purchased the assets. The sales price was not disclosed, but global real estate private equity firm ACRE provided $111 million in acquisition financing for the deal. Newmark arranged the debt.

January 30, 2023

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