Multifamily

Ryan Cos. Tops Out Construction of 25-Story Apartment Building in Downtown Minneapolis

by Kristin Harlow June 1, 2023

MINNEAPOLIS — Ryan Cos. US Inc. has topped out construction of Fourth & Park, a 25-story apartment building located one block west of U.S. Bank Stadium in downtown Minneapolis. Ryan is developing Fourth & Park in partnership with Weidner Apartment Homes. The project will include 350 apartment units, 100 parking stalls, a sixth-floor green roof and a rooftop pool deck. The project is now less than a year away from being move-in ready. Fourth & Park is part of Downtown East, a five-block redevelopment project that started in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $708 million project includes 1.2 million square feet of office space across two 17-story towers for Wells Fargo, a 200-unit mid-rise apartment complex, multi-tenant office building, 4.2-acre public green space, hotel, parking ramp and skyways.

June 1, 2023

Acquisitions Multifamily New Jersey Northeast

Rockledge CRE Buys Two Harlem Apartment Buildings for $11.3M

by Taylor Williams June 1, 2023

NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.

June 1, 2023

Affordable Housing Mixed-Use Multifamily New York Northeast Retail Top Stories

Douglaston Development Breaks Ground on $320M Multifamily Project in Brooklyn

by Katie Sloan June 1, 2023

NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. New …

June 1, 2023

Acquisitions Multifamily New York Northeast

Partnership Acquires Manhattan Apartment Building for $120M

by Taylor Williams May 31, 2023

NEW YORK CITY — A partnership between locally based investment firm Slate Property Group, KABR Group and Avenue Realty Capital has acquired 600 Columbus, a 166-unit apartment building on Manhattan’s Upper West Side. The sales price was $120 million. The 14-story building, which occupies an entire city block between 89th and 90th streets, houses 27,500 square feet of retail space that is leased to ACE Hardware, Atmosphere Kitchen & Bath, Round Star Soccer and Columbus Pre-School. Apollo Global Management provided a $68 million acquisition loan for the deal. The name of the seller and original developer of the property was not disclosed. Bob Knakal of JLL brokered the deal. The new ownership plans to implement a capital improvement program.

May 31, 2023

Acquisitions Multifamily Washington Western

MG Properties Buys Artesia Apartments in Everett, Washington for $61.6M

by Jeff Shaw May 31, 2023

EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million. Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.

May 31, 2023

Development Multifamily Oregon Seniors Housing Western

Ryan Cos., Cogir, Harrison Street to Build 107-Unit Seniors Housing Community in Tigard, Oregon

by Jeff Shaw May 31, 2023

TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland. The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI. Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services. Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record. This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.

May 31, 2023

California Development Multifamily Seniors Housing Western

Sunrise Senior Living Opens 75,000 SF Community in Orange, California

by Jeff Shaw May 31, 2023

ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles. Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations. The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.

May 31, 2023

Illinois Loans Midwest Multifamily

Marcus & Millichap Arranges $10.6M Acquisition Loan for Multifamily Portfolio in Chicago

by Kristin Harlow May 31, 2023

CHICAGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of six multifamily properties totaling 118 units in Chicago. The portfolio includes buildings in the Beverly and Ashburn neighborhoods. Dean Giannakopoulos of MMCC arranged the 24-month loan, which features a fixed interest rate and a loan-to-cost ratio of 75 percent. The lender was not provided.

May 31, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $4.2M Sale of Three Apartment Buildings in Chicago’s Pilsen Neighborhood

by Kristin Harlow May 31, 2023

CHICAGO — Interra Realty has brokered the $4.2 million sale of a three-building multifamily portfolio in Chicago’s Pilsen neighborhood. The 14-unit building at 1924 S. Throop St. underwent recent capital improvements that included new exterior doors, freshly painted hallways and LED lighting. The property was 43 percent vacant at the time of sale. The building on South Oakley Avenue features 10 units with renovated kitchens, bathroom and flooring. The property also includes one ground-floor retail space and has received a new rear porch, window replacements, a new perimeter fence and electrical upgrades. Located at 2300 W. 23rd St., the third property in the portfolio features seven apartment units and one ground-floor retail space. Most of the units have undergone renovations such as updated kitchens, bathrooms and flooring. Additional improvements include in-unit electrical upgrades and new individual HVAC and tankless hot water systems. Jeremy Morton of Interra represented both the private buyer and seller.

May 31, 2023

Life Sciences Innovation Districts Danvers quote

Bohler Content Partner Development Features Life Sciences Midwest Multifamily Northeast Southeast Texas Western

Part 2: How to Promote Collaboration, Efficiency in Life Sciences Innovation Districts Via Design

by Sarah Daniels May 31, 2023

In the biotech and pharmaceutical sectors, life sciences innovation districts have become hubs not only for research and development but also for cooperation and inspiration between cohorts. These districts, often called innovation districts, collect together companies, research institutions, supporting entities, housing and more. Innovation districts necessitate meticulous planning and design strategies to promote scientific inquiry and efficiency. “Municipalities, schools, corporations and organizations that have close ties to their state are piloting life sciences innovation district development, allowing them to group otherwise separated uses — work, recreation, living areas and more — together. When you pair these institutions and include innovative site and building programming in a single location, you move beyond disconnected projects and amenities to a united innovation district that can magnify benefits across organizations,” explains Dan Danvers, a landscape architect project manager with Bohler, a land development consulting and site design company. This article is the design-focused component of our two-part series on life sciences innovation districts. If you would like to read about the planning component of these complex developments, please read our first article here. Moving Life Sciences Innovation Districts Forward Innovation districts must keep pace with evolving technologies and research. Life sciences industries are continually progressing, …

May 31, 2023

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