BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …
By Taylor Williams Aging is something that happens to all of us physically, but according to some residents at active adult communities in the Dallas-Fort Worth (DFW) area, the psychological and emotional difficulties of growing older are easier to bear in the company of others. Operators of this asset class are making this possible by delivering products and services that reflect the name “active adult.” Shared fitness classes, walking groups, book clubs, card games, communal gardening and organized shopping trips are but a few of the ways in which active adult owner-operators keep their residents’ bodies and minds fit and sharp. Happy hours, dance parties and holiday shindigs — all taking place in an environment devoid of children — ensure that residents have very grown-up ways of relaxing and having fun. The average age of a resident in an active adult community is 72 to 74, according to research conducted by the National Investment Center for Seniors Housing & Care. The growth of active adult properties, which tend to be age-restricted hybrids of traditional multifamily and independent living product, is often linked to convenience for older households whose children have left the home. The prospect of having a smaller space …
KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …
SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community located at 5331 Beverlyhill St. in Houston’s Galleria district. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, outdoor grilling and dining areas, package lockers and a pet park. Austin-based InvestRes, which acquired the asset in 2018, sold the property to Three Pillars Capital for an undisclosed price. Jordon Emmott and Abraham Garza of Global Real Estate Advisors brokered the deal.
PHILADELPHIA — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The 31-story building’s unit mix comprises 44 studios, 154 one-bedroom units, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, piano lounge, private coworking space, chef’s kitchen and a children’s playroom. Move-ins will begin in late summer, and full completion is slated for the fall. Rents start at roughly $2,000 per month for a studio apartment.
PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup. Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage. Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community. The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.
BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.
LOS ANGELES — CBRE has hired John Boyett as first vice president and Adam Feldman as a senior associate in the firm’s Woodland Hills office in Los Angeles. Boyett and Feldman will focus on multifamily investment sales in the Los Angeles metropolitan area. Boyett previously served as associate vice president at Matthews Real Estate Investment Services. Feldman also worked at Matthews as a senior associate, where he specialized in the acquisition, disposition and analysis of multifamily assets.