Multifamily

Urban Story Ventures Sells Former Macy’s Store in Daytona Beach, Buyer Plans Multifamily Redevelopment

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.

January 17, 2023

Development Multifamily Northeast Pennsylvania Student Housing

Landmark Properties to Develop 909-Bed Student Housing Project in Philadelphia

by Taylor Williams January 17, 2023

PHILADELPHIA — Landmark Properties, a Georgia-based owner-operator, will develop The Mark Philadelphia, a 909-bed student housing project that will be located at 3615 Chestnut St. in Philadelphia’s University City district. The 34-story tower will offer studio to six-bedroom units that will serve students at the University of Pennsylvania and Drexel University. Shared amenities will include a rooftop pool and a hot tub with lounge space, 24-hour study lounges, a computer lab, sauna and a fitness center. The development will also include 55,938 square feet of office space located adjacent to the high-rise community. Landmark Construction will serve as general contractor for the project, which is set for completion in 2026.

January 17, 2023

Development Multifamily New Jersey Northeast

Fields Grade, Alpine Residential Top Out 24-Story Multifamily Building in Jersey City

by Taylor Williams January 17, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has topped out a 24-story multifamily building at 270 Johnston Ave. in Jersey City. The building will house 169 apartments in studio, one-, two- and three-bedroom formats, as well as 9,000 square feet of retail space. Ten units will be reserved as affordable housing. Amenities will include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. is serving as the general contractor. Completion is slated for early 2024.

January 17, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $16.2M Sale of Two Manhattan Multifamily Buildings

by Taylor Williams January 17, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16.2 million sale of two adjacent multifamily buildings totaling 52 units that are located at 992-1000 Amsterdam Ave. on Manhattan’s Upper West Side. The buildings include a combined seven commercial spaces. Victor Sozio, Shimon Shkury, Howard Raber, and Evan Hirsch of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

January 17, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $23.8M Sale of Apartment Complex in Kansas City

by Kristin Harlow January 17, 2023

KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.

January 17, 2023

Illinois Loans Midwest Multifamily Student Housing

Draper and Kramer Arranges $14.9M in Financing for Student Housing Development in Normal, Illinois

by Kristin Harlow January 17, 2023

NORMAL, ILL. — Draper and Kramer’s Commercial Finance Group has arranged a $14.9 million refinance and construction loan for The Park at Constitution Trail Centre, a three-phase student housing development in Normal. The financing retired the existing debt on the first two phases of the project and provided funding on the remaining phase of construction. The off-campus community serves students at Illinois State University. The initial two phases, which were delivered between 2019 and 2022, include 204 fully leased beds. Phase III will offer an additional 76 beds upon completion, which is slated for August 2023. When complete, the development will contain a total of 280 beds across 13 buildings. The project is connected to The Constitution Trail, a paved 40-mile trail. Matthew Wurtzebach of Draper and Kramer arranged the loan on behalf of the borrower, 100 McKnight LLC.

January 17, 2023

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $12.9M HUD-Insured Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow January 17, 2023

FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.

January 17, 2023

California Loans Multifamily Western

Dwight Capital Provides $45M HUD Refinancing for Villa Lucia Apartments in Fresno, California

by Amy Works January 17, 2023

FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.

January 17, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Breaks Ground on 169-Bed TOPAZ Apartments Near San Diego State University

by Amy Works January 17, 2023

SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.

January 17, 2023

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 150-Bed Rehabilitation Centre of Beverly Hills in Los Angeles

by Amy Works January 17, 2023

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.

January 17, 2023

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