Multifamily

Joint Venture to Develop 240-Unit Multifamily Project in Middletown, Connecticut

by Taylor Williams May 15, 2023

MIDDLETOWN, CONN. — A joint venture between Harbor Group International and PB Development will build Springside Middletown, a 240-unit multifamily project that will be located on the southern outskirts of Hartford. The total capitalization of the project is $83.5 million. Springside Middletown will feature one-, two- and three-bedroom units with an average size of 1,020 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, coworking lounge, pickleball courts, outdoor grilling and dining stations, a dog park, playground and walking trails. Construction is slated for a 2025 completion.

May 15, 2023

Development Illinois Midwest Multifamily

Optima Begins Leasing 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow May 15, 2023

WILMETTE, ILL. — Optima Inc. has begun leasing Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The community is scheduled to welcome its first residents in July and is currently more than 30 percent leased. Optima Verdana offers one-, two- and three-bedroom units as well as penthouse residences ranging in size from 660 to 2,790 square feet. Monthly rents will range from $2,950 to nearly $12,000. Optima’s CEO and founder, David Hovey Sr., designed the community. Residents will have access to Optima’s complimentary concierge program, Optimized Service, which provides in-home package delivery, grocery delivery and plant watering. Residents can also schedule on-demand services through the Optima Verdana mobile app such as housekeeping, pet care, fitness classes, massage service and a private chef. Optima Verdana gets its name from “verdure,” which means lush green vegetation. The community features several sustainable initiatives, including the Chicago area debut of Optima’s proprietary exterior vertical landscaping system. The self-contained irrigation and drainage system uses plants to promote evaporative cooling, reoxygenate the air, reduce dust and smog levels, decrease ambient noise and detain stormwater. Indoor amenities at the property include a 24-hour front door person, pickleball/basketball court, fitness center, yoga room, …

May 15, 2023

Acquisitions California Multifamily Western

79 Lotus Apts Buys Three-Property Multifamily Portfolio in San Bernardino, California for $12M

by Jeff Shaw May 15, 2023

SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a multifamily portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles. The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans. CBRE’s Eric Chen represented both the buyer and the undisclosed sellers in the transaction.

May 15, 2023

Development Loans Massachusetts Multifamily Northeast Seniors Housing Top Stories

MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston

by Taylor Williams May 15, 2023

NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …

May 15, 2023

Development District of Columbia Hospitality Multifamily Southeast

Joint Venture Opens 248-Room Co-Living Building at Parks at Walter Reed in D.C.

by John Nelson May 12, 2023

WASHINGTON, D.C. — Urban Atlantic, Triden Development Group, Hines and joint venture partner Bridge Investment Group have opened Common Clover, a fully furnished, 248-room co-living building in Washington, D.C. Situated within The Parks at Walter Reed, a 66-acre mixed-use redevelopment, the property features suites with two to five private bedrooms, fully stocked kitchens, multiple bathrooms and in-unit laundry. Amenities include coworking space, a library, rooftop deck, courtyard with grilling stations, fitness center, game room and club lounge with a bar. The building also includes 21,000 square feet of ground-floor retail space. Rental rates start at $1,207 for a 116-square-foot studio, according to Apartments.com.

May 12, 2023

Loans Multifamily Texas

Greystone Provides $32.2M Agency Loan for Refinancing of Metro Houston Apartments

by Taylor Williams May 12, 2023

HUMBLE, TEXAS — Greystone has provided a $32.2 million Fannie Mae loan for the refinancing of The Villas at Foxbrick, a 412-unit apartment community located in the northern Houston suburb of Humble. Built in 2004, the property offers one- and two-bedroom units. According to Apartments.com, amenities include a pool, fitness center, courtyard and package locker service. Anthony Cristi of Greystone originated the financing. Gregory Vassilakos of Cosmos Capital Group served as the loan arranger and correspondent. The borrower was not disclosed.

May 12, 2023

Development Multifamily New Jersey Northeast

Advance Realty Begins Preleasing 399-Unit Multifamily Project in Harrison, New Jersey

by Taylor Williams May 12, 2023

HARRISON, N.J. — Locally based developer Advance Realty Investors has begun preleasing The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Rents start at $2,050 per month for a studio apartment.

May 12, 2023

Loans Multifamily Northeast Pennsylvania

Largo Capital Arranges $15M Refinancing of Multifamily Property in Norristown, Pennsylvania

by Taylor Williams May 12, 2023

NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

May 12, 2023

Development Indiana Midwest Multifamily

Partnership Begins Development of $70M Versa Apartment Complex in Indianapolis

by Kristin Harlow May 12, 2023

INDIANAPOLIS — A partnership between Milhaus, Gershman Partners and Citimark has begun development of Versa, a $70 million apartment complex in the Broad Ripple Village neighborhood of Indianapolis. The district is undergoing a $271 million improvement plan. Versa will feature 3,600 square feet of ground-floor retail space with an outdoor patio situated below the residential living space. The project will include 233 units and 245 parking spaces. Amenities will include a pool, pet spa, bark park, lounge, game room, fitness center, conference rooms and coworking space. Lake City Bank provided financing. The project team includes DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering. Completion is slated for 2024.

May 12, 2023

Development Indiana Midwest Multifamily

TWG Unveils Plans for 166-Unit Apartment Community in Indianapolis

by Kristin Harlow May 12, 2023

INDIANAPOLIS — TWG has unveiled plans to develop 1827 Lofts, a 166-unit apartment community that will be located along the IndyGo Red Line rapid transit bus line in Indianapolis. The $45 million development is part of a master redevelopment project encompassing the city’s North Meridian Corridor. Located at 1827 N. Meridian St., the property will feature 32 studios, 81 one-bedroom units and 53 two-bedroom floor plans. Amenities will include a courtyard, pool, fitness room, dog park and rooftop lounge. The City of Indianapolis supported the project through a tax-increment financing (TIF) bond issued by the local government. The TIF requires 5 percent of the units to be reserved for individuals making up to 30 percent of the area median income. WesBanco Bank provided financing. Construction is scheduled to begin this month and be completed in May 2025.

May 12, 2023

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