Multifamily

908 Group, BCDC Break Ground on 693-Bed Student Housing Project Near Florida State University

by John Nelson June 22, 2023

TALLAHASSEE, FLA. — 908 Group and BCDC have formed a joint venture to develop a 693-bed student housing community adjacent to Florida State University (FSU) in Tallahassee. The unnamed, 182-unit property is the third development between the two firms and the fourth Tallahassee project for 908 Group. Pacific Life Insurance Co. is the primary lender for the project, with preferred equity provided by Nationwide. The project team includes general contractor Culpepper Construction Co., architectural firm Humphreys & Partners Architects and civil engineer Moore Bass Consulting. First move-ins are expected in August 2025 in time for the start of FSU’s 2025-2026 school year.

June 22, 2023

Affordable Housing Development Florida Multifamily Southeast

ANF Group Begins Construction on 332-Unit Affordable Housing Development in Miami

by John Nelson June 22, 2023

MIAMI — General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature studio, one- and two-bedroom residences reserved for households earning up to 70 percent of the area median income. Amenities will include community rooms, laundry facilities, a cybercafé, fitness room and onsite management offices, as well as two two-story parking garages. This project was partly funded through Miami-Dade County’s Public Housing and Community Development Department with $2.5 million in surtax funds. Southpointe Vista’s first tower is scheduled for completion in fourth-quarter 2024.

June 22, 2023

Development Loans Multifamily New York Northeast Top Stories

BLDG Receives $425M Construction Financing for 69-Story Apartment Tower in Queens

by Katie Sloan June 22, 2023

NEW YORK CITY — BLDG Management Co. has received $425 million in construction financing for The Orchard, a multifamily project located in the Long Island City neighborhood of Queens. The 69-story development will be the tallest residential tower in Long Island City, according to Greystone, which arranged the financing. Plans for the development include 824 residential units, including a penthouse with a rooftop deck; 207 parking spaces; and 13,000 square feet of above-grade retail. The development’s 100,000 square feet of amenity space will include a fitness center; indoor and outdoor swimming pools; a spa with a steam room and sauna; basketball court; multi-sport simulator; lounge areas; a children’s playroom; game room; movie screening rooms; work pods; a dog spa; bike room; package room with refrigerated storage; on-site laundry; and self-storage space. The Orchard will also feature a landscaped rooftop deck offering panoramic views of the New York City skyline. The space will include a pickleball court, barbecue area, yoga and fitness space, a lawn for movie screenings and a running track. A timeline for the project was not announced. M&T Bank acted as administrative agent for the $425 million construction financing, with U.S. Bank and the Bank of China acting …

June 22, 2023

Development Florida Multifamily Southeast

LORE to Develop $500M Multifamily Project in Miami’s Brickell District

by John Nelson June 21, 2023

MIAMI — LORE Development Group, a newly formed development firm between Leste Group and Brazilian-based Opportunity Fundo de Investimento Imobiliário, has announced plans to develop a $500 million multifamily development in Miami’s Brickell district. Situated near Brickell City Centre, the 442,000-square-foot, unnamed property will be located at 1015 SW 1st Ave. and feature high-end amenities and 2,000 square feet of ground-floor retail space. The construction timeline and design-build team were not disclosed. LORE will source and acquire properties and work with third-party construction teams to build its projects. In South Florida, LORE plans to develop more than $1 billion in multifamily assets over the next five years.

June 21, 2023

Development Multifamily Texas

SWBC to Develop 293-Unit Apartment Community in West Fort Worth

by Taylor Williams June 21, 2023

FORT WORTH, TEXAS — SWBC will develop The Royalton at Sienna Hills, a 293-unit apartment community that will be located on the west side of Fort Worth. Units will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, conference room and outdoor grilling and dining areas. Cross Architects is designing the project, and Jordan Foster is serving as the general contractor. Construction is expected to last about 24 months.

June 21, 2023

Acquisitions Development Multifamily Texas

Avison Young Brokers $20M Sale of Multifamily Development Site in Uptown Dallas

by Taylor Williams June 21, 2023

DALLAS — Avison Young has brokered the $20 million sale of a multifamily development site located at 3515 Brown St. in Uptown Dallas. The 1.6-acre site currently houses a 26-unit condominium complex. Mike Kennedy and Paul Harmon of Avison Young represented the seller, the Wimbledon Place Homeowners Association, in the transaction. The buyer, Chicago-based developer Fifield Cos., plans to demolish the existing building and construct a 24-story apartment tower on the site. A construction timeline was not disclosed.

June 21, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 200-Unit RiverBend Apartments in San Antonio

by Taylor Williams June 21, 2023

SAN ANTONIO — Northmarq has arranged the sale of RiverBend Apartments, a 200-unit multifamily complex in San Antonio. Built in 1984 and recently renovated, the property offers studio, one- and two-bedroom units and amenities such as two pools, a playground, clubhouse, basketball court and outdoor picnic areas. Regional Investment & Management sold the asset to Two Ten Management for an undisclosed price. Moses Siller, Zar Haro, Phil Grafe, Bryan VanCura and Brian Booth of Northmarq represented both parties in the deal.

June 21, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Acquires Four Seniors Housing Communities in Metro Chicago

by Kristin Harlow June 21, 2023

ILLINOIS — Senior Lifestyle has acquired four seniors housing communities in metro Chicago for an undisclosed price. The properties include Aspired Living of La Grange, Aspired Living of Westmont, Aspired Living of Prospect Heights and Aspired Place of Lake Zurich. The communities offer a variety of living options such as assisted living, memory care and supportive living residences. Each property offers exclusive programming and gourmet dining options.

June 21, 2023

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of 1,000-Bed Skilled Nursing Portfolio in Pennsylvania

by Taylor Williams June 21, 2023

PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campuses, which offer independent living, personal care and memory care services. Although specific property names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. An East Coast-based investor seeking to establish a new footprint in the region acquired the assets for an undisclosed price.

June 21, 2023

Development Multifamily New York Northeast

JLL Arranges $80M in Equity Financing for Brooklyn Multifamily Project

by Taylor Williams June 21, 2023

NEW YORK CITY — JLL has arranged $80 million in equity financing for a project at 499 President St. in the Gowanus area of Brooklyn that will add 350 apartments and 20,000 square feet of retail space to the local supply. The project will consist of 262 market-rate units and 88 affordable housing units, as well as amenities like a rooftop pool, fitness center, coworking space and a billiards lounge. Christopher Peck, Nicco Lupo and Jonathan Faxon of JLL structured the equity financing. The developer is a joint venture between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors. Completion is scheduled for 2025.

June 21, 2023

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