Multifamily

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson December 6, 2022

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

December 6, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

Acquisitions Multifamily Southeast Virginia

Milestone Group Acquires 870-Unit Multifamily Portfolio in Northern Virginia

by John Nelson December 6, 2022

FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.

December 6, 2022

Affordable Housing Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Interest Rate Volatility Will Slow Multifamily Investment Activity in 2023, Says InterFace Panel

by John Nelson December 6, 2022

ATLANTA — A lot can happen in a year. This time a year ago, the 10-year Treasury yield was at 1.489 percent, the federal funds rate was at a range of 0 to 0.25 percent and SOFR was at 0.05 percent. As of this writing, those three benchmark interest rates are at 3.527 percent, 3.75 to 4 percent and 3.82 percent, respectively — none of which are within 200 basis points from a year ago. Debt capital has become decisively more expensive, and officials at the Federal Reserve are signaling that more rate hikes are coming. For the U.S. multifamily sector, the result is that investors are increasingly becoming “pencils down” until interest rates find their footing. “We haven’t had much [investment] sales volume, as you can imagine, in the third or fourth quarter,” said Bennett Sands, managing development director at Wood Partners, an Atlanta-based apartment developer. “Looking ahead, our sales volume in 2023 will be down 50 percent [from 2022], if we’re lucky.” “It has been pretty quiet the past few months, and we expect that to continue for the next few months as well,” added Andrew Zelman, vice president of acquisitions at GID, a multifamily and mixed-use developer …

December 6, 2022

Development Multifamily Texas

Sueba USA Breaks Ground on 335-Unit Ivy Lofts Apartments in Metro Houston

by Taylor Williams December 6, 2022

PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.

December 6, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

Development Multifamily Nevada Western

Matter Real Estate Plans 352-Unit Vestra Apartments in Southwest Las Vegas

by Amy Works December 6, 2022

LAS VEGAS — Matter Real Estate Group is entering the residential real estate market with the planned development of Vestra, a multifamily property situated within its 40-acre UnCommons mixed-use community in southwest Las Vegas. Vestra will feature 352 apartments in a mix of studio, one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath layouts spread across three midrise towers. Each residence will offer quartz countertops, modern flat-panel cabinets, walk-in closets, washers/dryers and private lockers for a dry-cleaning service. Onsite amenities will include a pool house; resort-style pool with cabanas; fireplaces and barbecues; indoor/outdoor fitness center; lawn space; pet spa; coworking spaces; flex lounge; and media rooms. The property will also feature a 100 percent controlled access parking garage with electric vehicle charging stations. The community is slated to welcome residents early next year. EDI International designed the building with interiors by Jules Wilson Design Studio.

December 6, 2022

Acquisitions Build-to-Rent Multifamily Nevada Single-Family Rental Western

Banyan Residential Acquires Banyan Brighton Rental Townhomes in Las Vegas for $61M

by Amy Works December 6, 2022

LAS VEGAS — Los Angeles-based Banyan Residential has acquired its first property in the Las Vegas market with the purchase of Banyan Brighton, a build-to-rent townhome community currently under construction, for $61 million. Additional terms of the transaction were not released. Upon completion, Banyan Brighton will feature 133 two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet. Each residence will feature an attached two-car garage, first-class finishes and private outdoor living space. The property is located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, five-acre sports field, full-service coffee shop, outdoor lap pool and five parks, including green spaces, picnic areas, tennis courts and dog parks. Cushman & Wakefield is actively leasing the townhomes as they are completed. Final units are slated for delivery in third-quarter 2023.

December 6, 2022

Acquisitions Arizona Multifamily Western

Rise48 Equity Purchases 160-Unit La Serena Apartment Community in Tempe, Arizona

by Amy Works December 6, 2022

TEMPE, ARIZ. — Rise48 Equity has purchased La Serena, an apartment property located on seven acres in Tempe, from a private seller for an undisclosed price. Built in 1988 by Mark-Taylor, La Serena features 160 apartments spread across 20 residential buildings. The community features courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations and covered parking. Apartments offer full-size washers/dryers, walk-in closets with mirrored doors and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, and Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the deal.

December 6, 2022

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers Sale of 52-Unit Multifamily Property in Phoenix

by Amy Works December 6, 2022

PHOENIX — A private investor has acquired Georgia, a 52-unit apartment community in Phoenix, from a private investor for $8.5 million. Paul Bay and Darrell Moffitt of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal. Located at 2534-2548 W. Georgia Ave., Georgia features 26 one-bedroom and 26 two-bedroom residences.

December 6, 2022

Newer Posts

Older Posts