ROMULUS, MICH. — Marquette Cos. has reopened The Maxwell, a 312-unit apartment community in Romulus. The firm completed an $8 million revitalization project to address previously deferred maintenance issues as well as property updates. Exterior upgrades include new and repaired hardscaping, restoration of the pool and deck with new furnishings, repaired and upgraded building exteriors, replacement windows and the addition of a dog park. The community clubhouse now features a renovated fitness center, updated finishes in the resident lounge, a new catering kitchen and a new leasing office. Renovations to the units include new cabinetry and countertops in the kitchens with black appliances, along with new flooring and paint. Hallways and common areas throughout the community’s 26 buildings were also renovated. Marquette worked closely with city officials prior to acquiring the property and throughout the renovation, and used local vendors for the construction work. Built in 1972 as Morgan Manor, the property was a popular home for pilots and flight attendants due to its proximity to the Detroit Metropolitan Wayne County Airport. The community offers studio, one- and two-bedroom floor plans ranging from 650 to 850 square feet. Monthly rents start at $885. Marquette partnered with DRA Advisors on the …
Multifamily
It’s no secret: The multifamily real estate market in Memphis has experienced a significant decline in investment sales volume and total transactions over the past year. But with signs of life coming quickly on the horizon, how can you be ready to capitalize? According to CoStar Analytics, the 58.7 percent sales volume decline in Memphis is in line with the national average, but we have seen a larger dip in total transactions. The steep and rapid decline is directly correlated to the Federal Reserve’s ongoing battle of taming inflation. The Fed has increased the benchmark federal funds rate at 10 consecutive meetings. And while there was a pause at the June meeting, more rate hikes are expected this year. What does this mean for investors and operators? The cream will rise to the top. Some investors may default on loans due to floating-rate debt and the rapid rate increases, while others may struggle to refinance or sell without incurring losses as their cheaper rate caps expire. However, those that have executed their business plans effectively and added value to their apartment complexes by raising rents can expect some cushion. Another interesting factor to examine is the vacancy rate, which has …
Housing Trust Group Delivers $33M Affordable Apartment Community in Downtown West Palm Beach
by John Nelson
WEST PALM BEACH, FLA. — Housing Trust Group (HTG) has completed the development of Flagler Station, a $33 million affordable housing community located at 991 Banyan Blvd. in downtown West Palm Beach. Reserved for residents earning at or below 30, 60, 70 or 80 percent of area median income (AMI), units at the property include one-, two- and three-bedroom apartments across eight stories. Monthly rates at the community range from $393 to $1,689, and amenities include a 3,200-square-foot clubroom, business center, rooftop pool, fitness center and onsite parking. The project team included Rinaldi Construction as the general contractor, WGI Inc. as the engineer and landscape designer and Corwil Architects and B. Pila Desings as the interior designer.
Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Community in Tuscaloosa, Alabama
by John Nelson
TUSCALOOSA, ALA. — Cushman & Wakefield has arranged the sale of The Gates at South Bend, a 147-unit multifamily community located in Tuscaloosa. Built in 1980, the property underwent significant renovations between 2017 and 2022. Ben Thomas and Parker Caldwell of Cushman & Wakefield represented the seller, an entity doing business as WGO LLC, in the transaction. ARC Multifamily Group acquired the property for an undisclosed price. Situated about three miles south of the University of Alabama, The Gates at South Bend features two- and three-bedroom townhomes.
ADDISON, TEXAS — AMLI Residential will develop AMLI Tree House, a 449-unit apartment community that will be located in the northern Dallas metro of Addison. The development will consist of 370 market-rate apartments within the main building, 35 senior living units, 14 rental townhouses, 30 for-sale townhouses, unique live/work residences and 7,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2024, with preleasing set to launch in the second quarter of 2025. In conjunction with the branding of the property, the development team will remove and transplant four live oak trees from the property and plant over 350 new trees.
SAN ANTONIO — The Milestone Group, an investment firm with offices in Dallas, Atlanta and South Florida, has acquired Archer Stone Canyon Apartments, a 228-unit multifamily complex in San Antonio. According to Apartments.com, the property was built in 2005 and offers one-, two- and three- bedroom units that range in size from 796 to 1,630 square feet. Amenities include a pool, fitness center, resident clubhouse and a playground. The seller and sales price were not disclosed. Milestone Group plans to implement a value-add program.
DALLAS — Global Real Estate Advisors (GREA) has negotiated the sale of Casa San Luis Apartments, a 63-unit multifamily complex in East Dallas. According to Apartments.com, the property was built in 1967 and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the seller, Los Angeles-based Gomel Capital Partners, in the transaction. Allen also procured the undisclosed buyer.
DALLAS — Red Oak Capital Holdings has provided a 12-year, $2.3 million bridge loan for Templecliff Apartments, a 26-unit multifamily property in Dallas. Built in 1961 and renovated in 2021, the property offers one- and two-bedroom units that range in size from 750 to 1,125 square feet. The undisclosed, locally based borrower will use the proceeds to retire an existing mortgage and fund capital improvements.
PHILADELPHIA — Colliers has arranged a $27.1 million construction loan for a 124-unit multifamily project that will be located at 933 Canal St. in Philadelphia’s Northern Liberties neighborhood. The project carries a total price tag of $34 million and will include two commercial spaces. Bob Beckman of Colliers arranged the loan through Boston-based UC Funds on behalf of the borrower, locally based development and investment firm GY Properties.
LITTLE FALLS, N.J. — New Jersey-based developer Accurate has completed Citizen Little Falls, a 185-unit apartment complex located about 20 miles west of New York City. The transit-served property features one- and two-bedroom units. The amenity package comprises a fitness center, outdoor grilling and dining stations, business center, mail and package room, lobby lounge and a pet spa. Rents start at $2,640 per month for a one-bedroom apartment.