Multifamily

KeyBank Provides $46.4M in Financing for Affordable Housing Project in Los Angeles

by Amy Works August 4, 2023

LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, a supportive housing property located in unincorporated Florence-Graham in the Watts neighborhood of Los Angeles. The Prime Co., a giving-focused, vertically integrated multifamily development firm, is the sponsor of the project. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit (LIHTC) equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the development. Located at 2111 Firestone Ave., the six-story residential complex will feature 85 one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two of the units will be designated for individuals exiting homelessness and earning no more than 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. Additionally, the property will feature two manager units. The project team includes Prime, Domus Development and Kingdom Development. KeyBanc Capital Markets Group also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing the project. Housing Works will provide supportive services for residents …

August 4, 2023

Acquisitions Colorado Multifamily Western

Trion Properties Buys Multifamily Property in Aurora, Colorado for $41.1M

by Amy Works August 4, 2023

AURORA, COLO. — Trion Properties has purchased Trailpoint on Highline, an apartment community located at 10756 E. Virginia Ave. in Aurora, for $41.1 million, or $209,000 per unit. The name of the seller was not released. Built in 1984, Trailpoint on Highline features 198 one- and two-bedroom apartments ranging from 630 to 830 square feet. The units feature wood-style plank flooring, washer and dryer hookups, wood-burning fireplaces, walk-in closets, private balconies and central heating and air conditioning. Onsite amenities include two heated swimming pools with sundecks, 24-hour laundry facilities and property management.

August 4, 2023

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing Top Stories

State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson August 4, 2023

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …

August 4, 2023

Market Reports Multifamily Oregon Western Western Market Reports

Portland’s Housing Rollercoaster: The Impact of Protests, Pandemic and Population Loss

by Jeff Shaw August 4, 2023

— By Daniel Natsch, Senior Managing Director and Partner, Ethos Commercial Advisors — Portland made it onto the national scene even before the last economic cycle. It’s a charming and relatively inexpensive West Coast market that boasts a great culinary scene, never-ending outdoor activities and its own sense of weirdness. It’s no wonder that Portland’s ticket to the “big time” came by way of population growth throughout the 2010s, spurred by young, highly educated professionals. Alongside that growth came the need for more housing. Institutional capital took note and began targeting Portland for investment. The development boom of the 2010s eventually began to slow. Portland’s multifamily industry took another blow when Inclusionary Zoning legislation was passed. To beat affordable requirements, developers grandfathered as many projects as possible, creating a huge wave of entitled properties. Many of these projects would see their way through permitting, and the pre-inclusionary housing moniker became more valuable to investors. At the time, it appeared that significant in-migration would offset the significant deliveries stacking up in the pipeline. Then came 2020. Downtown Portland became a ghost town as employees stayed home amid the pandemic. It was quiet until large crowds took to the streets to speak …

August 4, 2023

Development Georgia Multifamily Southeast

Brook Farm Group to Develop 388-Unit Apartment Community in Metro Atlanta

by John Nelson August 3, 2023

COVINGTON, GA. — Brook Farm Group, along with capital partners Emory Equity and SilverCap Partners, plans to develop The Sinclair at Callaway Farm, a 388-unit apartment community in Covington. The 37-acre property will be situated at the intersection of Alcovy and City Pond roads, which is adjacent to the 180-acre Covington Town Center and about 35 miles east of Atlanta via I-20. First Horizon Bank and TrustMark Bank provided construction financing for the project, and Emory Equity and SilverCap provided equity. Sinclair at Callaway Farm will feature two separate neighborhoods encompassing 11 residential buildings, a 9,000-square-foot clubhouse, resort-style pool, two-story gym, coworking space, dog park and pet spa, electric vehicle charging stations and the first rooftop lounge in the Covington market. Additionally, four of the buildings will have elevators. Brook Farm Group expects to break ground on the project this quarter.

August 3, 2023

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Tampa Apartment Community for $57.5M

by John Nelson August 3, 2023

TAMPA, FLA. — Carter Multifamily, a division of locally based Carter Funds, has purchased Mode at Ballast Point, a 276-unit, garden-style apartment community located at 6306 S. MacDill Ave. in Tampa. The undisclosed seller sold the property, formerly known as Solis at Ballast Point, for $57.5 million. Situated on 21.5 acres near MacDill Air Force Base, the community features a resort-style pool, private lake and park, onsite pet park and proximity to a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily plans to execute capital improvements at the property that will include operational improvements, upgrades to amenities, renovations to interiors and exterior building improvements.

August 3, 2023

Acquisitions Multifamily Oklahoma Seniors Housing Texas

Blueprint Brokers Sale of 110-Unit Seniors Housing Community in Tulsa

by Taylor Williams August 3, 2023

TULSA, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit seniors housing community in Tulsa. Completed in 2017, the unnamed property offers assisted living and memory care services as well as Class A amenities. A national investor and its operator, both based in Seattle, sold the asset to an undisclosed buyer. Alex Florea, Kyle Hallion and Kory Buzin led the transaction for Blueprint.

August 3, 2023

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 78-Unit Multifamily Portfolio in East Dallas

by Taylor Williams August 3, 2023

DALLAS — Greysteel has arranged the sale of a portfolio of three multifamily properties totaling 78 units in East Dallas. The properties — Courtyards at Lower Greenville, Garrett on the Green and Republic at San Jacinto — were built in the 1950s and 1960s and renovated between 2018 and 2020. Andrew Mueller led the Greysteel team that brokered the deal. The buyer and seller were not disclosed.

August 3, 2023

Development Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams August 3, 2023

BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.

August 3, 2023

The-Residences-at-River's-Edge-Medford-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Acquires 222-Unit Apartment Complex in Metro Boston

by Taylor Williams August 3, 2023

MEDFORD, MASS. — Pacific Urban Investors, a California-based owner-operator, has acquired The Residences at River’s Edge, a 222-unit apartment complex located in the northern Boston metro of Medford. Built in 2009, the property offers studio, one-, two- and three-bedroom floor plans. Onsite amenities include a pool, fitness center and outdoor grilling and dining stations, and the property is also situated adjacent to a 10-acre riverfront park. The seller and sales price were not disclosed.

August 3, 2023

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