MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
NORTHAMPTON, MASS. — A partnership between Live Give Play and Spiritos Properties will develop a 70-unit active adult project at 79 King Street in Northampton, a suburb of Springfield. The property is located downtown on a walking/biking path and is steps from Smith College. Designed by BKSK Architects, the building will rise five stories and total 110,000 square feet. The community is designed to achieve Passive House certification. Completion is slated for late 2024.
SAN YSIDRO, CALIF. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will include roll-in showers, balconies, appliances, heating and air conditioning. The property will offer three laundry rooms, two elevators, secure parking and a rooftop terrace. The units will be restricted to seniors 62 and older making 20 percent to 50 percent of area median income, with 25 units for seniors experiencing chronic homelessness, supported by vouchers from San Diego Commission. Matthew Haas and Keven Ruf of KeyBank arranged the financing for the borrower. In addition to the funds from KeyBank, the project received $4.4 million from San Diego Housing Commission, $5 million from San Diego Economic Development, $20 million from California State Multifamily Housing Program and $30.4 million from California Housing Accelerator funds as …
The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …
WASHINGTON, D.C. — A partnership between Lowe, FLGA and Davenport Group has secured a 99-year ground lease from Howard University to construct a new residential tower on two sites in Washington, D.C.’s Shaw neighborhood currently being used as student parking lots. The 1.9-acre assemblage at 2251 Sherman Ave. and 2047 9th St. NW will be converted into a 525,000-square-foot, 10-story tower housing up to 500 residences, 27,000 square feet of commercial space and an underground parking garage. The partnership is undertaking the development with USAA Real Estate. JLL arranged an undisclosed amount of bridge financing for the land transaction through Eagle Bank. Construction is anticipated to commence in fall 2023. The project is the latest transaction by Howard University to densify its campus while maintaining long-term control of its real estate. Plans for the new housing include units ranging from studios to larger two-bedroom with den floor plans. Approximately 40 units will be designated as affordable housing, with the potential to increase that number to 60 units. Planned amenities include a club room, fitness center and rooftop patio and pool. The unnamed project is also set to include a 25-foot-wide public plaza fronting the future extension of W Street that …
BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.
MANOR, TEXAS — Developer GenCap Partners is underway on construction of The Park at Manor Crossing, a 586-unit multifamily project that will be located in the eastern Austin suburb of Manor. The community will be developed in two phases, with Phase I comprising 301 units and slated for a fourth-quarter completion. The second phase will deliver 285 units, with construction scheduled to commence in late 2024 and move-ins to begin in 2026. Residences will feature one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, grilling areas, fitness center, dog park, clubhouse, coworking lounge and a package locker system.
HOUSTON — A partnership between two investment firms, Florida-based DLP Capital and metro Houston-based ORP Investments, has purchased Elan Memorial Park, a 297-unit multifamily property in Houston’s River Oaks neighborhood. Built in 2016, the property houses 17,000 square feet of retail space and was 92 percent occupied at the time of sale. Units come in one- and two-bedroom floor plans, and the amenity package comprises a pool, fitness center, coffee bar and a clubhouse with a gaming area. The new ownership plans to upgrade the building’s painting, siding and landscaping. The seller was not disclosed.
COLORADO SPRINGS, COLO. — Berkadia Institutional Solutions has arranged the sale of Springs at Foothills Farms, a garden-style multifamily community located at 1203 Affirmed View in Colorado Springs. Wisconsin-based Continental Properties Co. sold the asset to California-based Hamilton Zanze & Co. for $110.9 million. Built in 2021, Springs at Foothills Farms features 264 apartments in a mix of studio, one-, two- and three-bedroom floor plans with in-unit washers/dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, fitness center and outdoor barbecue area. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver represented the seller in the deal. Additionally, Clay Akiwenzie of Berkadia Incline Village arranged $58.1 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.
SAN JOSE, CALIF. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and laundry rooms. Alex Mogharebi and Otto Ozen of TMG represented the seller in the transaction.