PASADENA, CALIF. — PSRS has arranged the a $9.6 million loan to refinance debt on Renaissance Court, a mixed-use community in Pasadena, just northeast of Los Angeles. Renaissance Court offers 41 multifamily units, including one- and two-bedroom apartments and two-bedroom townhomes. The property also includes nine ground-level retail units. Kostas Kavayiotidis arranged the non-recourse loan through a life insurance company. The financing features a 10-year term and 30-year amortization.
NEW YORK CITY — Locally based firm Douglaston Development is nearing completion of a 188-unit affordable seniors housing project in The Bronx. The 12-story building at 2856 Webster Ave., which is adjacent to the New York Botanical Garden (NYBG), represents Phase I of a larger development. Phase II consists of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston is developing the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group is the project architect, and Levine Builders is the general contractor and construction manager. The first move-ins are now underway.
KERRVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of Sidney Baker Apartments, a 60-unit multifamily complex in Kerrville, about 65 miles northwest of San Antonio. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool and a pet park. Tyler Marshall of Matthews represented the undisclosed buyer in the transaction. The seller was also not disclosed.
WESTFIELD, IND. — Developer Mia Rose Holdings has broken ground on Chatham Hills Luxury Living, a 250-unit apartment complex in Westfield, a far north suburb of Indianapolis. The development will feature 124 one-bedroom units, 114 two-bedroom units and 12 three-bedroom apartments across eight buildings. The project will be situated within the Chatham Hills planned residential and recreational development. The community will provide access to a nature trail and lake recreation as well as feature amenities such as a pool, golf simulator, fitness facility and pickleball courts. Completion is slated for August 2024. The project team includes Rosemann & Associates as architect, Midas Construction as general contractor, V3 Cos. as civil engineer and Engenuity as the mechanical, electrical and plumbing engineer.
HIALEAH, FLA. — Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month. Natura Gardens is situated directly south of the planned American Dream mall in Miami Lakes and between I-75 and the Florida Turnpike. Amenities include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks, tables and umbrellas, and lounge chairs on beach sand; a media room, billiards and children’s playroom; a lounge with a bar and kitchen; modern fitness center with yoga, aerobics and spinning studios; a business center with coworking spaces and a coffee bar; a children’s “tot-lot: with recreational equipment and electronic charging stations; residents-only dog park and outdoor spaces including open lawns, lakes, preserves and mobile device charging stations throughout the entire community. The design team includes Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units designed by …
TALLAHASSEE, FLA. — Balfour Beatty has acquired The Quarters at Tallahassee, a 592-bed student housing community located one mile from the Florida State University campus in Tallahassee. The property, which offers 168 units in a mix of six floor plans, has been rebranded Oktiv by the new ownership. Shared amenities at the community include a business center, clubhouse, fitness center, resort-style swimming pool, hot tub, sauna, study rooms and a yoga studio with on-demand classes. Berkadia secured acquisition financing for the transaction through an affiliate of Walton Street Capital. The seller and terms of the transaction were not disclosed. The community will be managed by Balfour Beatty’s internal residential management division, Balfour Beatty Communities.
CHARLOTTE, N.C. — Wood Partners and GTIS Partners have completed the development of Alta West Morehead, a 308-unit apartment community located in Uptown Charlotte. The joint venture announced the project in September 2021. Located at 2020 W. Morehead St., the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities at the property include a pool, pet spa and a clubhouse with a fitness center, coworking space, lounge and game room. Monthly rents begin at $1,560, according to the community website. Wood Residential, an affiliate of Wood Partners, manages the property.
Where is third-party management headed? This is a loaded question in 2023. The economic environment alone presents its fair share of challenges. An indirect result of fewer properties transacting in the student housing sector is that properties are changing management firms less often. This doesn’t mean that third-party managers are resting on their laurels, however. They are continuing to enhance operations to create a better experience for guests while becoming more efficient for their property owner clients. Instead, operators are using this time to hone their craft, and there is much to ponder. Which COVID-19 protocols should remain from an on-site perspective? Should they look at centralizing some processes? And how can the implementation of AI help streamline processes without taking away the personal element? All of these questions — and more — are currently being assessed by third-party managers heading into the all-important turn season this summer. But unlike the temperatures outside, operators are keeping their cool with a focus on what they do best — customer service. Meeting Current Challenges The sector — and commercial real estate at large — is facing a number of hurdles, many of which are being exacerbated by the looming turn cycle. “It seems each …
PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the undisclosed seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.
LOS ANGELES — JLL has arranged an undisclosed amount of financing for USC Expo, a 260-bed student housing development located near the University of Southern California campus in Los Angeles. Greg Brown and Zane Sweet of JLL worked on behalf of the borrower, Mosaic Investment Partners, to secure both joint-venture equity and mezzanine financing from HC2 Capital, as well as a senior construction facility from Calmwater Capital. The seven-story community is scheduled for completion in spring 2025 and will offer fully furnished studio, one-, two-, three- and four-bedroom units. Shared amenities will include a rooftop swimming pool, second-floor amenity deck, fitness center, computer room and dog park.
