CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged a $16.8 million Freddie Mac loan for the refinancing of a 206-unit multifamily property in Clinton Township, about 25 miles north of Detroit. Dennis Bernard and Adam Ferguson of Bernard arranged the loan on behalf of the borrower, Oxford Square Limited Dividend Housing Association LP. Loan terms were not provided.
CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 to 60 percent of the area median income, with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National Low-Income Housing Coalition reports only 43 available rental homes per every 100 low-income renters in Ohio. Studies also show that LGBTQ seniors experience higher rates of housing discrimination and poverty, making them especially at risk of housing vulnerability. The community is named in recognition of the late John Montgomery Arthur, a Cincinnati native and husband of the plaintiff in the Supreme Court case that legalized same-sex marriage in the United States. This $13 million redevelopment was financed through Low-Income Housing Tax Credits from the Ohio Housing Finance Agency, equity syndicated by CREA, HOME funding from the City of Cincinnati, an award from the Affordable Housing Program of the Federal Home Loan Bank …
CHESTERFIELD, MICH. — Friedman Real Estate has brokered the $6.4 million sale of Georgetown Manor Apartments in Chesterfield, about 30 miles north of Detroit. The property features studio, one- and two-bedroom units. Constructed in 1968, the complex is home to 97 units, according to Apartments.com. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed buyer. The seller was also undisclosed.
On Oct. 12, France Media hosted the “The Future of Multifamily Advertising is Here: How Automation is Transforming Housing” webinar, sponsored by Conversion Logix. A growing need for marketing automation in the industry means organizations are looking for improved tools and technology. Curious about how to mesh Google ads and social media video ads, retargeting campaigns, website experiences, virtual tours, emails and more into a coherent marketing approach for multifamily? Want to learn more about engagement personalization? Hear how to prepare your organization for marketing automation and make the most of the data you collect. Watch this brief webinar for tips, tricks and tech. “The multifamily marketing landscape continues to evolve,” says Crystal Banegas, new business development manager at Conversion Logix. She explains that as the world of marketing technology expands, marketers need to evolve as well to best take advantage of time-saving, personalizing technology that frees marketers to look at their advertising strategically — using real-time data to personalize (but not pester) leads. Click to listen. A copy of the webinar presentation may be downloaded here. See a list of major topics covered below: Integration of real-time data — sharing information useful to Teams Vendors Organizations Making the best use …
FARMERS BRANCH, TEXAS — MedCore Partners has acquired The Avenues of Park Forest, an 86-unit seniors housing property in the northern Dallas suburb of Farmers Branch that offers assisted living and memory care services. MedCore plans to renovate the unit interiors and common areas, upgrade building exteriors and landscaping and rebrand the property as The Grove on Forest Lane. The seller was not disclosed.
WASHINGTON, D.C. — Standard Real Estate Investments LP, a minority-owned national real estate investment and development firm with offices in Washington, D.C., and Los Angeles, has purchased the Senator Square and East River Park shopping centers in northeast Washington D.C. The centers span 13 acres and are entitled and programmed for a $650 million mixed-use redevelopment that will bring 1,500 residential units, including approximately 300 affordable housing units, and 120,000 square feet of retail space to D.C.’s Northeast Heights district. National Housing Trust is developing 110 of the project’s 300 affordable housing units in a standalone building. The Black Economic Development Fund, which is managed by affiliates of the Local Initiatives Support Corp., and Forbright Bank provided construction financing for the development. The site is located within walking distance of the Minnesota Avenue Metro Station and near a build-to-suit office project that Trammell Crow Co. is developing for the District of Columbia’s Department of General Services. The construction timeline for the development was not disclosed.
LAKELAND, FLA. — Atlanta-based Carter has partnered with El Paso, Texas-based Hunt Cos. Inc. to build a mixed-use development in Lakeland’s west downtown district. Carter recently closed on the purchase of the 22-acre site, which fronts Lake Wire and is proximate to the new 168-acre Bonnet Springs Park and RP Funding Center. Situated within an opportunity zone, the project will be built in two phases, the first phase of which will include 300 multifamily units and more than 15,000 square feet of street-level retail space. Patterson Real Estate Advisory Group assisted Carter in arranging the construction financing for the project through Citizens Bank. David Bunch and Lisa Parks Abberger of Hauger-Bunch Inc. represented the undisclosed seller in the land transaction.
UNION, N.J. — A partnership between two New Jersey-based firms, Diversified Properties and Fidelco Realty Group, has completed Summit Court, a 396-unit multifamily project located in the Northern New Jersey community of Union. The property features one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a fitness center, gaming lounge, pet play area and a catering kitchen. Rents start at $2,365 per month for a one-bedroom unit.
AURORA, COLO. — Cypress Equity Investments (CEI) has completed construction of Revel, a transit-oriented multifamily community at 291 Dearborn Way in Aurora. Located off Interstate 225 and within walking distance of the Second Avenue and Abilene Station on Denver Regional Transportation District’s light rail line, the garden-style property offers access to Interstate 225, Denver International Airport and downtown Denver. KTGY designed the property, which features 300 units spread across five four-story residential buildings, which surround a two-story clubhouse, all on 8.1 acres with landscaping designed by Norris Design. The property’s grounds feature native plantings and outdoor amenity spaces for year-round indoor-outdoor living for residents and their pets. Units are available in a mix of studio, junior one-bedroom, one-bedroom, two-bedroom and three-bedroom layouts with floor-to-ceiling windows, a balcony or patio, in-unit washers/dryers, large bathtubs, stainless steel appliances, designer-inspired kitchen backsplashes, quartz countertops, USB combo outlets and wood-style flooring. Community amenities include work-from-home suites, a 24/7 fitness center, a fitness-on-demand room, club room with spacious events kitchen, resident lounge with conference space and co-working areas, and a pet spa and dog run. Additional outdoor amenities include an outdoor kitchen; resort-style pool with sun shelf, cabanas and hot tub; and a private park. …
BLOOMINGTON, MINN. — Marcus & Millichap has arranged the sale of a 14-unit apartment building in the Minneapolis suburb of Bloomington for $2 million. Built in 1960, the property is located along Penn Avenue. Residents enjoy two parking spaces per unit as well as a community green space with a playground. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies.