Multifamily

Michaels Student Living Completes 1,549-Bed Orchard Park Residence Hall at University of California, Davis

by Amy Works August 9, 2023

DAVIS, CALIF. — Michaels Student Living has completed Orchard Park, a 1,549-bed residence hall developed through a public-private partnership with the University of California, Davis and the Collegiate Housing Foundation. The development spans 11 buildings, offering 613 units for graduate students and students with families. The community also includes indoor amenity spaces, two community centers and programmed outdoor space. This property is the second phase of development for the public-private partnership, following The Green at West Village, a nine-building community offering 3,290 beds.

August 9, 2023

Colorado Loans Multifamily Seniors Housing Western

Berkadia Arranges $14.4M Bridge Loan for Memory Care Community in Colorado Springs

by Amy Works August 9, 2023

COLORADO SPRINGS, COLO. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. The Washington-based borrower completed the community in 2018 and, despite strong lease-up velocity in 2019, struggled throughout much of 2020 and 2021 due to key staff turnover and multiple COVID-19 lockdowns. Occupancy hit a low point of 30 percent in December 2020 before new facility-level leadership stepped in to stabilize the community, managing to increase occupancy to 72 percent by March 2023.

August 9, 2023

Development Florida Multifamily Southeast

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood, Florida

by John Nelson August 9, 2023

HOLLYWOOD, FLA. — The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April. Designed by Miami-based Borges Architects + Associates, Revv will rise eight stories and feature studios, live-work units and one- and two-bedroom apartments. Amenities will include a resort-style pool, coworking space, gym and ground-floor retail space. Calta plans to deliver Revv in the first quarter of 2025.

August 9, 2023

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges Sale of 260-Unit Uptown Terrace Apartments in Rogers, Arkansas

by John Nelson August 9, 2023

ROGERS, ARK. — Cushman & Wakefield has arranged the sale of Uptown Terrace, a 260-unit apartment community located in Rogers, a town in Northwest Arkansas. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, SC Bodner Co. Inc., in the transaction. The buyer and sales price were not disclosed. Built in 2021, Uptown Terrace features a bark park, business center, clubhouse, coffee bar, fire pit, fitness center, Luxer One package locker system, outdoor TV area, resort-style swimming pool with a sundeck and cabanas, a pickleball court, valet trash service and a yoga room. The property also features 28,000 square feet of ground-level commercial space.

August 9, 2023

Loans Multifamily Texas

Franklin BSP Provides $80M Loan for Refinancing of Downtown Austin Apartments

by Taylor Williams August 9, 2023

AUSTIN, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT) has provided an $80 million loan for the refinancing of Alexan Waterloo, a 272-unit apartment complex in downtown Austin. Completed in 2021, the 30-story building houses studio, one-, two- and three-bedroom units. Amenities include a pool with cabanas and grilling stations; fitness center with yoga and spin studios; sports lounge with a golf simulator; coworking space with private meeting rooms; and multiple clubrooms with lounge seating and a catering kitchen. The borrower is Crow Holdings Capital. The loan was structured with a two-year initial term and three one-year extension options.

August 9, 2023

Development Midwest Missouri Multifamily

Spellman Brady Completes Interior Design for Citrine Apartment Community in Missouri

by Kristin Harlow August 9, 2023

LAKE ST. LOUIS, MO. — Spellman Brady & Co. has completed the interior design for the clubhouse and leasing office of Citrine, a luxury apartment community in Lake St. Louis, a northwest suburb of St. Louis. Mill’s Properties owns the community. Spellman Brady was responsible for specifying and procuring the furniture, artwork and accessories for the clubhouse and leasing office. The 2,685-square-foot clubhouse features a fitness center, dog park, pet spa and community lounge with a bistro café. Spellman Brady collaborated with GMA Architects and ARCO Construction Co. on the project.

August 9, 2023

Development Multifamily New York Northeast

Terwilliger & Bartone Begins Leasing 112-Unit Apartment Complex in Westbury, New York

by Taylor Williams August 9, 2023

WESTBURY, N.Y. — Locally based developer Terwilliger & Bartone Properties has begun leasing Cornerstone Westbury, a 112-unit apartment complex located in the Long Island community of Westbury. Phase I of the project totals 72 units and will be complete this fall, while Phase II consists of 58 units that are scheduled to come on line in early 2024. Residences come in studio, one- and two-bedroom floor plans, with 18 units reserved as workforce housing. Amenities include a fitness center, clubhouse and a rooftop patio. Information on starting rents was not disclosed.

August 9, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Opens 40-Unit Affordable Housing Complex in Cambridge, Massachusetts

by Taylor Williams August 9, 2023

CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.

August 9, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

Affordable Housing Development Multifamily Southeast Virginia

Fairfax County, APAH to Develop 516-Unit Affordable Housing Project in Tysons, Virginia

by John Nelson August 8, 2023

TYSONS, VA. — The Fairfax County Redevelopment and Housing Authority has purchased a two-acre site near the Spring Hill Metro station in Tysons. The county has reached an agreement with regional nonprofit Arlington Partnership for Affordable Housing (APAH) to develop Dominion Square, a 516-unit affordable housing development that will feature two 20-story towers and a 33,000-square-foot community center operated by the county. The land, which formerly comprised surface parking lots used by auto dealerships, is ground-leased to APAH for 85 years. APAH plans to break ground later this year and deliver the community in 2027. Amazon provided a $55 million loan from its Housing Equity Fund for the Dominion Square project, and Fairfax County has approved the issuance of up to $89 million in tax-exempt bonds.

August 8, 2023

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