Multifamily

Newmark Arranges Sale of 828-Unit Multifamily Portfolio in San Antonio

by Taylor Williams February 20, 2023

SAN ANTONIO — Newmark has arranged the sale of a portfolio of three multifamily properties totaling 828 units in San Antonio. The portfolio spans from north-central to western San Antonio and includes Spice Creek, The Clara and The Maxwell. Matt Michelson of Newmark represented the seller, a partnership between Texas-based Multifamily Acquisition Advisors and California-based Blackhawk Property Holding, in the transaction. Henry Stimler, William Weber, Matt Mense, Ari Schwartzbard and Daniel Sarsfield, also with Newmark, originated Freddie Mac acquisition financing on behalf of the buyer, Harbor Group International.

February 20, 2023

Development Multifamily New Jersey Northeast

Garden Communities Delivers 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams February 20, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has delivered Green Meadows at Pleasant Plains, a 175-unit apartment complex in the coastal community of Toms River. The development features one-, two- and three-bedroom units, with the largest floor plan being 2,330 square feet. Private patios/balconies are available in select residences. Amenities include a pool, fitness center and a community room. The community is now 75 percent leased, with rents for available two- and three-bedroom units starting at $3,425 per month

February 20, 2023

Development Multifamily New Jersey Northeast

Park Stone, Fields Grade Complete 79-Unit Multifamily Project in Jersey City

by Taylor Williams February 20, 2023

JERSEY CITY, N.J. — A partnership between Park Stone Management and Fields Grade has completed Le Leo, a 79-unit multifamily project in Jersey City’s Journal Square neighborhood. Designed by Marchetto Higgins Stieve, Le Leo features studio, one- and two-bedroom apartments that are furnished with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, rooftop terrace, conference room and a dog run. Rents start at approximately $2,500 per month for a studio.

February 20, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $16.5M Sale of Multifamily Portfolio in Colorado Springs

by Amy Works February 17, 2023

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment portfolio in Colorado Springs. The assets traded for $16.5 million. Totaling 120 apartments, the properties are located at 1429 Potter Drive and 3950-3960 Galley Road. Mike Krebsbach of Pinnacle Real Estate Advisors represented the undisclosed seller and buyer in the transaction.

February 17, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.3M Sale of Apartment Complex in Denver

by Amy Works February 17, 2023

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment complex located at 551 S. Fairfax St. in Denver. The 13-unit asset traded for $2.3 million, or $180,769 per unit. The names of the seller and buyer were not released. Hunter Schaefer, Jack Sherman and Dan Hawthorne of NorthPeak Commercial represented the buyer and seller in the deal.

February 17, 2023

Affordable Housing Loans Multifamily New York Northeast

Partnership Receives $100M Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams February 17, 2023

NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.

February 17, 2023

Development Loans Multifamily Northeast Pennsylvania

JLL Arranges $77.5M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 17, 2023

PHILADELPHIA — JLL has arranged a $77.5 million construction loan for a 466-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Phase I of the development will deliver 279 units, a parking garage and 8,450 square feet of retail space. Amenities will include a pool, fitness center, theater, coworking space, dog run and a convenience mart. Michael Klein, Tom Didio and Ryan Ade of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, Saxum Real Estate. A construction timeline was not disclosed.

February 17, 2023

Affordable Housing Indiana Midwest Multifamily

Merchants Affordable Housing Corp. Rebrands as RDOOR Housing Corp. in Indianapolis

by Kristin Harlow February 17, 2023

INDIANAPOLIS — Merchants Affordable Housing Corp. has rebranded as RDOOR Housing Corp. The affordable housing developer was founded in connection with Merchants Bank of Indiana in 1981. RDOOR comes from the word “ardor,” meaning passion. “RDOOR embodies our team’s unyielding passion for improving people’s lives by increasing access to quality rental housing opportunities while building or renovating affordable and safe homes,” says Bruce Baird, president and CEO. The current portfolio of RDOOR and its closely aligned affiliates includes more than 3,000 units throughout Marion County and Indiana. As part of the rebrand, RDOOR renovated the former Girls Inc. office at 441 W. Michigan St. as its new headquarters. RDOOR says the downtown Indianapolis location will enable the team to be closer to its clients and co-locate with Partners in Housing.

February 17, 2023

Development Multifamily Northeast Pennsylvania

Odin Properties, RAM Development Break Ground on 31-Unit Multifamily Project in Philadelphia

by Taylor Williams February 17, 2023

PHILADELPHIA — A partnership between two locally based firms, Odin Properties and RAM Development, has broken ground on Front Street Lofts, a 31-unit multifamily project in Philadelphia’s Norris Square neighborhood. The six-story building will house studio, one- and two-bedroom units as well as ground-floor commercial space. Completion is slated for fall 2024.

February 17, 2023

Acquisitions South Carolina Southeast Student Housing

Eric Newton Real Estate Sells 380-Bed Student Housing Community Near Clemson University

by John Nelson February 16, 2023

CLEMSON, S.C. — Eric Newton Real Estate has sold Cambridge Creek Clemson, a 380-bed student housing community located near Clemson University in South Carolina. The property offers 132 townhome units in three- and four-bedroom configurations. Shared amenities include a resort-style swimming pool and tanning deck with cabanas; bathhouse; outdoor pavilion with TVs; and a clubhouse with study lounges, a coffee bar and fitness center. The buyer and terms of the off-market transaction were not disclosed.

February 16, 2023

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