Multifamily

MassDevelopment Provides $32.5M in Bond Financing for Affordable Housing Complex in Ipswich, Massachusetts

by Taylor Williams June 29, 2023

IPSWICH, MASS. — MassDevelopment, the state development finance agency and land bank, has provided a $32.5 million tax-exempt bond for Agawam Village, a 94-unit affordable housing complex in Ipswich, located northeast of Boston in Essex County. Agawam Village was built in 1970 and offers one-, two-, three- and four-bedroom units across seven buildings. Specific information on income restrictions was not disclosed. The borrower, a joint venture between an affiliate of The Ipswich Housing Authority and Harborlight Homes of Beverly, will use the financing to acquire and renovate the property. The Massachusetts Department of Housing & Community Development also provided $20.1 million in Low-Income Housing Tax Credit equity for the purchase and rehabilitation.

June 29, 2023

Development Multifamily North Carolina Southeast

Alliance Residential Opens 344-Unit Prose New Hope Apartments in Raleigh

by John Nelson June 29, 2023

RALEIGH, N.C. — Alliance Residential has opened Prose New Hope, a 344-unit apartment community located in northeast Raleigh. The property features residences in one- and two-bedroom layouts with an average size of 1,012 square feet. Amenities at the community include a clubroom with an entertainment kitchen, saltwater pool with sun shelf seating and two outdoor grill stations, a business center, fitness center and a Luxer package system. The project team for the development included Cline Design Associates and engineer McAdams, both of which are based in Raleigh. Leasing rates begin at $1,395 per month, according to the property website.

June 29, 2023

Development Loans Multifamily South Carolina Southeast

Forum Capital Provides $10.4M Equity Investment for Multifamily Development in Beaufort, South Carolina

by John Nelson June 29, 2023

BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed.

June 29, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Blue Vista Capital Partners Acquires 88-Unit Multifamily Community in Eastern Tennessee

by John Nelson June 29, 2023

JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an 88-unit multifamily community located in Johnson City. Blue Vista purchased the mixed-income property in partnership with Standifer Capital. Built in 1998, Stoneybrook Heights comprises 11 two-story buildings and a single-story leasing office, with apartments averaging 1,032 square feet in two-, three- and four-bedroom layouts. Originally constructed as affordable housing, the community will become a fully market-rate property in the second half of 2024. Amenities at the property include a clubhouse and green space for pets. The seller and sales price were not disclosed.

June 29, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $14.5M Sale of Multifamily Property in Queens

by Taylor Williams June 29, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $14.5 million sale of a 103-unit multifamily property located in the Jackson Heights area of Queens. Shaun Riney, Seth Glasser, Sean Fopeano and Louis Zarif of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were individuals/personal trusts who requested anonymity.

June 29, 2023

California Leasing Activity Multifamily Seniors Housing Western

Agemark Takes Over Management of Three Seniors Housing Communities in California

by Jeff Shaw June 29, 2023

GLENDALE, THOUSAND OAKS AND FRESNO, CALIF. — Agemark Senior Living has taken over management at three seniors housing communities in California: Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno. Ownership of these three communities is a joint venture between Mountain Capital Partners, Dekel Capital and Willis Development. Sophos Equities was the consulting asset manager for the transition. Agemark now operates 29 communities. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms, Serra Sol, Symphony Pointe and TreVista.

June 29, 2023

Acquisitions Multifamily New York Northeast

Global Holdings Management Acquires 57-Unit Apartment Building in Manhattan

by Taylor Williams June 29, 2023

NEW YORK CITY — Global Holdings Management Group has acquired a 57-unit apartment building located at 51 Irving Place in Manhattan. The location offers immediate proximity to the Gramercy Park and Union Square neighborhoods. Built in 1969, the six-story building features studio, one- and two-bedroom units as well as 8,000 square feet of retail space. The seller and sales price were not disclosed.

June 29, 2023

Acquisitions Kansas Midwest Multifamily

Berkadia Arranges Sale of 395-Unit Apartment Community in Merriam, Kansas

by Kristin Harlow June 29, 2023

MERRIAM, KAN. — Berkadia has arranged the sale of Georgetown Apartments in Merriam, a southwest suburb of Kansas City. The sales price was undisclosed. The 395-unit apartment community is situated on 33 acres at 7200 Eby Drive. The property was built in 1965, according to Apartments.com. Amenities include a pub room, billiards room, fitness center, indoor and outdoor swimming pools, a clubhouse, event space and laundry facilities. Pete Evans, Michael Spero and Kevin Jury of Berkadia represented the seller, New York-based Malkin Properties, and the buyer, Illinois-based Artisan Capital Group. John Schorgl of Berkadia structured a five-year acquisition loan through Freddie Mac.

June 29, 2023

Development Hospitality Maryland Multifamily Southeast

Method Co. to Open 81-Unit Roost Apartment Hotel at $5.5B Baltimore Peninsula Development

by John Nelson June 28, 2023

BALTIMORE — Method Co. will soon open Roost Apartment Hotel, an 81-unit flexible living community located within the 235-acre Baltimore Peninsula project, which was formerly known as Port Covington. Located at 2460 Terrapin Way, Roost is part of the “Chapter 1” phase of the $5.5 billion Baltimore Peninsula development and is the waterfront project’s third residential property, joining Rye House and 250 Mission. Last week the development team, including Method, Weller Development, MAG Partners and MacFarlane Partners, hosted a ribbon cutting ceremony attended by Maryland Gov. Wes Moore and Sagamore Ventures CEO and Under Armour founder Kevin Plank. The Roost Apartment Hotel concept bridges the gap between a boutique hotel experience and apartment living, with floor plans ranging from one to three bedrooms. The units include features like a full-size kitchen, balconies and full-wall windows. Additionally, Roost will feature an open-air pool, 24/7 concierge and a fitness center with Peloton bikes. The design team for the Roost Baltimore location includes Hord Coplan Macht, Aumen Asner Inc. and Method Studios. Method Co., which operates other Roost-branded properties in Philadelphia, Cleveland, Detroit and Tampa, plans to open the Baltimore Peninsula location on Saturday, July 1.

June 28, 2023

Development Loans Maryland Multifamily Southeast

EJF Capital, NRP Group Obtain $61M Construction Loan for Multifamily Community in Hyattsville, Maryland

by John Nelson June 28, 2023

HYATTSVILLE, MD. — EJF Capital LLC and The NRP Group have obtained a $61 million construction loan for the development of a multifamily community in Hyattsville, a suburb of Washington, D.C. First National Bank and Flagstar Bank provided the financing. The five-story, 361-unit property will be situated within a 3.2-acre opportunity zone at the corner of Belcrest and Toledo roads. The unnamed property will have a six-level, 441-space parking garage, as well as a fitness center, bike room, pet wash area, courtyard, pool and multiple lounge spaces. EJF Capital and NRP Group expect to deliver the property in the third quarter of 2025.

June 28, 2023

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