Multifamily

Crescent Communities Opens 308-Unit Multifamily Property in Charlotte’s University City District

by John Nelson June 16, 2023

CHARLOTTE, N.C. — Crescent Communities has opened NOVEL University Place, a 308-unit multifamily community located at 5315 Waters Edge Village Drive in the University City neighborhood of Charlotte. The development features carriage homes and apartments in studio, one-, two- and three-bedroom floor plans. Amenities at the property include a fitness center, library, coworking spaces, swimming pool, outdoor kitchen and hammocks. The project team included architect Cline Design Associates, land planner and civil engineer LandDesign, interior designer BB+M and Crescent Communities Construction. Rental rates begin at $1,405, according to the community website.

June 16, 2023

Acquisitions Alabama Seniors Housing Southeast

Proveer Acquires 90-Unit Seniors Housing Community in Mobile, Alabama

by John Nelson June 16, 2023

MOBILE, ALA. — Proveer Senior Living has acquired Vitality Living Regency, a seniors housing community featuring 70 assisted living units and 20 memory care units in Mobile. The community will be rebranded as Proveer at Port City, and the new owner will undertake interior and exterior renovations at the property, which are scheduled for completion by the end of this year. Renovations will include new flooring; fresh colors, furniture and fixtures; a full exterior makeover; and an upgraded technology platform. This acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale.

June 16, 2023

Acquisitions Multifamily Student Housing Texas

JLL Arranges Sale of 347-Bed Student Housing Community Near University of Houston

by Taylor Williams June 16, 2023

HOUSTON — JLL has arranged the sale of Vue on MacGregor, a 347-bed student housing community that serves students at the University of Houston. Built in 2014, the community is located about a half mile from campus. Vue on MacGregor offers a mix of fully furnished one-, two-, three-, four- and five-bedroom units that were 96 percent occupied at the time of sale. Amenities include dedicated study rooms, a pool, two fitness centers, business center and a dog park. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Danielle Ric of JLL represented the seller, Trimont, and procured the buyer, Axonic Properties, in the deal.

June 16, 2023

Development Multifamily Texas

JPI Begins Construction on 290-Unit Apartment Community in Metro Dallas

by Taylor Williams June 16, 2023

ADDISON, TEXAS — Locally based developer JPI has begun construction on Jefferson Addison Heights, a 290-unit apartment community located in the northern Dallas metro of Addison. The complex will be situated on a three-acre site and rise five stories. Units will be furnished with stainless steel appliances and stone countertops, and amenities will include a pool, fitness center, clubhouse and a game room. Preleasing is scheduled to commence in October 2024.

June 16, 2023

Development Multifamily New Jersey Northeast

Accurate Begins Leasing 185-Unit Apartment Complex in Little Falls, New Jersey

by Taylor Williams June 16, 2023

LITTLE FALLS, N.J. — New Jersey-based developer Accurate has begun leasing Citizen Little Falls, a 185-unit apartment complex located in the northern part of the Garden State. The property offers one- and two-bedroom units and amenities such as a fitness center, business center, landscaped courtyards, pet wash area and package lockers. Lessard Design served as the project architect. Rents start at $2,640 per month for a one-bedroom apartment.

June 16, 2023

Acquisitions Midwest Multifamily NAI Seniors Housing Wisconsin

NAI Greywolf Arranges Sale of 15-Bed Community-Based Residential Facility in Cedarburg, Wisconsin

by Kristin Harlow June 16, 2023

CEDARBURG, WIS. — NAI Greywolf has arranged the sale of a 15-bed community-based residential facility (CBRF) in Cedarburg, about 20 miles north of Milwaukee. The sales price was undisclosed. There are nine private rooms and three semi-private rooms. Dawn Davis of NAI Greywolf represented the seller. Further terms of the transaction were not provided. According to the Wisconsin Department of Health Services, a CBRF hosts five or more unrelated people who live together in a community setting. Services offered include room and board, supervision and support services. Up to three hours of nursing care can be given per week.

June 16, 2023

Loans Multifamily New York Northeast

KeyBank Provides $17.7M Agency Loan for Refinancing of Manhattan Apartments

by Taylor Williams June 16, 2023

NEW YORK CITY — KeyBank has provided a $17.7 million Fannie Mae acquisition loan for Broadway Terrace, a 131-unit apartment complex located in Manhattan’s Washington Heights neighborhood. The garden-style property was originally built in 1927 and consists of eight four-story buildings. Alan Isenstadt and John Ward of KeyBank originated the financing, specific terms of which were not disclosed, on behalf of the borrower, Meridian Capital.

June 16, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Negotiates Partial Sale of Three Affordable Housing Buildings in Brooklyn

by Taylor Williams June 16, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the sale of a partial interest in three affordable housing buildings totaling 163 units in Brooklyn’s Williamsburg and Brownsville neighborhoods. The percentage was not disclosed, but the interest fetched a price of $9.3 million. Victor Sozio and Shimon Shkury of Ariel Property Advisors represented the seller, Dunn Development Corp, in the deal. The buyer was a partnership between The Community Preservation Corp., The Community Development Trust, Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro.

June 16, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $8.1M Sale of Multifamily Portfolio in Bristol, Connecticut

by Taylor Williams June 16, 2023

BRISTOL, CONN. — Northeast Private Client Group (NEPCG) has arranged the $8.1 million sale of a portfolio of two multifamily properties totaling 75 units in Bristol, located in Connecticut’s Hartford County. Both buildings, which together are known as The Brook & Middle Portfolio, are located near ESPN headquarters and total 55,399 square feet. Brad Balletto and Bob Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 16, 2023

Development District of Columbia Loans Mixed-Use Multifamily Retail Southeast

Tishman Speyer Obtains $150M Construction Loan for Mazza Gallerie Mall Redevelopment in D.C.

by John Nelson June 15, 2023

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).

June 15, 2023

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