Multifamily

Retail Program Bohler Drive Thru_rev

Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …

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INDIANAPOLIS — BAM Capital has acquired Gateway Crossing, a 160-unit multifamily community located in Indianapolis. Built in 2004, the property features garden-style apartments. The seller and purchase price were undisclosed. The property offers a diverse array of floorplans and is consistent with BAM’s focus on acquisitions that provide stable cash flow, appreciation potential and capital preservation, according to the company. The property is the latest addition to the BAM Multifamily Growth & Income Fund III. Other recent Indianapolis multifamily acquisitions include Hamilton Station and The Bristol. The fund, which is currently accepting capital from accredited investors, acquires Class B+ to A- assets built after 2000.

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PANAMA CITY BEACH, FLA. — CBRE has brokered the sale of Sea Sound Apartments, a newly constructed, 300-unit multifamily community in Panama City Beach. Cliff Taylor, Joe Ayers, Paul Berry and Don Hoffman of CBRE represented the seller, Flournoy Development, in the transaction. Passco Cos. purchased the property for an undisclosed price. Located at 10400 Panama City Parkway, Sea Sound features four buildings comprising units in one-, two- and three-bedroom layouts, with an average unit size of 1,082 square feet. Amenities at the community include a pool, outdoor cabana with fire pits, grilling areas, a clubhouse, business center, fitness center and spin room, dog park, pet grooming station, playground, pickleball court and RV and boat parking.

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PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Pavilion, a 24-unit complex in Paris, located about 100 miles northeast of Dallas. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 750 to 950 square feet, as well as outdoor grilling and dining areas and a dog park. Chase Davis of TMG represented the buyer and seller, both of which requested anonymity, in the transaction.

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EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on a 325-unit multifamily project in the northeastern Boston suburb of Everett. The site at 1690 Revere Beach Parkway previously housed a Stop N Shop grocery store. The project, which represents Phase I of a larger, 741-unit development, will ultimately house 875 parking spaces, 9,500 square feet of retail space and 22,800 square feet of indoor and outdoor amenities. CUBE3 Architects designed the project. Phase I is slated for an early 2025 completion.

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CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

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BRIGHTON AND NORTHGLENN, COLO. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Brighton Care Center, a 108-bed skilled nursing facility located in Brighton, and Malley Transitional Care Center, a 162-bed skilled nursing facility located in Northglenn. These acquisitions are subject to a long-term, triple-net lease. “We are excited about growing in Colorado,” says Barry Port, Ensign’s CEO. “These facilities are a great fit to our existing portfolio and we look forward to the contribution each will have in our operational market and clusters in Colorado.” This acquisition brings Ensign’s growing portfolio to 271 healthcare operations, 26 of which also include senior living operations, across 13 states.

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ATLANTA — This year has been a tumultuous one for multifamily construction. Between rising interest rates, fluctuating supply lines, costs of materials and difficulties procuring labor, developer confidence in new multifamily starts is faltering as work on current projects is beginning to slow. “In this market, it’s so hard to stay abreast of all of the changes that are happening,” said Cara Frost, director of preconstruction at Juneau Construction, which is based in Atlanta. “And that has led to a more design-assist approach on our end.” Frost’s comment came during the “What to Look for in Architecture, Design and Construction Trends in 2023” panel at the 13th annual InterFace Multifamily Southeast on Dec. 1. France Media hosted the event at the Westin Buckhead hotel in Atlanta. There were approximately 325 conference attendees. Joe Martinez, president of Atlanta-based real estate development and investment firm Vida Cos., moderated the panel. Speakers discussed the challenges they are currently facing and emphasized the importance of collaboration and transparency early in the process of a project. “There are three buckets — budget, time and quality — and right now, you get to be really good at two of those things,” remarked Josh Kassing, vice president …

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ORLANDO, FLA. — Newmark has arranged the sale of Sawgrass Apartments, a 208-unit multifamily community located at 2859 South Conway Road in Orlando. The McKinley Cos., a multifamily investment firm based in Ann Arbor, Mich., acquired the property from Philadelphia-based PRG Real Estate for $50 million. Apartments feature studio, one-, two- and three-bedroom layouts that range in size from 658 to 1,117 square feet. Amenities at the community — which underwent $2.5 million in capital improvements in 2008 — include a lakeside dining area, sundeck and swimming pool, fitness center, pet park, car care center and electric vehicle charging stations. Scott Ramey, Ryan Moody, Patrick Dufour, Brad Downing, Andrew Visnick and Paul Grant of Newmark brokered the transaction. The buyer plans to rebrand Sawgrass Apartments as The Frederick, according to McKinley.

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PHOENIX — Newmark has arranged the $255 million sale of a four-property, Class A seniors housing portfolio in Phoenix and its suburbs. The LivGenerations portfolio totals 546 units comprising independent living, assisted living and memory care units. The seller built all four communities — LivGenerations Agritopia, LivGenerations Ahwatukee, LivGenerations Pinnacle Peak and LivGenerations Mayo Boulevard — between 2014 and early 2022. Newmark represented the seller, regional owner-operator and developer Liv Communities, in the transaction. The buyer was not disclosed.

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