Multifamily

The-District-Berkeley-Heights-New-Jersey

Connell Co. Unveils Plans for Expansion at The Park in Berkeley Heights, New Jersey

by Taylor Williams November 18, 2022

BERKELEY HEIGHTS, N.J. — Connell Co. has unveiled plans for expansion at The Park, a 185-acre mixed-use campus in the Northern New Jersey community of Berkeley Heights. The latest phase of The Park will be known as The District and will comprise five new buildings that will house 328 multifamily units and 190,000 square feet of retail, restaurant and entertainment space. The two multifamily buildings will total 179 and 149 units and will both feature a variety of indoor and outdoor amenities. The first of the three retail buildings will encompass 81,715 square feet and will be fully dedicated to entertainment. End users within this structure, which will also house a covered garden and event space, will include a brewery, Mexican restaurant, Italian steakhouse and a duckpin bowling concept. The other retail buildings will total 30,515 and 25,755 square feet. The District will also feature various pocket parks and open green spaces. Completion is slated for 2025.

November 18, 2022

Development Multifamily New York Northeast

Rose Associates, Battery Global Top Out 440-Unit Apartment Building in Yonkers

by Taylor Williams November 18, 2022

YONKERS, N.Y. — A partnership between locally based developer Rose Associates and asset management firm Battery Global Advisors has topped out Alexander Crossing, a 440-unit apartment building located north of New York City in Yonkers. Designed by Perkins Eastman and built by Callahan Construction Managers, Alexander Crossing is a seven-story, 600,000-square-foot building. The property will feature studio, one- and two-bedroom units and amenities such as a heated outdoor pool, fitness center, outdoor grilling and dining areas, game room, coworking lounge and a multi-sport simulator. The development team plans to deliver units in phases over the course of 2023.

November 18, 2022

Features Student Housing

Will the Fourth Quarter See a Return to Normal Investment Sales Activity in Student Housing?

by Katie Sloan November 18, 2022

The cancellation of the NMHC Student Housing Conference due to Hurricane Ian took some wind out of the student housing investment sales market this fall. The annual event is where many dealmaking meetings are held. Activity was a little slower during the third quarter due to changes in the capital markets climate, but is expected to pick up as the year draws to a close and more sellers bring properties to market. “August was a little bit slower, but now that we have the rent rolls for fall 2022 we are seeing a lot of assets hit the market,” says Teddy Leatherman, senior managing director, capital markets, with JLL. “Our team has never been busier from a broker’s opinion of value (BOV) or RFP standpoint.” The investment sales market, overall, has had a strong year. Even removing Blackstone’s $13 billion acquisition of American Campus Communities from the market, the student housing sector has had a robust year. Add that transaction in the mix, and the industry will likely have a record year in 2022. “The first three quarters of 2022 surpassed 2021’s volume and broke 2018’s record for annual transaction volume,” says Timothy Bradley, founder of TSB Capital Advisors and …

November 18, 2022

Development Georgia Hospitality Multifamily Southeast Top Stories

Centennial Yards Breaks Ground on Two High-Rise Buildings in Downtown Atlanta as Part of $5B Project

by Jeff Shaw November 18, 2022

ATLANTA — Centennial Yards Co. has broken ground on two high-rise towers in downtown Atlanta as the next phase of the development plan that will turn the city’s Gulch district into a $5 billion multi-phase area known as Centennial Yards. One tower will be an 18-story, full-service, boutique hotel called Anthem, which will feature guest rooms averaging over 400 square feet, a pool deck with a bar and event room, an 8,000-square-foot ballroom and a rooftop restaurant and bar. The second tower, also rising 18 stories, will be an apartment building. The multifamily community will offer studio, one-, two- and three-bedroom floor plans and include features such a pool with an event lawn and grilling stations, on-site co-working space, a dog run, a fitness center and multiple lounges for residents. Individual units will feature interior design by Atlanta-based design firm TVS Architecture + Design. The two towers are adjacent to Mercedes-Benz Stadium and State Farm Arena, the sports venues that are home to the NBA’s Atlanta Hawks, NFL’s Atlanta Falcons and MLS’ Atlanta United. Atlanta-based architecture firm Goode Van Slyke Architects designed both buildings. The towers are slated for completion in 2025, ahead of the recently announced 2026 FIFA World …

November 18, 2022

Market Reports Multifamily Washington Western Western Market Reports

Seattle Metro Multifamily Market — It’s a Supply Thing

by Jeff Shaw November 18, 2022

By Brian O’Connor, Executive Director, Valuation & Advisory, Cushman & Wakefield The Seattle Metro apartment market has been surprisingly resilient. The market quickly bounced back from the COVID downturn at a robust clip and has continued moving at a healthy pace. During the first six months of 2022, metro Seattle absorbed more than 12,600 units. That already surpasses a typical full year of demand by several thousand units. From January 2022 through June, the market absorbed 3,779 newly constructed units — a respectable level. If you also factor in the decline in existing units, then the market absorbed another 8,886 units. That tells us that the supply of new units was too low…or demand was much stronger than we expected. The market had rebounded to a metro-wide vacancy rate of only 1.33 percent at mid-year 2022, an astoundingly low level. From year-end 2021 to June 2022, overall apartment vacancies declined from 3 percent to 1.33 percent. We do, however, expect vacancies to begin increasing slightly. These rates typically see an uptick as we head into winter. Rent growth also slows during this time. We expect to see the metro-wide vacancy rate start to rise just a bit by year-end 2022, to …

November 18, 2022

Acquisitions Arkansas Multifamily Southeast

Weidner Acquires 337-Unit Apartment Community in Rogers, Arkansas

by John Nelson November 17, 2022

ROGERS, ARK. — Weidner Apartment Homes has purchased 49 West Apartments, a multifamily community comprising 325,507 square feet of rentable space in the northwestern Arkansas city of Rogers. Built in 2020, the property sits on 20.7 acres and features 337 units in one- and two-bedroom layouts. Amenities at the community — which was built by S+K Development — include a clubhouse, fitness center, indoor and outdoor lounges, pool, onsite fishing pond, pet washing stations and play area, valet trash services and a basketball court. The sales price was not disclosed.

November 17, 2022

Acquisitions Arizona Loans Multifamily Western

NewPoint Real Estate Capital Funds $105M Loan for Multifamily Acquisition in Scottsdale, Arizona

by Amy Works November 17, 2022

SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.

November 17, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $21.8M Sale of Elevate Apartments in Tucson, Arizona

by Amy Works November 17, 2022

TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit. Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens. Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.

November 17, 2022

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple

by Taylor Williams November 17, 2022

TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.

November 17, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $36M Construction Loan for Multifamily Project in Brunswick, Maine

by Taylor Williams November 17, 2022

BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.

November 17, 2022

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