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Multifamily

AcquisitionsMidwestMultifamilyWisconsin

JLL Brokers $40.8M Sale of Multifamily Property in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — JLL Capital Markets has brokered the sale of Stonewood Village in Madison for $40.8 million. The 272-unit, garden-style multifamily property features one- and two-bedroom units with an average size of 1,004 square feet. Amenities include a playground, pool and tennis courts. The value-add property was built in 1982. Wick Kirby, Amanda Friant and Jamie Fink of JLL represented the seller, Stonewood UI LLC, an affiliate of Banner Real Estate Group. Axiom Properties was the buyer. Matthew Schoenfeldt and Medina Spiodic of JLL originated a $29.8 million Fannie Mae acquisition loan on behalf of the buyer. The 10-year loan features a fixed interest rate.

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Commons-Stella-Apts-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

ABI Multifamily Brokers $37M Sale of Commons on Stella Apartment Homes in Tucson

by Amy Works

TUCSON, ARIZ. — ABI Multifamily has arranged the sale of Commons on Stella Apartment Homes, a multifamily property located at 6534 E. Stella Road in Tucson. An undisclosed California-based buyer acquired the asset from an undisclosed Illinois-based seller for $37 million, or $185,930 per unit. Completed in 1964, Commons on Stella Apartment Homes features 199 apartments in a mix of 30 one-bedroom/one-bath units, 109 two-bedroom/one-bath units and 60 three-bedroom/one-bath units. Each unit is individually metered for electricity and gas with individual hot water heaters. Units feature air conditioning/heating, full-size washers/dryers, hardwood floors, private enclosed backyards, oversized closets and kitchens equipped with refrigerators and microwaves, as well as dishwashers in select units. Community amenities include a swimming pool, splash pool, business center, clubhouse, children’s play area, picnic area with barbecues and assigned parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovich of ABI Multifamily’s Phoenix-based institutional apartment group, in collaboration with Desiree Palmer and Ryan Kippes of ABI Multifamily’s Tucson apartment team, represented the buyer and seller in the transaction.

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ColoradoDevelopmentMultifamilySeniors HousingWestern

OZ Architecture Completes Design of The Reserve at Lone Tree Seniors Housing Community in Colorado

by Jeff Shaw

LONE TREE, COLO. — OZ Architecture has completed the design of The Reserve at Lone Tree, a seniors housing community located within the RidgeGate master-planned community in Lone Tree. Experience Senior Living Development (ESLD), a NexCore company, is a partner on the project. The community will offer 124 independent living units in a nine-story building alongside 60 assisted living and 24 memory care units in an attached five-story building. The project is scheduled break ground in fourth-quarter 2022, with anticipated completion in 2024. Independent living units will be up to 1,930 square feet, while assisted living apartments will range between 430 and 1,100 square feet. RidgeGate spans 3,500 acres southeast of Denver and includes the RidgeGate Parkway Regional Transportation District (RTD) station, as well as more than 1,000 acres of parks to support an active lifestyle.

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DevelopmentFloridaMultifamilySoutheast

Empira Group to Develop 85-Unit Apartment Community in Miami

by John Nelson

MIAMI — Swiss investment firm Empira Group has purchased a half-acre site west of Miami’s Brickell district for the development of CoralGrove Brickell, an 85-unit apartment community. The asset will be situated in the city’s The Roads neighborhood upon completion, which is anticipated for 2025. Max La Cava, Simon Banke and Danielle Fernandez of JLL brokered the land sale on behalf of the seller, an unnamed investment firm based in South America. Empira plans to demolish the existing apartments on the site by the end of the year and break ground on the new apartment project in the second half of 2023. Designed by Revuelta Architecture International, CoralGrove Brickell will comprise one-, two-, and three-bedroom apartments, as well as a fitness center, rooftop pool, gourmet kitchen and a game room. The property will also feature 900 square feet of retail space on the ground floor.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $10.4M in Construction Financing for Metro Boston Mixed-Income Project

by Taylor Williams

CHELSEA, MASS. — MassHousing has provided $10.4 million in construction financing for a project that will convert a former light industrial site in the northeastern Boston suburb of Chelsea into a 62-unit mixed-income complex. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning up to 30, 60 and 90 percent of the area median income (AMI). In addition, six units will be available for purchase by households that are first-time homebuyers earning up to 80 or 100 percent of AMI. The borrower is nonprofit organization The Neighborhood Developers. NEI General Contracting is constructing the project, and Utile Architecture & Planning is designing it. A tentative completion date was not disclosed. WinnCos. will manage the property.

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AcquisitionsArizonaMultifamilyWestern

MG Properties Acquires Apartment Community in Chandler, Arizona for $107M

by Amy Works

CHANDLER, ARIZ. — San Diego-based MG Properties has purchased 2150 Arizona Ave South Apartments I, a multifamily property in Chandler, for $107 million. Rebranded as 2150 Apartments, the community features one-, two- and three-bedroom floor plans. The number of units was not disclosed. Mark Forrester and Dan Cheyne with Berkadia represented the undisclosed seller in the deal. Chuck Christensen and Lowell Takahashi of Berkadia originated acquisition financing through Fannie Mae for the buyer.

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DevelopmentFeaturesMultifamilyWestern Feature Archive

Want to Appeal to Multifamily Tenants? Go Green

by Jeff Shaw

By Barry Manuel, CIO, MEB Management Services Did you know that 39 percent of energy-related carbon dioxide emissions are generated through manufactured buildings? We spend the majority of our lives using indoor spaces to gather, work, socialize and live, which means multifamily developers and managers need to consider environmentally friendly options that don’t contribute to the global climate crisis. It’s the right thing to do, and we’re not the only ones who know that. Residents are getting wise to the impact their buildings play in the climate crisis. Creating A Solution With this in mind, we recently created the MEB Sustainability Committee to address environmental issues and adapt sustainability practices for our multifamily properties throughout Arizona and New Mexico. Our goal is to have at least 75 percent of all MEB properties engaged in energy-saving initiatives.  MEB is taking a two-pronged approach. We’re using ESG ratings to measure long-term environmental, social and governance risks while educating and sharing sustainable practices with our residents and management teams.  Through a collaborative effort, we’re reducing emissions by making changes to both new and existing apartment buildings. Part of our strategy and collaboration involves partnering with one of the most sustainably conscious builders in Arizona …

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamily

No End Is in Sight for Kansas City’s Multifamily Development Needs

by Kristin Harlow

By Chris Armer, Hoefer Welker People who call the Kansas City metropolitan area home know it’s a desirable place to live. From the robust job market and vibrant arts scene to its rich history and, of course, stellar sports teams, the Kansas City metro area attracts a diverse group of people. Kansas City is evolving and so are its housing needs.  In recent years, the demand for multifamily development in Kansas City has grown, driven by a range of factors. Mass retirements and flexible work arrangements are shifting priorities, while the housing shortage and rising interest rates are sending prospective homeowners on the search for attractive alternatives. The multifamily housing trend stands to gain momentum, creating a space for discerning real estate and architecture firms with development expertise to pave the way in an evolving housing market.  The great shuffle   Much has been said about the Great Resignation, but the COVID-19 pandemic didn’t only affect young and midlife workers who left their jobs to pursue higher-paying and more meaningful employment. It also hastened the Great Retirement, a massive wave of baby boomers leaving the workforce, many of them earlier than planned.  Now those homeowners are selling their suburban single-family …

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AcquisitionsLoansMultifamilyNorth CarolinaSoutheast

Walton Street Capital Originates $69.8M Acquisition Loan for Metro Raleigh Apartment Community

by John Nelson

CARY, N.C. — An affiliate of Walton Street Capital LLC has originated a $69.8 million acquisition loan for Aventura Crossroads, a 344-unit apartment community located at 1010 Legacy Village Drive in Cary, a suburb of Raleigh. The borrower is a partnership between The Bainbridge Cos. and Virtus Real Estate Capital. Built in 2009, Aventura Crossroads was 98 percent occupied at the time of sale. The garden-style community features one-, two- and three-bedroom units averaging 1,154 square feet. Amenities include a recently renovated clubhouse, upgraded fitness center, pet spa and an outdoor pool. The seller and sales price were not disclosed.

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DevelopmentFloridaLoansMultifamilySoutheast

Berkadia Arranges $57.5M Construction Loan for Multifamily Project in Miami’s Allapattah Neighborhood

by John Nelson

MIAMI — Berkadia has arranged a $57.5 million construction loan for Fourteen Residences Allapattah, a 237-unit apartment community located within an opportunity zone at 1470 N.W. 36th St. in downtown Miami’s Allapattah neighborhood. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office secured the financing on behalf of the borrower, Neology Life Development Group, a residential and commercial real estate firm led by Lissette Calderon. Jeff Rosenfeld and Sean Robertson originated the 24-month loan, which features two extension options, internally for the lender, Churchill Real Estate. Upon completion in early 2024, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments. The property will be situated within walking distance from the Allapattah Miami Metrorail Station, Rubell Museum and SuperBlue, an immersive art museum. The community will offer studio, one- and two-bedroom units ranging from 450 to 900 square feet. Amenities will include original artwork, a multipurpose lobby, media lounges and living rooms, rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, dog park with dog wash area, bike storage, virtual concierge …

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