Multifamily

Kiser Group Arranges $9.7M Sale of Multifamily Property in Chicago

by Kristin Harlow August 31, 2022

CHICAGO — Kiser Group has arranged the sale of a 44-unit multifamily property in Chicago’s Ravenswood neighborhood for $9.7 million. Located at 5017 N. Wolcott Ave., the building comprises studio and one-bedroom units. About 25 percent of the units have been renovated. Residents have access to 10 parking spaces, a fitness room and laundry facilities. Lee Kiser, Andy Friedman and Jake Parker of Kiser brokered the transaction. Buyer and seller information was not released. The asset sold for $220,000 above the listed price.

August 31, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

Arizona Development Loans Multifamily Western

BWE Provides $75M Construction Loan for Legado Apartments in Prescott Valley, Arizona

by Amy Works August 31, 2022

PRESCOTT VALLEY, ARIZ. — Bellwether Enterprise Real Estate Capital (BWE) has provided a $75 million HUD loan for the construction of Legado Apartments, a multifamily property in downtown Prescott Valley. Jim Swanson of BWE’s Phoenix office originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. The non-recourse, fully assumable loan features a 40-year, fully amortizing term. The HUD-insured financing provides a combined construction and permanent loan for market-rate multifamily projects. The mid-rise apartment property will feature 329 units in a mix of one-, two- and three-bedroom layouts. Units will offer Energy Star appliances, washers/dryers, patio/balcony storage and scenic views. Community-wide amenities include electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities will include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with barbecue grills, and recreation area with a dog run and dog washing station. As part of the mixed-use residential and commercial development project in the Prescott Valley Entertainment District, the property will have a rooftop restaurant open to the public and a variety of other foodservice outlets, including cafés, plus retail space on first and sixth …

August 31, 2022

Acquisitions Multifamily North Carolina Southeast

Blackfin Sells Pressley South End Apartments in Charlotte for $78M

by John Nelson August 30, 2022

CHARLOTTE, N.C. — Blackfin Real Estate Investors has sold Pressley South End, a 504-unit apartment community located at 1210 Pressley Road in Charlotte’s South End submarket. The undisclosed buyer purchased the community for $78 million. Built in 1969, the property comprises one-, two- and three-bedroom units and features onsite management and maintenance teams, a basketball court, playground, pet park and a walking trail. Deaton Investment Real Estate represented Blackfin in the transaction, which is the firm’s third sale in 2022. Blackfin purchased Pressley South End in June 2017 for $19 million.

August 30, 2022

Development Florida Loans Southeast Student Housing

Trinitas Receives $67.3M Construction Financing for Student Housing Development Near UCF in Orlando

by John Nelson August 30, 2022

ORLANDO, FLA. — Trinitas Ventures, a multifamily and mixed-use developer based in Lafayette, Ind., has received $67.3 million in construction financing for a 286-unit, 750-bed student housing development located near the University of Central Florida campus in Orlando. Citizens Financial Group’s commercial real estate finance team is acting as the sole lead arranger, book runner and administrative agent for the financing. Further details of the project were not disclosed. Citizens has also financed Trinitas student housing projects at Miami University in Ohio, Washington State University and University of Nebraska.

August 30, 2022

Development Indiana Midwest Multifamily

TWG Underway on $57M Apartment Development in Westfield, Indiana

by Kristin Harlow August 30, 2022

WESTFIELD, IND. — TWG is underway on construction of Grand Park Village, a $57 million apartment development in Westfield, a northern suburb of Indianapolis. The project will consist of several buildings located directly south of Grand Park, a 400-acre youth and recreational sports complex. The 240-unit apartment community will feature amenities such as a dog park, fitness center, clubhouse, pool and grilling stations. Centier Bank provided project financing. Completion is slated for summer 2024.

August 30, 2022

Acquisitions Midwest Minnesota Multifamily

The Connor Group Acquires 275-Unit Apartment Complex in Burnsville, Minnesota

by Kristin Harlow August 30, 2022

BURNSVILLE, MINN. — The Connor Group has acquired RiZE on Grand in the Minneapolis suburb of Burnsville for an undisclosed price. The 275-unit apartment complex opened in 2021. Amenities include an outdoor pool, fitness center, game room, fire pits, rooftop deck and dog park. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, LeCesse Development Corp.

August 30, 2022

Acquisitions Midwest Missouri Multifamily Student Housing

JLL Brokers Sale of 656-Bed Student Housing Community Near University of Missouri

by Kristin Harlow August 30, 2022

COLUMBIA, MO. — JLL Capital Markets has brokered the sale of The Wylder, a 656-bed student housing community located near the University of Missouri in Columbia. Built in 1989 and renovated in 2000, The Wylder features a pool, study room, computer room, fitness center and sport courts. Teddy Leatherman, Stewart Hayes, Scott Clifton and Henry Voges of JLL represented the seller, Trimont Real Estate Advisors. Tailwind Group acquired the asset for an undisclosed price.

August 30, 2022

Development Leasing Activity Multifamily New York Northeast Retail

William Macklowe, Senlac Ridge to Develop 180-Unit Multifamily Project in Brooklyn

by Taylor Williams August 30, 2022

NEW YORK CITY — A partnership between two privately owned firms, William Macklowe Co. and Senlac Ridge Partners, will develop a 180-unit multifamily project in Brooklyn’s Park Slope neighborhood. The complex will include 45 affordable housing units and a parking garage, as well as 67,000 square feet of commercial space that is now partially leased to CVS and German discount grocer Lidl. Construction is slated for a late 2024 completion. RIPCO Real Estate represented the developer in the retail lease negotiations.

August 30, 2022

Acquisitions Multifamily Washington Western

Berkadia Negotiates $145M Acquisition of Granite Pointe Multifamily Property in Washington

by Amy Works August 30, 2022

SPOKANE VALLEY, WASH. — Berkadia has brokered the sale of Granite Pointe, a garden-style apartment community in Spokane Valley. A Spokane-based developer sold the asset for $145 million. Kenny Dudunakis, David Sorensen, Benjamin Johnson and George Pallis of Berkadia Bellevue represented the buyer in the transaction. Additionally, Allan Freedman, Ed Zimbler and Nick Provost of Berkadia Los Angeles secured $102.7 million in acquisition financing for the undisclosed buyer. A bank provided the four-year bridge loan. Located at 12707 E. Mansfield Ave., Granite Pointe features 559 one-, two- and three-bedroom floor plans with in-unit washers/dryers and private patios or balconies. Community amenities include a fitness center, movie theater and clubhouse.

August 30, 2022

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