WALDORF, MD. — Klein Enterprises and Evolv LLC, an affiliate of Fraser Forbes Real Estate Services, have acquired land in Waldorf to construct 74 build-to-rent (BTR) townhomes. The duo are acquiring lots in two phases via an assignment agreement with Dream Finder Homes, a homebuilder based in Jacksonville. Klein and Evolv plan to break ground in August on Phase I, with construction estimated to last 15 months and homes be delivered on a rolling monthly basis. The community will be situated in Waldorf’s Scotland Heights neighborhood, about 25 miles south of Washington, D.C.
HACKENSACK, N.J. — G.S. Wilcox has arranged a $60 million permanent loan for Print House, a 271-unit multifamily project that will be located in the Northern New Jersey community of Hackensack. Print House, which will be the first phase of a larger, 20-acre development along the Hackensack River, will offer studio, one- and two-bedroom units. Amenities will include a pool with a sundeck, fitness center with a yoga studio, clubroom with TVs and gaming areas, a bar area, private conference room and a dog walk. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox arranged the 10-year loan on behalf of the borrower, a partnership between Russo Development, Hampshire Management and Fourth Edition Inc., which recently launched its leasing campaign. The direct lender was not disclosed.
DARDENNE PRAIRIE, MO. — Midas Construction is nearing completion of a $65 million multifamily development known as Dardenne Luxury Apartments on the Prairie in Dardenne Prairie, about 37 miles northwest of St. Louis. The five-building property will include 180 units. Amenities will include a pool, outdoor lounge, clubhouse, business room, coffee bar, fitness center and dog park. Additionally, Benton Homebuilders is constructing villas at the property. Mia Rose Holdings is the developer, Rosemann & Associates PC is the architect and Premier Design Group is the civil engineer. 2B Residential is underway on the lease-up process and will manage the property, which is slated to open later this summer. Monthly rents start at $1,250.
QUINCY, MASS. — Locally based development and management firm FoxRock Properties will develop Center & Stone, a 201-unit apartment complex that will be located in the southern Boston suburb of Quincy. The complex will feature 9,500 square feet of retail space and 10,500 square feet of amenity space comprising a pool, rooftop deck, resident lounge and 165 parking spaces. Jonathan Schneider of JLL arranged construction financing for the project through Citizens Bank on behalf of FoxRock.
COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …
PLATTSMOUTH, NEB. — KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. Named Lofts on Main, the project consists of the adaptive reuse of the school as well as a ground-up building. The development will include 41 units, 32 of which will be restricted to residents who earn up to 60 percent of the area median income. Ted Witt and Samantha Yates of KeyBank structured the financing. Additionally, WNC provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding. Advantage Capital provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority and the City of Plattsmouth also provided funds.
By Mike Oliver, managing director, JLL Capital Markets Fundamentals remain strong within the multifamily markets of Northern New Jersey and the greater metro New York City area, though the dynamics have continued to shift since the onset of the pandemic. During COVID-19, there was movement away from urban areas toward the suburbs, creating a “tale of two cities” market dynamic. The suburban multifamily market became red-hot while urban markets cooled. Vacancies dipped below 80 percent in some instances, with heavy concessions being offered and flat to negative gross rent growth. Today, while the suburban markets remain very strong, urban markets are also now red-hot. This is attributable to more and more people heading back to urban centers in anticipation of returning to the office or simply wanting to be back in the excitement of downtown living and its dining, shopping and entertainment options. Additionally, many renters are being priced out of and fleeing Manhattan, Brooklyn and other New York City neighborhoods. Jersey City and the Hudson Waterfront provide attractive rental options with incredible access into Manhattan. Jersey City, for example, is demonstrating healthy fundamentals, as occupancy rates are back over 95 percent with strong growth on lease trade-outs. There …
PLEASANT HILL, CALIF. — Gemdale USA has received $94.3 million in construction financing for an apartment community located in the Bay Area city of Pleasant Hill. Located at 85 Cleaveland Road, the four-story property will feature 189 apartments, a fitness center, communal lounges, clubroom, outdoor courtyard with lounge seating, amenitized rooftop and pool deck, co-working lounge, outdoor meeting rooms and fireplaces. Additionally, the property will be adjacent to 350,000 square feet of retail stores, restaurants and a movie theater. Brandon Roth, Nicco Lupo, Jordan Angel and Tatiana Hodapp of JLL Capital Markets’ Debt and Equity Advisory team arranged the senior financing through Bank OZK and the mezzanine financing through AvalonBay Communities for the borrower.
MIAMI — Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two-bedroom floor plans with balconies, stainless steel appliances, energy-efficient washers and dryers and modern finishes. Community amenities include outdoor electric grills, a resort-style pool with poolside cabanas, fitness center with a yoga studio, outdoor boxing gym, onsite management and maintenance, movie theater, bike storage and a dog wash station. The acquisition of Miro Brickell marks the seventh property currently under HGI’s ownership in Miami-Dade County, bringing the investor’s local portfolio to more than 1,500 units.
FUQUAY-VARINA, N.C. — Aldon, a multifamily developer and investor based in Bethesda, Md., has purchased Elevate Powell & Broad, a luxury apartment community located at 141 Stobhill Lane in the Raleigh suburb of Fuquay-Varina. The undisclosed seller traded the 384-unit community to Aldon for $129 million. Completed in 2021, Elevate Powell & Broad has been rebranded as Aldon at Powell & Broad. The property features one- and two-bedroom floorplans with stainless steel appliances, movable kitchen islands, granite countertops, private terraces and balconies, nine-foot ceilings and sunrooms in select units. Community amenities include a resort-style pool, fitness center, two dog parks, dog spa, coffee bar, game room, car care center, cornhole, playground and an outdoor pavilion with a fire pit. Aldon’s purchase of Aldon at Powell & Broad caps a trio of multifamily investments the company has made in the Research Triangle in the past 12 months totaling $315 million.