Multifamily

Syndicated Equities Sells Luxury Apartment Complex Near Grand Rapids for $71.5M

by Kristin Harlow July 12, 2022

ADA, MICH. — Syndicated Equities has sold Stone Falls of Ada, a 210-unit luxury apartment complex in Ada, about 10 miles east of Grand Rapids. The sales price was $71.5 million. Syndicated acquired the property with Highgate Capital Group LLC in 2018 for $45.8 million. Built in 2008, the property at 330 Stone Falls Drive is comprised of 21 two-story buildings. Syndicated and Highgate invested $1.5 million in renovations, including upgrades to the unit interiors and clubhouse amenities. Village Green was the property manager. The seller was undisclosed.

July 12, 2022

Development Midwest Multifamily Ohio

Metropolitan Holdings to Build 298-Unit Luxury Multifamily Project in Green, Ohio

by Kristin Harlow July 12, 2022

GREEN, OHIO — Metropolitan Holdings has received approval from the Green City Council to build a 298-unit luxury multifamily project. The 49-building property will include amenities such as a heated pool, outdoor area and fitness center. The average monthly rent is expected to be $1,700, while the average for premium units will be $2,495. Metropolitan plans to break ground later this year. A timeline for completion was not provided. Green is located about 13 miles south of Akron.

July 12, 2022

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $40M Loan for Refinancing of Minnesota Apartment Community

by Kristin Harlow July 12, 2022

CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.

July 12, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

Affordable Housing Loans Multifamily New York Northeast

Lument Provides $117.4M Agency Loan for Refinancing of Brooklyn Affordable Housing Community

by Taylor Williams July 12, 2022

NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).

July 12, 2022

California Development Multifamily Seniors Housing Western

R.D. Olson Construction Breaks Ground on 70-Unit Seniors Housing Community in Pasadena

by Amy Works July 12, 2022

PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.

July 12, 2022

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $5.4M Sale of Brooklyn Multifamily Building

by Taylor Williams July 12, 2022

NEW YORK CITY — Stav Equities, a New York City-based brokerage firm, has negotiated the $5.4 million sale of a multifamily building that comprises 12 market-rate units and one vacant retail space in Brooklyn’s Crown Heights neighborhood. The buyer, Neue Urban, plans to implement a value-add program. The seller was not disclosed. Adam Traub of Curb Capital and Jacob Stavsky of Stav Equities brokered the deal.

July 12, 2022

Features Leasing Activity Multifamily Single-Family Rental Western Feature Archive

Redfin: US Residential Median Asking Rents Up 14.1 Percent in June on Annual Basis

by John Nelson July 12, 2022

SEATTLE — Redfin, the residential real estate brokerage giant, has reported that the national median asking rent in June is $2,016 per month, a 14.1 percent increase year-over-year. The Seattle-based company analyzed data from 20,000 separate multifamily and single-family properties from its RentPath platform across the top 50 U.S. metro areas. The June figure is a slight increase from May at 0.7 percent, which represents the smallest month-over-month gain since the start of the year. The median asking rate is also the smallest annual increase since October 2021. Daryl Fairweather, Redfin’s chief economist, says while still elevated, the current slowdown in rent growth could be anticipatory on the part of landlords in reaction to overall inflation. (The Consumer Price Index saw its biggest annual gain since 1981 in May, according to the U.S. Bureau of Labor Statistics). “Rent growth is likely slowing because landlords are seeing demand start to ease as renters get pinched by inflation,” says Fairweather. “With the cost of gas, food and other products soaring, renters have less money to spend on housing.” “This slowdown in rent increases is likely to continue, however rents are still climbing at unprecedented rates in strong job markets like New York …

July 12, 2022

Market Reports Multifamily Nevada Western Western Market Reports

Luxury Dominates Vegas’ Multifamily Market

by Jeff Shaw July 12, 2022

By Adam Schmitt, First Vice President, CBRE | Multifamily Investment Properties The multifamily construction pipeline in Las Vegas has ramped up in recent years and continues to be robust. Apartment developers have long capitalized on the growth of the Las Vegas market, and with the vast potential remaining in the city, multifamily builders are continuing to place their bets in Vegas. Our team at CBRE tracked a total of 4,317 multifamily units constructed in 2021, and are projecting more than 8,000 in 2022, with at least 16,000 in 2023 and beyond. For reference, over the past 10 years, the Las Vegas multifamily market has delivered about 3,700 annual units on average. The projects being built in Las Vegas are predominately luxury, Class A developments that tend to cater to the lifestyle renter or renter-by-choice demographic. The locations of these developments are mostly concentrated in the Southwest and Henderson submarkets, comprising 62 percent of the construction pipeline. Developers have historically flocked to these submarkets because of the areas’ respective demographics, perpetual growth and strong multifamily fundamentals. More recently, multifamily developers have found opportunities in the Northwest and North Las Vegas submarkets as those regions have seen years of high rent growth, and the rent …

July 12, 2022

Acquisitions Multifamily Texas

Thompson Thrift Residential Sells 324-Unit Retreat Apartments in Corpus Christi

by Taylor Williams July 11, 2022

CORPUS CHRISTI, TEXAS — The residential branch of Thompson Thrift, a development and investment firm with offices in Indiana, Phoenix and Houston, has sold The Retreat, a 324-unit apartment community in Corpus Christi. Developed in 2017, the community comprises 14 three-story buildings with one-, two- and three-bedroom units. Residences feature granite countertops, full-sized washers and dryers, private balconies and detached garages. Amenities include a pool, fitness center, clubhouse, technology center, movie lounge, gaming den, a bark park and a package handling system. Kelly Witherspoon, Justin Cole and Adam Sumrall of Berkadia brokered the sale. The buyer and sales price were not disclosed. The Retreat was 96 percent occupied at the time of sale.

July 11, 2022

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