Multifamily

CINCINNATI — City Club Apartments has broken ground on the redevelopment of Union Central Tower, a historic skyscraper in downtown Cincinnati. Plans call for 281 luxury apartments in a mix of unfurnished long-term rentals and furnished short-term rentals, as well as ground-floor commercial space. The total cost of the redevelopment is estimated to be $90 million. Union Central Tower, most recently known as PNC Tower, was built in 1913 and at 31 stories was the fifth-tallest building in the world upon completion, as well as the second-tallest outside of New York City. The property was designed by legendary turn-of-the-century Cincinnati architecture firms Garber & Woodward and Cass Gilbert. “Investments like the Union Central project are a key part of attracting the young, diverse talent that our city needs in order to thrive,” says Cincinnati Mayor Aftab Pureval. The community will feature a ground-floor lobby, library and lounge; 17th-floor private club with views of the Ohio River, Roebling Bridge and sports stadiums; abundant coworking spaces; 19th-floor Sky Park and Entertainment Sky Club with gourmet kitchen; rooftop terrace with wellness sauna, rooftop pool, hot tub, wraparound loungers, cabanas, fireplace, grilling stations, outdoor kitchen and Zen garden; 24/7 fitness center; indoor and outdoor theaters; multi-function …

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DALLAS — Locally based investment firm Westmount Realty Capital has sold Highland Bluffs, a 357-unit apartment community in East Dallas. The property was built in 1984 and consists of 28 three-story buildings that house one- and two-bedroom units ranging in size from 465 to 1,012 square feet. Amenities include a pool, playground, outdoor picnic areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented Westmount Realty Capital, which invested significant upgrades during its eight years of ownership, in the transaction. The duo also procured the buyer, Dallas-based Lurin Investments.

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KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a pool with a sundeck and hot tub, courtyard with grills and seating areas, a dog park with a washing station and a bocce ball court. The seller and sales price were not disclosed.

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DANIA BEACH, FLA. — An affiliate of Adam America Real Estate and Stellar Communities plan to develop a six-story, 275-unit apartment community in South Florida’s Broward County. The developers recently purchased 7.2 acres of fully entitled land at 4200 SW 54 Court in Dania Beach for the development near the new Seminole Hard Rock Hotel & Casino. Designed by CFE Architects, the unnamed apartment community will feature a 450-space parking garage, nature preserve, parks, resort-style pool, fitness center, clubroom, coworking space and electric vehicle charging stations. Units will come in studio, one-, two- and three-bedroom floor plans. Adam America and Stellar plan to deliver the community by the fourth quarter of 2024. The duo are also co-developing build-to-rent communities around Florida and a high-rise multifamily project in Miami suburb Aventura.

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MADISON, ALA. — Lument has provided an $11 million Fannie Mae loan for the refinancing of Abby Glen Apartments, a 120-unit multifamily community in the Huntsville suburb of Madison. Built in 2001, the property comprises nine one-story buildings, a rental office and a single-family home, with units available furnished or unfurnished. Amenities include a laundry facility, swimming pool, fire pit/grilling area, fitness center, dog park and a bocce ball court. Bryan Cullen of Lument originated the 10-year loan, which features six years of interest-only payments, a fixed interest rate, cash-out proceeds and a 30-year amortization schedule. The sponsor was multifamily investor Steven Gouletas. Cullen says the loan refinances a Fannie Mae acquisition loan originated in 2008.

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NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

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EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben Harkrider and Debbie Corson of Newmark represented the seller, MJW Investments. Blue Vista Capital Management was the buyer.

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PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.

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By Jim Prichard of Ball Janik LLP The 13-story, L-shaped Champlain Towers decorated the Surfside coastline. In the early morning of June 24, 2021, the pool deck suffered a partial collapse, triggering more destruction in the structure’s central section and eastern wing. In less than 30 seconds, approximately half of the 136 units in the building were destroyed, leaving 98 residents dead and establishing a horrific legacy as one of the deadliest structural engineering failures in U.S. history. In the wake of the tragedy, Miami-Dade County Mayor Daniella Levine Cava ordered an immediate audit of all high-rise buildings that were more than 40 years old and five stories tall constructed by the developer. The attention to South Florida development prompted a review of hundreds of older buildings. There was also an onslaught of editorial investigations, including features by The New York Times, The Wall Street Journal and the Miami Herald. Florida International University conducted its satellite analysis of the site as well. All investigations, first-hand experiences, and post-collapse engineering findings reported that there had been concerns about the structural integrity of the building and that the collapse was based on faulty construction and deterioration. As a law firm, our biggest …

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By Al Silva, senior managing director, investments, Marcus & Millichap; and Ford Braly, first vice president, investments, Marcus & Millichap The multifamily segment in Fort Worth is in a great position. The metro’s vacancy rate slid down to a multi-decade low of 3.1 percent last year, which facilitated stellar rent growth as the number of available rental units plummeted.  Fort Worth’s average effective rent grew more than 15 percent in 2021 to $1,276 per month, and the elevation in 2022 is expected to remain in the double digits. Behind this momentum is robust household formation as citizens relocate to the metro for greater job availability, cost-of-living considerations and quality of life. An average of 16,300 new households were created annually in the Fort Worth metro area over the past decade, and the 2022 addition is expected to eclipse that benchmark by about 20 percent. This rate of household creation is about twice as fast as the national pace and is happening at a time in which the barriers to homeownership have rapidly intensified, pushing much of the new demand toward the rental segment.  Barriers to Homeownership  The median price of a single-family house in the Fort Worth area climbed to …

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