Multifamily

The-District-at-15fifteen-Parsippany-New-Jersey

New York Life Provides $146.6M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams January 18, 2023

PARSIPPANY, N.J. — New York Life has provided a $146.6 million construction loan for The District at 15fifteen, a 498-unit multifamily project that will be located in the Northern New Jersey community of Parsippany. The three-building development will include 58,866 square feet of retail space and 1,062 parking spaces. The amenity package will comprise a pool, rooftop lounge, fitness center, conference center and sport simulator rooms. John Alascio, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, a joint venture between Claremont Development, Stanbery Development Group and PCCP.

January 18, 2023

Development Florida Multifamily Southeast

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

by John Nelson January 18, 2023

MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.

January 18, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $13M Sale of Multifamily Property in Suburban Chicago

by Kristin Harlow January 18, 2023

OAK LAWN, ILL. — Interra Realty has brokered the $13 million sale of reVerb Oak Lawn, an 84-unit multifamily property in the Chicago suburb of Oak Lawn. Located on South Harlem Avenue, the community was originally built in 1971 and renovated in 2017. The property was 97 percent occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the private seller and the undisclosed buyer.

January 18, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sales of Three Dallas-Area Multifamily Properties Totaling 377 Units

by Taylor Williams January 17, 2023

DALLAS, HURST AND ARLINGTON, TEXAS — Marcus & Millichap has brokered the sales of three multifamily properties totaling 377 units in the Dallas area. The properties sold for a combined $36.6 million. Park Place totals 120 units and is located in the northern-central metroplex city of Hurst, while Twenty Oaks comprises 86 units and is located in nearby Arlington. The Francisco, which is situated about five miles from downtown Dallas, totals 171 units. Al Silva and Ford Braly of Marcus & Millichap represented the sellers and buyers, all of which requested anonymity, in all three transactions.

January 17, 2023

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $100M Bridge Financing for Affordable Housing Community in Metro Baltimore

by John Nelson January 17, 2023

GLEN BURNIE, MD. — KeyBank Community Development Lending and Investment (CDLI) has provided a $100 million bridge loan for Villages at Marley Station, a 757-unit mixed-income apartment community located in Glen Burnie, a suburb of Baltimore. The borrower, San Diego-based Fairfield, plans to renovate the property and convert 100 percent of the units to be affordable to households earning 60 percent of the area median income (AMI). Matt Haas and Greg Deeks of KeyBank structured the bridge financing, which will be re-syndicated later this year with 4 percent LIHTC equity, bonds and equity bridge loan funding for renovations that will take place over the next three years. Built in 1963 and renovated in 1997 and 2009, Villages at Marley Station consists of 26 elevator-serviced, low-rise buildings housing 35 studios, 428 one-bedroom, 281 two-bedroom and 12 three-bedroom apartments. Fairfield’s renovations to the interiors will include upgrades to HVAC, appliances, flooring, countertops, cabinets, bathtubs, plumbing and vanities. Common area improvements will be made to the property’s central laundry, clubhouse, pool equipment and furniture, fitness center, sport courts and playgrounds.

January 17, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Berkadia Arranges $92M Construction Financing for Tampa Heights Apartments

by John Nelson January 17, 2023

TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.

January 17, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE|Raleigh Negotiates $56.5M Sale of Apartment Community in Northwest Raleigh

by John Nelson January 17, 2023

RALEIGH, N.C. — CBRE|Raleigh has negotiated the $56.5 million sale of Edwards Mill Townhomes and Apartments, a 220-unit multifamily community located at 4428 Mill Village Road in northwest Raleigh. Howard Jenkins, Kevin Kempf, William Yowell and Drew Harney of CBRE’s Southeast Multifamily Investment Sales team represented the seller, California-based RK Properties, in the transaction. K.O. Kennedy and Scott Brady of CBRE’s Debt & Structured Finance division secured acquisition financing for the undisclosed buyer. Built in 1984, Edwards Mill is situated within walking distance to Crabtree Valley Mall and features an onsite 20-mile fitness trail, a 5,000-square-foot fenced dog park, car care center, fitness center, swimming pool with a sundeck, cyber café, full basketball court and a lighted tennis court.

January 17, 2023

Acquisitions Affordable Housing Development Florida Multifamily Retail Southeast

Urban Story Ventures Sells Former Macy’s Store in Daytona Beach, Buyer Plans Multifamily Redevelopment

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.

January 17, 2023

Development Multifamily Northeast Pennsylvania Student Housing

Landmark Properties to Develop 909-Bed Student Housing Project in Philadelphia

by Taylor Williams January 17, 2023

PHILADELPHIA — Landmark Properties, a Georgia-based owner-operator, will develop The Mark Philadelphia, a 909-bed student housing project that will be located at 3615 Chestnut St. in Philadelphia’s University City district. The 34-story tower will offer studio to six-bedroom units that will serve students at the University of Pennsylvania and Drexel University. Shared amenities will include a rooftop pool and a hot tub with lounge space, 24-hour study lounges, a computer lab, sauna and a fitness center. The development will also include 55,938 square feet of office space located adjacent to the high-rise community. Landmark Construction will serve as general contractor for the project, which is set for completion in 2026.

January 17, 2023

Development Multifamily New Jersey Northeast

Fields Grade, Alpine Residential Top Out 24-Story Multifamily Building in Jersey City

by Taylor Williams January 17, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has topped out a 24-story multifamily building at 270 Johnston Ave. in Jersey City. The building will house 169 apartments in studio, one-, two- and three-bedroom formats, as well as 9,000 square feet of retail space. Ten units will be reserved as affordable housing. Amenities will include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. is serving as the general contractor. Completion is slated for early 2024.

January 17, 2023

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