Multifamily

AARE Sunbelt, JW Capital Top Out 22-Story Terrazul Student Housing Development Near Florida International University

by John Nelson April 14, 2023

SWEETWATER, FLA. — AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management have topped out Terrazul, a 22-story student housing development near Florida International University in Sweetwater. Upon completion, which is scheduled for the second quarter of 2024, the development will comprise 932 units and a total of 1,201 beds. Located along 107th Avenue, the property will also feature 647 parking spaces and 15,442 square feet of retail space. Amenities at Terrazul will include an indoor/outdoor study lounge, library and lounge areas, a gym and outdoor swimming pool. Units will feature private studio, one-, two- and four-bedroom layouts. Coastal Construction Group is the general contractor for the project, and Niles Bolton Associates is the architect.

April 14, 2023

Development Florida Multifamily Southeast

Madison Communities Breaks Ground on 317-Unit Apartment Development in Ruskin, Florida

by John Nelson April 14, 2023

RUSKIN, FLA. — Madison Communities, a multifamily subsidiary of Madison Capital Group, has begun construction on Madison Palms, a 317-unit apartment community in Ruskin. Located at 210 Teco Road, the property will comprise 300,000 square feet of rentable space in the form of one-, two- and three-bedroom units. Apartments will range in size from 719 to 1,403 square feet. Amenities will include a clubhouse with a fitness center, outdoor lounge, swimming pool and deck with grilling stations, recreation areas and cabanas. A construction timeline for the project was not disclosed.

April 14, 2023

Acquisitions Florida Multifamily Southeast

CBRE Investment Management Fund Acquires 455-Unit Village at Lake Lily Apartments in Metro Orlando

by John Nelson April 14, 2023

MAITLAND, FLA. — CBRE Strategic Partners U.S. Value 9 fund, an investment vehicle managed by CBRE Investment Management, has acquired The Village at Lake Lily, a 455-unit apartment community located in Maitland. Situated seven miles north of downtown Orlando, the community features ground-floor retail space, including two local restaurants. Community amenities include a fitness center, two swimming pools with hot tubs, grilling stations, a clubroom, package locker and dog run. The seller and sales price were not disclosed.

April 14, 2023

Development Kentucky Multifamily Southeast

Lendlease Completes Renovations of 170 Military Housing Units at Fort Campbell in Kentucky

by John Nelson April 14, 2023

FORT CAMPBELL, KY. — Lendlease has completed interior and exterior renovations of 170 units for Junior Enlisted families within the New Hammond Heights neighborhood at the privatized military housing community of Campbell Crossing at Fort Campbell. Beginning in April 2021, the renovations included the replacement of each home’s exterior, living room and kitchen upgrades, master bathroom remodels and the replacement of interior finishes and appliances. All windows and appliances have been upgraded to Energy Star-rated products, and other sustainability benefits have been implemented for the reduction of energy and water consumption. Renovations are part of the company’s $300 million, five-year plan for the community, which also includes new construction and removal of outdated units. Other projects underway at Campbell Crossing include the demolition and construction of 680 new homes for Junior Enlisted families.

April 14, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Chestnut Hill Realty to Develop 250-Unit Mixed-Income Residential Community in Boston

by Taylor Williams April 14, 2023

BOSTON — Locally based developer Chestnut Hill Realty Corp. will build Puddingstone at Chestnut Hill, a 250-unit mixed-income residential community at 201 Sherman Road in Boston’s Brookline area. The unit mix will consist of 90 one-bedrooms, 135 two-bedrooms and 25 three-bedrooms, with 50 residences designated as affordable housing for renters earning up to 30 or 50 percent of the area median income. Chestnut Hill will also construct a total of 377 parking spaces through a two-story deck and surface lots. MassDevelopment provided $126 million in both taxable and tax-exempt bonds for the project. A tentative completion date was not disclosed.

April 14, 2023

California Development Multifamily Western

Equity Residential Completes $45M Renovation of Pearl Apartments in Marina del Rey, California

by Jeff Shaw April 14, 2023

MARINA DEL REY, CALIF. — Equity Residential has delivered the first batch of newly renovated residences at the 597-unit Pearl Apartments in Marina del Rey. The 87 upgraded residences feature new kitchens with energy-efficient, stainless-steel appliances, quartz countertops, subway tile backsplashes and wood plank hard surface flooring throughout. Additional upgrades include energy-efficient LED lighting, new bath fixtures and sinks, water-efficient commodes and tubs with rain showers. The plumbing infrastructure was also completely replaced in these units. Equity Residential acquired the ground lease for the community in 2012 and took control of its management in 2018. With the first phase now complete, the newly renovated apartments will be available for occupancy. The renovation totaled $45 million.

April 14, 2023

Acquisitions California Multifamily Western

TMG Brokers $14.7M Sale of Birch Commons Apartments in Fresno, California

by Jeff Shaw April 14, 2023

FRESNO, CALIF. — A family office has acquired the townhome-style apartment community of Birch Commons in Fresno for $14.7 million. The community is located at 1850 E. Birch Ave. It features a mix of one- to three-bedroom units. The sale marked the first time the asset traded hands. The original developer owned the property since it was built in 2006. Robin Kane, Brendan Kane and Gordon Larkin of The Mogharebi Group’s Fresno office represented the seller, a Central Valley builder, in the transaction. Dustin Ilic and Nick Sheehan of the Visintainer Group represented the buyer.

April 14, 2023

Acquisitions California Multifamily Western

Christina Real Estate Investors Acquires Multifamily Property in Brentwood, California

by Jeff Shaw April 14, 2023

BRENTWOOD, CALIF. — Christina Real Estate Investors has purchased a fully occupied multifamily complex in the Los Angeles neighborhood of Brentwood. Christina acquired the 10-unit asset for $6.1 million. Units average 1,200 square feet. The community is located at 12324 Montana Ave., directly across the street from the Brentwood Country Club golf course. The residences feature balconies, patios, wood-burning fireplaces, and hardwood floors.

April 14, 2023

Development Florida Multifamily Southeast

Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District

by John Nelson April 13, 2023

MIAMI — Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature 430 apartments, 8,000 square feet of ground-level retail space and 25,000 square feet of indoor and outdoor amenities, including a pool, fitness center and coworking spaces. The developers plan to present the project to the City of Miami’s Urban Development Review Board during its April 19 meeting. Greenberg Traurig is representing Eden Multifamily and Dermot in the land-use process. Jordan Karp LLC brokered the pending acquisition of the project site.

April 13, 2023

Acquisitions Healthcare Loans Multifamily Seniors Housing Washington Western

CFG Funds $3.3M Bridge Loan for Two Skilled Nursing Facilities in Washington

by Jeff Shaw April 13, 2023

WASHINGTON — Capital Funding Group (CFG) has provided $3.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Washington, feature 108 beds. Further details on the location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction.

April 13, 2023

Newer Posts

Older Posts