Multifamily

Natixis Provides $73.6M Acquisition Loan for Mansion at Bala Apartments in Philadelphia

by Taylor Williams July 5, 2022

PHILADELPHIA — French investment bank Natixis has provided a $73.6 million acquisition loan for Mansion at Bala, a 276-unit apartment community in northwest Philadelphia. Built in 2010, the property offers one-, two- and three-bedroom units with an average size of 1,059 square feet. Amenities include a pool, resident clubhouse, business center and a fitness center. Robert Lipson, T.J. Piper and Jeremy Lynch of Berkadia arranged the five-year, floating-rate loan on behalf of the borrower, Rose Valley Capital, an affiliate of Hampshire Properties.

July 5, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Multifamily Market Sees Record Rent Growth, Investment Sales Activity

by John Nelson July 5, 2022

As Charlotte continues to expand its economy and population, its multifamily market is reporting unprecedented levels of activity. The market has experienced a tremendous rebound from the artificial pandemic performance in terms of investor demand, in-migration and rent growth. The market recorded double-digit rent growth in 2021, extremely tight vacancies across submarkets, record lease-up velocity and a modest supply of new deliveries. All these signs clearly point to a landlord’s market, and investors have taken notice. This year looks to be another solid one for Charlotte’s multifamily investment market, coming off a record-setting 2021 with nearly $6.4 billion in transactions (compared to $3.5 billion in 2020 and $3.7 billion in 2019). So far in 2022, pricing remains strong and sales are ahead of the pace set at the start of last year ($1 billion in first-quarter 2022 vs. $566 million in first-quarter 2021). Companies and residents are flocking to Charlotte, which is increasingly recognized as a high-growth market. It is business-friendly, offers a great lifestyle and is a talent magnet. Lowes, USAA and Centene are examples of companies expanding their footprints and hiring thousands of employees, all who need a place to live. Moreover, these are high-paying jobs ($100,000-plus), targeting …

July 5, 2022

Arkansas Development Southeast Student Housing

Landmark Begins Construction on 585-Bed Student Housing Development Near University of Arkansas

by John Nelson July 1, 2022

FAYETTEVILLE, ARK. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus. Located at 1030 Razorback Road in Fayetteville, the community will offer a mix of two- to five-bedroom, fully furnished units in a cottage-style development. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit. The property will also feature 1,000 square feet of ground floor retail space. Athens, Ga.-based Landmark expects to complete the project in fall 2023.

July 1, 2022

Development Florida Multifamily Southeast

Presidium to Break Ground on 334-Unit Apartment Community in Jacksonville

by John Nelson July 1, 2022

JACKSONVILLE, FLA. — Presidium plans to break ground on Presidium Regal Apartments, a 334-unit multifamily community located at 14051 Beach Blvd. in Jacksonville. The gated community will be situated on a 15-acre site that once housed a Regal Cinemas theater. Designed by Atlanta-based Dwell Design Studio, apartments will feature stainless steel appliances, quartz countertops, private balconies, smart lighting and lock systems, Ecobee thermostats and built-in Alexa capabilities. Amenities at Presidium Regal will include a zero-edge pool with grilling stations, cabanas and outdoor fireplaces with lounges. The clubhouse and leasing office will include a fitness center, game lounge, golf simulator, coworking spaces, podcast rooms and a rooftop lounging deck. Other amenities will include an onsite car wash, juice and java bar and a dog park and spa. Presidium expects to deliver the property, which represents the firm’s fourth multifamily community in the Jacksonville market, in late 2023.

July 1, 2022

Development Multifamily Texas

Resia Begins Work on 576-Unit Apartment Community in Houston’s Energy Corridor

by Taylor Williams July 1, 2022

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has begun construction on Resia Ten Oaks, a 576-unit apartment community that will be located within the 83-acre Ten Oaks master-planned development in Houston’s Energy Corridor. The community will comprise three 12-story buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Gensler is the project architect. Completion is slated for the first quarter of 2024.

July 1, 2022

Affordable Housing Development Midwest Missouri Multifamily

Drever Partners Opens 324-Unit Workforce Housing Property in Branson, Missouri

by Kristin Harlow July 1, 2022

BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.

July 1, 2022

Acquisitions Multifamily Texas

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Richwood, Texas

by Taylor Williams July 1, 2022

RICHWOOD, TEXAS — Walker & Dunlop has brokered the sale of East Bank at Richwood Village, a 200-unit multifamily property located south of Houston in Brazoria County. According to Apartments.com, the property offers one-, two- and three-bedroom units and a pool, fitness center, business center and a resident clubhouse. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Pensam Capital, in the transaction.

July 1, 2022

Cliffside-Apartments-Sunderland-Massachusetts

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $39M Agency Loan for Refinancing of Multifamily Property in Sunderland, Massachusetts

by Taylor Williams July 1, 2022

SUNDERLAND, MASS. — New York-based Eastern Union has arranged a $39 million Fannie Mae loan for the refinancing of The Cliffside Apartments, a 280-unit multifamily property in Sunuderland, located in the central part of Massachusetts. The property was built in 1976 and offers one-, two-, three- and four-bedroom units, as well as townhouses, with an average size of 532 square feet. Michael Muller of Eastern Union arranged the floating-rate loan on behalf of the undisclosed borrower as part of a portfolio transaction that included a $44.8 million loan for a 256-unit property in nearby Amherst. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

July 1, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 234-Unit Multifamily Portfolio in New Haven Area

by Taylor Williams July 1, 2022

NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.

July 1, 2022

Development Georgia Multifamily Southeast

Joint Venture Breaks Ground on 28-Story Luxury Apartment Tower in Midtown Atlanta

by John Nelson June 30, 2022

ATLANTA — A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America has broken ground on a 28-story apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the unnamed tower will comprise 350 luxury apartments and provide walkability to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. Designed by Niles Bolton Associates, the apartment tower’s amenities will include coworking spaces, a fitness center, wine bar and lounge, private dining area, pool with a sundeck and a rooftop bar and lounge, as well as two restaurants in the lobby. Apartments will come in studio, one-, two- and three-bedroom floor plans, many featuring balconies or terraces. The project team includes landscape architect and civil engineer Kimley-Horn and general contractor Brasfield & Gorrie. Gregg Shapiro and Matt Casey of JLL worked on behalf of the borrower to arrange the joint venture equity through Mitsui Fudosan America. The ownership plans to deliver the first units in June 2024.

June 30, 2022

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