Multifamily

Oaks-and-Reserve-at-Copper-Chase-York-Pennsylvania

Berkshire Bank Provides $33.9M Loan for Refinancing of Multifamily Asset in York, Pennsylvania

by Taylor Williams January 20, 2022

YORK, PA. — Berkshire Bank has provided a $33.9 million loan for the refinancing of The Oaks and Reserve at Copper Chase, a multifamily property in York. The development consists of the 132-unit Reserve at Copper Chase, which was built in 1983 and renovated in 2019, and the 107-unit Oaks at Copper Chase, which was delivered last year. Amenities include a pool, fitness center, walking trails, playground, clubhouse and a dog park. Drew Fletcher and Paul Fried of Greystone arranged the loan on behalf of the borrower, New Jersey-based Larken Associates.

January 20, 2022

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Buys 415-Bed Seniors Housing Property in Langhorne, Pennsylvania

by Taylor Williams January 20, 2022

LANGHORNE, PA. — New Jersey-based investment firm Tryko Partners has purchased The Attleboro Community, a continuing care retirement community in Langhorne, located northeast of Philadelphia in Bucks County. Tryko Partners has rebranded the 415-bed campus as Oxford Enhanced Senior Living. The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital, short-term rehabilitation and long-term residential care. The seller and sales price were not disclosed.

January 20, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Rockhill Capital Plans 1,807-Acre Shoop Ranch Mixed-Use Development Near Fort Worth

by Jeff Shaw January 20, 2022

NEW FAIRVIEW, TEXAS — Rockhill Capital and Investments has acquired Shoop Ranch, a 1,807-acre plot of land in New Fairview. The tiny city of fewer than 2,000 residents is located approximately 30 miles northwest of downtown Fort Worth. Rockhill plans to build a massive mixed-use project on the site, which will include 4,150 single-family homes, 900 multifamily residences, shops, restaurants, offices, public spaces and government buildings such as schools, a town hall, public pool and fire station. “The [city] council and staff are focusing on maintaining our current rural feel, natural elements and open space, while creating a development and city center where people can live, work and play,” says Ben Nibarger, New Fairview’s city administrator. He notes that the city and Rockhill have been planning the development for about a year. “New Fairview is in a position for growth, and we are working with the city to thoughtfully plan a thriving community that will satisfy the needs for a city hub and additional housing, while also celebrating the area’s natural beauty,” says Jennifer Alexander, project manager at Rockhill Capital and Investments. The Shoop Ranch property features more than 1.5 miles of Oliver Creek, which offers fishing locations for bass …

January 20, 2022

Features Multifamily Student Housing

Student Housing Owners, Operators Offer Advice on Navigating Supply Chain Disruption

by Taylor Williams January 20, 2022

By Katie Sloan The pandemic has brought many challenges to the student housing industry, particularly as it relates to the much anticipated — and often dreaded — summer turn season. In 2020, the biggest hurdle was keeping shared spaces sanitized while maintaining the safety of residents and onsite staff. Owners and operators had the added challenge of navigating labor shortages, which left many companies scrambling to find everything from cleaning crews to onsite staff, and supply chain issues that resulted in everything from paint to furniture and appliances being stuck offshore or in ports, with little predictability as to delivery. Student Housing Business polled a number of owners, operators and vendors on their thoughts and best practices for circumventing supply chain issues in the new year. Owners & Operators Plan Ahead Owners and operators are getting on the ball and starting to plan. “I’m no expert on the supply chain, but our experience this year really has focused on furniture delivery, whereas in the first year of COVID-19 it was supplies for cleaning and sanitizing,” says Christine Richards, president of management at Core Spaces. “Items that were supposed to be delivered in June were showing up in December, which created …

January 20, 2022

Development Multifamily North Carolina Southeast

McShane Construction to Build 397-Unit Apartment Community in Charlotte

by Julia Sanders January 19, 2022

CHARLOTTE, N.C. — Rosemont, Ill.-based McShane Construction Co. has plans to build a 397-unit apartment community in Charlotte’s University submarket. Dynamik Design is the project’s architect, and Flournoy Development Group is the developer. The project is slated for completion by January 2024. The project’s name was not disclosed. The multifamily development will include five apartment buildings and 10 townhome-style buildings. Unit features will include vinyl plank flooring, quartz countertops and black fixtures and hardware. Additionally, 10 of the units will include a downstairs workspace for tenants to use as an office or small storefront. Community amenities will include a clubroom, fitness center, yoga studio, coworking lounge, hobby room, bike storage, kitchen, heated pool, courtyard, green space and a market. Located on 24.6 acres at 930 W. Mallard Creek Church Road, the project is situated within two miles from the University of North Carolina at Charlotte and 5.8 miles from Charlotte Motor Speedway.

January 19, 2022

TownePlace-Suites-by-Marriott-Fort-Worth

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 603-Room Hotel Portfolio in Texas, New Mexico

by Taylor Williams January 19, 2022

DALLAS — Marcus & Millichap has brokered the sale of six hotels totaling 603 rooms in Texas and New Mexico, with the majority of the properties being located throughout the Dallas-Fort Worth (DFW) metroplex. The DFW hotels consist of a 173-room, dual-branded Home2Suites and Tru by Hilton in Euless; a 120-room Fairfield Inn & Suites in downtown Fort Worth; a 128-room TownePlace Suites by Marriott in Fort Worth; and a 91-room Hampton Inn & Suites in Colleyville. The portfolio also included a 91-room Hampton Inn in Santa Fe, N.M. All of the hotels were built within the last four years. Chris Gomes and Allan Miller of Marcus & Millichap represented the locally based seller, ICON Lodging, in the transaction. The duo also procured the buyer, New York City-based MCR Hotels.

January 19, 2022

Development Multifamily Texas

D’Agostino Cos. Breaks Ground on 300-Unit Multifamily Project in Metro Houston

by Taylor Williams January 19, 2022

CYPRESS, TEXAS — Locally based developer D’Agostino Cos. has broken ground on Reserve at Cypress, a 300-unit multifamily project located on the northwestern outskirts of Houston. The community will feature one-, two- and three-bedroom units that will average 972 square feet and will be furnished with stainless steel appliances, stone countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, outdoor dining and entertainment areas and a fitness center. Austin-based OHT Partners is the general contractor for the project, which is slated for a January 2023 completion. Chris Bergmann Jr. of JLL represented the developer in its acquisition of the land, which occurred last June.

January 19, 2022

Company News Multifamily Texas

Global Real Estate Advisors Launches Three Texas Offices

by Taylor Williams January 19, 2022

NEW YORK CITY — Global Real Estate Advisors (GREA), a full-service brokerage and advisory firm specializing in multifamily acquisitions and financing, has launched 11 offices across the country, including three in the major Texas markets of Dallas, Houston and Austin. The firm brings together representatives of regional brokerages including National Apartment Advisors, Greystone SG, Brown Realty Advisors, HFO Investment Real Estate, Rittenhouse Realty Advisors and Bel Real Estate Advisors. Combined, the brokerages transacted more than $4.5 billion in 2021 sales volume.

January 19, 2022

Acquisitions Affordable Housing Hawaii Multifamily Western

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

by Amy Works January 19, 2022

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.

January 19, 2022

Kansas Loans Midwest Multifamily

American Street Capital Arranges $4.3M Bridge Loan for Acquisition of Multifamily Property in Wichita

by Kristin Harlow January 19, 2022

WICHITA, KAN. — American Street Capital (ASC) has arranged a $4.3 million bridge loan for the acquisition of a 180-unit multifamily property in Wichita. Built in 1941 and recently renovated, the community is situated on 10 acres. The property was 88 percent occupied at the time of loan closing. Kyle Tyrrell of ASC arranged the loan, which features a 12-month term and interest-only payments. A debt fund provided the loan. The borrower was not disclosed.

January 19, 2022

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