Multifamily

McHugh Construction Underway on Platform 4611 Apartment Project in Chicago

by Kristin Harlow January 13, 2022

CHICAGO — McHugh Construction has started building Platform 4611, a nine-story apartment building in Chicago’s Uptown neighborhood. The project includes 200 units and 9,000 square feet of ground-floor retail space. The developers are The John Buck Co. and Free Market Ventures. Pappageorge Haymes Partners is the architect. Levels two through eight will include a mix of studio, one- and two-bedroom units, while the top floor will include four three-bedroom penthouse units and a host of building amenities. Plans call for touchless entry, reservable office space on each floor, a fitness center and a rooftop amenity floor with coworking space and an outdoor terrace. Completion is slated for late 2022 or early 2023. The name Platform 4611 is a nod to the project’s transit-oriented nature. The Wilson Chicago Transit Authority (CTA) train station is located across the street.

January 13, 2022

Indiana Loans Midwest Multifamily

Berkadia Arranges $17.3M Loan for Refinancing of Indianapolis Multifamily Property

by Kristin Harlow January 13, 2022

INDIANAPOLIS — Berkadia has arranged a $17.3 million Freddie Mac loan for the refinancing of Creekside Square in Indianapolis. The 192-unit, garden-style multifamily property was built in 1994. Amenities include a clubhouse, playground, covered parking and onsite management. Located at 5836 Hunnewell Drive, the property offers convenient access to both I-65 and I-465. Jason Brown and Austin Katai of Berkadia arranged the seven-year loan, which features a 30-year amortization schedule. Indianapolis-based Zidan Management Group Inc. was the borrower.

January 13, 2022

Acquisitions Development Multifamily North Carolina Southeast

Alliance Residential Acquires 15.7 Acres in Raleigh for Multifamily Development

by Julia Sanders January 13, 2022

RALEIGH, N.C. — Alliance Residential Co. has acquired 15.7 acres in Raleigh for the development of Prose New Hope, a 344-unit apartment community that marks the firm’s first Prose-branded property in the city. Prose is a new housing concept focused on building attainable homes near high-growth employment areas such as Raleigh. The seller and sales price of the land was not disclosed. Construction of Prose New Hope is slated for completion by early 2023. The property will offer one- and two-bedroom floorplans with an average unit size of 1,012 square feet. Unit features will include granite countertops, shaker style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, clubhouse, fitness center, business center and a dog park. Located at 4100 Buffaloe Road, Prose New Hope will be situated across the street from a new Lidl grocery store, as well as Triangle Town Center. The property will also be close to Highway 401, Interstates 440 and 540, downtown Raleigh, NC State and Wake Technical Community College’s northern campus.

January 13, 2022

Acquisitions Multifamily Texas

TMG Arranges Sale of Three Multifamily Properties Totaling 367 Units in San Antonio

by Taylor Williams January 13, 2022

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a trio of multifamily properties in San Antonio. Hidden Village is a 176-unit property that was built in 1965 and features an average unit size of 676 square feet. Montrose Place was built in 1960 and totals 72 units that average 611 square feet, and The Dunes was built in 1975 and totals 119 units that average 622 square feet. Chris Siemasko, Paul Yazbeck, Jon Krebbs and Bryce Smith of TMG brokered the deal. The buyer(s) and seller(s) were not disclosed.

January 13, 2022

Development Multifamily Texas

OHT Partners to Develop 315-Unit Apartment Community in North Austin

by Taylor Williams January 13, 2022

AUSTIN, TEXAS — Locally based developer OHT Partners will soon break ground on Lenox Grand, a 315-unit apartment community that will be located on a 16.4-acre site at 13505 Burnet Road in North Austin. Designed by Davies Collaborative, Lenox Grand will feature one-, two- and three-bedroom units and amenities such as two pools, a shared work studio, dog park, walking trails and a pickleball court. The property will also offer proximity to The Domain mixed-use development and the offices of major employers such as Apple, Amazon, Facebook and 3M. Completion is slated for 2023.

January 13, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 309-Unit Town Center Lofts in Metro Houston

by Taylor Williams January 13, 2022

ROSENBERG, TEXAS — Berkadia has negotiated the sale of Town Center Lofts, a 309-unit apartment community in the southwestern Houston suburb of Rosenberg. Developed in 2021 by Sueba USA, the property offers studio, one- and two-bedroom units ranging in size from 560 to 1,207 square feet. Amenities include two pools, a 24-hour fitness center, a community clubroom with a chef-inspired kitchen and package lockers. Jeffrey Skipworth, Todd Marix, Chris Curry, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented Sueba USA in the sale. A joint venture between Chicago-based Redwood Capital Group and global investment management firm Heitman purchased the asset for an undisclosed price.

January 13, 2022

Acquisitions Multifamily Nevada Western

Avison Young Negotiates $105.9M Sale of AYA Apartments in Las Vegas

by Amy Works January 13, 2022

LAS VEGAS — Avison Young has arranged the sale of AYA Apartments, a multifamily property in Las Vegas. The community traded for $105.9 million, or $190,126 per unit. The names of the seller and buyer were not released. Built in 1973 and renovated in 2019, AYA Apartments features 557 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 42 two-story, garden-style buildings. The property was previously an affordable housing community. However, restrictions expired several years ago and the three-year tail period that required keeping tenants in place expired in March 2021. As a result, the units are transitioning to market-rate apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller and facilitated the sale of the property.

January 13, 2022

Acquisitions Idaho Multifamily Western

Pacific Partners Residential Sells 280-Unit Prelude at Paramount Apartments in Meridian, Idaho

by Amy Works January 13, 2022

MERIDIAN, IDAHO — Pacific Partners Residential has completed the disposition of Prelude at Paramount, an apartment community in Meridian. Pacific Development Partners acquired the asset for an undisclosed price. Danny Shin, Brock Zylstra, Timothy Ufkes, Rich Day and Jake Miles of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Adam Lewis served as Marcus & Millichap’s broker of record in Idaho. Built in 2019, Prelude at Paramount features 280 apartments in a mix of one-, two- and three-bedroom layouts with smart home technology, washers/dryers, stainless steel appliances and vinyl wood-style flooring. Community amenities include a pool, spa, playground, 24-hour fitness center, clubhouse and dog parks.

January 13, 2022

Acquisitions Multifamily New York Northeast

CIM Group Sells Brooklyn Apartment Community for $220M

by Taylor Williams January 13, 2022

NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.

January 13, 2022

Features Student Housing

Yardi Matrix: Student Housing Leasing Surpasses Pre-Pandemic Levels, Outlook Bright for 2022

by Katie Sloan January 13, 2022

Often lauded as a recession-resistant asset class, the student housing sector was able to add another feather to its cap over the course of the past year, proving that it is also pandemic-resistant. The fall 2021 pre-leasing period ended in September at an occupancy rate of 94 percent, up from 89 percent in 2020 and 0.4 percent from levels seen prior to the start of the COVID-19 pandemic in fall 2019, according to the Yardi Matrix National Student Housing Report January 2022. These numbers were seen within the company’s ‘Yardi 200’ markets, which include the top 200 investment-grade universities across all major collegiate conferences. Pre-leasing for the fall 2022 term is already underway with levels at 27 percent as of November — an 11 percent increase over the same time in 2020, and a 6 percent increase over levels seen in 2019. Yardi reports that the top five universities with the greatest year-over-year growth in percentage of beds pre-leased are the University of Wisconsin-Madison with 66 percent growth; the University of Nevada-Las Vegas with 48 percent growth; Purdue University with 43 percent growth; the University of Pittsburgh with 31 percent growth; and the University of North Carolina at Chapel Hill …

January 13, 2022

Newer Posts

Older Posts