Multifamily

UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

by John Nelson May 31, 2022

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville. The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold. Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

May 31, 2022

Acquisitions Florida Mixed-Use Multifamily Southeast

Crescent Communities Sells 375-Unit Novel Lucerne Apartments in Orlando

by John Nelson May 31, 2022

ORLANDO, FLA. — Crescent Communities has sold Novel Lucerne, a 375-unit apartment community in Orlando, to Knightvest Capital and funds managed by Oaktree Capital Management LP. Newmark brokered the transaction, the sales price of which was not disclosed. Floor plans at Novel Lucerne come in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool with grilling stations; resident lounge with event kitchen and workspaces; fitness center with a separate group and spin fitness room; dog park; and resident art gallery. Ground-floor retail tenants include natural grocery chain Earth Fare and fitness concept Eat the Frog Fitness. Located at the intersection of Orlando’s SoDo and downtown neighborhoods, Novel Lucerne provides residents with access to shopping, dining and parks. The area is also within walking distance of the Orlando Health Campus, Lake Lucerne and the Dr. Phillips Center for the Performing Arts. Development Partners included general contractor Brasfield & Gorrie, architectural firm The Preston Partnership, civil engineer GAI Consultants, landscaping architect Dix.Hite Partners and interior designer Vignetter. Novel Lucerne is one of 10 multifamily communities that Crescent has developed in Florida.

May 31, 2022

Development Georgia Loans Multifamily Southeast

JLL Arranges Financing for 31-Story 1405 Spring Apartment Project in Midtown Atlanta

by John Nelson May 31, 2022

ATLANTA — JLL Capital Markets has arranged construction financing for 1405 Spring, a 326-unit high-rise apartment tower in Midtown Atlanta. Ed Coco, Matt Casey and Kelsey Bawcombe of JLL arranged the full capital stack for the project through Manulife Investment Management on behalf of the developer, a joint venture between JPX Works and Zeller. The 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, eight-level parking garage and amenities. Features will include multiple indoor lounge areas, coworking spaces, a fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits. 1405 Spring will be situated at the southeast corner of 18th and Spring streets, just blocks from the Arts Center MARTA station. The neighborhood is home to the Woodruff Arts Center, MODA and the Center for Puppetry Arts. The high-rise will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center.

May 31, 2022

Acquisitions Multifamily Texas

Weidner Acquires 644-Unit Harmony Hills Apartments in Metro Dallas

by Taylor Williams May 31, 2022

ROWLETT, TEXAS — Seattle-based Weidner Apartment Homes has acquired Harmony Hill, a 644-unit multifamily development located in the northeastern Dallas suburb of Rowlett. The community offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes, built-in desks and covered balconies. Amenities include two pools, an entertainment and media room, fitness center, outdoor grilling stations, a coworking lounge, dog park, resident clubhouse and walking trails. Kevin O’Boyle of CBRE brokered the deal. The seller was Huffines Communities. The property traded off-market for an undisclosed price.

May 31, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 376-Unit Apartment Community in Southeast Houston

by Taylor Williams May 31, 2022

HOUSTON — Dallas-based investment firm Westmount Realty Capital has sold Westmount at Summer Cove, a 376-unit apartment community in southeast Houston. Units come in one- and two-bedroom formats and average 729 square feet. The amenity package comprises two pools, a playground, fitness center, leasing office with a coffee bar and open green spaces. Westmount acquired the asset in 2015 and implemented a value-add program that added features such as brushed nickel hardware, new lighting fixtures, resurfaced countertops and vinyl wood plank flooring. The buyer and sales price were not disclosed.

May 31, 2022

Development Multifamily Seniors Housing Texas

Anthology Senior Living to Develop 121-Unit Community in Dallas

by Taylor Williams May 31, 2022

DALLAS — Anthology Senior Living will develop a 121-unit community in the Highland Park area of Dallas. Anthology of Highland Park will be an 11-story building with 97 assisted living residences and 24 memory care suites, available in studio, one-bedroom and two-bedroom configurations. The 144,000-square-foot community will be located within three miles of UT Southwestern Medical Center and within one mile of the Knox Street retail corridor. Cadence McShane is the general contractor for the project, which is scheduled for completion in spring 2023.

May 31, 2022

Development Multifamily Northeast Pennsylvania

Southern Land Breaks Ground on 254-Unit Multifamily Project in Philadelphia

by Taylor Williams May 31, 2022

PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.

May 31, 2022

Acquisitions Multifamily New York Northeast

GAIA Real Estate Buys Manhattan Multifamily Portfolio for $34.7M

by Taylor Williams May 31, 2022

NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.

May 31, 2022

Development Florida Multifamily Southeast Top Stories

LCOR Acquires Residential Development Site in Miami, Plans 40-Story Condo Tower

by Jeff Shaw May 31, 2022

MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood. Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026. “Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.” Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will feature a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services. The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail …

May 31, 2022

Florida Market Reports Multifamily Southeast Southeast Market Reports

Tenant, Investor Demand Propels South Florida’s Multifamily Market to New Peak

by John Nelson May 31, 2022

Miami’s multifamily market slowed down dramatically at the start of COVID-19 and now has quickly rebounded to record levels. Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance. Going forward, the market is ideally positioned for continued long-term growth thanks to positive market fundamentals and continued strong sales activity. Demand for rentals was strong pre-pandemic and will grow even greater in the post COVID-19 era as South Florida continues to increase its resident count. Between 2020 and 2021, South Florida added 42,842 residents, including 14,318 new residents in Miami-Dade County. With the influx of residents, South Florida is expected to have over 37,000 new households created each year over the next five years. That represents over 14,800 new renters per year, assuming 60 percent of households enter homeownership and 40 percent rent, which is in line with historical ratios. Record year for sales 2021 was a record-setting year for the South Florida multifamily market. The region experienced 603 multifamily sales totaling $11.4 billion, which …

May 31, 2022

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