Multifamily

Presidium Begins Leasing 290-Unit Multifamily Project in Grand Prairie, Texas

by Taylor Williams December 23, 2021

GRAND PRAIRIE, TEXAS — Texas-based developer Presidium has begun leasing Presidium Hill Street, a 290-unit multifamily project located in the central metroplex city of Grand Prairie. Units are furnished with stainless steel appliances, smart technology lock systems and Ecobee thermostats. Amenities include a pool, business lounge with conference rooms, rooftop terrace, fitness center, onsite car wash and a pet grooming area. Project partners include O’Brien Architects, interior design firm SLJ Design Group and civil engineer Kimley-Horn. Move-ins are scheduled to begin in spring 2022.

December 23, 2021

Acquisitions Illinois Midwest Multifamily

Waterton Acquires Two Apartment Towers Totaling 1,156 Units in Downtown Chicago

by Kristin Harlow December 23, 2021

CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.

December 23, 2021

Acquisitions Georgia Multifamily Southeast

Kaplan Residential Sells Apartment Community in Downtown Atlanta for $126.9M

by John Nelson December 23, 2021

ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.

December 23, 2021

Development Florida Multifamily Southeast

Altman Breaks Ground on 449-Unit Apartment Community in Tampa

by John Nelson December 23, 2021

TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.

December 23, 2021

Loans Multifamily Southeast Virginia

CIM Group Provides $90.3M Acquisition Loan for Columbia Crossing Apartments in Arlington

by John Nelson December 23, 2021

ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.

December 23, 2021

Development Massachusetts Multifamily Northeast

Greystar Nears Completion of 126-Unit Multifamily Project in Boston

by Taylor Williams December 23, 2021

BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.

December 23, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 53-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams December 23, 2021

TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

December 23, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $5.5M Construction Loan for Bronx Multifamily Project

by Taylor Williams December 23, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.

December 23, 2021

Development Features Multifamily Student Housing

Function Reigns Supreme Over Fashion for Interior Design in Student Housing

by Jeff Shaw December 23, 2021

The COVID-19 pandemic changed the ways schools operate, how classes were taught, and how students learned and socialized in 2020. Life still hasn’t returned to normal for anyone, including students away at college. Interior design may seem like a lower priority in the wake of such a health crisis, but these professionals would argue the exact opposite — that it’s more important than ever. That’s because leasing, retention, and making students and parents feel safe and secure as they return to their college experiences is more important than ever. The pandemic shifted higher education from in-person classes to online learning in 2020. This gave students and parents an entire year to reassess whether going away to school was the right decision going forward. This has been compounded by a focus on increasing education costs, as well as many colleges announcing that the 2021 to 2022 school year would emphasize hybrid learning, with lots of classes remaining online as the Delta variant took hold. The cumulative result of all this was a 4 percent decrease in undergraduate enrollment in 2021, per the National Student Clearinghouse Research Center. Freshman enrollment for the fall 2021 semester start sank by 13 percent when compared to …

December 23, 2021

Florida Loans Multifamily Southeast

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

by Julia Sanders December 22, 2021

MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.

December 22, 2021

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