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Multifamily

The-Hartby-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Property Resources Corp. Completes 205-Unit Multifamily Adaptive Reuse Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Property Resources Corp. has completed The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and have been leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Property Resources Corp. developed The Hartby in partnership with Avenue Realty Capital. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Market-rate rents start at $3,150 per month for a studio apartment.

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DelawareLoansMultifamilyNortheast

Lument Provides $14M CMBS Loan for Refinancing of Apartment Building in Lewes, Delaware

by Taylor Williams

LEWES, DEL. — New York City-based Lument has provided a $14 million CMBS loan for the refinancing of Mi-Place at Vineyards, a 41-unit apartment building in the coastal Delaware community of Lewes. Mi-Place at Vineyards is part of a lakefront master-planned community and offers one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse, pickleball and volleyball courts, picnic areas, a dog park and access to walking trails and a lakeside beach. Mi-Place at Vineyards also includes a retail component. Ben Retter of Lument originated the fixed-rate loan, which retires existing debt issued by a local bank. The borrower is Fernmoor Homes.

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Affordable HousingDevelopmentMarylandMultifamilySoutheast

Gilbane Development Opens 293-Unit Mixed-Income Multifamily Community in Hyattsville, Maryland

by John Nelson

HYATTSVILLE, MD. — Gilbane Development has cut the ribbon on Sovren, a five-story, 293-unit multifamily community in Hyattsville. Amazon’s housing equity fund contributed debt to fund the development. Located within the larger mixed-use development of The Riverfront at West Hyattsville, Sovren has direct access to the West Hyattsville Metro station and the Northwest Branch Anacostia River trail system. Sovren includes 147 units reserved for residents earning 80 percent or less of the area median income, as well as 2,500 square feet of retail space and an art-wrapped, 298-space parking garage. The community offers studios, one-, two- and three-bedroom floorplans ranging from 429 square feet to 1,417 square feet in size. Amenities at the property include a resort-style swimming pool with cabanas, fitness center with a dedicated yoga space, coworking areas, dog park, pet-washing facilities, outdoor grilling areas, fire pits and an entertainment lounge with a billiards table. Monthly rental rates for Sovren begin at $1,860, according to Apartments.com.

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15008-A-St-Tacoma-WA
AcquisitionsMultifamilyWashingtonWestern

Pierce County Housing Authority Buys 56-Unit Hidden Firs Apartment Complex in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Pierce County, Wash., Housing Authority (PCHA) has acquired Hidden Firs, a multifamily community in Tacoma. A long-time family ownership group, which developed the property, sold the asset for an undisclosed price in an off-market transaction. Located at 15008 A St., Hidden Firs offers 56 apartments spread across 2 acres. The acquisition supports PCHA’s mission to maintain affordability and access to housing as regional costs continue to rise. The property appealed to PCHA because its resident profile has many tenants eligible for housing vouchers. Austin Kelley and Ted Sipila of Kidder Mathews represented PCHA in the transaction.

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11320-Sanchez-St-Castroville-CA
CaliforniaLoansMultifamilyWestern

MMCC Arranges $3.7M Refinancing of Multifamily Property in Castroville, California

by Amy Works

CASTROVILLE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $3.7 million for the refinancing of an apartment building in Castroville. Located at 11320 Sanchez St., the property offers 23 apartments. Kevin Elliot of MMCC’s Orange County, Calif., office arranged the financing with a local credit union on behalf of a private client. Terms of the five-year loan include a 6.06 percent interest rate with one year of interest-only payments, a 29-year amortization period and a 60 percent loan-to-value ratio.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

JV Completes 58-Unit Affordable Housing Project in Chicago’s Auburn Gresham Area

by Kristin Harlow

CHICAGO — Evergreen Real Estate Group, Imagine Group and KLEO Enterprises have completed Auburn Gresham Apartments, a two-building, 58-unit affordable housing community in Chicago’s Auburn Gresham neighborhood on the South Side. The project was a joint venture between developers Evergreen and Imagine, in collaboration with KLEO, the Chicago Department of Planning and Development (DPD) and the Chicago Department of Housing. The development, which won a 2020 DPD request for proposals for vacant city land at 79th and Green streets, was initially envisioned as a single building. Following three community workshops, the developers shifted more than half of the proposed units to a second city-owned site at 79th and Halsted streets. The complex now comprises a three-story building with 28 units and 5,200 square feet of retail space and a five-story building with 30 units and 3,300 square feet of commercial space. All residences are reserved for households with incomes at or below 60 percent of the area median income. Professionally managed by Evergreen, the units are approximately 75 percent leased. Commercial tenants will include for-profit development and property management firm KLEO, Italian restaurant The Auburn and K.L.E.O. Community Family Life Center, a nonprofit dedicated to youth development. Designed by Ross …

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AcquisitionsIowaMidwestMultifamily

Greysteel Brokers $38M Sale of Multifamily Community in West Des Moines

by Kristin Harlow

WEST DES MOINES, IOWA — Greysteel has brokered the $38 million sale of Polo Club Apartments in West Des Moines. Built in 1998, the apartment property features 277 two-bedroom units. BJ Connolly, Zach Schneider and Ryan Carter of Greysteel represented the seller, Polo Club LLC/Premier Cos. The undisclosed buyer represented itself and plans to embark on a full renovation of the community.

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AcquisitionsIllinoisMidwestMultifamily

Woodland Rental Properties Buys 22 Newly Built Apartments in Marion, Illinois

by Kristin Harlow

MARION, ILL. — A division of Woodland Rental Properties LLC, managed by Heartland Realty & Rentals Inc., has acquired 22 newly built apartment units near downtown Marion. The multi-million-dollar transaction is part of a larger strategic investment for the company. Roman Basi and Jason Powell represented Heartland on an internal basis. The units will be available for leasing as they come online.

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The-Variel-Woodland-Hills-California
CaliforniaLoansMultifamilyNortheastPennsylvaniaSeniors HousingTop StoriesWestern

BWE Arranges $308M Refinancing of Two Seniors Housing Properties in Metro Los Angeles, Philadelphia

by Taylor Williams

WOODLAND HILLS, CALIF AND AMBLER, PA. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing for a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties. Located in the northwest Los Angeles neighborhood of Woodland Hills, The Variel is a 336-unit community that offers independent living, assisted living and memory care services, as well as a range of amenities and wellness programs. The 270,000-square-foot (net rentable) community opened in July 2022 and was more than 90 percent occupied at the time of the loan closing. Located in the northern Philadelphia suburb of Ambler, Pa., The 501 at Mattison Estate is a 250-unit community that also offers independent living, assisted living and memory care services. Spanning approximately 200,000 net rentable square feet, the property opened in June 2022 and was 95 percent occupied at the time of loan closing. Amenities at The 501 at Mattison Estate include an art studio, courtyards with lounges and grills, a dog park, fitness …

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AcquisitionsFloridaSeniors HousingSoutheast

Continuum Advisors Arranges Sale of Five-Property Seniors Housing Portfolio in Florida

by John Nelson

TAMPA, FLA. — Continuum Advisors has arranged the sale of a five-property senior living portfolio totaling 340 units in Clermont, Ocala, Brandon, Lecanto and Niceville, Fla. The sales price was not disclosed. David Kliewer and Jay Jordan of Continuum represented the seller, Healthcare Management Partners (HMP), in the transaction, where three separate buyers acquired the five communities.

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