Multifamily

Zale Properties to Develop 394-Unit View at Sapphire Bay Apartments in Metro Dallas

by Taylor Williams May 18, 2022

ROWLETT, TEXAS — Locally based developer Zale Properties will build The View at Sapphire Bay, a 394-unit lakefront multifamily project that will be located in Rowlett, a northeastern suburb of Dallas. Units will be available in one-, two- and three-bedroom formats and will have an average size of 941 square feet. Interiors will be furnished with stainless steel appliances, quartz/granite countertops, full-size washers and dryers and private balconies. Amenities will include a pool, coworking space, game rooms, fitness center, pet spa, garden courtyard and kitchen and a landscaped picnic area. Completion is slated for May 2024. John Brownlee and Wilson Bauer of JLL arranged $58.3 million in fixed-rate construction financing through Principal Global Investors on behalf of Zale Properties.

May 18, 2022

Acquisitions Multifamily Texas

Clarion Partners Acquires 354-Unit Modera Domain Apartments in North Austin

by Taylor Williams May 18, 2022

AUSTIN, TEXAS — New York-based investment firm Clarion Partners has acquired a 354-unit apartment community located at the entrance to The Domain in North Austin. Completed earlier this year, Modera Domain offers studio, one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, dog park and a resident lounge, as well as coworking and private workspaces. Patton Jones and Andrew Dickson of Newmark represented the seller, a joint venture between Mill Creek Residential and PGIM, in the transaction.

May 18, 2022

Development Multifamily New Jersey Northeast

Partnership Completes 116-Unit Multifamily Project in Secaucus, New Jersey

by Taylor Williams May 18, 2022

SECAUCUS, N.J. — A partnership between New Jersey-based Woodmont Properties, Canoe Book Development and affordable/workforce housing owner-operator PIRHL has completed The Waterton, a multifamily project in the Northern New Jersey community of Secaucus. Of the property’s 116 units, 23 are reserved for households earning between 20 and 60 percent of the area median income. Residences are available in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, entertainment lounge, children’s playroom, coffee bar and outdoor grilling and dining areas. Rents start at $2,600 per month for a studio apartment.

May 18, 2022

Loans Multifamily New Jersey Northeast Northmarq

Northmarq Provides $16M Agency Permanent Loan for Northern New Jersey Apartment Complex

by Taylor Williams May 18, 2022

EAST ORANGE, N.J. — Northmarq has provided a $16 million Fannie Mae permanent loan for The Harrison, a 103-unit apartment complex located in the Northern New Jersey community of East Orange. The newly built property offers studio, one- and two-bedroom units with private balconies, stainless steel appliances and walk-in closets. Robert Ranieri of Northmarq originated the loan on behalf of the undisclosed borrower.

May 18, 2022

Loans Multifamily New York Northeast

Urban Standard Capital Funds $6.2M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 18, 2022

NEW YORK CITY — Locally based private equity firm Urban Standard Capital has funded a $6.2 million construction loan for a multifamily project in Brooklyn’s Crown Heights neighborhood that will comprise 10 residential units and one commercial space. The six-story building’s residential units will have an average size of 970 square feet, and the commercial component will span 1,300 square feet. Isaac & Stern is the project architect. The borrower is Avdoo & Partners Development.

May 18, 2022

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner Underway on Construction of 25-Story Apartment Building in Minneapolis

by Kristin Harlow May 18, 2022

MINNEAPOLIS — Ryan Cos. US Inc. and Weidner Apartment Homes are underway on the construction of Fourth & Park, a 25-story apartment building located at the intersection of South 4th Street and Park Avenue in downtown Minneapolis. Completion is slated for the first quarter of 2024. Plans call for 350 apartment units, 100 parking stalls, a sixth-floor green roof, pool deck and community room. Ryan is the developer and builder, and Ryan A+E Inc. is the architect of record. The building, situated one block west of US Bank Stadium, marks the last phase of Downtown East, a five-block redevelopment project that began in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $588 million project includes 1.2 million square feet of office space spread across two 17-story Wells Fargo towers, a 200-unit apartment complex, a multi-tenant office building, four-acre public greenspace, hotel and parking ramp.

May 18, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $96M Sale of Hudson on Farmer Apartments in Downtown Tempe

by Amy Works May 18, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hudson on Farmer, an apartment community in downtown Tempe. Ideal Capital Group purchased the property from 8th & Farmer Owner LLC for $96 million, or $561,404 per unit. Completed in 2021, Hudson on Farmer features 171 apartments with full-size washers/dryers, walk-in showers and private balconies. Community amenities include a heated swimming pool, spa and second-story resident lounge with social space, a conference room and workspaces. The landscaped courtyard offers a covered outdoor dining area, barbecue grills, a firepit, desert vegetation and misting systems. The property also features a fitness center, bike parking room and electric vehicle charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

May 18, 2022

Acquisitions Arizona Multifamily Western

CBRE Negotiates $75M Acquisition of Sanctuary on Broadway Multifamily Complex in Arizona

by Amy Works May 18, 2022

TEMPE, ARIZ. — CBRE has arranged the sale of Sanctuary on Broadway, an apartment community located at 1330 W. Broadway Road in Tempe. A private, Washington-based company acquired the asset for $75 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer in the deal. Sanctuary on Broadway features 240 apartments, with 60 percent of the units as two-bedroom floor plans averaging 700 square feet. The two-building, two-story property offers renovated interiors, including stainless steel appliances, Shaker-style cabinetry, subway-tile backsplashes, modern bathroom vanities and in-suite washers/dryers in select units. Community amenities include a swimming pool, clubhouse, picnic areas with barbecues and a fitness center.

May 18, 2022

Conference Coverage Features Multifamily Student Housing

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

by Taylor Williams May 18, 2022

By Taylor Williams As a subcategory of multifamily that is currently experiencing record rent growth, student housing is increasingly becoming a sought-after commodity in the world of institutional investment, according to a panel of industry experts. More institutional love for student housing is also arriving at a time in which concerns about COVID-19’s impact on enrollment and on-campus learning at the nation’s colleges and universities are largely being laid to rest. The verdict is in on whether students overwhelmingly prefer to live and learn on campus — they do. Capital sources are responding accordingly. At France Media’s 14th annual InterFace Student Housing conference, held May 3-4 at the J.W. Marriott Hotel Austin (Texas) Hotel, a group of industry veterans laid out the drivers behind the sector’s growth on institutional radars. As an affirmation of this trend, the “state of the industry” panel pointed to the $12.8 billion acquisition of Austin-based student housing developer and operator American Campus Communities (NYSE: ACC) by real estate giant Blackstone (NYSE: BX). Panelists implied that that deal, which was announced in April and will take ACC private, serves as a watershed moment for the asset class to institutional investors. As such, the transaction, which is …

May 18, 2022

Loans Multifamily Seniors Housing Washington Western

Lytle Enterprises Receives $15M in Financing for Seniors Housing Property in Everett, Washington

by Amy Works May 17, 2022

EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.

May 17, 2022

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