Multifamily

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Development Loans Multifamily Northeast Pennsylvania

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams May 13, 2022

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, dog washing station, a rooftop lounge and remote workspaces. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Jake Neeb of Newmark arranged the loan through Bank OZK on behalf of SomeraRoad. Completion is slated for June 2024.

May 13, 2022

Acquisitions Multifamily New York Northeast

JT Tai & Co. Sells Manhattan Multifamily Portfolio for $41.5M

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.

May 13, 2022

Acquisitions Multifamily New York Northeast

GFI Realty Services Negotiates $19.9M Sale of Bronx Multifamily Building

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $19.9 million sale of a 143-unit multifamily building located in the Westchester Village area of The Bronx. The six-story building at 2501 Tratman Ave. was originally constructed in 1928 and houses 39 studios, 54 one-bedroom apartments, 45 two-bedroom units and five three-bedroom apartments. Zachary Fuchs and Matt Sparks of GFI represented the seller, the Sacchetti Family, in the transaction. Moshe Gelbstein and Joseph Landau, also of GFI Realty, represented the buyer, an undisclosed local investor.

May 13, 2022

Colorado Loans Mixed-Use Multifamily Office Retail Western

Continuum, Clarion Receive $130M Refinancing for Market Station Mixed-Use Project in Denver

by Amy Works May 13, 2022

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

May 13, 2022

Development South Carolina Southeast Student Housing Top Stories

Core Spaces, Tom Winkopp Development Plan 4,000-Bed Clemson Student Village at The Pier

by Jeff Shaw May 13, 2022

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

May 13, 2022

Florida Loans Multifamily Southeast

Dwight Mortgage Trust Provides $55M Refinancing for Stellar at Emerald Hills Apartments in Fort Lauderdale

by John Nelson May 12, 2022

FORT LAUDERDALE, FLA. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $55 million bridge refinance loan for The Stellar at Emerald Hills, a 197-unit apartment community in Fort Lauderdale. The 24-month loan featured two six-month extension options. The borrower was not disclosed. Delivered in the first quarter of this year, the gated property is situated on 7.2 acres and consists of three three-story buildings spanning approximately 567,000 square feet. The community is near several golf courses, shopping and dining destinations, Dania Beach and Interstate 95, giving tenants access to major employers like American Airlines and Publix Super Markets. The Stellar at Emerald Hills includes in-unit washers and dryers, private balconies and bay windows. Common area amenities include a clubhouse, fitness center with a yoga and spin studio, pet play area, pet washing station and a pool. The property is certified National Green Building Standard (NGBS) and includes green, smart features such as EV car charging stations and energy-efficient gas appliances.

May 12, 2022

Development Multifamily Texas

Rosewood Property Breaks Ground on 326-Unit Multifamily Project in Plano

by Taylor Williams May 12, 2022

PLANO, TEXAS — Dallas-based Rosewood Property Co. has broken ground on a 326-unit multifamily project in Plano. The property, which has yet to be branded, will sit on a 4.3-acre site at 601 Belpree Drive. Amenities will include a pool, fitness center, courtyard, coworking lounge and a golf simulator. Rosewood has partnered with MetLife Investment Management on the project, which will be located within the 156-acre Heritage Creekside mixed-use development. Other project partners include architecture firm Hensley, Lamkin, Rachel Inc. and Provident General Contractors. Veritex Bank provided construction financing. Leasing is scheduled to begin in fall 2023 will full completion slated for 2024.

May 12, 2022

Development Multifamily Texas

Hillwood Begins Leasing 322-Unit Apartment Community in Little Elm, Texas

by Taylor Williams May 12, 2022

LITTLE ELM, TEXAS — Locally based developer Hillwood has begun leasing Union House, a 322-unit apartment community in Little Elm, located in Denton County. Units are available in one-, two- and three-bedroom floor plans and range in size from 613 to 1,489 square feet. Residences also feature stainless steel appliances, built-in desks and private patios. Amenities include a pool, 24-hour fitness center, two dog parks and coworking space with private offices and a conference room. HEDK Architects designed Union House, which will officially open on Monday, May 16. Full completion of the project is slated for the fall. Monthly rents start at in the $1,300s for a one-bedroom unit.

May 12, 2022

Development Illinois Midwest Multifamily

Atlantic Residential, Focus Convert Vacant Sears Store in Illinois into 304 Luxury Apartments

by Kristin Harlow May 12, 2022

AURORA, ILL. — Atlantic Residential and Focus are converting a vacant Sears store and parking lot at Fox Valley Mall in Aurora into a 304-luxury apartment complex named Lumen Fox Valley. Evanston, Ill.-based Morgante Wilson Architects Ltd. is handling the design of the interiors, including all common areas and amenities. Lumen Fox Valley will feature studios to three-bedroom floor plans and amenities such as a two-story lounge, private dining room, game room, fitness center, yoga studio and outdoor pool. The project team includes architects Torti Gallas + Partners and HKM Architects + Planners as well as general contractor Focus. USAA Real Estate provided project financing. Completion is slated for this fall.

May 12, 2022

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