Multifamily

Northmarq Arranges $12.9M Refinancing for May’s Landing Apartments in Salem, Oregon

by Amy Works May 11, 2022

SALEM, ORE. — Northmarq has arranged $12.9 million in refinancing for May’s Landing Apartments, a multifamily community in Salem. Salem-based Rushing Group, the borrower, recently constructed the garden-style, 96-unit multifamily property. The permanent refinance will allow the borrower to take out its interim bridge debt, which it utilized during the property’s lease-up, and return equity for its next multifamily development. Conor Freeman of Northmarq’s San Diego office arranged the refinancing for borrower. The transaction was structured with a 10-year term and 10 years of interest-only payments.

May 11, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $50M Multifamily Portfolio Sale in Elizabeth, New Jersey

by Taylor Williams May 11, 2022

ELIZABETH, N.J. — Locally based brokerage firm Kislak Co. Inc. has arranged the $50 million sale of a portfolio of multifamily properties totaling 326 units in the Northern New Jersey community of Elizabeth. The portfolio also included two cell towers. The unit mix comprises 26 studios, 234 one-bedroom units, 60 two-bedroom apartments and six three-bedroom residences. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

May 11, 2022

Conference Coverage Features Student Housing

Investment in Student Housing Remains Robust Despite Volatility in Debt, Equity Markets, Says InterFace Panel

by Katie Sloan May 11, 2022

AUSTIN, TEXAS — As we move toward the start of a new academic year, the outlook in the student housing industry keeps getting brighter, according to experts within the industry. All signs point to further movement out of the COVID-19 pandemic — a testament to which was seen at the 14th annual InterFace Student Housing conference in Austin, where over 1,300 attendees gathered last week at the JW Marriott downtown. The sector’s resilience during the pandemic was once again a major topic at this year’s conference, particularly during the ‘Power Panel,’ which brought together a consortium of high-level executives to discuss industry trends and the outlook for the upcoming academic year. “Evidenced once again by a packed house in this room, the sector is demonstrating continued strength, resilience and sustainability as a niche real estate asset class,” began moderator Peter Katz, executive director with Institutional Property Advisors (IPA), a division of Marcus & Millichap. “While 2021 was a record year for many asset classes, one constant that we can expect in life is change,” he continued. “Over the past 90 days, we’ve seen a huge turn of events in the global economic platform. The impact of the COVID-19 pandemic has …

May 11, 2022

Acquisitions Multifamily Texas

Capital Square Acquires 304-Unit Apartment Community in Houston

by Taylor Williams May 10, 2022

HOUSTON — Virginia-based investment firm Capital Square has acquired a 304-unit apartment community formerly known as Alta West Alabama in Houston. Developed by Wood Partners in 2019, the property offers studio, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities include a pool, fitness center, sky lounge, coworking spaces, pet spa and a courtyard, as well as a clubhouse with TVs, a billiards table, lounge seating and an entertainment kitchen. Capital Square acquired the community via a Delaware Statutory Trust.

May 10, 2022

Loans Multifamily Texas

iBorrow Provides $20M Acquisition Loan for Dallas Apartment Community

by Taylor Williams May 10, 2022

DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.

May 10, 2022

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 190-Unit Multifamily Property in Mesquite, Texas

by Taylor Williams May 10, 2022

MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.

May 10, 2022

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

by Taylor Williams May 10, 2022

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.

May 10, 2022

Development Florida Multifamily Southeast

CP Capital, Crescent Communities to Develop 277-Unit Apartment Project in Tampa

by John Nelson May 10, 2022

TAMPA, FLA. — CP Capital US has formed a joint venture with Crescent Communities to develop Novel Independence Park, a 277-unit, Class A multifamily project in Tampa. The community will be part of Independence Park, a 44-acre, mixed-use development that was recently rezoned to accommodate the project, as well as future phases that include office, retail and townhomes. Charlotte-based Crescent Communities purchased the site from Independence Park master developer Highwoods Properties Inc. Situated in Tampa’s Westshore district, the developers plan to break ground this month and deliver the first units in the third quarter of 2023, with construction expected to be completed in early 2024. Truist provided construction financing for the project. Design partners include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor.

May 10, 2022

Development Mixed-Use Multifamily North Carolina Southeast

Summit Design + Build Breaks Ground on New Multifamily Project Near Charlotte

by John Nelson May 10, 2022

KANNAPOLIS, N.C. – Chicago-based general contractor Summit Design + Build has kicked off construction on Stadium Lofts South, a 69,000-square-foot multifamily project in the Charlotte suburb of Kannapolis. Once complete, the project will overlook the baseball stadium of the Kannapolis Cannon Ballers, a Minor League Baseball team and Class A affiliate of the Chicago White Sox. The seven-story building will have two floors of retail/office space and five floors of apartments totaling 43 units. The building will feature a lobby, fitness center, club room, balconies and a parking garage. The project is expected to wrap up in spring 2023. The project team includes developer Lansing Melbourne Group and architect Built Form. Stadium Lofts South marks the first construction project for Summit Design + Build in North Carolina.

May 10, 2022

Development Multifamily New Jersey Northeast

BNE Real Estate Begins Leasing 99-Unit Apartment Complex in Fairfield, New Jersey

by Taylor Williams May 10, 2022

FAIRFIELD, N.J. — BNE Real Estate has begun leasing The Kingsley, a 99-unit apartment complex in the Northern New Jersey community of Fairfield. Designed by Minno & Wasko Architects & Planners, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Private balconies and patios are available in select residences. Amenities include a pool, game room and a card room, as well as indoor and outdoor lounges, Amazon package lockers and a fitness center. Rents start at roughly $2,300 per month for a one-bedroom unit.

May 10, 2022

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