Multifamily

Taconic Partners, NREA to Develop 33-Story Multifamily Building in Manhattan

by Taylor Williams November 24, 2021

NEW YORK CITY — Taconic Partners and National Real Estate Advisors (NREA) will develop a 33-story multifamily building at 312 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood. Designed by Handel Architects, the project will consist of 330 rental units, 40,000 square feet of retail space and 30,000 square feet of indoor and outdoor amenity space. The amenity package will include a pool, rooftop terrace, workspaces and private gardens. Avison Young arranged $204 million in construction financing through The Union Labor Life Insurance Co. for the project, completion of which is slated for mid-2024.

November 24, 2021

Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $160M Refinancing for Multifamily Property in Yonkers, New York

by Taylor Williams November 24, 2021

YONKERS, N.Y. — Walker & Dunlop has arranged a $160 million loan for the refinancing of Sawyer Place, a 438-unit multifamily property located outside of New York City in Yonkers. Built in 2020, the two-building complex features 31,000 square feet of ground-floor retail space, a 553-space parking garage and amenities such as a landscaped terrace, fitness center and an indoor theater. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Sean Bastian of Walker & Dunlop arranged the floating-rate, nonrecourse financing, which retires the original construction loan, through Mesa West Capital. The borrower was locally based development and investment firm RXR Realty.

November 24, 2021

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Omaha’s Healthy Multifamily Market Drives Increase in Agency Lending

by Kristin Harlow November 24, 2021

Despite some disruption from COVID-19, Omaha’s multifamily market is resilient. It remains a healthy, stable market boasting sound fundamentals and continues to experience increasing demand for apartments. Multifamily, in general, has outperformed many other real estate sectors during the pandemic. Omaha’s multifamily occupancy remains strong and rent growth over the past 12 months has shown a positive overall trend. In construction, the market takes a measured approach with roughly 1,500 units per year on average. According to Reis, there are 384 units scheduled to be delivered throughout the remainder of 2021, while absorption is forecast to be more than 400 units, resulting in a 0.1 percent uptick in occupancy. Solid market fundamentals Both Omaha and nearby Lincoln, Nebraska, are seeing strong investment sales activity although limited assets are available. The market is predominantly controlled by local players, many of which build for their portfolios and operate the properties. However, some smaller players and out-of-town investors have found the timing was right to exit out of the market and sell. Out-of-state groups are aggressively entering these markets and paying significant premiums for available assets. Driving investment sales activity are low interest rates and better returns than these groups can find in …

November 24, 2021

Acquisitions Florida Multifamily Southeast

Lynd Living Sells Apartment Community in Margate, Florida for $66.5M

by Julia Sanders November 23, 2021

MARGATE, FLA. — Lynd Living has sold the Lakes at Margate, a 280-unit, garden-style apartment complex in Margate, for $66.5 million. The firm purchased the property just eight months prior for $51 million. The buyer was not disclosed. Hampton Beebe of Newmark represented Lynd Living in the sale. The firm is rebranding Lakes at Margate as Aqua Villa. Built in 1987, the property features one-, two- and three-bedroom units with wood-plank floors, custom white cabinetry and energy-efficient appliances. Community amenities include two pools, a clubhouse, modern fitness studio and a cyber café. Aqua Villa was 91 percent occupied at the time of sale. Lynd Living spent $4 million in renovations and upgrades during its ownership, including the addition of chef’s kitchens to the property’s three-bedroom units, which the company says has allowed it to raise rents by as much as $800 per unit. The chef’s kitchens improvements include the expansion of counters for one long solid surface for cooking, tile backsplashes and a top shelf installed for pots and pans. Located at 5750 Lakeside Drive, Aqua Villa is situated close to Florida’s Turnpike. The property is 15 miles from Fort Lauderdale, 19.6 miles from Fort Lauderdale International Airport and 12.6 …

November 23, 2021

Development Maryland Mixed-Use Multifamily Southeast

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

by Julia Sanders November 23, 2021

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open. Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet of communal space. BKV Group worked with nonprofit developer Artspace, as well as the Montgomery County Department of Housing and Community Affairs, to redevelop the building into a creative hub. The project includes 68 affordable housing units that are intended for local artists. Rental restrictions include households whose income is below 60 percent of Area Median Income, with some units having further restrictions to income at or below 50 percent or 30 percent of AMI. The rental units feature one-, two- and three-bedroom floorplans with hardwood-style flooring, stainless steel appliances, in-unit washers and dryers and full-size balconies available in select floorplans. The property also includes 11 mixed-income rental townhomes on the eastern end of the site along Grove Street. Leasing is …

November 23, 2021

Affordable Housing Development Florida Multifamily Southeast

CVS Health to Invest $7.7M for Affordable Housing Project in Tampa

by Julia Sanders November 23, 2021

TAMPA, FLA. — CVS Health plans to invest $7.7 million with Raymond James Tax Credits Funds to build Uptown Sky, a 61-unit multifamily affordable housing development in Tampa. CVS Health will work with co-developers Blue Sky Communities and University Area Community Development Corp., a Tampa-based nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Uptown Sky will offer two- and three-bedroom units at a reduced rent. The affordable units will be for families earning up to 50 percent, 60 percent or 70 percent of Area Median Income. Additionally, all residents will have access to onsite supportive services in the neighborhood center located on the bottom floor of the building. The center will offer computer training, homeownership programs, workforce training and financial management programs. Additionally, the neighborhood center will include a multi-purpose classroom where residents will have access to art, dance, yoga and karate classes. Located at 13603 North 12th St., the Uptown Sky project is situated 9.2 miles from downtown Tampa and is 16.1 miles from the Tampa International Airport. The project is slated for completion by October 2022.

November 23, 2021

California Development Multifamily Student Housing Western

Construction Underway on 1,600-Bed P3 Project at the University of California, Davis

by Amy Works November 23, 2021

DAVIS, CALIF. — Construction is underway on Orchard Park, a 1,600-bed student housing community located on the University of California, Davis campus. The property will target graduate students, offering units at below-market rates. The community is scheduled for completion in fall 2023. Orchard Park is Phase II of a larger development named The Green at West Village, which is being built through a public-private partnership between the university and Michaels. Phase I of the project delivered 1,000 beds in fall 2020, and included nine four-story buildings with shared amenities including a fitness center, multipurpose room and student support services. The property was fully leased ahead of the 2020-2021 academic year. “Michaels is honored to be the university’s private-sector partner for both of these beautiful, amenity-rich, energy-efficient housing developments,” says Ned Williams, senior vice president of Michaels Student Living. “We understand that great housing, along with a great education, represents the door to opportunity not just for success today, but success for tomorrow and beyond.”

November 23, 2021

Acquisitions Multifamily Texas

TruAmerica Multifamily Buys Two Properties in Houston Totaling 652 Units

by Taylor Williams November 23, 2021

HOUSTON — Los Angeles-based TruAmerica Multifamily has purchased two properties in Houston totaling 652 units. Camden Oak Crest totals 364 units, and Camden Park totals 288 units. The two garden-style properties are located 1.5 miles apart in the Westchase neighborhood and feature a mix of one-, two- and three-bedroom units. Amenities at both communities include pools, fitness centers and outdoor grilling areas. David Mitchell of Newmark brokered the sale between TruAmerica and the undisclosed, Houston-based REIT that developed the properties. Ryan Greer of CBRE arranged acquisition financing on behalf of the buyer, which will respectively rebrand the assets as Oak Crest and Wood Park.

November 23, 2021

Loans Midwest Multifamily Wisconsin

Aries Capital Arranges $21.9M in Joint Venture Equity for Multifamily Development in Glendale, Wisconsin

by Kristin Harlow November 23, 2021

GLENDALE, WIS. — Aries Capital has arranged $21.9 million in joint venture equity on behalf of Cypress Equities for The Bayshore Residences in Glendale, a northern suburb of Milwaukee. The $73 million, 311-unit luxury apartment complex will be situated within Bayshore Town Center and adjacent to the recently redeveloped shopping destination known as Bayshore. The four-building project will include studios to three-bedroom units along with a pool and shared courtyard spaces. North American Development Group was the joint venture partner. A timeline for construction was not provided.

November 23, 2021

Development Multifamily Texas

Rosewood, Trinsic Residential Complete Phase I of 339-Unit Multifamily Project in Austin

by Taylor Williams November 23, 2021

AUSTIN, TEXAS — A partnership between Dallas-based Rosewood Property Co. and Trinsic Residential Group has completed the initial phase of Aura Avery Ranch, a 339-unit multifamily project in Austin. Units feature one-, two- and three-bedroom floor plans and range in size from 576 to 1,422 square feet. Amenities include a pool, fitness center, clubhouse, game room and a dog park. Project partners included Davies Collaborative (architect), Benkendorfer & Associates (landscape architect), Faulkner Design Group (interior designer) and Jones Carter Engineering. Associated Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom unit.

November 23, 2021

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