Multifamily

JLL Arranges $95.2M Construction Financing, JV Equity for Multifamily Development in Portland

by Amy Works March 28, 2022

PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.

March 28, 2022

Acquisitions Multifamily Washington Western

Everett Housing Authority Buys Huntington Park Apartments in Washington for $118M

by Amy Works March 28, 2022

EVERETT, WASH. — Everett Housing Authority (EHA) has acquired Huntington Park Apartments, an affordable multifamily property in Everett, for $118 million. The acquisition is part of EHA’s large-scale affordable housing preservation strategy. Built in 1991 on 14 acres, the property features 381 apartments, a fitness center, pool, dog park and clubhouse. EHA plans to renovate the property over the next several years with new windows, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over. KeyBanc Capital Markets’ public sector team arranged the 100 percent loan-to-cost short-term debt for the acquisition.

March 28, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $15M Sale of Multifamily Portfolio in Denver

by Amy Works March 28, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily portfolio located at 1635 and 1671 Cook St., and 1620 Adams St. in Denver. The assets traded for $15 million. Totaling 30,023 square feet, the portfolio features 52 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed buyer, while Robert Lawson of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.

March 28, 2022

Acquisitions Multifamily Texas

Castle Lanterra Acquires 366-Unit Sovereign Twin Creeks Apartments in Metro Dallas

by Taylor Williams March 28, 2022

ALLEN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired Sovereign Twin Creeks, a 366-unit apartment community in the northeastern Dallas suburb of Allen. The property offers one-, two- and three-bedroom units that range in size from 786 to 1,416 square feet and are furnished with stainless steel appliances and granite countertops. Amenities include a pool with cabanas, fitness center with a yoga studio, Wi-Fi lounge with a coffee bar, outdoor grilling and dining areas and a conference room. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The seller was not disclosed.

March 28, 2022

Development Multifamily Texas

Hillwood Breaks Ground on 300-Unit Casey at Frisco Station Apartments in Metro Dallas

by Taylor Williams March 28, 2022

FRISCO, TEXAS — Hillwood has broken ground on The Casey at Frisco Station, a 300-unit multifamily project that will be located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building represents Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened last September. Units will offer one- and two-bedroom floor plans that will range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities will include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. The first units are expected to be available for occupancy in fall 2023.

March 28, 2022

Development Multifamily New York Northeast Student Housing

Aptitude Breaks Ground on 494-Bed Student Housing Community in Rochester, New York

by Taylor Williams March 28, 2022

ROCHESTER, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in upstate New York. The six-building property will offer units with bed-to-bath parity. Shared amenities will include a pool and hot tubs, individual and group study areas, an e-sports gaming lounge and a fitness center. Lecesse Construction is the general contractor for the project, which is set for completion in summer 2023. Landmark Properties will manage the community.

March 28, 2022

Acquisitions Affordable Housing Connecticut Multifamily Northeast

CPP Acquires 176-Unit Woodland Hills Apartments in Torrington, Connecticut

by Taylor Williams March 28, 2022

TORRINGTON, CONN. — Community Preservation Partners (CPP) has acquired Woodland Hills Apartments, a 176-unit affordable housing community in Torrington, located west of Hartford. The property comprises 14 buildings on a 19-acre site. Units are reserved for households earning 50 percent or less of the area median income. The seller was not disclosed. Between acquisition and costs of executing a 10-month capital improvement program, CPP’s total investment is nearly $40 million.

March 28, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $42.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams March 28, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.

March 28, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Completes $4M Renovation Project at Skilled Nursing Facility in New Providence, New Jersey

by Taylor Williams March 28, 2022

NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.

March 28, 2022

Loans Michigan Midwest Multifamily

Dwight Capital Provides $31M in Bridge Financing for Two Multifamily Communities in Michigan

by Kristin Harlow March 28, 2022

SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds. In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.

March 28, 2022

Newer Posts

Older Posts