Multifamily

Developer Mark Bennett Breaks Ground on $150M Residential Project in Detroit’s Lafayette Park

by Kristin Harlow May 19, 2022

DETROIT — Detroit developer Mark Bennett has broken ground on Lafayette West, a $150 million apartment and condominium project in Detroit’s historic Lafayette Park neighborhood. The 318-unit development will offer floor plans ranging in size from 436 to 1,223 square feet. Amenities will include a fitness center, pool, clubroom, coworking space and electric vehicle charging stations. Twenty percent of the 230 apartment units will be reserved as affordable housing. The starting price for the condos will be $232,000, while the rent prices for apartments will be released in the fall, according to The Detroit News. Partners and collaborators on the project include @Properties, Christie’s International Real Estate, Brinker Construction, AM Higley, the City of Detroit, Wayne County, Fourmidable, MJBennett, Ghafari, Pappas Financial, Parini, Blaze Contracting, PEA, the Michigan Strategic Fund and Zoyes Creative. A timeline for completion was not disclosed.

May 19, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers Sale of Two Luxury Florida Apartment Communities for $221.7M

by John Nelson May 19, 2022

ST. PETERSBURG, FLA. — JBM Institutional Multifamily has brokered the sale of two Class A multifamily communities in Florida: Ridgelake in Sarasota and The Reserve at Coconut Point in Estero. The combined sales price for both properties was $221.7 million. The buyer was not disclosed. Ridgelake is a 329-unit property located off Bee Ridge Road and I-75. The property is an elevator-serviced, Class A community that features luxury finishes such as a dedicated solar farm that powers the clubhouse and some of the residential buildings, a heated saltwater pool, fitness center, community garden, community recycling program and valet trash, electric vehicle chargers and attached/detached garages. The three-story property is NGBS Green-certified and Energy Star-rated. Units feature stainless steel appliances, quartz countertops, shaker-style cabinets, luxury wood-like plank flooring, wine coolers, walk-in showers and large soaking tubs. The Reserve at Coconut Point is a 180-unit property located within the Coconut Point development. Coconut Point Mall, a 1.2 million-square-foot retail destination, is less than one mile away. The Reserve is a podium-style construction community, with covered parking on the first floor. The concrete, elevator-serviced community features a resort-style pool with sundeck, half-mile jogging trail, Luxer One package room with refrigerator for grocery delivery, …

May 19, 2022

Development Multifamily Southeast Tennessee

SomeraRoad Begins Construction on $108M Emblem Park Apartments in Nashville

by John Nelson May 19, 2022

NASHVILLE, TENN. — SomeraRoad, a real estate investment and development firm headquartered in Nashville and New York, has started construction on the $108 million Emblem Park, a 346-unit apartment community located in Nashville’s Wedgewood-Houston neighborhood. The property also includes 13,000 square feet of ground-floor retail space within the adaptive reuse portion of Emblem Park, where retailers will occupy the former Grooms Engine Warehouse. Located at 1414 Fourth Ave. S., Emblem Park will offer amenities such as a resort-style pool, resident lounge, pedestrian courtyard, remote workspace and a fitness center. The property also offers walkable access to popular local area businesses and to Geodis Park, the newly opened home stadium of Nashville SC of the MLS, the largest soccer-specific stadium in North America. Bridge Investment Group is a joint venture equity partner on the project, investing in Emblem Park out of its Opportunity Zone Fund. Wintrust Bank will also provide a $65 million construction loan for the project. The design team includes general contractor Hardaway Construction and architectural firm EOA Architects. Manuel Zeitlin Architects is leading the design on the adaptive reuse of the Grooms Engine Warehouse. Additional partners include Kimley-Horn as civil engineer and Hawkins Partners leading landscape design. Emblem …

May 19, 2022

Acquisitions Multifamily Washington Western

EverWest Real Estate Investors Buys MUIR Apartments in Seattle for $54.5M

by Amy Works May 19, 2022

SEATTLE — Denver-based EverWest Real Estate Investors has purchased MUIR Apartments, a mixed-use multifamily property in downtown Seattle, for $54.5 million. Dylan Simon, Winslow Lee and Jerrid Anderson of the Simon and Anderson Team of Kidder Mathews’ Seattle office represented the undisclosed seller and sourced the buyer in the deal. Completed in 2019, MUIR Apartments features 130 apartments and a rooftop deck. The property takes its name from Camp Muir, a refuge on the ascent to Mount Rainier’s peak.

May 19, 2022

Development Florida Multifamily Southeast Top Stories

MG Developer, Baron Property Group to Build $204M Luxury Multifamily Project in Coral Gables, Florida

by Katie Sloan May 19, 2022

CORAL GABLES, FLA. — A partnership between MG Developer and Baron Property Group has announced plans for Merrick Parc, a $204 million, two-tower luxury multifamily project located at 3191 SW 39 Ave. in Coral Gables. Designed by Behar & Font, the 43,785-square-foot community will offer 450 rental units in one- and two-bedroom configurations alongside ground-floor retail space. The development site is located four miles from Miami International Airport and five miles away from downtown Miami’s Brickell neighborhood. The developers partnered with Colliers to finance an initial $24 million tranche with an additional $13 million in equity financing for the project, a timeline for which was not announced. The initial land acquisition was funded by S3 Capital and closed in late April. Demand is high for luxury rental units in the Miami and Coral Gables areas, according to Alirio Torrealba, CEO and founder of MG Developer. The company is currently developing a 10-story multifamily project in Hialeah, roughly 11 miles outside Miami, and is preparing to break ground on another 48-unit community in Coral Gables named Gables Village. A number of additional multifamily projects have been recently announced in the Miami area, including a $220 million mixed-use project by Shoma Group; …

May 19, 2022

Acquisitions Florida Loans Multifamily Southeast

Mesa West Provides $135M Acquisition Loan for Sophia at Abacoa Apartments in South Florida

by John Nelson May 18, 2022

JUPITER, FLA. — Mesa West Capital has provided a $135 million acquisition loan for The Sophia at Abacoa, a 390-unit multifamily community in Jupiter. Matt Williams and James Maynard of Newmark arranged the loan on behalf of the borrower, Berkshire Residential Investments. Located in the Abacoa neighborhood, Sophia at Abacoa was built in 2002 and offers a variety of one-, two- and three-bedroom floor plans housed in low-rise residential buildings on a 22-acre site. The property features a wide variety of amenities including a clubhouse, fitness center, two resort-style pools, dog park, sand volleyball court, outdoor grilling areas with picnic tables and a car detailing station. The property also benefits from being within walking distance of downtown Abacoa, which features shopping, dining and entertainment options. The Sophia at Abacoa is also near Roger Dean Stadium, the spring training facility for the Miami Marlins and the St. Louis Cardinals, in addition to 16 golf and country clubs in Jupiter. With the loan for Berkshire, Mesa West Capital has originated over $550 million in first mortgage and mezzanine debt in Florida over the past 12 months.

May 18, 2022

Development Loans Multifamily Southeast Tennessee

Legacy South, Patterson Close Construction Financing for Rowan Townhomes in Metro Nashville

by John Nelson May 18, 2022

ANTIOCH, TENN. — Legacy South, with the assistance of its capital advisor Patterson Real Estate Advisory Group, closed on equity and debt construction financing for The Rowan, an 80-unit rental townhome community in the south Nashville suburb of Antioch. Patterson arranged an undisclosed amount of joint venture equity financing with TriGate Capital and debt financing through Hancock Whitney. Upon completion, The Rowan will be spread across 16 different buildings with an average unit size of 1,575 square feet, and each unit will contain three bedrooms and three-and-a-half bathrooms. Situated near I-24, I-40, I-65 and Route 254, the property offers easy access to Nashville’s primary job centers, including Nashville International Airport and downtown Nashville.

May 18, 2022

Development Loans Multifamily Texas

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

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