Multifamily

Mia Rose Holdings to Develop 204-Unit Luxury Apartment Complex in Valley Park, Missouri

by Kristin Harlow August 23, 2021

VALLEY PARK, MO. — Mia Rose Holdings and entrepreneur Jim Cook are developing 44 West Luxury Living, a 204-unit apartment complex in Valley Park, about 20 miles southwest of St. Louis. Construction is scheduled to begin in October with completion slated for fall 2022. There will be 60 two-bedroom units and 144 one-bedroom units spread across five buildings. Amenities will include a dog park, walking path, pool, pickleball court, outdoor lounge and picnic area. Additionally, a 3,800-square-foot clubhouse will be home to a conference center, package concierge, coffee bar and fitness center. The project team includes general contractor Wright Construction, architect Rosemann & Associates PC and engineer Premier Design Group. The property manager will be 2B Residential.

August 23, 2021

Iowa Loans Midwest Multifamily Seniors Housing

Marcus & Millichap Capital Corp. Arranges $20.2M Construction Loan for Seniors Housing Project in Iowa

by Kristin Harlow August 23, 2021

DAVENPORT, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $20.2 million loan for the development of Meadowview of Davenport. The 106-unit senior living development in Davenport will include 43 independent living units, 35 assisted living units and 28 memory care units. Frank Montalto and Dean Giannakopoulos of MMCC arranged the five-year loan, which features a 3.75 percent interest rate. The undisclosed borrower has experience developing similar projects, according to Montalto.

August 23, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Brokers Sale of 170-Unit Apartment Community in Round Lake, Illinois

by Kristin Harlow August 23, 2021

ROUND LAKE, ILL. — Berkadia has brokered the sale of Rosewood Apartments in Round Lake, a far northwest suburb of Chicago. The sales price was undisclosed. Built in 1976 and renovated in 2006, the 170-unit apartment community is located at 216 W. Forest Ave. The three-story property offers one-, two- and three-bedroom floor plans. Ralph DePasquale of Berkadia Chicago represented the seller, Rosewood Apartments LP. Rosewood Harmony Housing LLC was the buyer.

August 23, 2021

Acquisitions Arizona Multifamily Western

WhiteHaven Capital Sells Canyon 35 Multifamily Property in Phoenix for $15.5M

by Amy Works August 23, 2021

PHOENIX — WhiteHaven Capital has completed the disposition of Canyon 35, an apartment community located at 4336 N. 35th Ave. in Phoenix. A Utah-based fund manager acquired the asset for $15.5 million. Built in 1986, Canyon 35 features 98 apartments, a leasing office, pool, covered parking, laundry facilities and gym. The seller completed a programmatic renovation on 97 of the 98 units during its three-year ownership of the property. Paul Bay and Darrell Moffitt of Marcus & Millichap handled the transaction.

August 23, 2021

Loans Multifamily Washington Western

RMR Mortgage Arranges $12.5M Acquisition Loan for 80 Main Apartments in Seattle

by Amy Works August 23, 2021

SEATTLE — RMR Mortgage Trust (NASDAQ: RMRM) has closed a $12.5 million first-mortgage, floating-rate bridge loan to finance Unico Properties’ acquisition of 80 Main, a multifamily property located at 80 S. Main St. in Seattle. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. RMR’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap company, which advised the sponsor.

August 23, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Development Loans Multifamily New York Northeast Top Stories

Joint Venture Receives $181.9M in Financing for Multifamily Redevelopment in White Plains, New York

by Taylor Williams August 23, 2021

WHITE PLAINS, N.Y. — A joint venture led by locally based development and investment firm Rose Associates Inc. has received $181.9 million in financing for a multifamily redevelopment project in White Plains, a northern suburb of New York City. Los Angeles-based Pacific Western Bank provided a $134.5 million senior construction loan for the project. New York City-based Square Mile Capital contributed a $47.4 million preferred equity investment to round out the capital stack. The joint venture, the other members of which were not disclosed, will convert a vacant office building located at 440 Hamilton Ave. into a 13-story, 255-unit apartment community that will be known as The Lofts. This building will include 3,400 square feet of retail space. The development team also plans to construct a seven-story, 213-unit multifamily family building on the site from the ground up. The final piece of construction will be a six-story, 575-space parking garage. The development will feature a suite of Class A amenities that includes a pool and a fitness center. Of the development’s 468 total units, 8 percent (approximately 37 residences) will be earmarked as affordable housing. Specific income restrictions for these units were not disclosed. A construction timeline for the groundbreaking …

August 23, 2021

Market Reports Multifamily Washington Western Western Market Reports

Seattle’s Apartment Market Roars to Life

by Jeff Shaw August 23, 2021

By Dylan Simon, Executive Vice President and Multifamily Specialist, Kidder Mathews It’s always easy to pick on the new kid. Seattle has enjoyed its emergence as a global city and, as such, exemplified “New Kid-itis” — yet it’s roaring back to life, and critics should take notice. It was only 18 months ago that Seattle could do no wrong. The city was teeming with young, upwardly mobile and highly employable apartment renters clamoring for places to live while selecting high earning jobs of their choice. Skyrocketing demand across nearly all sectors of commercial real estate was palpable, especially apartments. The impacts of COVID-19 and social unrest that ravaged the nation had a disproportionate impact on many urban centers. Arguably, its effects on Seattle lingered the longest. Demand for high-rise office space remained questionable as apartment renters second guessed urban living altogether. Civic dysfunction amplified the questioning of downtown Seattle’s livability, causing the apartment market to noticeably suffer. Yet spring is a time for regeneration and growth, and spring 2021 marked a turning point for the Seattle region and the entire apartment market. Occupancy Returns to Pre-Pandemic Levels The Seattle region’s multifamily market unquestionably enjoyed a bull run this past decade. Average …

August 23, 2021

Development Florida Multifamily Southeast Top Stories

Melo Group Completes 52-Story Downtown 5th Apartment Towers in Miami

by Julia Sanders August 20, 2021

MIAMI, FLA. — Melo Group has completed Downtown 5th, a pair of 52-story towers in downtown Miami with 1,042 rental apartments and approximately 12,500 square feet of ground-floor retail space. Construction began in late 2019 and move-ins are currently underway. Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 square feet in size. Monthly rental rates range from approximately $1,700 to $4,000. East Tower is now open for tenant move-ins, and South Tower is about to open. Both towers are fully leased. “As corporations, finance firms and tech companies continue to look to relocate or expand to downtown Miami, the city is evolving into a global destination for business and lifestyle,” says Martin Melo, principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out of state, with many relocating from cities in the northeast and California.” Located at 55 & 25 NE 5th St. in the center of downtown Miami’s Central Business District, Downtown 5th is situated approximately seven miles from the Miami International Airport and is about 5.9 miles from Miami Beach. The property is …

August 20, 2021

Loans Louisiana Multifamily Southeast

Dwight Capital Provides $31.4M HUD-Insured Loan for Highland Club Apartments in Baton Rouge

by Julia Sanders August 20, 2021

BATON ROUGE, LA. — Dwight Capital has provided a $31.4 million HUD-insured loan for Highland Club Apartments, a 279-unit garden-style multifamily community in Baton Rouge. Located at 17505 Jefferson Highway, Highland Club is situated about 15.5 miles from downtown Baton Rouge. Built in three phases between 2003 and 2019, the property includes 28 buildings and a clubhouse situated on over 23 acres. The average square feet of the units is 1,162 square feet. Community amenities include a pet park, swimming pool, poolside cabanas, picnic/barbecue area, business center, fitness center and walking trails. Josh Sasouness of Dwight Capital originated the transaction. The loan benefitted from a green mortgage insurance premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified. The loan was given to HCone LLC, the borrowing entity.

August 20, 2021

Newer Posts

Older Posts