AUSTIN, TEXAS — San Antonio-based investment firm Embrey has acquired Arboretum Oaks, a 252-unit apartment community in northwest Austin. Embrey acquired the property in partnership with Black Salmon Capital from an undisclosed seller. The property features one- and two-bedroom units and amenities such as a pool, fitness center, pet park, business center, clubroom, laundry facilities and a package handling system. Matt Pohl and Spencer Roy of Walker & Dunlop brokered the sale. Patrick Short and Tom Toland, also with Walker & Dunlop, arranged acquisition financing for the deal through global investment management firm Heitman LLC. The new ownership plans to implement a value-add program.
HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.
RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …
DALLAS — Locally based financial intermediary Terrydale Capital has arranged a pair of loans totaling $5.1 million for the acquisition of two Dallas multifamily properties comprising 12 units. The properties are located at 5931 Ross Ave. and 6035-6059 La Vista Drive in the city’s Greenville area. Chris Formichella of Terrydale Capital arranged the loans through a correspondent agency lender on behalf of the undisclosed borrower.
JERSEY CITY, N.J. — JLL has arranged a $25.5 million loan for the refinancing of Nest Micro Apartments, a multifamily complex in Jersey City. Built in 2021, Nest Micro consists of 122 studio apartments and 1,350 square feet of ground-floor retail space. Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio of JLL arranged the loan through Argentic Investment Management on behalf of the borrower, an entity doing business as 190 Academy Urban Renewal LLC.
CHICAGO — Kiser Group has brokered the sale of a 21-unit apartment building in Chicago’s East Rogers Park neighborhood for $3.2 million. The property is located at 1237 W. Morse Ave. and includes 14 one-bedroom units and seven two-bedroom units as well as nine parking spaces. Danny Logarakis of Kiser represented the seller, who had owned the property for more than two decades and completed upgrades. Logarakis also represented the undisclosed buyer, who is expected to renovate units and increase rents.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have praised the Biden administration on the release of the Housing Supply Action Plan, which aims to alleviate the housing affordability crisis and lower costs for renters. Under the plan, the administration outlined new measures that would produce more housing supply, including more affordable housing units, over the course of the next five years. The plan includes several concepts previously proposed in the Build Back Better bill that passed in the House but stalled in the Senate. Though the NMHC and NAA have acknowledged that there is no “single magic bullet” that can solve the nation’s housing shortage, they underlined that the current crisis is the result of decades of policy failures to address the growing shortage of housing production. In their reaction, both associations point to research conducted by Hoyt Advisory Services that found that the U.S. will need to build an average of 328,000 apartments every year through 2030 to keep up with national demand. That mark has only been achieved five times since 1989. The NMHC and NAA states they are particularly encouraged by specific aspects of the proposed policy. The NAA recently …
ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …
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Build-to-Rent Planning and Entitlements: How to Avoid Challenges
The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $22.5 million sale of a 96-unit multifamily building located in the Morris Heights area of The Bronx. Constructed in 2004, the building rises 13 stories and spans 93,430 square feet. The unit mix comprises one studio, 22 one-bedroom apartments and 73 two-bedroom residences. Daniel Mahfar, Victor Sozio and Shimon Shkury of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.