Multifamily

Greystone Provides $27.6M HUD-Insured Loan for Refinancing of Metro Houston Apartments

by Taylor Williams August 17, 2021

HUMBLE, TEXAS — Greystone has provided a $27.6 million HUD-insured loan for the refinancing of Willowbend Apartments, a 228-unit multifamily complex located in the northern Houston suburb of Humble. Built in 2016, the 10-building property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, pet park and an outdoor kitchen with grilling areas. Eric Rosenstock of Greystone originated the financing, which was structured with a fixed interest rate and a 35-year term and amortization schedule, through HUD’s 223(f) program on behalf of the borrower, Partin Properties LLC.

August 17, 2021

Build-to-Rent Features Multifamily Single-Family Rental Southeast Feature Archive

No Place Like Home: SFR Market Grows in Southeast as In-Migration Soars

by Kristin Harlow August 17, 2021

By Sudha Reddy, Haven Realty Capital Single-family rentals have taken off in various areas across the country. But they’re boiling in the Southeast. The strength in the Southeast shouldn’t be a surprise as the region has enjoyed substantial employment and population growth over the past decade — well before COVID-19 hit last year. In 2018, the Southeast led other regions in net inflow, gaining around 959,000 new residents from different areas of the United States and around the globe, according to the U.S. Census Bureau. This strong growth showed up in cities and states throughout the region. Among states, Florida led the way, with 566,476 people moving from another state. Of the cities with a population of 50,000 or more, the Southeast had 10 of the top 15 fastest-growing large U.S. cities between 2010 and 2020, according to the U.S. Census Bureau. While the region was flourishing before COVID-19, the pandemic accelerated its population gains and spotlighted them. This migration has created a fertile climate for single-family rental builders and investors. Despite the intense interest, investors have been able to find many great opportunities in the region over the past year with even more properties coming in the pipeline. Moving …

August 17, 2021

Loans Massachusetts Multifamily Northeast

MMCC Places $5M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams August 17, 2021

REVERE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has placed a $5 million loan for the refinancing of a 30-unit apartment building in Revere, a northeastern suburb of Boston. Robert Damigella of MMCC arranged the 20-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.

August 17, 2021

Healthcare Life Sciences Market Reports Multifamily Northeast Northeast Market Reports Office

How Multifamily Owners Can Cater to the Northeast’s Growing Base of Life Sciences Renters

by Taylor Williams August 17, 2021

By Justin Wybenga, vice president of asset services, GMH Communities Every day, we see the world constantly changing. Whether it’s advancements in technology, culture, arts or sciences, there are many things to look forward to as life and business return to normal. One sector of commercial real estate that continues to experience breakthroughs is life sciences. Case in point: Mayor Bill de Blasio and the NYC Economic Development Corp. announced that the organization would double its investment to $1 billion to establish New York City as the global leader in life sciences. With the increasing demand for research and lab space comes an emerging need for innovative housing that supports the rapidly growing population of researchers, professors, graduate students and third-shift workers. Historically, amenities and services for this group have been an afterthought. We saw a void in this space and recently launched a completely new vertical called “Innovative Living.” Innovative Living takes best practices from conventional multifamily and student housing, including cutting-edge technology and best-in-class amenities and services, and tailors those features to accommodate the specific needs of professionals and graduate and postgraduate students working or learning in major innovation hubs. Understand Residents’ Needs Fostering a collaborative living environment …

August 17, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 589-Unit Multifamily Development in Fort Worth

by Taylor Williams August 16, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Lofts at Alta LeftBank and The Flats at Alta LeftBank, a two-property, 589-unit multifamily development in Fort Worth. Built in 2018, both communities are located on a 44-acre site at 600 Harrold St. in the city’s West 7th Street District. Both communities offer amenities such as pools, demonstration kitchens, social lounges and fitness centers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, and Taylor Hill of IPA represented the seller, a partnership between developer Wood Partners and Goldman Sachs Asset Management, in the transaction. Lubbock-based Madera Residential purchased the development for an undisclosed price.

August 16, 2021

Loans Multifamily Texas

Dwight Capital Provides $21M HUD-Insured Loan for Refinancing of Amarillo Apartment Community

by Taylor Williams August 16, 2021

AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $21 million HUD-insured loan for the refinancing of Ridgewood Apartments, a 240-unit property in Amarillo. The 10-building community was constructed in 2015 and features a pool, playground, business center, fitness center, basketball and volleyball courts and a party room. Daniel Malka of Dwight Capital originated the financing. The borrower was not disclosed.

August 16, 2021

Acquisitions Multifamily Texas

CBRE Brokers Sale of 148-Unit Riverside Place Apartments in Grand Prairie, Texas

by Taylor Williams August 16, 2021

GRAND PRAIRIE, TEXAS — CBRE has brokered the sale of Riverside Place, a 148-unit apartment complex located in the central metroplex city of Grand Prairie. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, conference and meeting space, business center, outdoor grilling stations, coffee bar, pet park and package lockers. Chris Deuillet and William Hubbard of CBRE represented the seller, Irving, Texas-based MPH Partners, in the transaction. California-based Shore to Shore Properties purchased the asset for an undisclosed price.

August 16, 2021

Development Illinois Midwest Multifamily Seniors Housing

Ryan Tops Off $117M Senior Living Community in Chicago

by Kristin Harlow August 16, 2021

CHICAGO — Ryan Cos. US Inc. has topped off Clarendale Six Corners, a $117 million senior living community on the Northwest Side of Chicago. Construction of the 10-story, 258-unit project began in January. Completion is slated for fall 2022. Ryan is serving as developer, architect, builder and capital markets partner. Ryan owns the project in a joint venture with LCS and Harrison Street. LCS will handle the day-to-day operations and Ryan will provide asset management services. The 258 units will be comprised of independent living, assisted living and memory care residences, including 11 affordable units for residents at certain income levels. The project will include an outdoor sky terrace on the fourth floor and 18,000 square feet of street-level retail space. Resident amenities will include an eatery, cocktail bar, billiards lounge, massage room, full-service salon, fitness center, fine dining experiences and weekly housekeeping. Clarendale Six Corners will be the 10th Clarendale senior living property in Ryan’s portfolio.

August 16, 2021

Acquisitions Multifamily North Carolina Southeast

Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M

by Julia Sanders August 16, 2021

WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million. The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community was 99 percent occupied at the time of the sale. Units include granite or quartz kitchen and bathroom countertops, wood-style flooring, slide-in oven and stoves, in-unit washers and dryers and balconies or porches. Community amenities include a clubhouse with a conference center, kitchen facility, business center, movie theater, fitness center, package locker center, outdoor swimming pool with sundeck, poolside grilling pavilion, bocce ball court and a resident car wash facility. The former owner renovated approximately 140 of the 264 units within The Reserve at Mayfaire. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as …

August 16, 2021

Development Multifamily Washington Western

High Street Residential Breaks Ground on Corner 63 Multifamily Project in Seattle

by Amy Works August 16, 2021

SEATTLE — High Street Residential, the residential subsidiary of Trammell Crow Co., has broken ground on Corner 63, an apartment community located at 6300 Ninth Ave. in Seattle. The project is the company’s first residential development in the city and is being built in a joint venture with a MetLife Investment Management client. Slated for completion in spring 2023, Corner 63 will feature 139 apartments, co-working space, a fitness center, club room, bike repair facility, pet spa and secure subterranean parking. Outdoor amenities will include a ground-floor courtyard connected to the lobby and club room, a dog walk and an expansive rooftop deck with barbecue grills and a firepit. B+H Architects is designing the project and Chinn Construction is serving as general contractor. Avenue5 will serve as property manager.

August 16, 2021

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