Multifamily

JLL Secures Construction Financing for Preserve at Ridgeville Apartments Near Charleston

by Julia Sanders July 29, 2021

RIDGEVILLE, S.C. — JLL Capital Markets has secured an undisclosed amount of equity and construction financing for the development of Preserve at Ridgeville Apartments, a 240-unit, garden-style multifamily community near Charleston. Located at 1050 Old Gilliard Road in Ridgeville, the Preserve at Ridgeville will be situated 35.2 miles north of Charleston and 28.1 miles from Charleston International Airport. Once completed, the three-story property will feature a pool, health club with virtual classes, a bark park with pet washing area and a putting green. John Gavigan of JLL represented the development team of Piedmont Private Equity and Ecstatic Properties in arranging equity with American South Real Estate Fund, Material Capital Partners and Altriarch Capital, as well as a loan through Churchill Stateside Group LLC. Piedmont Private Equity is an Atlanta-based, privately held real estate operating and investment company.

July 29, 2021

Development Multifamily New Jersey Northeast

NRIA to Break Ground on 312-Unit Multifamily Project Near Manhattan

by Taylor Williams July 29, 2021

WEST NEW YORK, N.J. — On Aug. 2, locally based developer National Realty Investment Advisors (NRIA) will break ground on The Grand, the first of two 156-unit multifamily buildings that will be constructed at 508 51st St. in West New York, located across the Hudson River from Manhattan. NRIA will break ground on a later date on The Grand’s sister tower, The Metro, which will be located on 52nd Street. The Grand and The Metro will both rise 14 stories and feature fitness centers and rooftop entertainment areas. Residents will also have access to a business center and a grab-and-go convenience mart. Construction of both buildings is scheduled to be complete by summer 2023. The development will also include a 495-space parking garage in which 60 percent of the spaces will be available for public use.

July 29, 2021

Features Multifamily Seniors Housing

Seniors Housing Operators Adjust to Shifting Labor Landscape, Say Webinar Panelists

by Jeff Shaw July 29, 2021

Hiring and retaining good employees was already one of seniors housing operators’ top challenges before the COVID-19 pandemic struck. Despite the many new problems that the outbreak presented, many in the seniors housing industry saw a potential silver lining: With so many losing jobs in the hospitality sector, among others, would this be a chance for operators to snatch up those workers? Unfortunately, it appears that did not come to fruition. “When the pandemic started and there were so many layoffs in the hospitality industry, I thought ‘Here we go. We’re going to have this influx of people into senior living. This is really going to help our staffing challenges,’” said Lisa Lacy of Discovery Senior Living. “A year-and-a-half later we’re seeing the opposite of that. We’re competing with organizations that we didn’t compete with before. It’s not the community down the street. It’s fast food, Amazon, companies like that.” Lacy’s comments came during a webinar titled “Invigorating the Seniors Housing Workforce: Strategies to Inspire, Engage and Retain Talent” held July 22. Other panelists included moderator Gary Pederson of MatrixCare, Candace Matsuura of Westmont Living and Julie Podewitz of Vitality Living. Pederson echoed Lacy’s concerns about new competition. “There are …

July 29, 2021

Acquisitions Georgia Multifamily North Carolina Single-Family Rental Southeast

Haven Realty Capital Acquires Single-Family Rental Homes in Georgia, North Carolina for $80M

by Julia Sanders July 28, 2021

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

July 28, 2021

Development Georgia Multifamily Single-Family Rental Southeast

PulteGroup, Invitation Homes to Build 7,500 Single-Family Rental Projects in Next Five Years

by Julia Sanders July 28, 2021

ATLANTA AND DALLAS — Atlanta-based PulteGroup Inc. and Dallas-based Invitation Homes have formed a joint venture to build and lease new single-family rental homes. PulteGroup expects to design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in its single-family rental leasing portfolio. The companies have already agreed on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in growth markets such as Florida, Georgia, Southern California, North Carolina and Texas. PulteGroup Inc. is a homebuilding company with operations in more than 40 markets throughout the country. Invitation Homes is a single-family home leasing and management company.

July 28, 2021

Development Idaho Multifamily Western

Standard Communities Completes 173-Unit Multifamily Development in Idaho

by Amy Works July 28, 2021

BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise. Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project. Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; outdoor fireplaces; a conference room; a dog park and spa; covered parking spots for resident and public use; and storage for 192 bicycles. The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private patios and balconies, built-in shelving, smart home technology door locks and thermostats, and full-size washers and dryers.

July 28, 2021

Acquisitions California Multifamily Western

Mogharebi Group Arranges $15M Sale of Sandalwood Gardens Apartment Building in Fresno, California

by Amy Works July 28, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released. Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare center. Robin Kane and Brendan Kane of TMG represented the seller in the deal.

July 28, 2021

California Leasing Activity Multifamily Seniors Housing Western

JCH Negotiates Lease of 68-Unit Seniors Housing Community in Modesto, California

by Amy Works July 28, 2021

MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The lease rate is $200,000 per bed. Jim Hazzard and Cindy Hazzard handled the transaction process for JCH.

July 28, 2021

California Development Multifamily Office Retail Top Stories

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

by Julia Sanders July 28, 2021

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed. The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail. The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars. Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University. One of the sites …

July 28, 2021

Loans Multifamily Texas

Dwight Capital Provides $60M Loan for Refinancing of Multifamily Asset in Amarillo

by Taylor Williams July 28, 2021

AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $60 million bridge loan for the cash-out refinancing of Residences at Town Square, a 480-unit multifamily asset in Amarillo. The property was built in phases on a 32-acre site between 2015 and 2019 and offers amenities such as a fitness center, playground and a pool. Residences at Town Square also features 121,360 square feet of ground-floor retail space that is leased to a dental office, nail bar, spa and steakhouse. Daniel Malka of Dwight Capital originated the financing, and Daniel Hartnett of Greysteel arranged the debt.

July 28, 2021

Newer Posts

Older Posts