Multifamily

High Street Residential, PGIM Break Ground on 192-Unit Raintree Multifamily Community Near Phoenix

by Amy Works February 1, 2022

SCOTTSDALE, ARIZ. — High Street Residential and its joint venture partner PGIM Real Estate have broken ground on Raintree Multifamily, an apartment community in Scottsdale. Slated for completion in 2023, the five-story residential building will feature 192 apartments. The new development, which will receive a formal name at a later date, is situated next to Trammell Crow Co. and PGIM’s 175,000-square-foot Axis Raintree office building that was completed in January 2021. High Street Residential is a multifamily subsidiary of Trammell Crow. Units at the multifamily property will range in size from junior one-bedrooms to two-bedrooms and feature built-in workstations in select homes, quartz countertops, stainless steel appliances and large outdoor patios. Community amenities will include a sky lounge, an outdoor courtyard, a large amenity park with dog run, work-from-home area with ample individual workspaces, pool, spa, fitness center and pet lounge. ESG Architects is serving as architect and Weitz Co. is serving as general contractor for the residential portion of the development. High Street/Trammell Crow and PGIM purchased the entire 8.24-acre parcel of land in 2019 and began construction on Axis Raintree in October 2019. The office building is complete and available for lease, with CBRE marketing the asset.

February 1, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $7M Sale of Bella Villas Apartments in Scottsdale, Arizona

by Amy Works February 1, 2022

SCOTTSDALE, ARIZ. — ABI Multifamily has negotiated the sale of Bella Villas Apartments, a multifamily community in Scottsdale. The property traded for $7 million, or $333,333 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1960, Bella Villas Apartments features 21 garden-style, two-bedroom/two-bath floor plans with air conditioning/heating, refrigerators and ranges/ovens. Community amenities include onsite laundry, private yards, covered parking and a community swimming pool. Royce Munroe of ABI Multifamily represented both parties in the transaction.

February 1, 2022

Acquisitions Multifamily Texas

29th Street Capital Buys 320-Unit Villas at Hermann Park Apartments in Houston

by Taylor Williams February 1, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased Villas at Hermann Park, a 320-unit apartment community located near Texas Medical Center in Houston. Built in 2000, the property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, two conference rooms, a 24-hour fitness center, package pickup room, outdoor grilling and picnic stations and shuttle service to Texas Medical Center. The new ownership plans to implement a value-add program. The seller was not disclosed.

February 1, 2022

Acquisitions Multifamily Texas

Northland Acquires 300-Unit Legend Apartments in Waco

by Taylor Williams February 1, 2022

WACO, TEXAS — Northland, a private equity real estate firm based in metro Boston, has acquired The Legend, a 300-unit apartment community located about six miles southwest of downtown Waco. The property, which according to Apartments.com was built on 17 acres in 2015, features one-, two- and three-bedroom units that are furnished with wood-style plank flooring, granite countertops and individual washers and dryers. Amenities include a pool, clubhouse, business center and café, fitness center, grilling and picnic stations and a pet park. The seller and sales price were not disclosed.

February 1, 2022

Loans Multifamily New York Northeast

Parkview Financial Provides $90M Construction Loan for Newark Multifamily Project

by Taylor Williams February 1, 2022

NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $90 million construction loan for Phase I of The Halo, a 43-story high-rise apartment building in Newark. Phase I will consist of 297 units with a mix that comprises 156 studios, 84 one-bedroom units and 57 two-bedroom units. Amenities will include a pool, sauna, fitness center, multiple lounge rooms, a game room, conference rooms with private office suites, shared workspaces and a rooftop deck. The borrower, New Jersey-based Acier Holdings, has secured approval to develop up to 949 units across three towers on the site. Two New York City-based firms, INOA Architecture and general contractor Hudson Meridian HM, are respectively designing and constructing the project. Construction of the initial phase is set to begin immediately, with completion slated for January 2024.

February 1, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Inspire Development Breaks Ground on $2B Mixed-Use Campus in Northwest Austin

by John Nelson February 1, 2022

AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …

February 1, 2022

Acquisitions Massachusetts Multifamily Northeast

DSF Group Acquires Apartment Community in Milford, Massachusetts for $87M

by Taylor Williams February 1, 2022

MILFORD, MASS. — An affiliate of Boston-based DSF Group has acquired Rolling Green Apartments, a 304-unit multifamily community located about 40 miles southwest of Boston in Milford, for $87 million. Built in 1970, the 29-building community offers one-, two- and three-bedroom units. About 30 percent (88) of the residences are townhomes that average 1,060 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based Philmor Real Estate Investments, in the transaction.

February 1, 2022

Market Reports Multifamily Texas Texas Market Reports

Multifamily Represents the Land of Opportunity for North Texas Developers in 2022

by Taylor Williams February 1, 2022

By John Griggs, co-founder, co-CEO, Presidium Everything is bigger in Texas, including the opportunity for apartment investment, development and absorption — and the nation is catching on. In 2021, Dallas-Fort Worth (DFW) again led the country in the number of multifamily units delivered, adding more than 20,000 new residences for the fourth year in a row. With the thriving economy, lower taxes, central location and an influx of people moving to the area via natural net migration and corporate relocations, it’s not surprising that the demand for apartment units is at an all-time high. A study from RealPage reported that the issuance of North Texas apartment building permits saw a 27 percent uptick in the 12-month period between September 2020 and 2021, one of the heftiest increases among the 10 largest U.S. markets. While the hyper growth the DFW area is experiencing is a positive thing, it’s shaping the economic landscape so rapidly that developers have to adapt efficiently and effectively. Supply chain issues and production bottlenecks are further complicating this equation. Desirability Brings Demand A clear benefit for us in the current North Texas real estate industry is that population, job opportunities and incomes are surging. The flood of …

February 1, 2022

Loans Multifamily New Jersey Northeast

Greystone Arranges $47M Loan for Refinancing of Jersey City Multifamily Property

by Taylor Williams February 1, 2022

JERSEY CITY, N.J. — Greystone has arranged a $47 million bridge loan for the refinancing of 28 Cottage, a 166-unit multifamily property located in the Journal Square neighborhood of Jersey City. According to Apartments.com, the property features studio and one-bedroom units and amenities such as a fitness center, clubhouse and rooftop terrace. Cerberus Capital Management provided the loan, which retires the original construction debt issued by Centennial in 2019, on behalf of the borrower, New York-based Namdar Group. Drew Fletcher, Matthew Hirsch and Bryan Grover led the debt placement for Greystone.

February 1, 2022

Content Partner Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Investment, Financing in Seniors Housing Driven by Property Performance

by Sarah Daniels February 1, 2022

If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …

February 1, 2022

Newer Posts

Older Posts