Multifamily

Howard Hughes Developing Two New Projects in Las Vegas’ Summerlin Community

by Amy Works June 14, 2021

LAS VEGAS — The Howard Hughes Corp. has broken ground on two new projects at Summerlin in Las Vegas: 1700 Pavilion and Tanager Echo. Located directly south of the Las Vegas Ballpark, the 10-story 1700 Pavilion will feature 267,000 square feet of office space on three acres. The property will offer touchless entry from the garage to tenant suits and enhanced filtration throughout the building. Completion is slated for third-quarter 2022. The project team for 1700 Pavilion includes Hart Howerton, KGA Architects, Whiting Turner and CBRE as broker of record. Tanager Echo will bring 295 additional residential units to downtown Summerlin as the second phase of the Tanager multifamily project. The planned five- to six-story building will wrap around a 455-space parking garage allowing tenants direct parking access to their floor of residence. The unit mix will include studio, junior one-bedroom apartments and single- and two-bedroom apartments. Community amenities will include a clubhouse with concierge service, co-working area and lounge space, private dining room, a two-story entertainment space with bar, pool table, gaming area, fireplace and oversized seating for large gatherings and an outdoor pool area and spa with private cabanas, lounge seating, a firepit and barbecue areas. Additionally, the …

June 14, 2021

Development Florida Multifamily Southeast

Bristol Development, Hallmark Partners Open 308-Unit Vista Brooklyn Apartments in Jacksonville

by Julia Sanders June 14, 2021

JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners have opened Vista Brooklyn, an apartment community situated between Five Points and downtown Jacksonville. Located at 200 Riverside Ave. on the corner of Riverside Avenue and Jackson Street, Vista Brooklyn includes 308 units ranging from studios to three-bedroom apartments. The community offers common and coworking spaces and views of downtown Jacksonville and the St. Johns River. Community amenities include a rooftop pool, beer garden and gathering space, a yoga and meditation suite, onsite dog park and grooming, a bike shop and storage area and a high-tech fitness center. The community also features over 13,000 square feet of new retail space on the ground floor lining Riverside Avenue. The property has opportunities for a restaurant concept, coffee shop or other retail uses. Due to the COVID-19 pandemic, there were many health enhancements to the property, such as touchless faucets in the kitchen, antimicrobial quartz countertops throughout each unit and Bluetooth-enabled locks. Brasfield Gorrie served as the general contractor for Vista Brooklyn, ETM was the civil engineer and JDavis Architects as the architect. The property is currently open for leasing, and NAI Hallmark is the leasing agent of record for the development’s commercial …

June 14, 2021

Development Multifamily Texas

SWBC to Develop 540-Unit Multifamily Project in Metro Dallas

by Taylor Williams June 14, 2021

CELINA, TEXAS — Texas-based developer SWBC has acquired 24 acres at the intersection of Legacy Drive and Frontier Parkway in the northern Dallas suburb of Celina for the development of a 540-unit multifamily project. The first phase of the Class A property will consist of a 270-unit complex that will be designed by Cross Architects and branded The Royalton at Creeks of Legacy. Units will feature one-, two- and three-bedroom floor plans with an average size of 900 square feet. Amenities will include a pool, fitness center, dog park and outdoor grilling and picnic areas. Construction is set to begin in the first quarter of 2022 and to last about 24 months.

June 14, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of Two San Antonio Properties Totaling 400 Units

by Taylor Williams June 14, 2021

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Limestone Oaks and Townhomes at Limestone Oaks, two multifamily properties totaling 400 units in northwest San Antonio. The properties were built in 1981 and 1984, respectively. Bryce Smith of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 14, 2021

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 288-Unit Broadway Apartments in Metro Dallas

by Taylor Williams June 14, 2021

GARLAND, TEXAS — Western Wealth Capital, an investment firm based in Vancouver, has acquired the 288-unit Broadway Apartment Homes in the northeastern Dallas suburb of Garland. Built in 1982, the community features one- and two-bedroom units and amenities such as two pools, a fitness center and jogging trails. Bard Hoover, Nick Fluellen and David Fersing of Marcus & Millichap, along with Drew Kile and Joey Tumminello of Institutional Property Advisors, brokered the deal. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

June 14, 2021

Loans Multifamily Northeast Pennsylvania

BGL Arranges Loan for Refinancing of 151-Unit Apartment Building in Pittsburgh

by Taylor Williams June 14, 2021

PITTSBURGH — Brown Gibbons Lang & Co. (BGL) has arranged a loan of an undisclosed amount for the refinancing of Heinz at 950 North Shore, a 151-unit apartment building in downtown Pittsburgh. The four-story building was originally constructed in the 1930s as the headquarters of the H.J. Heinz Co. Asia Commercial Real Estate provided the financing to the borrower, MCM Co. Inc.

June 14, 2021

Loans Multifamily New York Northeast

Trevian Capital Provides $6.4M Loan for Multifamily Building in Queens

by Taylor Williams June 14, 2021

NEW YORK CITY — Trevian Capital, a locally based direct lender, has provided a $6.4 million bridge loan for a 10-unit multifamily building located in the Astoria neighborhood of Queens. The funds will be used to pay off maturing construction debt and fund final cosmetic finishes. The name of the property and the borrower were not disclosed.

June 14, 2021

Development Midwest Multifamily Seniors Housing Wisconsin

Kraus-Anderson Begins Construction of $20M Senior Living Facility in Sparta, Wisconsin

by Kristin Harlow June 14, 2021

SPARTA, WIS. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located at 14400 County Highway B in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment complex, whereby residents have independent apartments with their own entrances, kitchens and bathrooms. Nursing, medical visits, therapy and short-term rehab services will be available onsite. Residents will have access to a beauty and barber shop, bistro, outdoor spaces and a variety of activities directed by Therapeutic Recreation Specialists. Completion of the project is slated for summer 2022.

June 14, 2021

Affordable Housing Development Indiana Midwest Multifamily

HVAF of Indiana, Woda Cooper Break Ground on 61-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow June 14, 2021

INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi. The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness. Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, …

June 14, 2021

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Provides $12.2M Loan for Refinancing of Townhome Property in Metro Grand Rapids

by Kristin Harlow June 14, 2021

LOWELL, MICH. — Walker & Dunlop Inc. has provided a $12.2 million Fannie Mae loan for the refinancing of Townhomes at Two Rivers in Lowell, located about 17 miles east of Grand Rapids. The 80-unit property features amenities such as a fitness center, enclosed dog park, covered picnic area and access to walking trails. Benjamin Krosin of Walker & Dunlop originated the 10-year loan on behalf of the borrower, Forest Hills Homes. Kari Zapolski of Inner Circle Holdings arranged the loan.

June 14, 2021

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