Multifamily

Clayco Breaks Ground on 28-Story PALMtower Apartment Building in Downtown Phoenix

by Julia Sanders January 14, 2022

PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed. PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 spaces and 120 spots for bike parking. The property will also include a 17,500-square-foot seventh-floor amenity level with an indoor-outdoor common space. The outdoor amenities will include a pool, spa, outdoor kitchen, native gardens and 360-degree city views. Indoor amenities will feature a resident’s club, media room, lounge areas and fitness and yoga centers. The project is landlocked on all sides in one of downtown Phoenix’s most constrained sites, according to Clayco. The 481,980-square-foot building’s exterior cladding will include glass and metal paneling. Located at 440 East Van Buren St., PALMtower is located less than a half mile from the Arizona State University Downtown Phoenix campus and across the street from the University of Arizona College of Medicine campus. The property will be located near retailers and restaurants, including …

January 14, 2022

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $68.8M Sale of Three-Property Multifamily Portfolio in North Charleston

by Julia Sanders January 14, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of a three-property, 430-unit multifamily portfolio in North Charleston. The sales price for the portfolio was $68.8 million, or $160,105 per unit. Ian Turnbull, Jim Davis, Nate McDaniel and William Graves Jr. of Marcus & Millichap represented the undisclosed seller, the developer of the properties, and procured the undisclosed buyer, a private investor. The properties include Summerfield Apartments, Willow Ridge Apartments and Dove Creek Townhomes. Built in 2009, Summerfield includes 152 units and was sold for $24.7 million. Willow Ridge is a 145-unit property built in 2002 and was sold for $22.5 million. Built in 2010, Dove Creek features 133 units and was sold for $21.6 million.

January 14, 2022

Affordable Housing Development Iowa Midwest Multifamily

TWG Breaks Ground on $49M Mixed-Income Apartment Community in Cedar Rapids, Iowa

by Kristin Harlow January 14, 2022

CEDAR RAPIDS, IOWA — Developer TWG has broken ground on Annex on the Square, a $49 million mixed-income apartment community in downtown Cedar Rapids. The property will include 202 units for residents earning up to 60 percent of the area median income along with 22 market-rate units. TWG will serve as owner and general contractor. Amenities will include a pool, fitness room, business center, bike storage, gated garage and top-floor deck. The development will also include 1,219 square feet of retail space. Studio Architecture is the project architect. Jeremy Tipton of NAI Iowa Realty Commercial coordinated the land acquisition. Completion is slated for January 2024.

January 14, 2022

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Negotiates $42.5M Sale of Multifamily Portfolio in Kansas City

by Kristin Harlow January 14, 2022

KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.

January 14, 2022

Acquisitions Midwest Multifamily Nebraska

Mohr Partners Brokers Sale of Historic Apartment Building in Downtown Omaha

by Kristin Harlow January 14, 2022

OMAHA, NEB. — Mohr Partners Inc. has brokered the sale of Orpheum Tower in downtown Omaha for an undisclosed price. Upon its construction in 1910, the 16-story tower was the tallest office building in Omaha at 220 feet. It was converted into 132 apartment units and served as the city’s tallest apartment tower until 2013. The building is listed on the National Register of Historic Places. Grant Palmer and Eric Beichler brokered the sale. A private REIT purchased the asset.

January 14, 2022

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Underway on $23M Workforce Housing Community in Bloomington, Indiana

by Kristin Harlow January 14, 2022

BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank provided $18.1 million in funding. Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market, according to Kyle Bach, CEO of Annex. Bach says this new project is in response to the need for housing in the area. A percentage of the units are restricted for residents earning below 120 percent of the area median income.

January 14, 2022

Acquisitions Multifamily Texas

Eagle Property Capital Sells 331-Unit Montecito Club Apartments in Arlington

by Taylor Williams January 14, 2022

ARLINGTON, TEXAS — Miami-based Eagle Property Capital (EPC) has sold Montecito Club, a 331-unit apartment community in Arlington that was built in phases between 1968 and 1979. Montecito Club features studio, one-, two- and three-bedroom residences that offer private balconies and patios in select units. Communal amenities include a pool, business center, fitness center, resident clubhouse, sports court, dog park and outdoor grilling and picnic areas. New York City-based APF Properties purchased the asset for an undisclosed price. EPC originally acquired the asset in 2016 and renovated unit interiors, upgraded common areas and amenity spaces and implemented more water- and energy-saving programs.

January 14, 2022

Development Multifamily Texas

Banyan Residential, Bridge Break Ground on 289-Unit Multifamily Project in Dallas

by Taylor Williams January 14, 2022

DALLAS — Los Angeles-based Banyan Residential, in partnership with Bridge Investment Group, has broken ground on Banyan Flats, a 289-unit multifamily project that will be located at 2022 N. Beckley Ave., just west of downtown Dallas. Floor plans will feature micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Amenities will include a pool, fitness center, clubhouse, dog wash and a rooftop deck. JHP Architecture is designing the project. J.P. Morgan provided construction financing for the project, which is slated for a 2023 completion.

January 14, 2022

Hawaii Loans Multifamily Seniors Housing Western

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

by Amy Works January 14, 2022

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.

January 14, 2022

Acquisitions Affordable Housing Colorado Multifamily Western

Kairos Investment Buys 103-Unit Forest Manor Apartments in Glendale, Colorado

by Amy Works January 14, 2022

GLENDALE, COLO. — Kairos Investment Management Co. has acquired Forest Manor Apartments, an affordable multifamily property located at 625 S. Forest St. in Glendale. Terms of the transaction were not released. Built in 1974, Forest Manor features 103 apartments in a mix of a single studio, 74 one-bedroom and 28 two-bedroom units with air conditioning, carpeted floors and spacious closets. The property was last renovated in 2001. Community amenities include a swimming pool and laundry facilities. Kairos plans to renovate the asset by implementing interior and exterior upgrades, including interior repairs and upgrades to units, new flooring for interior hallways, exterior roof repairs, pool renovation and common-area amenities.

January 14, 2022

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