Multifamily

JLL Provides $37M Agency Refinancing for Multifamily Portfolio in Gainesville, Florida

by Julia Sanders February 1, 2022

GAINESVILLE, FLA. — JLL Capital Markets has secured $37 million for the refinancing of a four-property, 460-unit multifamily portfolio in Gainesville. Elliott Throne, Kenny Cutler and Karim Khaiboullin of JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. JLL Real Estate Capital LLC, a Fannie Mae DUS lender and a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., will service the loans. The properties include the 141-unit Hammocks by Butler, the 98-unit Hammocks off 6th, the 69-unit Hammocks on 34th and the 152-unit Hammocks on 20th. American Commercial Realty recently completed renovations on all four properties, including updated amenities and new floors, quartz countertops, stainless steel appliances, modern cabinetry and walk-in closets in the units. Community amenities at the portfolio include swimming pools, outdoor grilling stations and fitness centers. The four multifamily communities are located close to Interstate 75, the University of Florida and Shands Medical Center. Three of the four properties are near Butler Plaza, a shopping center development with over 150 stores and restaurants.

February 1, 2022

Development Midwest Multifamily Ohio

Milhaus Breaks Ground on $43M Apartment Development in Springdale, Ohio

by Kristin Harlow February 1, 2022

SPRINGDALE, OHIO — Milhaus has broken ground on Array, a $43 million apartment development in the Cincinnati suburb of Springdale. The 216-unit project, situated at 11911 Sheraton Lane, will include amenities such as a dog park, resident lounge, communal kitchen, pool, fitness center, conference rooms, coworking spaces and rentable office space. The project team includes architect M+A Architects, interior designer Studio 5 and engineer Bayer Becker. Completion is slated for March 2023.

February 1, 2022

Acquisitions Midwest Minnesota Multifamily

CBRE Brokers Sale of 142-Unit Luxury Multifamily Property in Duluth, Minnesota

by Kristin Harlow February 1, 2022

DULUTH, MINN. — CBRE has brokered the sale of ENDI Apartments in Duluth, a city in eastern Minnesota. The sales price was undisclosed. The 142-unit luxury multifamily property includes 13,876 square feet of retail space that is fully leased. The development is located at 2120 London Road along Lake Superior. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Lift Bridge Partners LLC. Endi Plaza LLC was the buyer.

February 1, 2022

Colorado Development Loans Multifamily Western

Realty Capital Residential, Lang Partners Receive $54.5M Construction Loan for Tree Farm Lofts in Basalt, Colorado

by Amy Works February 1, 2022

BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.

February 1, 2022

Arizona Development Multifamily Western

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

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