Multifamily

13th Floor Investments, Adler Group to Open 22-Story Apartment Tower in Miami

by Julia Sanders May 19, 2021

MIAMI — Developers 13th Floor Investments and Adler Group have opened leasing for CORE Link at Douglas, a new 312-unit residential tower underway in Miami. Slated to open in August at 3060 SW 37th Ave., CORE will become the first tower to open at Link at Douglas, a seven-acre mixed-use development located adjacent to Miami’s Metrorail and The Underline linear park. Global investment manager Barings is a partner on the project. Located along US-1 and Douglas Road, CORE is situated between Coral Gables and Coconut Grove. The property is less than two miles away from the University of Miami. The 22-story residential building will feature studios, one- and two-bedroom apartments. Leasing rates will start at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. Community amenities will include a rooftop pool deck, poolside grilling and private cabanas, as well as a fitness center with a yoga studio, business center and media room. A social lounge will come complete with billiards, shuffleboard, ping pong and a furnished seating area centered around a fireplace. Other amenities will include secured package room, bike storage and Wi-Fi in all common areas. Apartments will feature private balconies, floor-to-ceiling windows, granite countertops, modern kitchen hardware …

May 19, 2021

California Development Multifamily Retail Western

Cisterra to Develop 22-Story Retail, Residential Tower in San Diego with Target as Anchor Tenant

by Amy Works May 19, 2021

SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.

May 19, 2021

Acquisitions Multifamily Texas

Wildhorn Capital Sells 388-Unit Multifamily Portfolio in San Antonio

by Taylor Williams May 19, 2021

SAN ANTONIO — Wildhorn Capital, an Austin-based multifamily investment firm, has sold a 388-unit portfolio in San Antonio. The portfolio consists of two properties, The Blair at Bitters and The Henry B, both of which were 97 percent occupied at the time of sale. Both properties feature one- and two-bedroom units and amenities such as pools, fitness centers, business centers, tennis courts, clubhouses and playgrounds. The buyer was Dallas-based private equity firm Kanesville Capital. Matt Michelson of Newmark represented Wildhorn Capital in the off-market transaction.

May 19, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges Sale of 108-Bed Windsor Rehabilitation Center in Terrell, Texas

by Taylor Williams May 19, 2021

TERRELL, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a 108-bed skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 41,140-square-foot property was built on 5.2 acres in 1994. The property was the sole Texas community for the seller, an unnamed regional company. The buyer was a national seniors housing owner-operator with a large portfolio in the state. The price was also not disclosed.

May 19, 2021

Development Illinois Midwest Multifamily

City Club Apartments Opens Phase II of Chicago Apartment Property

by Kristin Harlow May 19, 2021

CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.

May 19, 2021

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $25M Condo Deconversion Sale in Crystal Lake, Illinois

by Kristin Harlow May 19, 2021

CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

May 19, 2021

Acquisitions Indiana Midwest Multifamily

KC Venture Group Acquires 193-Unit Apartment Community in Carmel, Indiana

by Kristin Harlow May 19, 2021

CARMEL, IND. — KC Venture Group has acquired Penn Circle Apartments in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Built in 2013, the five-story asset sits on 6.2 acres at 12415 N. Pennsylvania St. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Inland. KC Venture Group is a real estate company engaged in the ownership, acquisition and management of multifamily communities in the Midwest and Texas.

May 19, 2021

Affordable Housing Development Loans Multifamily New York Northeast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams May 19, 2021

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

May 19, 2021

Acquisitions Multifamily New York Northeast Student Housing

W. P. Carey Acquires Student Housing Property in New Rochelle, New York, for $26M

by Taylor Williams May 19, 2021

NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.

May 19, 2021

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges $19.1M Sale of Apartment Property Near Seattle

by Amy Works May 18, 2021

BURIEN, WASH. — Berkadia has brokered the sale and financing for Arbour Court, a garden-style community located at 2225 S. 112th St. in Burien, a suburb of Seattle. Kuhar Bay Club sold the asset to a private group of local investors for $19.1 million. Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia’s Seattle office represented the seller in the transaction. Robert Doxsee and Michael Manolides of Berkardia Seattle’s office, along with Brad Williamson of Berkadia’s Miami office, arranged a $15 million acquisition loan on behalf of the buyer through New York-based Ready Capital. Built in 1990, Arbour Court features 75 units in a mix of one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units offer gourmet kitchens, fireplaces, large walk-in closets and in-unit washers/dryers. Community amenities include an indoor pool, sauna and a fitness center.

May 18, 2021

Newer Posts

Older Posts