Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow May 17, 2021

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

May 17, 2021

Development Multifamily Southeast Virginia

Aventon Breaks Ground on $100M Multifamily Project in Alexandria, Virginia

by Julia Sanders May 14, 2021

ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …

May 14, 2021

California Development Multifamily Western

J.H. Snyder Co. Completes 21-Story Multifamily Community in Los Angeles

by Amy Works May 14, 2021

LOS ANGELES — J.H. Snyder Co., with MVE + Partners as architect and designer, has completed One Museum Square, a 296,000-square-foot high-rise apartment tower in Los Angeles. Located at 640 S. Curson Ave., the 21-story building features 285 residential units; a large, open-air activity patio with dining and lounge seating; a residence lounge that opens to a patio; flexible workspaces; fitness center; and rooftop pool and hot tub. One Museum Square offers a mix of studio, one- and two-bedroom units, ranging from 495 square feet to 1,300 square feet, with private glass balconies; floor-to-ceiling windows; quartz countertops and full backsplashes; Kohler bathroom and kitchen fixtures; oversized soaking tubs or fully tiled showers; Bosch washers and dryers; custom-designed closets; extra bathroom and kitchen storage; and Fisher & Paykel appliances. The project team included SCA Engineers, NA & Associates, Limbach Engineer and Donald F. Dickerson Associates.

May 14, 2021

Acquisitions Arizona Multifamily Western

MG Properties Acquires 480-Unit The Retreat Apartments in Phoenix

by Amy Works May 14, 2021

PHOENIX — San Diego-based MG Properties Group has purchased The Retreat Apartments, a garden-style multifamily community located in Phoenix’s Deer Valley submarket. Completed in 1997, the 480-unit property is a value-add opportunity for MG Properties. Brian Eisendrath and Cameron Chalfant of CBRE arranged an $81.5 million, seven-year, fixed-rate financing for the acquisition. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller.

May 14, 2021

Development Multifamily Texas

Mill Creek Residential Tops Out 217-Unit Modera Katy Trail Apartments in Dallas

by Taylor Williams May 14, 2021

DALLAS — Mill Creek Residential has topped out Modera Katy Trail, a 217-unit apartment community located at 5350 McKinney Ave. in Uptown Dallas. Designed by BKV Group, the property features studio, one-, two- and three-bedroom units with quartz countertops, custom cabinetry and wood-plank flooring. Amenities include a pool, fitness center, coworking spaces and conference rooms and a clubhouse with a lounge and wet bar. The development team expects to welcome its first residents in spring 2022.

May 14, 2021

California Development Multifamily Seniors Housing Top Stories Western

Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Senior Living Community in Los Angeles

by Julia Sanders May 14, 2021

LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …

May 14, 2021

Acquisitions Multifamily Northeast Pennsylvania

Radnor Property Group Begins Leasing Phase II of Hamilton Apartments in Philadelphia

by Taylor Williams May 14, 2021

PHILADELPHIA — Locally based developer Radnor Property Group has begun leasing the 297-unit second phase of The Hamilton, a two-building, 576-unit apartment community located in the Logan Square area of Philadelphia. The Hamilton features studio, one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include two media rooms, two game rooms, conference centers, kitchen spaces, multiple coworking lounges and a rooftop deck with outdoor grilling stations and a sports simulator. The building will also house 2,820 square feet of retail space upon full completion. Rents start at $1,420 per month for a studio unit. Greystar manages the community.

May 14, 2021

Development Loans Multifamily New Jersey Northeast

JLL Arranges $48M Construction Loan for Multifamily Project in Elmwood Park, New Jersey

by Taylor Williams May 14, 2021

ELMWOOD PARK, N.J. — JLL has arranged a $48 million construction loan for the third phase of Riverwalk, a project that will add 240 luxury rental units to the local supply of Elmwood Park, located in Bergen County. The previous phases of the Riverwalk master-planned community featured 158 units within two buildings that were constructed between 2012 and 2014, as well as retail, office and medical office space. The third phase will also include amenities such as a fitness center, business center, pool and clubhouse. Thomas Didio and Thomas Didio Jr. of JLL arranged the financing through Investors Bank and Provident Bank. Leasing is expected to begin in 18 to 24 months.

May 14, 2021

Affordable Housing Development Indiana Midwest Multifamily

Muesing Management to Build 348-Unit Workforce Housing Property in Greenfield, Indiana

by Kristin Harlow May 14, 2021

GREENFIELD, IND. — Muesing Management Co. Inc. will develop Preserve at Blue Road, a 348-unit workforce housing property in the metro Indianapolis community of Greenfield. Project plans call for 19 buildings on 28 acres. Units will range in size from 541 to 1,400 square feet. Amenities will include a pool, outdoor kitchen, fitness center, dog park, clubhouse and walking trails. Mortgage banking company Merchants Capital provided financing for the project. A timeline for construction was not disclosed.

May 14, 2021

Development Illinois Midwest Multifamily

McHugh, Crea Construction Complete Interior Renovations on 150 Units at Chicago’s Prairie Shores

by Kristin Harlow May 14, 2021

CHICAGO — James McHugh Construction Co. and Crea Construction have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood. Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores includes a total of 1,675 units and is undergoing a multi-phase renovation. The property was developed from 1957 to 1961. Golub & Co. and Farpoint Development, along with Goldman Sachs, purchased the asset in 2019. McHugh and Crea are overseeing the installation of new appliances, countertops, flooring, plumbing, fixtures and lighting, as well as electrical system upgrades and painting. Designed by Evanston, Ill.-based Kaufman & O’Neil, the renovated units feature white cabinetry and granite countertops in the kitchens as well as more open floor plans.

May 14, 2021

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