Multifamily

Gallery 64

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America have broken ground on Gallery 64, a 492-unit, 12-story apartment building that sits at the site of the former Randall Junior High School in Washington, D.C. The 500,000-square-foot redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum. Gallery 64’s apartment residences, 98 of which are designated as affordable, will include studio, one-, two- and three-bedroom floorplans. The property will have 19 two-level, townhouse-style residences as well. Community amenities will include rooftop gathering spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas will include a lounge with fireplace, game room, fitness center and a maker space with sound studio. A landscaped area will be in between Gallery 64 and the Rubell Museum. The Randall School buildings closed in 1982. Two of the school’s three buildings will be transformed into the approximately 31,000-square-foot Rubell Museum, presenting contemporary paintings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of Washington, D.C. The West Randall building will be reconfigured as an approximately 18,000-square-foot creative office building designed …

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Ryan-Cos.-Mueller-Austin

AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 350-unit apartment community within the Mueller District, the 700-acre site of a former airport in Austin. The project will include 2,500 square feet of retail space, and 15 percent of the units will be reserved for renters earning 60 percent or less of the area median income. Details about the development’s floor plans and amenities were not released. Construction is expected to begin in the fourth quarter.

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HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and are reserved for low-income renters age 62 and above. TMC is holding a grand opening this summer for Law Harrington, but move-ins are already underway. Amenities and services include recreational programs and a dog park. Additionally, TMC is partnering with Legacy Community Health to offer Law Harrington residents medical care onsite, including services for seniors living with HIV.

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MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing for Maple Street Lofts, a 192-unit luxury apartment community in Mount Prospect, a northwest suburb of Chicago. Located at 207 S. Maple St., the six-story property includes an Angelo Caputo’s Fresh Market grocery store on the ground floor. The transit-oriented development is situated across the street from the Mount Prospect Metra station. First move-ins are slated to begin this summer. Designed by Chicago-based Studio 222 Architects, Maple Street Lofts offers studio, one- and two-bedroom floor plans ranging from 591 to 1,180 square feet. Monthly rents range from $1,550 to $2,885. Amenities include a business center with four private offices for working from home, a fitness center, yoga studio, resident lounge, pool, gaming area, sun deck, bark park and package room. The 16,000-square-foot grocery store is slated to open this fall. Wingspan’s sister company, Nicholas & Associates, is the general contractor. Lincoln Property Co. will oversee leasing and property management.

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CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.

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CHICAGO — Interra Realty has brokered the $3.4 million sale of an 18-unit multifamily property in Chicago’s Lincoln Square neighborhood. Located at 4841 N. Rockwell St., the asset comprises one-bedroom units, all of which were occupied at the time of sale. Craig Martin of Interra represented the seller, a local family office, which had owned the property for more than 50 years. Martin also represented the private buyer.

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WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not disclosed.

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PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.

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Dolce Living Royal Palm

KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.

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COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.

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