Multifamily

Broadstone-Watch-City-Waltham-Massachusetts

Suburban Submarkets Will Lead Boston Multifamily Market’s Recovery in 2021

by Taylor Williams February 12, 2021

By Steve Callahan Jr., vice president of business development, Callahan Construction Managers Despite the turmoil caused by the COVID-19 pandemic, Boston has experienced significant job growth over the last 12 to 18 months in the life sciences, healthcare, technology and finance sectors. The health of these industries will require that employees in these fields have access to much needed, reasonably priced housing as companies continue to grow and build, creating more local jobs. Demand for rental housing over the past few years has been mostly driven by millennials who work in these fields. This trend is expected to continue as young professionals in these sectors no longer need to commute to the office by virtue of the pandemic forcing many companies to adopt work-from-home programs. In addition, these renters are seeking to upgrade to larger units with more modern amenities and access to outdoor spaces and activities. More than 7,100 units were delivered last year in the Boston area, only slightly less than the cyclical high of nearly 7,500 apartments added in 2018. However, most projects that were either started or delivered in 2020 were aimed at lifestyle renters in or near Boston’s city center. This could spell trouble for …

February 12, 2021

Development Georgia Multifamily Southeast

Middle Street, PCCP Break Ground on 323-Unit Apartment Community in Atlanta’s Grant Park District

by John Nelson February 11, 2021

ATLANTA — Middle Street Partners and equity partner Pacific Coast Capital Partners (PCCP) have broken ground on a 323-unit apartment community in Atlanta’s Grant Park district. Middle Street expects to finish the property in 2023, with the first residences available in November 2022. Brock Hudgins Architects is spearheading design, and J.M. Wilkerson Construction Co. is the general contractor. Middle Street Partners, a Charleston-based real estate investment and development company, paid $6.9 million for the land. The property is located on the Atlanta BeltLine’s expanding Southside Trail at 1015 Boulevard SE. The six-story apartment community will feature a combination of studio, one- and two- bedroom units with an average of 729 square feet. The property will also have 5,000 square feet of direct BeltLine frontage retail and commercial space, as well as an underground parking garage. In line with the City of Atlanta’s Inclusionary Zoning policy, 15 percent of the homes will be available at 80 percent area median income (AMI). The unnamed property’s units will feature designer cabinetry and lighting, quartz countertops, stainless steel and gas appliances, island sinks and top-control dishwashers, along with dedicated office spaces designed with new work-from-home policies in mind. Community amenities include a 24-hour fitness …

February 11, 2021

Company News Multifamily Student Housing Texas Walker & Dunlop

Walker & Dunlop Acquires Austin-Based FourPoint Investment Sales Partners

by Taylor Williams February 11, 2021

AUSTIN, TEXAS — Walker & Dunlop has acquired FourPoint Investment Sales Partners, an Austin-based brokerage firm specializing in student housing and traditional multifamily properties. The FourPoint team of Chris Epp, Chis Bancroft, Kevin Dufour, Matthew Chase, Craig Miller and Kyle Peco will lead and scale Walker & Dunlop’s student housing investment sales division, with a goal of growing sales volume to $25 billion by 2025 for the Maryland-based company. The two firms have partnered as correspondents on student housing deals in the past.

February 11, 2021

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 414-Unit Stewart Creek Apartments in Frisco

by Taylor Williams February 11, 2021

FRISCO, TEXAS — Berkadia has arranged the sale of Stewart Creek Apartments, a 414-unit multifamily community in Frisco. Built in 1999, the property features one-, two- and three-bedroom units with quartz countertops, walk-in closets and private balconies/patios. Amenities include a business center, clubhouse, package lockers, picnic area and a bark park. Jay Gunn, Tom Burns and Will Jarnagin of Berkadia represented the seller, Plano-based Univesco Inc., in the transaction. In addition, Jason Rice and Chris Pollard of Berkadia arranged floating-rate acquisition financing through Varde Mortgage Capital on behalf of the sponsor, Lubbock-based Madera Residential.

February 11, 2021

Development Multifamily New Jersey Northeast

Mill Creek Residential Breaks Ground on 279-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams February 11, 2021

WOODBRIDGE, N.J. — Mill Creek Residential has broken ground on Modera Woodbridge, a 279-unit multifamily project in the Northern New Jersey city of Woodbridge. The property will be located adjacent to a New Jersey Transit station and will also house 6,000 square feet of retail space. Modera Woodbridge will offer studio, one-, two- and three-bedroom units with an average size of 886 square feet and private patios or balconies. Amenities will include a rooftop deck with a barbecue area, fitness studio with a TRX system, resident clubhouse, conference room, coffee bar and a pet spa. Move-ins are expected to begin in late 2022.

February 11, 2021

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of 240 Park Apartment Building in Minneapolis

by Kristin Harlow February 11, 2021

MINNEAPOLIS — Kraus-Anderson has completed construction of 240 Park, a 17-story apartment building located at 240 Park Ave. in Minneapolis. Garden Communities MN, the residential arm of MV Ventures, was the developer for the project that offers views of the downtown Minneapolis skyline, Mississippi River and U.S. Bank Stadium. Designed by BKV Group, the building features 204 units and more than 4,500 square feet of retail space on the first floor. Amenities include a clubroom, fitness and yoga studio, pool and spa, golf simulator, pet spa and dog run. MV Ventures will manage lease-up via its in-house team. Residents can now earn two months of free rent if they move in by May 1. Monthly rents start at $1,575.

February 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8.7M Sale of Apartment Community in Metro Minneapolis

by Kristin Harlow February 11, 2021

WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.

February 11, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow February 11, 2021

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

February 11, 2021

Development Massachusetts Multifamily Northeast

Related Beal Nears Completion of 172-Unit Apartment Complex in Boston’s South End

by Taylor Williams February 11, 2021

BOSTON — Locally based developer Related Beal is nearing completion of The Harris, a 172-unit apartment complex that will be located at the site of the former Quinzani Bakery in Boston’s South End neighborhood. Residences will come in studio, one-, two- and three-bedroom floor plans and will be furnished with custom oak cabinetry, quartz countertops and tile backsplashes. Amenities will include an 8,000-square-foot fitness center with yoga and spin studios, as well as basketball and squash courts. In addition, residents will have access to a billiards lounge with reservable dining spaces and a 5,700-square-foot terrace with grills, fire pits, lounge furniture and TVs. Construction of The Harris began in 2019 and is expected to be complete in late spring.

February 11, 2021

Acquisitions Arizona Multifamily Western

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works February 11, 2021

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

February 11, 2021

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