Multifamily

Landmark Properties Breaks Ground on Four Student Housing Communities Totaling $600M

by Alex Tostado November 18, 2020

ATHENS, GA. — Landmark Properties has broken ground on four student housing developments in the Southeast worth $600 million in value. New projects include Phase II of The Mark at Athens near the University of Georgia (UGA); The Standard at College Park near the University of Maryland; Legacy at The Standard near the University of Florida (UF); and The Retreat at Kennesaw near Kennesaw State University (KSU) in metro Atlanta. Phase II of The Mark at Athens is located adjacent to the UGA campus and will offer studio, one-, two-, three-, four- and five-bedroom units alongside 19,000 square feet of ground-floor retail space. The project is set for completion in fall 2022. The Standard at College Park will offer 951 beds in studio, one-, two-, three-, four- and five-bedroom units. Community amenities will include a fitness center, sauna, computer lab and study lounge. The development is slated for completion in fall 2023. Legacy at The Standard is located three blocks north of UF’s campus and will offer 155 units totaling 543 beds. The community is scheduled for delivery in fall 2022 and will feature shared amenities including an outdoor pool and grilling area, a study lounge and café, computer lab and …

November 18, 2020

Development Multifamily Southeast Tennessee

Mallory & Evans to Open Co-Living Space in Knoxville

by Alex Tostado November 18, 2020

KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.

November 18, 2020

Acquisitions Multifamily Texas

JPI Sells Three Apartment Communities Totaling 1,174 Units in DFW to Lone Star Funds

by Taylor Williams November 18, 2020

IRVING, FARMERS BRANCH AND GRAPEVINE, TEXAS — Locally based developer JPI has sold three apartment communities totaling 1,174 units in the Dallas-Fort Worth (DFW) metroplex to an affiliate of Dallas-based Lone Star Funds. The properties include Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch and Jefferson Silverlake in Grapevine. All of the communities offer pools, fitness centers, resident lounges and high-end interior finishes. The sales price was not disclosed.

November 18, 2020

Acquisitions Multifamily Texas

Sherman Residential Acquires 395-Unit Apartment Community Near San Antonio

by Taylor Williams November 18, 2020

NEW BRAUNFELS, TEXAS — Chicago-based investment firm Sherman Residential has acquired Avenues at Creekside Apartments, a 395-unit multifamily community located just outside San Antonio in New Braunfels. The 32-building property was constructed in 2013 and features one-, two-, three- and four-bedroom units with attached garages or assigned carports and personal patios/balconies. Amenities include a pool, fitness center, business center, playground and a pet park. The seller was not disclosed.

November 18, 2020

Development Multifamily Texas

Alliance Residential Opens 336-Unit Prose West Cypress Apartments in Metro Houston

by Taylor Williams November 18, 2020

KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.

November 18, 2020

Development Illinois Midwest Multifamily

Hines Begins Development of One Oak Brook Commons Apartment Tower in Suburban Chicago

by Kristin Harlow November 18, 2020

OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.

November 18, 2020

Development Midwest Multifamily Ohio Seniors Housing

Woda Cooper Delivers Affordable, Age-Restricted Community in Columbus, Ohio

by Kristin Harlow November 18, 2020

COLUMBUS, OHIO — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated into the project. PCI Design Group served as architect. Amenities include an onsite wellness center, interior courtyard, community room, fitness center and free Wi-Fi. Nonprofit partner LifeCare Alliance will provide supportive services and health screenings. Woda Construction Inc. was the general contractor and Woda Cooper’s management division will oversee leasing and day-to-day operations. Financing for The Livingston was made possible through the allocation of low-income housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). KeyBank provided a construction loan while Cedar Rapids Bank & Trust and the City of Columbus provided first and second mortgages. OHFA and Affordable Housing Trust of Columbus and Franklin County provided bridge loans.

November 18, 2020

Acquisitions Loans Montana Multifamily Seniors Housing Washington Western

Ziegler Arranges $42.6M Acquisition Financing for Three-Property Seniors Housing Portfolio in Northwest

by Amy Works November 18, 2020

BOZEMAN, MONT., AND SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties feature a combined 36 independent living units and 204 assisted living units. Post-acquisition, Radiant’s portfolio totals 18 communities spanning across six states in the Pacific Northwest.

November 18, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Kislak Brokers $16.4M Sale of Active Adult Community in Hamilton Township, New Jersey

by Taylor Williams November 18, 2020

HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.

November 18, 2020

Loans Multifamily Oregon Retail Western

McBride Capital Secures $7.8M Bridge Refinancing for Mixed-Use Property in Portland

by Amy Works November 17, 2020

PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.

November 17, 2020

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