Multifamily

Continental Properties, McShane Construction Begin Development of Springs at Cooley Station Multifamily Property in Gilbert

by Amy Works September 11, 2020

GILBERT, ARIZ. — Continental Properties, as owner, and McShane Construction Co., as general contractor, have started construction of Springs at Cooley Station, an apartment community in Gilbert. Located on 14 acres, the garden-style community will feature 276 units spread across 10 two- and three-story buildings. Units will feature granite countertops and stainless steel appliances. Community amenities will include a clubhouse with a fitness center and outdoor swimming pool, as well as 490 parking spaces. Completion is slated for early 2022. Phillips Partnership is architect of record for the project. This is McShane’s 20th Springs-branded property for Continental, including two additional projects currently underway in the Phoenix area.

September 11, 2020

Acquisitions Multifamily Utah Western

Orchard Apartments Acquires 20-Unit Parkwood Apartments in Metro Salt Lake City

by Amy Works September 11, 2020

OGDEN, UTAH — Chicago-based Orchard Apartments has purchased Parkwood Apartments, a multifamily property located at 120 Dan St. in Ogden. Crapse Building One sold the property for close to the $3.3 million list price. Vicente Cantua of Cushman & Wakefield represented the seller in the deal. Parkwood Apartments features 20 two-bedroom units, 15 of which are two-bedroom/two-bath layouts and five are two-bedroom/one-bath floor plans. The property is 100 percent Section 8 housing with a 20-year Housing Assistance Payments contract that renewed in June.

September 11, 2020

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Three Key Trends to Monitor in Philadelphia’s Multifamily Market

by Taylor Williams September 11, 2020

By Christine Beechan, area vice president, Morgan Properties If there’s one certainty about the unusual year that is 2020, it’s that COVID-19 has significantly impacted every industry across the globe. For apartment owners and operators, we’ve entered uncharted territory in terms of changing renter demands, unconventional leasing methods and new operational procedures. Consequently, it’s especially important right now for apartment professionals to understand the complexities of the current state of the market and where it’s heading. As 2021 is fast approaching, here are three key trends we can expect to see in the Philadelphia multifamily market for the remainder of 2020 and into the new year. Demand Remains Stable When the pandemic initially hit, we noticed a decrease in leasing because Pennsylvania was under strict orders to shelter-in-place. Because of this uncertainty, people wanted to see how the pandemic would shake out and ultimately decided to stay put, affecting markets across the nation. However, as those restrictions were lifted and the economy started to stabilize, we noticed people felt more comfortable moving into new units, which is typical during the summer season prior to school commencing. Unlike most cities, both urban and suburban parts of Philadelphia have seen accelerated growth …

September 11, 2020

Acquisitions Multifamily South Carolina Southeast Top Stories

Passco Acquires 330-Unit Multifamily Community in Coastal South Carolina for $78M

by Katie Sloan September 11, 2020

BLUFFTON, S.C. — Passco Cos. has acquired One Hampton Lake, a 330-unit multifamily community located seven miles outside Hilton Head Island in Bluffton, for $78 million. Southeastern Co. sold the property in an off-market transaction. One Hampton Lake was developed in two phases, with the first phase of construction completed in 2018 and the second phase completed earlier this year. The garden-style property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, in-unit washers and dryers, patios and balconies. Shared amenities at the community include a resort-style infinity pool and deck; kayak launch site and storage on Hampton Lake, located adjacent to the property; pet park and wash station; state-of-the-art fitness center; screened-in outdoor lounge with a fireplace; an outdoor kitchen; and grilling areas. Greystar will continue to manage the property under the new ownership. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. Headquartered in Augusta, Georgia, Southeastern Co. offers development, property management, construction management and brokerage services for commercial real estate properties across the Southeast. Irvine, California-based Passco Cos. acquires, develops and manages multifamily and commercial real estate throughout the United States. The company currently has a …

September 11, 2020

Multifamily Video

Video: Alliant Q&A: Lending & Multifamily Opportunities in the Midst of Change

by Sarah Daniels September 10, 2020

Tim Madigan, Commercial Real Estate Loan Originator at Alliant Credit Union, spoke to REBusinessOnline about the multifamily market landscape his company is currently navigating. From financing to future opportunities, this brief, to-the-point interview covers what balance sheet lenders have to offer and what influences the Alliant’s lending. Listen as Madigan explains what Alliant is seeing with activity volume as well as their outlook for the rest of the year: “Activity has been high. Ever since April we’ve seen a lot of multifamily requests coming in. We’ve surmised that there’s a number of reasons for that: What we’ve seen is that borrowers are starting to look for flexibility. We’ve particularly seen this with newer Class A asset types. Our outlook for the rest of the year is that we think that this volume is going to continue. Multifamily as a top performing asset class. And given the transaction volume, the majority of that volume is in the multifamily sector, particularly with Class A and Class B, so we expect that to continue.” Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is …

September 10, 2020

California Development Multifamily Student Housing Western

Joint Venture Opens 254-Bed The Enclave Student Housing Near University of California, Berkeley

by Amy Works September 10, 2020

BERKELEY, CALIF. — A joint venture between WEST Builders and Spectrum Partners has completed The Enclave, a 253-bed student housing community master leased to the University of California, Berkeley. The property offers shared amenities including retail space occupied by a vegan hamburger restaurant, an upscale sandwich shop and a virtual reality experience operator; two outdoor terraces; an interior courtyard; and a large rooftop deck.

September 10, 2020

Affordable Housing Colorado Development Loans Multifamily Western

Bellwether Enterprise Arranges $47.6M Bond Financing for Affordable Housing Project in Colorado

by Amy Works September 10, 2020

LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.

September 10, 2020

Loans Multifamily Texas

Colliers Mortgage Provides $6.4M Fannie Mae Loan for Multifamily Acquisition in Sherman

by Taylor Williams September 10, 2020

SHERMAN, TEXAS — Colliers Mortgage has provided a $6.4 million Fannie Mae acquisition loan for Northridge Villas, a 101-unit multifamily asset located in the North Texas city of Sherman. The property was built in 1969 and renovated in 2019. Amenities include a pool, playground, pet park and onsite laundry facilities. Colliers originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 3013 Northridge Villas LLC.

September 10, 2020

Acquisitions California Multifamily Western

Stepp Commercial Brokers $3M Sale of Value-Add Apartment Property in West Hollywood

by Amy Works September 10, 2020

WEST HOLLYWOOD, CALIF. — Stepp Commercial has arranged the sale of a multifamily building located at 1237 N. Orange Grove in West Hollywood. Los Angeles-based Bold Partners acquired the asset from a Los Angeles-based private investor for $3 million. Built in 1926, the two-story, Spanish-style value-add property features eight one-bedroom/one-bath apartments. Each unit offers hardwood flooring, large windows with ample natural light, modernized kitchens and baths with custom tiles, recessed lighting and designer fixtures. On-site amenities include seven parking spaces, laundry facilities and a community courtyard patio with seating. Kimberly Stepp of Stepp Commercial represented the seller and buyer in the deal.

September 10, 2020

Development Multifamily New Jersey Northeast

Partnership Underway on 89-Unit Wonder Lofts Multifamily Project in Hoboken

by Taylor Williams September 10, 2020

HOBOKEN, N.J. — A partnership between New Jersey-based Prism Capital Partners, Angelo, Gordon & Co. and Parkwood Development Co. is underway on construction of Wonder Lofts, a multifamily project in Hoboken that will add 83 for-sale units and six rental units to the local supply. The project is a redevelopment of the former Wonder Bread factory and bakery that was built in 1909. Wonder Lofts will offer 10,000 square feet of indoor and outdoor amenity space, including a fitness center, meeting and media rooms, lounges, kitchens and entertainment areas. The development team expects to open the sales office in March 2021 and to deliver the first units in June.

September 10, 2020

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