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Multifamily

Parkside-Apartments-Redmond-Washington
AcquisitionsMultifamilyTop StoriesWashingtonWestern

JLL Arranges $286M Sale of Parkside Apartments in Redmond, Washington

by Taylor Williams

REDMOND, WASH. — JLL has arranged the $286 million sale of Parkside Apartments, a 664-unit apartment community in Redmond, a northeastern suburb of Seattle and home market of Microsoft. The seller was a partnership between a Texas-based group of investors, previously associated with Dallas-based Lincoln Property Co. Residential and Daiwa House Texas. The buyer was Lakevision Capital, a Silicon Valley-based multifamily investment firm that was founded in 2018. David Young, Corey Marx and Chris Ross of JLL represented the seller and procured the buyer in the transaction. Puget Sound Business Journal reports that the sale is the largest multifamily transaction in 2024 for Washington’s Puget Sound region. Buil in 2021 on 4.5 acres within the Esterra Park master-planned community, Parkside Apartments consists of four five- to eight-story buildings that house studio, one- and two-bedroom units. Residences feature quartz countertops, stainless steel appliances, private balconies, walk-in closets and individual washers and dryers. Amenities include multiple rooftop decks and fitness centers, as well as a pet wash station, entertainment suite and a game lounge. “Parkside Apartments exemplifies the vibrant, well-connected living experience that is highly sought after in this thriving tech region,” said Jason Byrne, who is managing member for the investment. — …

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Market ReportsMultifamilyWashingtonWesternWestern Market Reports

Growth in Sales Volume, Pricing Define Seattle’s Multifamily Market

by John Nelson

— By Dylan Simon, executive vice president, Kidder Mathews — This summer marked a major milestone in Seattle’s apartment market, demonstrating signs of vibrancy with increases in rental rates, growing liquidity and clarity in pricing in capital transactions. The city is gaining momentum and continues to bounce back from recent market fluctuations and the harsh impacts of the pandemic. Urbanization is here to stay — corporate employers are voting against Zoom as an effective tool — as we trend back toward human nature, which requires community and proximity. With limited new construction breaking ground, the stage is set for sustained rental rate growth, which will invariably result in a surge in sales prices. Transaction Activity on the Rise Transaction activity is steadily on the rise in Seattle’s multifamily market, proving conviction from the investment community. This uptick offers greater clarity on property values as the market adjusts from peak interest rates back in fall 2023. For owners and potential sellers, this shift suggests pricing hit a bottom in the past nine months and the only direction in pricing from here is upward. In our recently launched third-quarter Seattle market report, we’ve uncovered key sales insights that underscore this resurgence. During the …

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The-Haven-Petaluma-CA
CaliforniaDevelopmentMultifamilyWestern

MBK Rental Living Delivers 134-Unit Multifamily Community in Petaluma, California

by Amy Works

PETALUMA, CALIF. — MBK Rental Living has completed the development of The Haven at Deer Creek, a Class A apartment property located at 495 N. McDowell Blvd. in Petaluma. The Haven at Deer Creek offers 134 three-story garden-style and three-story podium-style apartments. The community features 93 one-bedroom units and 41 two-bedroom units ranging from 715 square feet to 1,206 square feet, with rents ranging from $2,350 for a one-bedroom to $2,858 for a two-bedroom. The units offer open floor plans with ample natural light, stainless steel appliances, wood-style plank flooring, quartz countertops, ceiling fans, kitchen tile backsplashes, undermount stainless steel sinks, private patios or balconies, in-unit washers/dryers and double-pane, low-E windows. Community amenities include an outdoor living area featuring a spa, grilling stations, a pizza oven and fireplace. The resident lounge offers a fireplace, communal tables, dedicated work-from-home areas, a pool table and a fully equipped entertainer’s kitchen.

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District of ColumbiaHealthcareHospitalityIndustrialLoansMultifamilyOfficeRetailSoutheast

MBA: Third-Quarter Commercial, Multifamily Borrowing Increased 59 Percent Year-Over-Year

by John Nelson

WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …

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Winsted-at-White-Rock-Dallas
AcquisitionsMultifamilyTexas

SPI Advisory Acquires 314-Unit Apartment Community in Northeast Dallas

by Taylor Williams

DALLAS — Texas-based investment firm SPI Advisory has acquired Winsted at White Rock, a 314-unit apartment community located in the Lakewood area of northeast Dallas. Built in 1996, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops and private balconies/patios. Select units also have full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling and dining stations, coworking lounge and a resident clubhouse. The seller was not disclosed. SPI Advisory plans to fully renovate the remaining classic units to premium levels, enhance common areas and amenity spaces and finish installing washers and dryers in all residences.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Breaks Ground on 205-Unit Apartment Complex in Olivette, Missouri

by Kristin Harlow

OLIVETTE, MO. — Brinkmann Constructors has broken ground on The Irvington Place Apartments, a 205-unit apartment complex in Olivette, a western suburb of St. Louis. Balboa Real Estate Partners is developing the five-story, 218,000-square-foot development. Amenities will include a pool, fitness center, yoga room, outdoor courtyard, clubroom, work-from-home space and a dog wash station. Slaggie Architects Inc. is the project architect.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $7.5M Loan for Refinancing of North Dakota Multifamily Property

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.

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AcquisitionsMassachusettsMultifamilyNortheast

Coldwell Banker Arranges $5.7M Sale of Multifamily Development Site in Somerville, Massachusetts

by Taylor Williams

SOMERVILLE, MASS. — Coldwell Banker Commercial Realty has arranged the $5.7 million sale of a multifamily development site at 13-17 Allen St. in Somerville, located just outside of Boston. The site spans a quarter-acre and is fully approved for the development of 40 rental units. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, a local developer doing business as Somerville Allen Street LLC, in the transaction. Michael Kuritnik and Boris Kuritnik of Greenville Real Estate Group represented the seller, Kumo Capital.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 13-unit apartment building in the Hell’s Kitchen area of Manhattan. The building at 753 Ninth Ave. was originally constructed in 1920 and offers a mix of one-, two- and three-bedroom units. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. Seven units were vacant at the time of sale, and the new ownership plans to implement a value-add program.

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