Multifamily

Penzance Proposes Three-Tower Multifamily Development in Arlington, Virginia

by John Nelson November 6, 2024

ARLINGTON, VA. — Penzance has submitted plans to Arlington County for the development of One Rosslyn, a three-tower multifamily development located in Arlington’s Rosslyn neighborhood. The Baupost Group is serving as a project partner for Penzance on the development. One Rosslyn will comprise a 30-story tower with 461 residential units, a 27-story tower with 319 apartments and an 82-unit condo tower. STUDIOS Architecture and Hickok Cole designed the project to span 900,000 square feet and offer upscale residences, amenities and neighborhood-serving retail space. Located at the intersection of Fort Myer Drive and Langston Boulevard, the project is designed around a 30,000-square-foot private landscaped terrace that will overlook the adjacent Gateway Park, which Arlington County is revamping. With the plans submitted, the county has formally begun the site plan review process. Penzance says One Rosslyn could break ground as soon as late 2026.

November 6, 2024

California Loans Multifamily Western

Dwight Capital Finances $59.9M HUD-Insured Loan for Apartment Community in Davis, California

by Amy Works November 6, 2024

DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) refinance for Tanglewood @ Davis, a garden-style apartment complex in Davis. Spanning 14.3 acres, the property offers 216 one-, two- and three-bedroom units across 30 two-story residential buildings. Units include modern appliances, granite countertops, fireplaces and balconies or patios. Community amenities include private parking garages, a basketball court, dog park, fitness center, barbecue and firepit lounge and a swimming pool. Elliot Haft of Dwight Capital originated the transaction. The borrower was not disclosed.

November 6, 2024

Loans Multifamily Washington Western

Northmarq Provides $43.6M Agency Refinancing for Multifamily Community in Port Orchard, Washington

by Amy Works November 6, 2024

PORT ORCHARD, WASH. — Northmarq has provided a $43.6 million Fannie Mae loan for the refinancing of Haven Apartments, a garden-style multifamily property in Port Orchard, about 22 miles west of Seattle. The borrower was not disclosed. Located at 4999 Sidney Road SW, Haven Apartments offers one-, two- and three-bedroom floor plans with quartz countertops and high-end finishes, luxury vinyl flooring, walk-in closet options, balconies or patios, kitchen islands, full-sized washers/dryers, stainless steel appliances and primary suites. Robert Spiro of Northmarq’s Seattle Debt + Equity team originated the fixed-rate loan on behalf of the borrower. The interest-only financing was arranged through Northmarq’s Fannie Mae DUS program.

November 6, 2024

Conference Coverage Market Reports Multifamily Texas Texas Market Reports

Sweet Spot: The Ideal Cap Rate Range for Buying Multifamily Assets in Texas Today

by Taylor Williams November 6, 2024

By Taylor Williams The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use of cap rates as a crucial mechanism to underwriting and pricing transactions for these assets. And the most basic thing to know is that to a point, sellers like low cap rates because they reflect high purchase prices, and buyers prefer high cap rates for the opposite reason. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Yet for all their ubiquity, cap rates are fluid, representing snapshots of valuations at random points in time. Tenants move out, leaving spaces vacant, and a property’s …

November 6, 2024

Georgia Loans Seniors Housing Southeast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson November 5, 2024

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

November 5, 2024

Georgia Loans Multifamily North Carolina Southeast

Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina

by John Nelson November 5, 2024

AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.

November 5, 2024

Acquisitions Colorado Multifamily Western

Global Investment Manager Sells 302-Unit One City Block Apartment Community in Uptown Denver

by Amy Works November 5, 2024

DENVER — A global investment manager has completed the disposition of One City Block, a multifamily property in Denver’s Uptown neighborhood. InterCapital Group and Pamera North America acquired the asset for an undisclosed price. Built in 2013, One City Block offers 302 apartments spread across four four-story buildings, as well as a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks, lounges and 10,000 square feet of ground-floor retail space. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, while Cord Ernst provided in-house representation for Pamera North America in the deal.

November 5, 2024

Loans Multifamily Washington Western

CBRE Arranges $22.8M Refinancing for Trailhead at the Preserve Apartment Complex in Bremerton, Washington

by Amy Works November 5, 2024

BREMERTON, WASH. — CBRE, on behalf of Sage Homes Northwest, has arranged a $22.8 million loan for the refinancing of Trailhead at Preserve, a new apartment complex located at 1970 N.E. Fuson Road in Bremerton. Built in May 2024, Trailhead at Preserve offers 109 studio, one- and two-bedroom apartments and private access to nature trails at the Illahee Preserve. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE Capital Markets’ Debt & Structured Finance in Seattle represented the borrower in securing a full-term, interest-only bridge loan with a prominent debt fund lender to refinance the borrower’s existing construction loan.

November 5, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Directs $13.5M Sale of Willowbrook Crossing Multifamily Community in Westminster, Colorado

by Amy Works November 5, 2024

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Willowbrook Crossing, an apartment property in Westminster. The asset traded for $13.5 million, or $142,105 per unit. Willowbrook Crossing features 95 studio and one-bedroom apartments. Josh Newell and Jake Waxter of The Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller and the undisclosed buyer in the deal.

November 5, 2024

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 70-Unit Apartment Complex in Madison, Wisconsin

by Kristin Harlow November 5, 2024

MADISON, WIS. — McShane Construction Co. has completed The Derby, a 70-unit apartment complex with affordable housing units in Madison. Lincoln Avenue Communities was the developer. Income restrictions were not provided, but 14 of the units meet Wisconsin Housing and Economic Development Authority accessibility requirements. The project features 1,100 square feet of ground-floor office space for a local community group and 2,600 square feet of amenity spaces with a kitchen, fitness room, laundry room, outdoor space, playground and dog park. Knothe & Bruce Architects designed the four-story property. The project is Enterprise Green Communities Certified and features a full solar array system on the roof to power the common areas.

November 5, 2024

Newer Posts

Older Posts