Multifamily

Rieber Developments to Build Seniors Housing, Mixed-Use Tower Near Miami

by Alex Tostado June 21, 2019

AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The retail space will include a Chelsea Market-style food hall on the ground floor. The community will join a sister project, Ivory 214, currently under construction nearby. Ivory 214 will feature medical and professional office space, as well as a Hilton-branded hotel. The two projects will combine as the center of what the developer is calling the “Aventura Medical District.” Located less than one mile from Aventura Mall and directly adjacent to Aventura Hospital, 12|12 Aventura will benefit from more than 300 surrounding medical practices, and Aventura Hospital’s designation as a Level II trauma center — one of only two facilities in Miami-Dade County with this designation. Cervera Real Estate is the exclusive brokerage for leasing efforts. ID & Design International is outfitting the interiors …

June 21, 2019

Acquisitions Florida Multifamily Southeast

Lynd, Topaz Capital Acquire Apartment Complex in Jacksonville for $35.2M

by Alex Tostado June 21, 2019

JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in the 1970s and is located at 5327 Timuquana Road, 11 miles southwest of downtown Jacksonville. The seller was not disclosed.

June 21, 2019

Acquisitions Multifamily Texas

IPA Arranges Sale of Two New Multifamily Assets Totaling 588 Units in Mansfield, Texas

by Taylor Williams June 21, 2019

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.

June 21, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $16.5M Construction Loan for Mixed-Use Project in Los Angeles

by Amy Works June 21, 2019

LOS ANGELES — Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a mixed-use project in Los Angeles. Located at 5050 W. Pico Blvd., the 60,110-square-foot property will feature 79 residential units and 2,121 square feet of ground-floor retail space. Additionally, the asset will include one grade-level parking area and one subterranean parking level, totaling 67 spaces. Community amenities will include two rooftop decks, a bike room with storage and a residential lounge. Apartments are available in a mix of studio and one-bedroom floorplans, averaging 601 square feet. Units will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies on the majority of the apartments. Eight of the units will offer below-market-rate rents.

June 21, 2019

Affordable Housing Development Indiana Midwest Multifamily

Annex Group to Develop 50-Unit Affordable Housing Property in Kokomo, Indiana

by Kristin Harlow June 21, 2019

KOKOMO, IND. — The Annex Group LLC, a student housing and affordable housing developer, has unveiled plans to develop a 50-unit affordable housing property at 918 N. Washington St. in Kokomo. The developer plans to break ground this month with completion slated for summer 2020. Known as Union at Washington, the property will include amenities such as a fitness center, playground, computer center and outdoor grilling area. River Hills Bank provided construction financing of approximately $6.5 million. Cinnaire provided $7 million in tax credit equity. Annex also worked in collaboration with the Kokomo Community Development Corp. and Indiana Housing and Community Development Authority. T&H Investment Properties LLC is serving as co-developer and co-owner of the project.

June 21, 2019

Acquisitions Multifamily New York Northeast Student Housing

Vesper Acquires 290-Bed Student Housing Community in Upstate New York

by Taylor Williams June 21, 2019

BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.

June 21, 2019

Development Multifamily New Jersey Northeast

Ironstate, Kushner Begin Preleasing 46-Story Multifamily Tower in Jersey City

by Taylor Williams June 21, 2019

JERSEY CITY, N.J. — Local firms Ironstate Development Co. and Kushner Real Estate Group have begun preleasing 235 Grand, a 46-story multifamily tower in Jersey City. Designed by HLW International, the property comprises 546 units in studio, one- and two-bedroom floor plans. Amenities include a pool, movie theater, outdoor grilling areas, a playground and a dog run. Initial occupancy is scheduled for September. Monthly rents start at $2,060 for a studio unit, $2,540 for a one-bedroom unit and $3,680 for a two-bedroom residence.

June 21, 2019

Development Multifamily New York Northeast Seniors Housing

Partnership to Develop 154-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams June 21, 2019

NEW YORK CITY — A partnership led by Enterprise Housing Credit Investments LLC has purchased 1080 Washington Avenue in The Bronx for $82 million, with plans to develop an affordable seniors housing community on the site. Project plans currently call for the development of a 12-story building with 154 units, including 57 supportive homes for homeless seniors, with all units being reserved for households earning 50 percent or less of the area median income. The project will be funded through bond financing and Low-Income Housing Tax Credits (LIHTC), as well as through subsidies from New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development. Demolition of the current structure is underway, and construction is set to begin later this year and to be complete in fall 2021.

June 21, 2019

Development Georgia Multifamily Southeast

Pollack Shores to Develop 281-Unit Multifamily Community Near SunTrust Park in Atlanta

by Alex Tostado June 20, 2019

ATLANTA — Pollack Shores will construct a five-story, 281-unit multifamily community near The Battery in Atlanta’s Cumberland-Galleria submarket. The Battery is a 1.5 million-square-foot mixed-use project that surrounds SunTrust Park, home of the MLB’s Atlanta Braves. Situated on a hill, the new community will give residents indoor/outdoor sky lounge with views of The Battery and SunTrust Park. Other amenities will include outdoor living rooms, a swimming pool, hammock groves, fitness center, clubhouse and lawn space for recreational activities. The property will offer one-, two- and three-bedroom floor plans ranging in size from 700 to 1,400 square feet. Atlanta-based Pollack Shores will break ground this month and expects the first units to deliver in 2021. This is Pollack Shores’ second development in the trade area, having sold Home at The Battery Atlanta in fall 2018.

June 20, 2019

Acquisitions Florida Multifamily Southeast

Passco Acquires Apartment Complex in Florida’s Panhandle for $63.5M

by Alex Tostado June 20, 2019

DESTIN, FLA. — Passco Cos. has acquired Legacy on the Bay, a 300-unit apartment complex in Destin, for $63.5 million. Legacy on the Bay is situated on U.S. Highway 331 near U.S. Highway 98. The property offers one- through four-bedroom floor plans and amenities including a swimming pool, 24-hour fitness center, tennis court, basketball court, clubhouse, business center, playground and a dog park. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller, Carter-Haston Real Estate Services, in this transaction. KeyBank provided acquisition financing on behalf of Passco. In December, Passco acquired Sea Glass, a 288-unit multifamily complex in Destin.

June 20, 2019

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