Multifamily

Partnership Tops Out 14-Story Mixed-Income Multifamily Project in Brooklyn

by Taylor Williams September 13, 2024

NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has topped out a 14-story, 187-unit mixed-income multifamily project at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. Valued at $143 million, the property will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Completion is slated for fall 2025. Financing for the project consisted of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group.

September 13, 2024

Development Multifamily New Jersey Northeast

Hornrock Properties Begins Leasing 110-Unit Multifamily Project in Old Tappan, New Jersey

by Taylor Williams September 13, 2024

OLD TAPPAN, N.J. — Locally based developer Hornrock Properties has begun leasing Park & Arbor, a 110-unit multifamily project in Old Tappan, located on the New York-New Jersey border. The property houses one-, two- and three-bedroom units and 21,000 square feet of retail and restaurant space. Indoor amenities include a fitness center, café, conference rooms, package lockers, children’s playroom and a clubroom/speakeasy with a bar, arcade, card table and billiards. Outside, residents have access to a pool, grilling and dining areas, multiple gardens/courtyards, putting green, pet walking area and a bocce ball court. Information on starting rents was not disclosed.

September 13, 2024

Acquisitions Lee & Associates Multifamily New York Northeast

Lee & Associates Brokers $6.8M Sale of Brooklyn Apartment Building

by Taylor Williams September 13, 2024

NEW YORK CITY — Lee & Associates has brokered the $6.8 million sale of a 37-unit apartment building in the Brooklyn Heights neighborhood. The six-story, rent-stabilized building at 75 Pierrepont St. consists of 25 one-bedroom apartments and 12 studios that were fully occupied at the time of sale. Thomas Gammino and Patrick Donahue of Lee & Associates represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.2 percent. The deal traded at a cap rate of 6.2 percent.

September 13, 2024

Acquisitions Indiana Midwest Multifamily

CBRE Negotiates Sale of 218-Unit Apartment Complex in Greenwood, Indiana

by Kristin Harlow September 13, 2024

GREENWOOD, IND. — CBRE has negotiated the sale of The Hangar on Emerson in Greenwood, a southern suburb of Indianapolis. The sales price was undisclosed. Built in 2023 and located at 1140 Emerson Pointe Drive, the 218-unit apartment complex features a range of one-, two- and three-bedroom floor plans averaging 1,006 square feet. Amenities include a resort-style swimming pool, courtyards, a clubhouse, fitness center, yoga room and pet park. CBRE’s Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp represented the seller, The Garrett Cos. Railfield Partners was the buyer.

September 13, 2024

Acquisitions Illinois Midwest Multifamily

Eastham Capital, Bender Cos. Acquire 110-Unit Brix on Morse Multifamily Building in Chicago for $16.8M

by Kristin Harlow September 13, 2024

CHICAGO — Eastham Capital and Bender Cos. have partnered to acquire Brix on Morse, a 110-unit multifamily building in Chicago, for $16.8 million. Eastham has invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. Andy Friedman, Jake Parker and Danny Logarakis of Kiser Group brokered the transaction. Brix on Morse was 97 percent occupied at the time of sale with average rents of just over $1,350 per month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting and parking lots as well as a light interior refresh. Constructed in 1969, the property features 48 studios, 42 one-bedroom units and 20 two-bedroom apartments ranging from 663 to 993 square feet. Amenities include a fitness center, bike storage and fire pit with barbecue stations.

September 13, 2024

Acquisitions Arizona Multifamily Western

Clarion Sells Desert Club Multifamily Property in Phoenix to Weidner Apartment Homes for $187.5M

by Amy Works September 13, 2024

PHOENIX — Clarion Partners has completed the sale of Desert Club, an apartment community in Phoenix, to Weidner Apartment Homes for $187.5 million, or $377,264 per unit. Built in 2004 on 21 acres, Desert Club features 497 apartments averaging 983 square feet in size. Units feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a heated, resort-style swimming pool and spa. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 13, 2024

California Development Loans Seniors Housing Western

EBSC Arranges $31.2M in Construction Financing for Luxury Los Angeles Seniors Housing Facility

by Amy Works September 13, 2024

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.

September 13, 2024

Acquisitions Multifamily Washington Western

CBRE Facilitates Sale of 186-Unit CentrePointe Greens Apartment Community in Everett, Washington

by Amy Works September 13, 2024

EVERETT, WASH. — CBRE has arranged the sale of CentrePointe Green, a multifamily property in Everett. Terms of the transaction were not released. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the deal. Located about 28 miles north of Seattle at 8600 18th Ave. W, CentrePointe Greens offers 186 one-, two- and three-bedroom apartments averaging 835 square feet in size. Community amenities include a renovated fitness center, clubhouse, an indoor pool and spa, a playground and a dog park. The property was built in 1990.

September 13, 2024

Affordable Housing Development Multifamily New York Northeast

Westchester County Approves $94M Affordable Housing Project in Ossining, New York

by Taylor Williams September 12, 2024

OSSINING, N.Y. — The Independent Development Agency of Westchester County has approved a $94 million affordable housing project in Ossining, about 35 miles north of Manhattan. The site at 30 Water St. formerly housed the operations of Village Department of Public Works. The new development will consist of two buildings with 109 units that will be reserved for households earning between 30 and 80 percent of the area median income. Floor plans will include 40 one-bedroom units, 60 two-bedroom apartments and nine three-bedroom residences, and the property will also house 3,745 square feet of retail space and 3,968 square feet of community meeting space. Amenities will include a rooftop deck, fitness center and onsite laundry facilities. Locally based firm WBP Development LLC will develop the property. Construction is scheduled to begin in October and to be complete in 2027.

September 12, 2024

Development Multifamily Southeast Tennessee

Ascendant Development Delivers 11-Story Apartment Tower in Nashville

by John Nelson September 12, 2024

NASHVILLE, TENN. — Ascendant Development has delivered Haven at Charlotte, an 11-story apartment tower located at 3025 Charlotte Ave. in Nashville. The 369-unit community is situated adjacent to the HCA headquarters campus and the OneC1ty mixed-use development. Haven at Charlotte features seven residential levels atop a four-story parking podium, with apartments ranging in size from 516 to 1,472 square feet. Monthly rental rates range from $1,605 to $3,800, according to Apartments.com. Amenities include a fitness center, yoga and spin room, outdoor kitchen area, infinity-edge saltwater pool and a rooftop clubroom/lounge.

September 12, 2024

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