Multifamily

Sheridan-Park-at-Spring-Creek-Apartments-Plano

TruAmerica, Spoke Real Estate Buy Plano Multifamily Property for $50.3M

by Taylor Williams August 30, 2024

PLANO, TEXAS — A partnership between two investment firms, Los Angeles-based TruAmerica Multifamily and Ohio-based Spoke Real Estate Capital, has purchased Sheridan Park at Spring Creek Apartments, a 300-unit property in Plano. The sales price was $50.3 million. The property offers one-, two- and three-bedroom units that feature private patios/backyards and washer and dryer connections. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the partnership and the undisclosed seller in the deal. Brandon Smith and Annie Rice, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.

August 30, 2024

Loans Mixed-Use Multifamily Retail Washington Western

MainStreet Property, HAL Real Estate Obtain $77M Refinancing for Mixed-Use Property in Woodinville, Washington

by Amy Works August 30, 2024

WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.

August 30, 2024

Acquisitions Multifamily Texas

American Landmark Acquires 300-Unit Apartment Community in Manor, Texas

by Taylor Williams August 30, 2024

MANOR, TEXAS — Tampa-based investment firm American Landmark Apartments has acquired Alta Blue Goose, a 300-unit multifamily community in Manor, a northeastern suburb of Austin. Built in 2023, the community offers studio, one-, two- and three-bedroom units and amenities such as private work offices and conference rooms, a pool, fitness center and a clubroom. American Landmark plans to rebrand the property as EightyOne 10 Blue Goose. The seller was not disclosed, but Alta is the brand of Atlanta-based multifamily developer Wood Partners.

August 30, 2024

Development Multifamily Seniors Housing Texas

Thrive Senior Living, Orison Holdings Break Ground on 75-Unit Project in North Fort Worth

by Taylor Williams August 30, 2024

FORT WORTH, TEXAS — A partnership between Thrive Senior Living and Orison Holdings has broken ground on Encore at Heritage-Glen, a 75-unit seniors housing project that will be located in the Alliance submarket of North Fort Worth. Arrive Architecture Group designed the property, which will feature 50 assisted living units and 25 memory care units. The groundbreaking of Encore at Heritage-Glen follows closely behind the announcement of the International at Aventura, Thrive Senior Living’s latest development in Florida.

August 30, 2024

Development Florida Southeast Student Housing

Joint Venture Breaks Ground on 674-Bed Student Housing Community Near Florida State University

by John Nelson August 30, 2024

TALLAHASSEE, FLA. — A joint venture partnership between Portman, 908 Group, Canyon Partners Real Estate and PTM Partners has broken ground on The Hall, a 674-bed student housing development located near Florida State University in Tallahassee. The property is scheduled for completion in spring 2026. The development site is located within a Qualified Opportunity Zone across from Legacy Hall, the future home of the university’s FSU College of Business. The community will offer 191 units across two mid-rise buildings. Shared amenities will include a rooftop swimming pool and a high-end fitness center. The development will also feature 7,689 square feet of ground floor retail space and 452 parking spaces. The joint venture recently secured $73.3 million in construction financing from Pacific Life Insurance Co. for the project. TSB Capital Advisors acted as financial advisor to Portman and 908 Group in the deal. The development team for The Hall includes general contractor Favergray.

August 30, 2024

Acquisitions Affordable Housing Development Georgia Hospitality Multifamily Southeast

Bull Realty Brokers Sale of Hotel in Atlanta’s Summerhill Neighborhood, Buyer Plans Affordable Housing Conversion

by John Nelson August 30, 2024

ATLANTA — Andy Lundsberg and Michael Wess of Bull Realty have brokered the sale of a former Ramada Plaza hotel located at 450 Hank Aaron Drive in Atlanta’s Summerhill neighborhood. The Atlanta Housing Authority (AHA) purchased the 406-room, 246,000-square-foot hotel for nearly $17.5 million. AHA plans to convert the property into an affordable housing community and recently issued a request for proposal (RFP) from private developers. Current permits for the 3.3-acre site allow for the development of 260 apartments with 33,000 square feet of retail space.

August 30, 2024

Development Multifamily New Jersey Northeast

JLL Arranges $152M in Construction Financing for Jersey City Apartment Tower

by Taylor Williams August 30, 2024

JERSEY CITY, N.J. — JLL has arranged $152 million in construction financing for 35 Cottage Street, a 588-unit apartment tower that will be located in the Journal Square neighborhood of Jersey City. The development will also house a synagogue, preschool and a dedicated party hall, the latter of which will be a first for this submarket, according to the project team. Thomas Didio Jr. and Michael Mataras of JLL arranged the senior loan portion of the financing package through Centennial Bank and the mezzanine portion through an undisclosed private lender. The borrower is New York-based Namdar Realty Group. Details on floor plans, amenities and a construction timelines were not disclosed.

August 30, 2024

Affordable Housing Development Multifamily New Jersey Northeast

Walters Nears Completion of 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams August 30, 2024

CHATHAM, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. Walters is also launching a lottery program to lease the building, which sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023. Full completion is slated for late 2024.

August 30, 2024

Colorado Development Multifamily Western

Joint Venture Develops 255-Unit Tempo Nine Mile Station Apartments in Aurora, Colorado

by Amy Works August 30, 2024

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koebel and Co., Mile High Development and Urban Roots Development is developing Tempo Nine Mile Station, a multifamily community with 3,000 square feet of ground-floor retail space at the northeast corner of Parker Road and Peoria Street in Aurora. The property is part of The Point, a 22-acre master-planned development with walkable grocery, restaurant, retail and green spaces. Preleasing now, Tempo Nine Mile Station features 255 apartments in a mix of one-, two- and three-bedroom layouts, ranging in size from 542 square feet to 1,321 square feet. Monthly rental rates for available units were not disclosed. Community amenities include an outdoor pool and landscaped courtyard, a community room, coworking spaces, high-speed Wi-Fi, a bike/ski/kayak storage room, yoga studio, rooftop fitness center and a party deck. The project team includes KTGY Architects and Brinkmann Constructors. The project was financed by a HUD 221(d)(4) loan originated by PGIM Real Estate.

August 30, 2024

Illinois Leasing Activity Midwest Multifamily

248-Unit Luxury Apartment Complex in Chicago Hits 75 Percent Occupancy

by Kristin Harlow August 30, 2024

CHICAGO — The Saint Grand, a 248-unit luxury apartment complex in Chicago, is now 75 percent leased. The development team includes Mavrek, Double Eagle Development, Luxury Living and GW Properties. The property at 535 N. St. Clair also features 45,000 square feet of office space and 8,000 square feet of street-level retail space. The building’s grand opening took place in late July, and residents started moving in in April. Units feature workspaces and private outdoor spaces. Amenities include a fitness center, coworking spaces, lounges and a rooftop pool deck. The retail space will be home to a Starbucks, and additional retailers will be announced in the coming months. The project team included architect NORR, general contractor Lendlease and interior designer Harken Interiors. Cushman & Wakefield is overseeing residential and commercial property management. Monthly rents for the apartments start at $2,379.

August 30, 2024

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