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Multifamily

AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates Sales of Three Multifamily Properties on Chicago’s Northwest Side for $6.8M

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.

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DevelopmentMultifamilyNew JerseyNortheast

Hampshire, Pinnacle Open 40-Unit Apartment Complex in Montclair, New Jersey

by Taylor Williams

MONTCLAIR, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit apartment complex in the Northern New Jersey community of Montclair. The Clair offers studio, one- and two-bedroom units and amenities such as a clubhouse, business center and a rooftop terrace. Minno & Wasko Architects and Planners designed The Clair, construction of which was financed by OceanFirst Bank. Rents start at about $2,400 per month for a studio apartment.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Careful Balance of Business Fundamentals, Quality Care Is Key to Seniors Housing Success, Say InterFace Panelists

by John Nelson

By John Nelson Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead Atlanta on Wednesday, Aug. 28. Panelists were asked by moderator John Lariccia, CEO and founder of WelcomeHome Software, to summarize the state of the seniors housing industry in a single word. Doug Schiffer, president and chief operating officer of Allegro Senior Living, selected “encouraged” as the best term to describe the current mood of the sector. “The encouragement comes into the fact that both versions of capital, whether it was equity or debt, have actually recognized now the importance of the operator,” said Schiffer. “For quite some time, it was about the importance of the real estate and how the buildings were designed, and then ‘we’ll go find an …

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Red-Oaks-Austin
Affordable HousingDevelopmentMultifamilyTexas

Housing Trust Group Breaks Ground on $26M Affordable Housing Project in North Austin

by Taylor Williams

AUSTIN, TEXAS — Multifamily developer Housing Trust Group has broken ground on Red Oaks, a $26 million affordable housing project in North Austin. The property will have 70 units in studio, one- and two-bedroom formats that will be reserved for households earning between 30 and 60 percent of the area median income. The Texas Department of Housing & Community Affairs issued $16 million in Low-Income Housing Tax Credits for the project, and Bank of America provided a $15.6 million construction loan. Berkadia originated a $7 million Freddie Mac permanent loan, and the Austin Housing Finance Corp. contributed a $4 million RDHA loan. Preleasing at Red Oaks is scheduled to begin in fall 2025.

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Dream-Aspen-Creek-Broken-Arrow
LoansMultifamilyOklahomaTexas

Thorofare Capital Funds $23M Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams

BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.

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Affordable HousingDevelopmentIllinoisLoansMidwestMultifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

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DevelopmentIllinoisMidwestMultifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

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25-North-Lex-White-Plains
DevelopmentMultifamilyNew YorkNortheast

Greystar Begins Leasing 500-Unit Apartment Community in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — South Carolina-based Greystar has begun leasing 25 North Lex, a 500-unit apartment community located north of New York City in White Plains. Designed by Handel Architects, the property offers studio, one-, two- and three-bedroom units that are furnished with white quartz countertops and backsplashes and individual washer and dryers. Amenities include a pool with a wet bar; coworking areas with private phone booths and conference rooms; a game room with foosball, billiards and a golf simulator; fitness center with a yoga studio; an indoor/outdoor private dining room with full kitchen and lounge seating; and a sports lounge with an entertaining kitchen, fireplace and video wall. The property also houses 16,000 square feet of ground-floor retail space. Rents start at about $2,600 per month for a studio apartment. Construction began in spring 2022.

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57-Main-Marlborough-Massachusetts
DevelopmentLoansMassachusettsMultifamilyNortheast

Colliers Arranges $41.4M in Construction Financing for Metro Boston Multifamily Project

by Taylor Williams

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for a 92-unit multifamily project that will be located in the western Boston suburb of Marlborough. Known as 57 Main, the property will feature 3,500 square feet of ground-floor retail space and an 8,600-square-foot amenity and mezzanine space. The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne Bank in partnership with Westfield Bank. Jeff Black, Sean Burke, Bryan Koop and Matt Lombardi of Colliers arranged the financing on behalf of the borrower, locally based developer The Procopio Cos.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Group Negotiates Sale of 123-Unit Apartment Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit apartment building in Brooklyn. The seven-story building at 275 Park Ave., which was originally built in 1920 and renovated earlier this year, also houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Fairstead, in the transaction and procured the buyer, Thor Equities. The sales price was not disclosed, but the 184,411-square-foot building sold for $325 per square foot.

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