Multifamily

Madison Capital Secures $47M Construction Financing for Multifamily Development in Bradenton, Florida

by John Nelson August 6, 2024

BRADENTON, FLA. — Madison Capital Group has secured a $47 million loan for the construction of Madison Bradenton, a 240-unit multifamily development to be located on the site of the former DeSoto Square Mall in Bradenton, a city on the south side of the Tampa Bay area. Peachtree Group provided the financing. Subsidiary Madison Communities is developing the project, which will feature five four-story buildings and two carriage homes. Amenities at the property will include a clubhouse, cyber lounge, swimming pool with cabanas, outdoor kitchen with grilling areas, fitness center and dog park. BenCo, an affiliate of Madison Capital Group, is serving as the general contractor. Slocum Platts Architects is the architect, and Cavoli Engineering will act as the engineer. Construction is scheduled to begin immediately, with completion scheduled for early 2026.

August 6, 2024

Acquisitions District of Columbia Multifamily Office Southeast

JLL Arranges $21.5M Sale of Office Building in DC, Buyer Plans Multifamily Conversion

by John Nelson August 6, 2024

WASHINGTON, D.C. — JLL Capital Markets has arranged the $21.5 million sale of an office building located at 1201 Connecticut Ave. NW in the Dupont Circle neighborhood of Washington, D.C. The 12-story building comprises 190,385 square feet of Class B office space. Tom Hall, Matt Nicholson, Kevin Byrd, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller, a subsidiary of BrightSpire Capital, in the transaction. An affiliate of Duball acquired the property, with plans to convert the development to a 161-unit multifamily community. Plans include the utilization of the ground-floor for retail space and the addition of a pool and amenity spaces to the roof. A development timeline was not disclosed.

August 6, 2024

Development Florida Multifamily Southeast

EDEN Living Completes 265-Unit Multifamily Community in Jacksonville

by John Nelson August 6, 2024

JACKSONVILLE, FLA. — EDEN Living has completed the development of EDEN at Kendall West, a 265-unit multifamily community situated on 20 acres in Jacksonville. Located at 9105 Tredinick Parkway, the property features 193 single-story apartments and 72 two-story townhomes. Each unit includes a private backyard, with a private garage accompanying each townhome. Units at EDEN at Kendall West range in size from 700 to 1,300 square feet, with one-, two- and three-bedroom layouts. Amenities include a clubhouse, fitness center, swimming pool, dog grooming station, dog park, club room and walking trails. Monthly rental rates at the community begin at $1,425, according to the property website.

August 6, 2024

Acquisitions Multifamily Seniors Housing Texas

Green Courte Partners Acquires 348-Unit Active Adult Community in Seabrook, Texas

by Taylor Williams August 6, 2024

SEABROOK, TEXAS — Green Courte Partners, a private equity real estate investment firm, has acquired Chesapeake Bay, a 348-unit active adult community in Seabrook, located just south of Houston. The property offers a mix of apartments and cottages. Amenities include a pool, fitness center, business center, craft room, game lounge, putting green, hair and nail salon, theater and a dog park. The firm’s wholly owned operating platform, True Connection Communities, will manage the property. The seller and sales price were not disclosed.

August 6, 2024

Development Multifamily New York Northeast

Douglaston Development Receives Financing for $190M Bronx Affordable Housing Project

by Taylor Williams August 6, 2024

NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.

August 6, 2024

Acquisitions California Multifamily Western

Cityview, Wafra Buy 221-Unit Silva Multifamily Project in Los Angeles’ Silver Lake Neighborhood

by Amy Works August 6, 2024

LOS ANGELES — Cityview and Wafra have acquired Silva, a newly constructed, Class A apartment community in the Silver Lake neighborhood of northeast Los Angeles. The seller and price were not disclosed. Silva is currently vacant and recently received a temporary certificate of occupancy. The new owners plan to lease the community as construction is finalized and a permanent certificate of occupancy is obtained. Located at 235 N. Hoover St., Silva offers 221 studio, one-, two- and three-bedroom floor plans featuring nine-foot ceilings and floor-to-ceiling windows with views of downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. Units feature full-size washers/dryers, smart thermostats, and kitchens with quartz countertops, high-end fixtures, high-end appliances and full-height tile backsplashes. Select units offer walk-in closets and private oversized balconies or patios. Community amenities include coworking space, a large deck, resort-style pool and spa, a club room with arcade games and a private screening room, programmatic outdoor space, a double-height fitness center and outdoor dining areas with firepits and barbecues. Additional amenities include a dog run, green space, secure storage areas and electric vehicle charging stations. Chris Tresp and Derrek Ostrzyzek of CBRE brokered the transaction. Westhome, an affiliate of …

August 6, 2024

Acquisitions California Multifamily Western

IPA Negotiates Sale of 62-Unit Mar at Mesa Apartment Homes in San Diego

by Amy Works August 6, 2024

SAN DIEGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mar at Mesa Apartment Homes in San Diego. An affiliate of F&F Properties acquired the asset for an undisclosed price. Built in 1988 and renovated in 2022, Mar at Mesa features 62 one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units with breakfast bars, dishwashers, large closets, patios and balconies. Community amenities include a swimming pool, sundeck, spa, barbecue area, firepit, off-street parking and laundry facility. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer in the deal.

August 6, 2024

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides Two Loans for Refinancing of Three Minneapolis Multifamily Properties

by Kristin Harlow August 6, 2024

MINNEAPOLIS — Colliers Mortgage has provided two Fannie Mae loans for the refinancing of three multifamily properties at West Lake Quarter in Minneapolis. The assets include The Mezz, The Gateway and The Original. The 98-unit Mezz and 151-unit Gateway were built between 2022 and 2023, while the 113-unit Original was built in 1962 and renovated in 2022. All three properties feature amenities such as outdoor TV lounges, poolside cabanas, bocce courts, outdoor grill stations, business centers and fitness centers. Both loans carry 10-year terms. Fritz Waldvogel, Murray Kornberg and Mox Gunderson originated the loans on behalf of the borrower, Bader.

August 6, 2024

Matt Williamson Pavlov Media FutureProofing Quote from article

Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Cost-Effective Strategies, Future-Proofing for Multifamily Internet Infrastructure

by Sarah Daniels August 6, 2024

In the rapidly evolving landscape of multifamily technology, owners and operators face a critical challenge to staying competitive. As demand for high-speed internet and robust connectivity grows, it is essential to adapt quickly. However, constantly upgrading infrastructure can be prohibitively expensive and time-consuming. The solution lies in future-proofing properties — building an adaptable infrastructure that can support unknown future technological needs. “Future-proofing is a matter of having infrastructure capable of supporting what we don’t know we will want later,” says Matt Williamson, lead sales engineer at Pavlov Media, which provides Wi-Fi, fiber-optic internet service and managed digital services to multifamily properties. Future-proofing involves implementing scalable and flexible communication systems that accommodate both current and emerging digital demands. By focusing on future-proofing, multifamily properties can meet residents’ increasing expectations for high-speed internet and comprehensive Wi-Fi coverage while also reducing operational costs and enhancing overall efficiency. Balance Current Needs with Future Trends “Multifamily residents now expect extremely high-speed internet connections in their units and throughout the entire property, including common areas like gyms, conference rooms, pools and walking paths,” Williamson says. Residents want robust internet connections for activities such as streaming, video calls and remote home monitoring. The importance of upload speeds …

August 6, 2024

Development Multifamily South Carolina Southeast

Woodfield Development Completes 304-Unit Ames Apartment Community in Summerville, South Carolina

by John Nelson August 5, 2024

SUMMERVILLE, S.C. — Woodfield Development has completed and opened The Ames, a 304-unit apartment development located at 3800 Zephyr Road in Summerville. Situated within the Nexton master-planned development, the property offers residences in a mix of studio, one-, two- and three-bedroom layouts. Amenities at The Ames include a swimming pool, courtyard, grilling stations and a 1,500-square-foot pool cabana with a bar area. This marks Charleston-based Woodfield’s 17th multifamily delivery in the state.

August 5, 2024

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