Multifamily

Doster Construction Completes $30M Multifamily Development in Jacksonville

by John Nelson November 18, 2015

JACKSONVILLE, FLA. — Doster Construction Co. has recently completed construction on 220 Riverside, a $30 million multifamily development in Jacksonville. The five-story, 294-unit property is built atop two levels of parking and features retail space and restaurants on the ground level. Community amenities include a fitness center, clubroom, internet café, rooftop courtyard with a resort-style swimming pool, an outdoor kitchen and seating niches overlooking the St. Johns River. Each unit features nine-foot ceilings, granite countertops and vinyl plank and hard tile flooring. The project team includes owner HP-MAA Riverside LLC and architect Studio 9 Architecture LLC.

November 18, 2015

California Loans Multifamily Western

Bellwether Enterprise Arranges $98.8M in Loans for Three Apartment Complexes in Orange County

by Nellie Day November 18, 2015

ANAHEIM, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged $98.8 million in financing for the acquisition of three apartment communities in Orange County by A&M Properties. The properties include Springdale Villa in Westminster, Portofino Cove in Anaheim and Tustin Parc in Tustin. The properties contain a total of 723 units. They were built between 1961 and 1971. Doug Taylor and Jason Krupoff of Bellwether arranged the Freddie Mac, fixed-rate financing. Bellwether is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. The team also helped A&M Properties identify Tustin Parc for acquisition.

November 18, 2015

California Loans Multifamily Western

CityMark Development Receives $48M to Build Apartment Complex in San Diego

by Nellie Day November 18, 2015

SAN DIEGO — CityMark Development has received a $48 million loan to develop a 129-unit multifamily project in the downtown San Diego submarket of Little Italy. The community will be located at 2101–2175 Kettner Blvd. The site was formerly occupied by Caliber Collision Center. The new project will contain a six-story apartment building with 8,000 square feet of retail podium space, 100,000 square feet of residential space and 2.5 levels of subterranean parking. Tanner Hecht Architecture will design the community, while Van Tilburg, Banvard & Soderbergh will act as the architect of record. The funds were capitalized by Fident Capital, which has identified an institutional equity partner for this project. The Los Angeles-based fund manages more than $2 billion in assets. It focuses exclusively on urban infill residential projects that contain over 100 units.

November 18, 2015

Colorado Multifamily Student Housing Western

UniversityParent Launches Certification to Connect Student Housing Companies with Parents

by Nellie Day November 18, 2015

BOULDER, COLO. — UniversityParent has launched Best for Parents, a certification tool created to help parents determine which student housing options meet their priorities, and to allow businesses providing student housing to express their value to these stakeholders in housing decisions. Best for Parents certification takes into account the aspects of housing that matter most to parents, such as safety, convenience, student-friendly features, and professional, accessible management and maintenance. Along with providing financial input, parents are a source of support and advice to students. The Best for Parents certification allows parents to make well-informed suggestions regarding their student’s housing. Housing facilities that earn the Best for Parents label receive a parent page on the UniversityParent site outlining the housing company’s answers to the top parent questions, recognition as a Best for Parents facility in the UniversityParent directory, and a plaque and window cling for display.

November 18, 2015

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Philadelphia’s Apartment Market Remains Bright

by Jaime Lackey November 18, 2015

Philadelphia’s apartment market remains bright as increasing employment fosters stable economic growth, which in turn is bolstering apartment operations. Employers in the metro, which is known as the center of economic activity in Pennsylvania, will increase hiring 1.2 percent this year, adding 35,000 jobs. In 2014, new jobs increased 1.6 percent and the unemployment rate decreased 130 basis points. Total employment is on the upswing, recovering nearly all of the jobs lost during the recession. The favorable employment conditions are supporting demand for apartments and swiftly improving performance throughout the metro, prompting developers to start new multifamily projects. Builders in Philadelphia are focusing their attention in Center City, which includes the central business district and central neighborhoods of Philadelphia, where nearly 25 percent of this year’s deliveries will be placed into service. Developers are on track to complete 3,600 units in 2015, increasing total apartment inventory 1.4 percent. Last year 2,400 rentals were delivered. Part of the reason that demand is especially strong in Philadelphia can be attributed to the increasing popularity of living in the urban core among young professionals and baby boomers. The lack of developable in-fill locations in the area is prompting developers to convert office buildings …

November 18, 2015

texas-A&M-university-TAMU-Agriculture-&-LifeSciences

Life Sciences Multifamily Student Housing Texas

Skanska Breaks Ground on $21M Agriculture & Life Science Building at Texas A&M University

by Haisten Willis November 17, 2015

COLLEGE STATION, TEXAS — Skanska USA has been awarded a $21 million contract with Texas A&M University to oversee the construction of the Agriculture & Life Science Building 4. The project broke ground on Nov. 13 and it will be completed in February 2017. The five-story, 80,000-square-foot building will house the university’s Department of Wildlife and Fisheries Sciences. The first three floors will include offices, conference rooms and dry work areas. The top two floors will include teaching and wet research laboratories. Kirskey Architecture is project architect.

November 17, 2015

Mixed-Use Multifamily New York Northeast Retail

JV Acquires Brooklyn Development Site for $50M

by Amy Works November 17, 2015

NEW YORK CITY — A partnership between Adam America, Slate Property Group and China Vanke has acquired a development site, located at 10 Nevins in downtown Brooklyn, for $50 million. The site is approved for plans to develop a mixed-used project with 184 residential units and ground-floor retail space. Ofer Cohen and Melissa Warren of TerraCRG were the sole brokers in the transaction. The name of the seller was not released.

November 17, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $53M

by John Nelson November 17, 2015

NEWNAN, GA. — The RADCO Cos. has purchased Columns at White Oak, a 561-unit apartment community located in the Atlanta suburb of Newnan. Atlanta-based RADCO purchased the property from ECI Group for $53 million. Cushman & Wakefield brokered the transaction. RADCO has renamed the project Creekside at White Oaks. The property includes three swimming pools, two large fitness centers, a private fishing lake, dog and play parks, grilling and gathering areas, balconies and garages. RADCO financed the acquisition with private capital and financing from CIBC Bank. Since August 2011, the company has raised $330 million of private capital to fund its purchases. RADCO will invest about $5.5 million to renovate the community’s clubhouse, leasing center, fitness center and pool deck. The Atlanta-based firm will also build a new playground, upgrade the interior unit finishes and enhance the property’s landscaping. RADCO’s portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of December.

November 17, 2015

District of Columbia Multifamily Southeast

CAS Riegler Completes Apartment Community in D.C.’s Logan Circle Neighborhood

by John Nelson November 17, 2015

WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.

November 17, 2015

Loans Louisiana Multifamily Southeast

Greystone Provides $30.6M Construction Loan for Apartment Community in Louisiana

by John Nelson November 17, 2015

PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.

November 17, 2015

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