Multifamily

Ray, VeLa Development Partners Break Ground on 401-Unit Multifamily Tower in Phoenix

by Amy Works April 19, 2024

PHOENIX — Ray and VeLa Development Partners, as co-developers, have broken ground on Ray Phoenix, a 26-story residential tower at 777 N. Central Ave. in Phoenix. Johnson Marklee & Associates, in partnership with Lamar Johnson Collaborative, designed the project, while Grace Fuller Marroquín of Grace Fuller Design conceived the landscape concept. Situated in the Roosevelt Row Arts District, Ray Phoenix will feature 401 residential units — 193 studios; 116 one-bedrooms, including den and duplex options; and 92 two-bedrooms, including duplex and penthouse options. Totaling 523,000 square feet, the building will feature a fitness center, yoga studio, resort-style pool, communal kitchen, fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens and workspaces, as well as more than 4,500 square feet of ground-level retail space.

April 19, 2024

Acquisitions Arkansas Southeast Student Housing

Cushman & Wakefield Brokers Sale of 432-Bed Student Housing Property Near University of Central Arkansas

by John Nelson April 18, 2024

CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.

April 18, 2024

Development Loans Multifamily Texas

IPA Arranges $13.1M in Equity Financing for Multifamily Project in Edmond, Oklahoma

by Taylor Williams April 18, 2024

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

April 18, 2024

Westminster-Village-Arms-Lowell-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams April 18, 2024

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

April 18, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $12.6M Sale of Four Harlem Apartment Buildings

by Taylor Williams April 18, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four apartment buildings totaling 113 units in Harlem. The buildings house units in two-, three-, four- and five-bedroom floor plans and collectively include eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

April 18, 2024

Affordable Housing Development Midwest Minnesota Multifamily

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow April 18, 2024

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

April 18, 2024

Affordable Housing Development Michigan Midwest Multifamily

Cherry Health, Woda Cooper to Build 56-Unit Affordable Housing Community in Wyoming, Michigan

by Kristin Harlow April 18, 2024

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage. The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.

April 18, 2024

California Loans Multifamily Western

Northmarq Arranges $50.7M Loan for 10-Property Multifamily Portfolio Near Los Angeles

by Amy Works April 18, 2024

LOS ANGELES — Northmarq has secured $50.7 million in refinancing for a 10-property apartment portfolio in the Los Angeles/Hollywood areas. Panot Capital manages the buildings, which were built in the 1920s and offer a total of 482 units. Zalmi Klyne of Northmarq’s Los Angeles debt and equity team arranged the financing, which was structured with a seven-year term and four years of interest-only payments at a rate of 5.9 percent. The lender was Israel Discount Bank of New York.

April 18, 2024

Loans Multifamily Seniors Housing Washington Western

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works April 18, 2024

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

April 18, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works April 18, 2024

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

April 18, 2024

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