Multifamily

Meridian Capital Group Arranges $67.5M Construction Loan for Natura by Murbeck Multifamily Community in Gainesville, Florida

by Hayden Spiess June 21, 2024

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.

June 21, 2024

Vaughan-Village-Apartments_Elizabethtown-Ky

Acquisitions Kentucky Multifamily Southeast

Matthews Brokers $4.9M Sale of Vaughan Village Apartments in Elizabethtown, Kentucky

by Hayden Spiess June 21, 2024

ELIZABETHTOWN, KY. — Matthews Real Estate Investment Services has brokered the $4.9 million sale of Vaughan Village Apartments, a multifamily community located at 100 Crimson Creek Drive in Elizabethtown, approximately 45 miles south of Louisville. Built in 1996, the property comprises 48 duplex-style units situated on nine acres. Ellie Funk, Austin Tomaiko and Austin Graham of Matthews represented the undisclosed seller in the transaction. The undisclosed buyer assumed an existing HUD loan as part of the acquisition.

June 21, 2024

Development Multifamily Texas

Woodfield Development Breaks Ground on $101M Northwest Village Apartments in Fort Worth

by Taylor Williams June 21, 2024

FORT WORTH, TEXAS — Woodfield Development has broken ground on Northwest Village, a $101 million multifamily project in Fort Worth. The site is located within Traditions at Northwest Village, a 47-acre master-planned development. Northwest Village will comprise 455 apartments across two buildings on a 15-acre site. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include private conference rooms and individual offices, a fitness center, two-story sky lounge, game room with golf simulator and indoor putting green, two pools and an outdoor lounge area. The project team for Northwest Village includes general contractor OHT Partners, architect Corgan, interior designer Thrive Interior Design and civil engineering firm Westwood. Travis Anderson and Cory Fowler of JLL arranged senior and mezzanine financing for the project.

June 21, 2024

Acquisitions Multifamily New Jersey Northeast

Colony Hills Capital Acquires Southern New Jersey Apartment Community for $79M

by Taylor Williams June 21, 2024

MOUNT LAUREL, N.J. — Colony Hills Capital has acquired Mount Laurel Crossing, a 296-unit apartment community in Southern New Jersey, for $79 million. The 14-building property was originally constructed in 1999 and offers one-, two- and three-bedroom units with an average size of 944 square feet. Amenities include a pool, fitness center, clubhouse, dog park and an outdoor lounge. Mount Laurel Crossing was 98 percent occupied at the time of sale. John Alascio, Alex Hernandez, Aaron Graves and John Spreitzer of Cushman & Wakefield arranged equity investments with Heitman (preferred) and Balfour Beatty Communities (common) on behalf of Colony Hills Capital. Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf of JLL represented the undisclosed seller in the transaction.

June 21, 2024

Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $67.5M Loan for Refinancing of Upstate New York Multifamily Property

by Taylor Williams June 21, 2024

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake, a 260-unit multifamily property located north of Albany in Saratoga Springs. The property consists of 26 residential buildings and a clubhouse. Units come in one- and two-bedroom floor plans, and amenities include indoor and outdoor pools, a fitness center, private lounge, community kitchen, business center, walking trails, a clubroom, grilling stations and a golf simulator. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development.

June 21, 2024

Development Multifamily Northeast

NRP Group Breaks Ground on 200-Unit Multifamily Project in Harrison, New York

by Taylor Williams June 21, 2024

HARRISON, N.Y. — Cleveland-based developer The NRP Group has broken ground on a 200-unit multifamily project in Harrison, about 25 miles north of Manhattan. The five-story building will be situated on a 10-acre site, five acres of which will be set aside as public green space with walking trails, a dog park and a community garden. Units will come in studio, one- and two-bedroom floor plans, with 5 percent of residences to be reserved for households earning 80 percent or less of the area median income. Minno & Wasko Architects and Planners is designing the project, which NRP Group is developing in partnership with local owner-operator RPW Group. Completion is slated for 2026.

June 21, 2024

Acquisitions California Multifamily Western

Cityview Buys 130-Unit Tralee Village Apartments in Dublin, California

by Amy Works June 21, 2024

DUBLIN, CALIF. — Cityview has acquired Tralee Village Apartments, a multifamily property located at 6599 Dublin Blvd. in the East Bay city of Dublin. The price and seller were not disclosed. The three-story property offers 130 apartments and more than 30,000 square feet of ground-floor retail space, including eateries and service-focused shops. Originally built in 2011, the community offers one-, two- and three-bedroom floorplans featuring open-concept layouts, in-unit washers/dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, nine-foot ceiling heights and stainless steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies. Community amenities include ground-floor retail space, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and barbecue areas, playground, parcel lockers, bike storage and ample garage parking. Cityview plans to implement a comprehensive renovation program for the community, including new unit flooring, lighting, kitchen and bathroom countertops and accessories. Jason Parr of Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

June 21, 2024

Loans Multifamily Seniors Housing Washington Western

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Amy Works June 21, 2024

TACOMA, WASH. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.

June 21, 2024

Acquisitions Iowa Midwest Multifamily Student Housing

ARTISAN, EOS Residential Acquire 537-Bed Student Housing Community Near Iowa State University

by Kristin Harlow June 21, 2024

AMES, IOWA— A joint venture between ARTISAN Capital Group and EOS Residential Investors has acquired Union on Lincoln Way, a 537-bed student housing community located near the Iowa State University campus in Ames. Built in 2018, the property offers 177 fully furnished units in studio through five-bedroom configurations. Shared amenities include a swimming pool, fitness center, business center and study rooms. The development also features 11,000 square feet of retail space. Haverkamp Properties has been tapped to manage the community, which will be rebranded 2700 Lincoln. Improvements to the property’s amenity and common spaces are planned by the new ownership. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greystar. The acquisition involved Freddie Mac financing.

June 21, 2024

Development Multifamily South Carolina Southeast Student Housing Top Stories

Landmark Properties Acquires 67-Acre Site for Cottage-Style Student Housing Community in Columbia, South Carolina

by Jeff Shaw June 21, 2024

COLUMBIA, S.C. — Landmark Properties has acquired a 67-acre development site located near the University of South Carolina campus in Columbia. Landmark plans to construct an 826-bed cottage-style student housing community at the site. The community will offer fully furnished units in two- through six-bedroom floor plans. Landmark will begin construction imminently and plans to deliver the project in August 2026. Units will be wired for high-speed internet and will feature hardwood-style laminate floors, quartz countertops, stainless-steel appliances and full-sized washers and dryers. Community amenities will include an outdoor pool complex with a sun deck, cabanas, hammocks, a Jumbotron and outdoor grilling stations; a sand volleyball court; sports simulator; fire pits; a 24-hour fitness center; study spaces; and a computer lab. Residents will also have access to a complimentary shuttle service for commuting to and from the University of South Carolina campus and downtown Columbia. Landmark Cottage Construction, the company’s in-house general contractor, will manage construction of the project. The development site is situated at 1050 Idlewild Blvd., less than a mile from the university’s Williams-Brice football stadium. The site is located adjacent to a parcel earmarked for the University of South Carolina’s stadium project, a $1 billion modernization initiative …

June 21, 2024

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