SOUTHFIELD, MICH. — Southfield-based commercial real estate firm Farbman Group has launched Campusville, a comprehensive student housing property management, maintenance, development, construction and investment sales platform. The firm says it recognizes the need for innovative solutions to meet the changing demands of university living. Campusville’s mission is to enhance the quality of life for students by offering modern accommodations that foster a sense of community and provide convenient access to campus resources and local amenities.
TUCSON, ARIZ. — CBRE has brokered the sale of The Parker, a 484-bed student housing community located across the street from the University of Arizona’s Fox School of Music in Tucson. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Jeff Casper of CBRE represented the seller, a partnership between The Dinerstein Cos. and Harrison Street, in the transaction. The buyer was Inland Prime Capital of Oak Brook. Mark Cosenza and Brett Smith of Inland Real Estate Acquisitions internally represented the company. Although the price was not disclosed, Yield Pro reports the property sold for $132.5 million. The community is LEED Silver certified and offers fully furnished units in one- through six-bedroom configurations, with most units offering bed-to-bath parity. Shared amenities include study spaces, a social lounge, fitness center, community kitchen, turfed courtyard with seating, fire pit, corn hole boards and rooftop swimming pool. The property also features retail space, which Chase Bank occupies.
SAN JOSE, CAILF. — Gantry has secured $10.5 million in financing for pre-construction costs for Icon/Echo, a mixed-use redevelopment project in downtown San Jose. The borrower, Urban Catalyst, plans to construct two towers on the 2.1-acre land site following demolition of existing buildings and a parking lot. Current plans include a 21-story office building with street-level retail and a 27-story multifamily residential tower. The towers will be connected by a shared podium on floors one through four. Additionally, the project will offer a below-grade level of parking and 1,000 parking spaces. Construction at the site is slated to begin the next 12 to 24 months. Jeff Wilcox and Robert Slatt of Gantry arranged the short-term bridge loan with interest-only terms through a private real estate investment company.
One step forward, one step back could easily be the motto for affordable housing development this year. Experts are hopeful a more stable interest rate environment will bolster transaction activity in 2024. At the same time, rising insurance costs, supply-chain hiccups and property staffing issues are forcing developers and investors to proceed with caution in the affordable housing sector. The one-step-forward theme also applies to the legislative arena. The Tax Relief for American Families and Workers Act of 2024 contained Low-Income Housing Tax Credit (LIHTC) provisions that would have incentivized developers to build more housing for extremely low-income renters. The act passed the U.S. House of Representatives in late January and is headed to the Senate, though the National Low Income Housing Coalition (NLIHC) reports that the major reforms to LIHTC were left out of the bill. These speedbumps aren’t mere bureaucratic headaches. Some experts say they stand in the way of keeping many Americans safe and secure. According to NLIHC, the United States is short 7.3 million rental homes that are affordable and available to renters with extremely low incomes, which is defined as either the federal poverty guideline or 30 percent of their area median income (AMI), whichever …
AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on a 307-unit multifamily project that will be located within the 314-acre Velocity master-planned development in southeast Austin. Apartments will come in studio, one-, two- and three-bedroom floor plans and range in size from 375 to 1,400 square feet. Amenities will include a pool, fitness center, coworking lounge, dog park, volleyball and pickleball courts, entertainment lounge and podcast rooms. O’Brien Architects designed the four-story project, and Provident General Contractors is handling construction. Completion is slated for mid-2025.
CHARLESTON, S.C. — CBRE has arranged the sale of Preserve at Essex Farms, a 284-unit apartment community located at 3245 Glenn McConnell Parkway in Charleston’s West Ashley submarket. Jim Sewell, David Lansbury and Erika Maston of CBRE represented the unnamed seller in the transaction. The buyer and sales price were also not disclosed. Preserve at Essex Farms comprises studio, one-, two- and three-bedroom floor plans, as well as two-story townhomes. Amenities include a resort-style swimming pool, grill area, bike trail, 24-hour fitness center and a pet spa area. B&M Management Co. is the property manager.
NEW YORK CITY — Ariel Property Advisors has arranged a $25.3 million loan for the refinancing of an 82-unit apartment building located at 120-125 Riverside Drive on Manhattan’s Upper West Side. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Matt Dzbanek and Matt Swerdlow led the transaction for Ariel Property Advisors.
NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.
HILLIARD, OHIO — A joint venture between Milhaus and Harbor Group International (HGI) has broken ground on Tempo, a 359-unit apartment project in Hilliard, a northwest suburb of Columbus. The development is in the heart of commercial real estate firm Equity’s mixed-use development known as TruePointe, construction of which began in July 2023. Milhaus will lead development of Tempo, with HGI providing 80 percent of the common equity. Tempo will offer floor plans ranging from studios to three-bedroom units. Residents will have access to amenities such as a resort-style pool, courtyard, fitness center, sky lounge, coworking spaces, an onsite dog park, beach volleyball court and outdoor pizza kitchen. Architecture firm MA+ Design, SJL Design Group and The Kleingers Group make up the project team. First Internet Bank provided project financing. Completion is slated for spring 2026.
SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged a $4.8 million loan for the refinancing of a 129-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Claymoor Properties LP. Securian Life Insurance Co. provided the loan, details of which were not provided.