Multifamily

New Boston Fund, ACDC, Suffolk Top Off One Greenway in Boston

by Amy Works October 9, 2014

BOSTON — New Boston Fund Inc., Asian Community Development Corp. (ACDC), New Boston’s Urban Strategy America Fund and Suffolk Construction have topped off the North Building of One Greenway, a mixed-income residential development located in Boston’s Chinatown neighborhood. The property, which is revitalizing an entire city block on Hudson Street, consists of two buildings bookended by an open space and new pedestrian connection between Hudson and Albany streets. Upon completion in summer 2015, the 312-unit North Building will offer 217 market-rate rentals and 95 affordable rental units. The second building, South Building, will offer 51 middle-income home ownership opportunities within a transit-oriented location. One Greenway received significant public support for its 146 affordable units from the Massachusetts Department of Transportation, the Department of Housing and Community Development, Department of Neighborhood Development and various other city and state agencies. Private investors and lenders include National Real Estate Advisors, PNC Bank, People’s United Bank, Property and Casualty Initiative, Boston Private Bank and RBC Capital Markets. Suffolk Construction is serving as general contractor for the project.

October 9, 2014

Multifamily Southeast Virginia

Kettler to Begin Construction on High-Rise Apartment Community in Arlington

by John Nelson October 9, 2014

ARLINGTON, VA. — Kettler is planning to develop an 11-story, 198-unit high-rise apartment community in Arlington’s Crystal City neighborhood known as m.flats Crystal City. Capital One is providing construction financing for the project. KTGY Group Inc. has designed m.flats Crystal City to meet LEED Silver certification. The transit-oriented development will be located one block from the Crystal City Metro station and will feature a resident lounge with a gaming area, fitness center, street-entry bike room, landscaped courtyard with fire and water features, outdoor seating and dining areas, outdoor kitchens and a swimming pool with a sundeck and cabanas. The project team includes civil engineer Bohler Engineering and general contractor John Moriarty & Associates. The property will be Kettler’s sixth multifamily project in the Crystal City/Pentagon City market. Kettler is expecting to break ground this month and wrap up in October 2016.

October 9, 2014

Multifamily North Carolina Southeast

Batson-Cook Breaks Ground on $25M Apartment Community in Charlotte

by John Nelson October 9, 2014

CHARLOTTE, N.C. — Batson-Cook Construction breaks ground on The Gibson, a 250-unit apartment community located at 1000 Central Ave. in Charlotte. The developer on the $25 million project is Pollack Shores Real Estate Group and the architect is Poole and Poole Architects. The apartment development will neighbor the historic Plaza Midwood and Elizabeth neighborhoods. Batson-Cook expects to deliver the mid-rise, infill apartment community in the fourth quarter of 2015.

October 9, 2014

Multifamily South Carolina Southeast

MHA Brokers Two Apartment Community Sales Totaling $27.7M

by John Nelson October 9, 2014

SUNSET BEACH, N.C. AND NORTH MYRTLE BEACH, S.C. — Multi Housing Advisors (MHA) has brokered the sales of the 168-unit Tides at Calabash in Sunset Beach and the 172-unit Cherry Grove Commons in North Myrtle Beach. Hamilton Point Investments LLC acquired Tides at Calabash from Berkadia for $12.6 million and Cherry Grove Commons from Aspen Square Management for $15.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The buyer didn’t use a broker in either transaction. The two properties are approximately 15 miles apart.

October 9, 2014

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Shades of 2007? Kansas City Apartment Vital Signs are Remarkably Strong

by Danielle Everson October 8, 2014

Today’s Kansas City apartment fundamentals resemble the height of the 2007 market as jobs, deliveries, building permits, occupancy and rents are up. The availability of financing for developers and investors, along with the temperate economic recovery, portends further operational strength and investment activity in the near term. Job growth in the metro area this year has been positive. The end of the first quarter saw a full rebound of the job losses that occurred in late 2013. Through the first half of 2014, total payroll employment expanded by 5,200 jobs, an increase of 0.5 percent compared with the end of 2013. The local unemployment rate at the end of the second quarter of 2014 was 6.3 percent. Some 4,200 additional new jobs are projected for the second half of 2014, which would bring the area nonfarm job count to only 1,800 under its 2007 high of 1,018,300. Supply and Demand Apartment developers are expected to deliver new product in time to meet the demand created by the new jobs. By year’s end, construction is scheduled to be completed on 3,750 new apartments for multifamily properties of 100 or more units. New construction has been ramping up since the first quarter …

October 8, 2014

Multifamily Texas

Dougherty Arranges $5.2M Loan for Apartment Complex in Central Texas

by Haisten Willis October 8, 2014

TEMPLE, TEXAS — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae loan for the refinancing of The Bluffs, a 200-unit multifamily housing property located in Temple, midway between Austin and Waco. The loan has a 10-year term and 30-year amortization with one year of interest-only payments. Temple Bluff Apartments Ltd. was the borrower. The complex is located near shopping centers and restaurants, and includes amenities such as a swimming pool and gym.

October 8, 2014

Multifamily Texas

Henry S. Miller Plans New Multifamily Development in Dallas

by Haisten Willis October 8, 2014

DALLAS — Henry S. Miller Multifamily Development has purchased land in Dallas for a new multifamily development called CliffView. Tom Grunnah and Kyle Ward of Henry S. Miller represented the company in the transaction. Dr. B. A. Badie was the seller. Henry S. Miller plans to build apartments and townhomes on the 4.4-acre property. The property offers views of downtown Dallas and is located northwest of the Belmont Hotel near the intersection of Sylvan and Fort Worth avenues. CliffView will be completed in 2016.

October 8, 2014

Multifamily Texas

UC Funds Provides $5.3M Acquisition, Rehab Loan in San Antonio

by Haisten Willis October 8, 2014

SAN ANTONIO — UC Funds has provided a $5.3 million acquisition and rehab loan for a 156-unit apartment complex in San Antonio. Renovations will include roof repairs, replacing all in-unit HVAC systems and central boilers and new exterior painting. The property is located eight miles northwest of downtown San Antonio on 7.7 acres. It is located off the I-410 and I-10 exchange near two malls and the South Texas Medical Center.

October 8, 2014

Illinois Midwest Multifamily Seniors Housing

Ryan Cos., Providence Life Services to Develop $20.6M Senior Living Facility

by Danielle Everson October 8, 2014

LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.

October 8, 2014

Illinois Midwest Multifamily

REVA Development Partners Breaks Ground on Luxury Apartments in Wheeling

by Danielle Everson October 8, 2014

WHEELING, ILL. — Chicago-based REVA Development Partners has broken ground on a 288-unit luxury rental community in Wheeling, a northern suburban of Chicago. Northgate Crossing is located at 250 Northgate Parkway. The 20-acre Northgate Crossing development will feature nine three-story apartment buildings. The apartments will include one- and two-bedroom plans ranging from approximately 700 to 1,200 square feet. The development is part of the village’s Town Center district, which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre parcel owned by the village. REVA is partnering with Chicago-based Blue Vista Capital Management on the development. Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager. Kinzie Real Estate Group will also oversee the leasing and management of the property. Fifth Third Bank provided financing for the development.

October 8, 2014

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