Multifamily

Korman, RXR Complete 254-Unit AVE Phoenix Sky Multifamily Community in Downtown Phoenix

by Hayden Spiess February 21, 2024

PHOENIX — Korman Communities, in partnership with RXR, has completed development 254-unit multifamily community in downtown Phoenix. Dubbed AVE Phoenix Sky, the property features apartments in studio, one- and two-bedroom layouts. Amenities at the community include an outdoor sky deck, pool, hot tub, grilling stations, clubhouse, social lounge, work spaces, a courtyard, hot beverage bar, 24-hour fitness center, dog spa and electric vehicle charging stations. In addition to residences, the property features 4,350 square feet of retail space, with 580 square feet reserved as artist studio space.

February 21, 2024

Acquisitions Multifamily Oregon Western

CBRE Arranges $57.5M Sale of Outlook at Pilot Butte Apartments in Bend, Oregon

by Hayden Spiess February 21, 2024

BEND, ORE. — CBRE has arranged the $57.5 million sale of Outlook at Pilot Butte, a 205-unit apartment community in Bend. Built in 2017 on five acres, the property comprises three four-story buildings with one- and two-bedroom floorplans. Units average 761 square feet. Amenities at the community include a fitness center, clubhouse and an outdoor patio with a fire pit. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller, Seattle-based Security Properties, in the transaction. The buyer was not disclosed.

February 21, 2024

Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $75M Construction Loan for Manhattan Multifamily Project

by Taylor Williams February 21, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.

February 21, 2024

Development Multifamily Northeast Pennsylvania

Federal Realty Receives Approval for 217-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams February 21, 2024

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) has received approval for a multifamily project in Bala Cynwyd, a northwestern suburb of Philadelphia. The development will add 217 residential units above 16,000 square feet of retail space in the former Lord & Taylor building. Federal Realty is redeveloping the site to ultimately feature more than 300 apartments and 190,000 square feet of retail space for a total investment of $170 million. Construction on the new multifamily complex is slated to begin this spring and to be complete in summer 2026.

February 21, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $9M Sale of Queens Apartment Building

by Taylor Williams February 21, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit apartment building located in the Astoria neighborhood of Queens. The six-story, 34,000-square-foot building was originally constructed in 1941 and houses studio and one-bedroom units. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

February 21, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing

Blueprint Negotiates Sale of 138-Unit Continuing Care Retirement Community in Metro Cleveland

by Kristin Harlow February 21, 2024

RICHMOND HEIGHTS, OHIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Richmond Heights Place, a continuing care retirement community in Richmond Heights, a northeast suburb of Cleveland. The property, featuring a total of 138 seniors housing units and skilled nursing beds, was part of a strategic exit plan by a West Coast-based owner-operator. A private owner-operator looking to expand in the Midwest acquired the asset for an undisclosed price. Connor Doherty, Ryan Kelly and Dan Mahoney of Blueprint brokered the sale.

February 21, 2024

California Development Multifamily Top Stories Western

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Taylor Williams February 21, 2024

CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …

February 21, 2024

Development Multifamily Seniors Housing Texas

Legacy Senior Communities Plans 30-Unit Expansion at Plano Property

by Taylor Williams February 20, 2024

PLANO, TEXAS — The Legacy Senior Communities is planning a 30-unit expansion project at The Legacy Willow Bend, the owner-operator’s flagship property in Plano. The expansion will introduce three buildings, each designed with 10 luxury flats, for a total of 30 hybrid-style independent living units spanning about 2,000 square feet each. Construction is scheduled to begin in the first quarter of 2025 and to be complete in spring 2026.

February 20, 2024

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams February 20, 2024

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

February 20, 2024

The-Residence-at-Orchard-Grove-Shrewsbury

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Negotiates Sale of 80-Unit Seniors Housing Complex in Metro Boston

by Taylor Williams February 20, 2024

SHREWSBURY, MASS. — JLL has arranged the sale of The Residence at Orchard Grove, an 80-unit seniors housing complex in Shrewsbury, located just east of Worcester. The three-story building opened in 2017 and offers independent living, assisted living and memory care services. Jay Wagner, Aaron Rosenzweig, Rick Swartz and Jim Dooley of JLL represented the seller, Blue Moon Capital Partners, in the transaction and procured an undisclosed REIT as the buyer. LCB Senior Living operates the facility.

February 20, 2024

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