Multifamily

LMXD Tops Out 21-Story Residential, Civic Project in Harlem

by Taylor Williams October 11, 2023

NEW YORK CITY — LMXD, an affiliate of New York City-based L&M Development Partners, has topped out the National Black Theatre & Ray Harlem, a 21-story residential and civic project. Designed by Frida Escobedo Architects and Handel Architects, the development will house 222 mixed-income apartments, commercial space along 125th Street and a multi-purpose living room that will be open to the community. In addition, the site will feature a 27,000-square-foot home for National Black Theatre. This space will house offices, classrooms, a 250-seat performance space, a 99-seat flexible studio theater and a set-building shop to support workforce development in theatrical trades. The building is scheduled to open in late 2024, with the theater coming on line in early 2026.

October 11, 2023

Connecticut Loans Multifamily Northeast Top Stories

Cushman & Wakefield Arranges $223.9M Refinancing for Multifamily Portfolio in Stamford, Connecticut

by Jeff Shaw October 11, 2023

STAMFORD, CONN. — Cushman & Wakefield has arranged four loans totaling $223.9 million to refinance four Harbor Point-branded apartment communities. Greystone provided the Freddie Mac mortgages. The portfolio comprises 989 apartment units in Stamford, roughly 40 miles northeast of New York City and 40 miles southwest of New Haven. Units range from 544 to 1,429 square feet in a mix of studio, one-, two- and three-bedroom layouts. Located at 301 Commons Park South, 111 Towne St., 110 Towne St. and 120 Towne St., the communities —Postmark Apartments, Harbor Point, The Key at Yale & Towne and Vault Apartments — feature amenities including tenant parking, swimming pools, clubrooms with kitchens and multiple lounges, fitness centers, resident concierges, gaming tables and controlled building access. The properties offer proximity to downtown Stamford, Interstate 95 and the Stamford Transportation Center, which grants direct train access to the Bronx and Manhattan. Monthly rental rates at Vault Apartments and Harbor Point begin at $2,411 and $2,408, respectively, according to the property websites. Rental rates at the two other communities are not disclosed. John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the undisclosed borrower in the …

October 11, 2023

Acquisitions Multifamily Texas

CONAM Group Acquires 270-Unit Arise Craig Ranch Apartments in McKinney, Texas

by Taylor Williams October 10, 2023

MCKINNEY, TEXAS — The CONAM Group, a California-based investment firm, has acquired Arise Craig Ranch, a 270-unit apartment community located within the Craig Ranch master-planned development in the northern Dallas suburb of McKinney. Completed in 2018, Arise Craig Ranch offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a pool, resident lounge, billiards room, courtyards, fitness center, movie theater, dog park and a business center. The seller and sales price were not disclosed.

October 10, 2023

Development Multifamily Seniors Housing Texas

Caldwell Communities Opens 250-Unit Active Adult Complex in Cypress, Texas

by Taylor Williams October 10, 2023

CYPRESS, TEXAS — Caldwell Communities has opened Cadence Creek at Towne Lake, a 250-unit active adult complex in Cypress, a northwestern suburb of Houston. The community features one- and two-bedroom apartments that range in size from 760 to 1,230 square feet and cottages that range in size from 900 to 1,200 square feet. Amenities include a pool, fitness center, library, theater room, arts and crafts room, gaming area and a dog park. Rents start at $1,500 per month for a one-bedroom unit.

October 10, 2023

Acquisitions Georgia Multifamily Southeast

Vista, Batson-Cook Sell 300-Unit Sweetwater Vista Apartments in Douglasville, Georgia

by John Nelson October 10, 2023

DOUGLASVILLE, GA. — Vista Residential Partners and Batson-Cook Development Co. have sold Sweetwater Vista Apartments, a 300-unit garden-style property located along Riverside Parkway in Douglasville, about 15 miles west of Atlanta. The buyer and sales price were not disclosed. Vista and Batson-Cook developed the property in 2021 using debt financing from Synovus Bank and joint venture equity. Situated near the 2,500-acre Sweetwater Creek State Park, Sweetwater Vista features a clubhouse, resort-style pool, dog park and open green spaces. The property features one-, two- and three-bedroom units ranging from 804 to 1,268 square feet, according to Apartments.com.

October 10, 2023

Florida Loans Multifamily Southeast

Berkadia Arranges $31.5M Refinancing for Apartment Community in Miami

by John Nelson October 10, 2023

MIAMI — Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged the 10-year, Fannie Mae loan, which features five years of interest-only payments. No. 17 Residences Allapattah features one-, two- and three-bedroom apartments ranging from 600 square feet to 1,125 square feet, as well as an urban park, lobby lounge with coworking and social spaces, pool, fitness center and rooftop amenities.

October 10, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $15M HUD-Insured Loan for Refinancing of Multifamily Property in Stamford, Connecticut

by Taylor Williams October 10, 2023

STAMFORD, CONN. — Greystone has provided a $15 million HUD-insured loan for the refinancing of a 94-unit multifamily property in Stamford, located in southern coastal Connecticut. The property at 100 Prospect St. was originally built as an office complex between 1977 and 1981 and converted to residential use in 2008. Amenities include a fitness center and a rooftop terrace. Lori DiMartino of Greystone originated the fixed-rate financing, which retires an existing bridge loan that was used to acquire the property. The borrower was not disclosed.

October 10, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 110-Unit Apartment Complex in Manchester, Connecticut

by Taylor Williams October 10, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Apex One91, a 110-unit apartment complex in Manchester, located just east of Hartford. Built in 1991, the seven-building complex offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center and laundry facilities. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Paredim Communities, in the transaction and procured the buyer, Cue Residential.

October 10, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose to Develop 93-Unit Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams October 10, 2023

WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.

October 10, 2023

Acquisitions Arizona Multifamily Western

Brixton Capital Buys 300-Unit Alta Warehouse District Apartments in Phoenix

by Amy Works October 10, 2023

PHOENIX — Brixton Capital has acquired Alta Warehouse District, a Class A apartment property in downtown Phoenix’s Warehouse District. Atlanta-based Wood Partners sold the asset for $82 million. Built in 2023, Alta Warehouse District features 300 one-, two- and three-bedroom units spread across three four-story, elevator-served residential buildings. Onsite amenities include a ground-floor bodega, resort-style pool with designated grill areas, a fitness center, yoga studio, off-leash dog park, entertainment-style clubhouse and a speakeasy lounge with a music room. Additional amenities include a rooftop sky deck, complimentary cold-brew coffee, a cybercafé, conference space and private work-from-home offices. Brixton will rebrand the property, which is located at 402 W. Lincoln St., and complete minor capital improvements. Scottsdale-based Mark-Taylor Residential will manage the asset. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Wood Partners in the transaction. Additionally, Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz of CBRE Capital Markets’ Debt and Structured Finance secured a $47.2 million, fixed-rate loan on behalf of Brixton Capital.

October 10, 2023

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