Multifamily

Emerald Communities Starts $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Amy Works August 25, 2023

REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.

August 25, 2023

Loans Multifamily New Jersey Northeast

Walker & Dunlop Arranges $36M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 25, 2023

BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.

August 25, 2023

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $51M Sale of Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow August 25, 2023

JEFFERSONVILLE, IND. — Marcus & Millichap has brokered the $51 million sale of Villas of Jeffersonville, a 264-unit apartment complex in Jeffersonville, a city just north of Louisville, Ky. Built in 2020, the property is located at 3001 Peach Blossom Drive near I-65. David Badgett Jr. of Marcus & Millichap represented the seller and developer, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction.

August 25, 2023

Affordable Housing Development Midwest Missouri Multifamily

TWG Underway on Development of $42.9M Affordable Housing Community in St. Peters, Missouri

by Kristin Harlow August 25, 2023

ST. PETERS, MO. — TWG is developing Reserve at Spencer, a $42.9 million affordable housing community in the St. Louis suburb of St. Peters. The community marks TWG’s third Low-Income Housing Tax Credit project in the state of Missouri. Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will feature 192 units in a four-story property with one-, two- and three-bedroom layouts. All units will be reserved for residents who earn up to 60 percent of the area median income. Amenities will include a lounge, community kitchenette, playground, dog park, coworking rooms, a fitness center and mail room. Project funding comes from CREA LLC, Merchants Bank, UMB Bank and the Missouri Housing Development Commission. The Industrial Revenue Authority of St. Charles County provided bond financing. Construction is underway, with completion slated for late 2024.

August 25, 2023

Development Mixed-Use Restaurant South Carolina Southeast Student Housing

University of South Carolina, Greystar Open $240M Campus Village Student Housing Project in Columbia

by John Nelson August 24, 2023

COLUMBIA, S.C. — A public-private partnership between the University of South Carolina and Greystar has opened Campus Village, a $240 million residence hall development. Construction on the project, which includes four buildings offering 1,800 beds, began in May 2019. Each six-story building is connected by pedestrian promenades that run alongside green space, courtyards and a clock tower. Beds are offered in pod-style units alongside shared amenities including study and classroom spaces and community kitchens. Campus Village also features a 14,000-square-foot dining hall that seats 650 students; a sundry shop dubbed The Gamecock General Store; retail space leased to Jimmy John’s and Starbucks Coffee; and shuttle service to and from central campus. The development is home to several living-learning communities, including those for information, design and computing; engineering and computing; and entrepreneurship and innovation. The development team for Campus Village included Contract Construction, Juneau Construction and WDG.

August 24, 2023

Acquisitions Multifamily Southeast Virginia

Stockbridge Sells Arbors at Fair Lakes Apartments in Fairfax, Virginia for $85.6M

by John Nelson August 24, 2023

FAIRFAX, VA. — San Francisco-based Stockbridge has sold Arbors at Fair Lakes, a 282-unit apartment community located at 4408 Oak Creek Court in Fairfax. GID purchased the value-add community for $85.6 million. Bret Thompson and Robert Jenkins of JLL represented the seller in the transaction. Built in 1987, Arbors at Fair Lakes comprises one-, two- and three-bedroom apartments with an average unit size of 920 square feet. Amenities include a 24-hour fitness center, resort-style swimming pool, business center, tennis court with perimeter running track, outdoor grill/lounge area, and a half-mile nature trail throughout the property.

August 24, 2023

Acquisitions Affordable Housing Hawaii Multifamily Western

Public-Private Partnership Purchases 379-Unit Maunakea Affordable Housing Community in Honolulu

by Amy Works August 24, 2023

HONOLULU, HAWAII — Standard Communities has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corp. in the acquisition of Maunakea, a 100 percent affordable housing community in Honolulu. Although the price was not disclosed, according to the acquisition team, the transaction is the largest FHA deal and Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years. Located at 1245 Maunakea St., Maunakea features 254 one-bedroom units and 125 two-bedroom units. Standard will implement renovations budgeted at more than $41 million, approximately $109,000 per unit, at the property, which was built in 1977 and renovated in 2000. In unit renovations will include updates to kitchens and bathrooms, as well as new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center and the addition of grills to the picnic area.

August 24, 2023

Acquisitions Multifamily Oregon Western

Abacus Capital Group Buys Lumina Apartments in Gresham, Oregon for $96.7M

by Amy Works August 24, 2023

GRESHAM, ORE. — An affiliate of Abacus Capital Group has acquired Lumina Apartments, a multifamily community located at 2700 W. Powell Blvd. in Gresham. Built in 1994 and most recently renovated in 2022, Lumina features 440 one-, two- and three-bedroom apartments spread across 20 residential buildings. All units feature large floor plans, in-unit laundry and private balconies or patios with storage. Community amenities include a resident lounge, fitness center, package lockers, business center, indoor and outdoor swimming pools, a sun deck with barbecue grills, playgrounds and a dog park. Additionally, the property offers 880 surface, carport and garage parking options. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the undisclosed seller in the deal.

August 24, 2023

California Development Multifamily Western

Cityview Completes 296-Unit Jasper Multifamily Project in Los Angeles

by Amy Works August 24, 2023

LOS ANGELES — Cityview has completed the development of Jasper, an Opportunity Zone apartment property at 2528 S. Grand Ave. in Los Angeles. Situated adjacent to the University of Southern California, Jasper features 296 studio, one- and two-bedroom floor plans, including 25 units designated very low affordable and three designated moderate-income affordable. The community features two rooftop sky decks with outdoor dining and Korean barbecue grills, an entertainment terrace and views of downtown Los Angeles. Additionally, the property offers a resort-style pool deck with cabanas, loungers and daybeds, a game lawn area, billiards, a built-in outdoor pizza oven and communal spaces for outdoor dining and entertaining. The pet-friendly community also features a two-story club room with a commercial-grade kitchen, business center, dog park and onsite dog spa and wash. Cityview partnered with AC Martin, WPIC Construction, Nadia Geller Design and Labib Funk and Associates on the project.

August 24, 2023

Illinois Leasing Activity Midwest Multifamily

Peak Realty Chicago Begins Leasing Efforts for 35-Unit Apartment Building in Lincoln Park

by Kristin Harlow August 24, 2023

CHICAGO — Peak Realty Chicago has begun leasing efforts for a new 35-unit apartment building located at 2317 N. Clark St. in Chicago’s Lincoln Park neighborhood. The boutique development is located on the site of a former Walgreens. So far, 20 percent of the units have been leased in two weeks. The three-story building offers floor plans ranging from one- to three-bedroom units. Greif Properties was the developer.

August 24, 2023

Newer Posts

Older Posts