Multifamily

The Flourishing Idaho Multifamily Market Touts Growth, Shifting Dynamics, Resilience

by Jeff Shaw September 1, 2023

— By Colton Yasinski, Investment Sales Advsor, Capstone Cos. — The multifamily market in Idaho and, specifically, Boise, has experienced an impressive surge over the past five years. This has largely been fueled by the impact of COVID and the attractiveness of Idaho living. The result has been an unprecedented demand for multifamily housing, triggering a development boom that has reshaped the market landscape. In the past year alone, Boise has seen the delivery of 4,000 multifamily units with numerous ongoing construction projects. The city’s rapid population growth and robust housing demand has attracted institutional capital, leading to tighter cap rates similar to larger metropolitan areas. Pioneering developers have recognized the potential in Idaho’s market and entered the scene alongside local development groups. Among them are prominent names like Lincoln Property Company, Alliance Residential Company, Woodside Homes, Morgan Stonehill, American Homes 4 Rent and others shaping the multifamily landscape. However, amidst this growth, market dynamics have started to shift. Over the past year, multifamily sales in Boise have declined by more than 70 percent, accompanied by rising cap rates due to fluctuations in the capital markets. The surge in new units has transitioned the market from favoring landlords to becoming …

September 1, 2023

Development Loans Multifamily North Carolina Southeast

FCP Provides $13.9M in Preferred Equity for Multifamily Development in Charlotte

by John Nelson August 31, 2023

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.

August 31, 2023

Acquisitions Multifamily Texas

SPI Advisory Acquires 244-Unit Parkview Terraces Apartments in South Austin

by Taylor Williams August 31, 2023

AUSTIN, TEXAS — Texas-based private equity firm SPI Advisory has acquired Parkview Terraces, a 244-unit apartment community in South Austin. The property was originally developed in 2009 as Cortland Southpark Terraces and was recently renovated. According to Apartments.com, Parkview Terraces features one-, two- and three-bedroom units that range in size from 700 to 1,348 square feet and amenities such as two pools, a clubhouse, fitness center, business center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.

August 31, 2023

Affordable Housing Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams August 31, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Berry, a 180-unit affordable housing project that will be located in Houston’s Third Ward. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

August 31, 2023

Development Multifamily New York Northeast

Skyline Developers Breaks Ground on 97-Unit Multifamily Project in Midtown Manhattan

by Taylor Williams August 31, 2023

NEW YORK CITY — New York City-based Skyline Developers has broken ground on a 97-unit multifamily project at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the building will rise 26 stories and span 152,000 square feet. Goldman Sachs Bank USA provided construction financing for the project, which is slated for a 2025 delivery. Information on floor plans and specific amenities was not disclosed.

August 31, 2023

Loans Multifamily Oregon Western

Dwight Mortgage Trust Provides $44M Bridge Loan for Timberview Apartments in Oregon City

by Amy Works August 31, 2023

OREGON CITY, ORE. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has funded a $44 million bridge loan for Timberview Apartments & Townhomes in Oregon City. Situated on 9.6 acres, the newly constructed community features 180 apartments spread across 11 residential buildings. Additionally, the property features a clubhouse with a lounge and fireplace, a fitness center, bike lounge, dog wash and pool with a sundeck. Proceeds from the bridge loan will be used to retire the existing construction debt. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial.

August 31, 2023

Loans Midwest Minnesota Multifamily

JLL Arranges $68.9M in Construction Financing for Apartment Community in Suburban Minneapolis

by Kristin Harlow August 31, 2023

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $68.9 million for Golden Triangle Station, a 237-unit apartment community in the Golden Triangle neighborhood of Eden Prairie. Greco and Eagle Ridge Partners were the borrowers. JLL arranged a $47 million construction loan through a regional bank and $21.9 million in joint venture equity from Amstar Group. Slated to break ground this fall, the project will include 315 underground parking spaces. Units will come in studios, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool, spa, theater room, clubroom, private dining and pickleball courts. As part of Eden Prairie’s inclusionary zoning, roughly 25 percent of the units will be rented at 50 and 80 percent of the area median income. As a result, the project has received support from city staff, including the approval of a tax-increment financing structure. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson made up the JLL team representing the borrower.

August 31, 2023

Development Midwest Multifamily Wisconsin

M&R Development Opens 2929 on Mayfair Luxury Apartment Complex in Suburban Milwaukee

by Kristin Harlow August 31, 2023

WAUWATOSA, WIS. — M&R Development has opened 2929 on Mayfair, a 258-unit luxury apartment complex in the Milwaukee suburb of Wauwatosa. M&R co-developed the project with Campbell Capital Group. RMK Management is the property manager. Located at 2929 N. Mayfair Road, the property is just down the street from The Mayfair Collection, a 69-acre mixed-use development. Illinois-based M&R has now opened three apartment communities in Wisconsin in the last three years. Units at 2929 on Mayfair range from 453 to 1,282 square feet. Monthly rents range from $1,250 to $2,610. A three-story clubhouse is at the center of the community with an adjoining courtyard and outdoor pool. The shared spaces include an entertainment kitchen, coffee bar, lounge, fitness center, yoga room, business center with private conference rooms and workstations, a pet washing station and package room. There is also a three-level parking garage with car wash and electric vehicle charging stations.

August 31, 2023

Features Property Type Seniors Housing Southeast

Mind the Gap(s): InterFace Panelists Highlight Divides in the Senior Living Industry and How to Bridge Them

by Hayden Spiess August 31, 2023

ATLANTA — The demand metrics of seniors housing are extremely compelling, given the demographics of Americans aging into the product type. But that demand is not necessarily translating directly to occupancy at senior living properties. This disparity between leads and move-ins is just one of the gaps that the panelists highlighted throughout the “Power Panel” at France Media’s InterFace Seniors Housing Southeast conference that touched on marketing, generational differences and family expectations. Hosted Aug. 16 at the Westin Buckhead in Atlanta, the panel offered insight into the state of the industry, as seen through the eyes of C-Suite executives. Participants included Iyvonne Byers, CFO of Priority Life Care; Judd Harper, president of The Arbor Co.; Doug Schiffer, president and chief operating officer of Allegro Senior Living; Shelley Esden, president and CEO of Sonata Senior Living; and Terry Rogers, president and CEO of Westminster Communities of Florida. John Lariccia, CEO of WelcomeHome Software, served as the moderator. Follow the lead Esden said that the “big discrepancy between the rise in the number of leads and the rise in move-ins” can be partly accounted for by the prevalence of digital marketing and automation, particularly in the post-COVID landscape. For this reason, she …

August 31, 2023

Acquisitions Alabama Development Mixed-Use Multifamily Southeast

IMS Development Acquires 130 Acres in Huntsville, Plans Mixed-Use Campus With 800 Residences

by John Nelson August 30, 2023

HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.

August 30, 2023

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