ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of Chilton Hall Apartments, a 126-unit multifamily property located in the Northern New Jersey community of Elizabeth. The garden-style property comprises 21 buildings on a four-acre site, and the unit mix consists of 60 one-bedrooms and 66 two-bedrooms. Stephen Tragash of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.
INDIANAPOLIS — Locally based Birge & Held has begun pre-leasing for its newest community, West Village of Avondale Meadows in Indianapolis. Located at 4115 Meadows Drive, the affordable housing community features 216 units across six buildings. Units are reserved for residents earning annual incomes between $40,620 and $67,320. Amenities include a clubhouse with a community room, exercise room, TVs and billiards. Birge & Held received Low Income Housing Tax Credit funding from HUD through the Indiana Housing and Community Development Authority. Strategic Capital Partners also served as a key partner in the development.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 12-unit apartment building located at 519 10th Ave. SE in Minneapolis for $1.1 million. Constructed in 1966, 519 Apartments is situated in the Saint Anthony Main/Marcy-Homes neighborhood near the University of Minnesota Twin Cities campus. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the buyer and seller, both of which were undisclosed.
LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, a supportive housing property located in unincorporated Florence-Graham in the Watts neighborhood of Los Angeles. The Prime Co., a giving-focused, vertically integrated multifamily development firm, is the sponsor of the project. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit (LIHTC) equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the development. Located at 2111 Firestone Ave., the six-story residential complex will feature 85 one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two of the units will be designated for individuals exiting homelessness and earning no more than 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. Additionally, the property will feature two manager units. The project team includes Prime, Domus Development and Kingdom Development. KeyBanc Capital Markets Group also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing the project. Housing Works will provide supportive services for residents …
AURORA, COLO. — Trion Properties has purchased Trailpoint on Highline, an apartment community located at 10756 E. Virginia Ave. in Aurora, for $41.1 million, or $209,000 per unit. The name of the seller was not released. Built in 1984, Trailpoint on Highline features 198 one- and two-bedroom apartments ranging from 630 to 830 square feet. The units feature wood-style plank flooring, washer and dryer hookups, wood-burning fireplaces, walk-in closets, private balconies and central heating and air conditioning. Onsite amenities include two heated swimming pools with sundecks, 24-hour laundry facilities and property management.
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …
— By Daniel Natsch, Senior Managing Director and Partner, Ethos Commercial Advisors — Portland made it onto the national scene even before the last economic cycle. It’s a charming and relatively inexpensive West Coast market that boasts a great culinary scene, never-ending outdoor activities and its own sense of weirdness. It’s no wonder that Portland’s ticket to the “big time” came by way of population growth throughout the 2010s, spurred by young, highly educated professionals. Alongside that growth came the need for more housing. Institutional capital took note and began targeting Portland for investment. The development boom of the 2010s eventually began to slow. Portland’s multifamily industry took another blow when Inclusionary Zoning legislation was passed. To beat affordable requirements, developers grandfathered as many projects as possible, creating a huge wave of entitled properties. Many of these projects would see their way through permitting, and the pre-inclusionary housing moniker became more valuable to investors. At the time, it appeared that significant in-migration would offset the significant deliveries stacking up in the pipeline. Then came 2020. Downtown Portland became a ghost town as employees stayed home amid the pandemic. It was quiet until large crowds took to the streets to speak …
COVINGTON, GA. — Brook Farm Group, along with capital partners Emory Equity and SilverCap Partners, plans to develop The Sinclair at Callaway Farm, a 388-unit apartment community in Covington. The 37-acre property will be situated at the intersection of Alcovy and City Pond roads, which is adjacent to the 180-acre Covington Town Center and about 35 miles east of Atlanta via I-20. First Horizon Bank and TrustMark Bank provided construction financing for the project, and Emory Equity and SilverCap provided equity. Sinclair at Callaway Farm will feature two separate neighborhoods encompassing 11 residential buildings, a 9,000-square-foot clubhouse, resort-style pool, two-story gym, coworking space, dog park and pet spa, electric vehicle charging stations and the first rooftop lounge in the Covington market. Additionally, four of the buildings will have elevators. Brook Farm Group expects to break ground on the project this quarter.
TAMPA, FLA. — Carter Multifamily, a division of locally based Carter Funds, has purchased Mode at Ballast Point, a 276-unit, garden-style apartment community located at 6306 S. MacDill Ave. in Tampa. The undisclosed seller sold the property, formerly known as Solis at Ballast Point, for $57.5 million. Situated on 21.5 acres near MacDill Air Force Base, the community features a resort-style pool, private lake and park, onsite pet park and proximity to a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily plans to execute capital improvements at the property that will include operational improvements, upgrades to amenities, renovations to interiors and exterior building improvements.
