Multifamily

Olive Tree Holdings Completes Renovation of 308-Unit Apartment Community in Metro Houston

by Taylor Williams August 4, 2023

PASADENA, TEXAS — An affiliate of New York City-based Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit apartment community located in the eastern Houston metro of Pasadena. The property was built in 1971 and offers one-, two- and three-bedroom units. Unit interiors received new paint and windows, and exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree also enhanced the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.

August 4, 2023

Acquisitions Multifamily New Jersey Northeast

Colony Hills Capital Acquires Central New Jersey Apartment Community for $115M

by Taylor Williams August 4, 2023

PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).

August 4, 2023

Rowen-at-the-Pinehills-Plymouth-Massachusetts

Development Massachusetts Multifamily Northeast

Bozzuto Begins Leasing 178-Unit Apartment Complex in Plymouth, Massachusetts

by Taylor Williams August 4, 2023

PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.

August 4, 2023

Chilton-Hall-Apartments-Elizabeth-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Sale of 126-Unit Multifamily Property in Elizabeth, New Jersey

by Taylor Williams August 4, 2023

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.

August 4, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $13.3M in Financing for Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams August 4, 2023

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.

August 4, 2023

Affordable Housing Development Indiana Midwest Multifamily

Birge & Held Begins Pre-Leasing for 216-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow August 4, 2023

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.

August 4, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.1M Sale of Apartment Building in Minneapolis

by Kristin Harlow August 4, 2023

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.

August 4, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $46.4M in Financing for Affordable Housing Project in Los Angeles

by Amy Works August 4, 2023

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 …

August 4, 2023

Acquisitions Colorado Multifamily Western

Trion Properties Buys Multifamily Property in Aurora, Colorado for $41.1M

by Amy Works August 4, 2023

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.

August 4, 2023

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing Top Stories

State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson August 4, 2023

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 …

August 4, 2023

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