Multifamily

Grovewood Community Breaks Ground on 81-Unit Affordable Apartment Building in Aurora, Colorado

by Amy Works August 3, 2023

AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.

August 3, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Arranges $7.5M Sale of Multifamily Property in Wheat Ridge, Colorado

by Amy Works August 3, 2023

WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 4097 Vance St. in Wheat Ridge. The asset traded for $7.5 million, or $312,500 per unit. The 16,500-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller in the deal. The names of the buyer and seller were not released.

August 3, 2023

Development Loans Multifamily Seniors Housing South Carolina Southeast Top Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams August 3, 2023

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

August 3, 2023

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits

by Sarah Daniels August 3, 2023

New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …

August 3, 2023

Eleven-West-Luxury-Apartments-San-Antonio

Acquisitions Multifamily Texas

RightQuest Residential Sells 264-Unit Apartment Community in West San Antonio

by Taylor Williams August 2, 2023

SAN ANTONIO — Dallas-based developer RightQuest Residential has sold Eleven West Luxury Apartments, a 264-unit multifamily community that is located on a 13-acre site on the west side of San Antonio. Designed by Cross Architects and built by Houston-based Nations Construction, the newly constructed property offers one- and two-bedroom units that are furnished with granite countertops, walk-in closets and individual washers and dryers. Private balconies/patios are available in select residences. Amenities include a pool, fitness center, business center, clubhouse, dog park and onsite storage facilities. CBRE brokered the sale on behalf of RightQuest Residential. The buyer and sales price were not disclosed.

August 2, 2023

Affordable Housing Development Multifamily Texas

Partnership Breaks Ground on 76-Unit Affordable Housing Project in San Antonio

by Taylor Williams August 2, 2023

SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has broken ground on Vista at Silver Oaks, a 76-unit affordable housing project that will be located on the city’s north-central side. Residences will feature two- and three-bedroom layouts and will be entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents will have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. PNC Bank and Stellar Bank both contributed to the financing of the project, specifics of which were not disclosed. Delivery is slated for summer 2024.

August 2, 2023

Acquisitions Multifamily New York Northeast

JLL Arranges $97.5M Sale of Brooklyn Apartment Building

by Taylor Williams August 2, 2023

NEW YORK CITY — JLL has arranged the $97.5 million sale of 8 Marcy Ave., a 123-unit apartment building located in the Williamsburg area of Brooklyn. Delivered in January, the eight-story building houses studio, one- and two-bedroom units, with 37 residences reserved as affordable housing. Income restrictions for these units were not disclosed. A joint venture between The Carlyle Group and Z+G Property Group purchased the asset from Prospect Development. Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, Rob Hinckley, Michael Mazzara, Winfield Clifford, Steven Rutman and Jay Leshinsky of JLL brokered the transaction. Steven Klein, Geoff Goldstein and Christopher Pratt, also with JLL, arranged $73.6 million in acquisition financing through Invesco Real Estate for the deal.

August 2, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Capstone Negotiates Sale of Wallace Studios Affordable Housing Community in Nashville

by John Nelson August 2, 2023

NASHVILLE, TENN. — Capstone Cos. has negotiated the sale of The Wallace Studios, a 131-unit affordable housing community located at 97 Wallace Road in Nashville. Built in 1974 as an Americas Best Value motel, the property is situated at the intersection of I-24 and Harding Place. The Wallace Studios is the fourth motel conversion property for the buyer, AGB Real Estate, who partnered with SL Cap and RBSR LLC on the acquisition. Austin Heithcock, Adam Klenk, Jordan Arand, Josh White and Blake Wiser of Capstone brokered the transaction. The seller and sales price were not disclosed.

August 2, 2023

Development Multifamily New Jersey Northeast

Advance Realty Completes 399-Unit Multifamily Project in Harrison, New Jersey

by Taylor Williams August 2, 2023

HARRISON, N.J. — Locally based developer Advance Realty Investors has completed The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Roughly 25 percent of the units are preleased, with rents starting in the mid-$2,000s per month.

August 2, 2023

Development Multifamily Northeast Pennsylvania

EQT Exeter Begins Leasing 327-Unit Apartment Community in Philadelphia

by Taylor Williams August 2, 2023

PHILADELPHIA — Developer EQT Exeter has begun leasing The Clark, a 327-unit apartment community located in Philadelphia’s University City submarket. The Clark features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities include a fitness center, game lounge, coworking space and a rooftop terrace. Greystar manages the property. The first move-ins will begin later this month. Rents start at $1,500 per month for a studio apartment.

August 2, 2023

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