Multifamily

Rockefeller Group Breaks Ground on 1072 West Peachtree Mixed-Use Tower in Midtown Atlanta

by John Nelson July 27, 2023

ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise tower in Midtown Atlanta. At a planned height of 730 feet, the tower is slated to be the tallest building delivered in Atlanta in the past 30 years, according to Rockefeller. Situated at the corner of 12th and West Peachtree streets, the property will comprise more than 350 luxury apartments and amenities situated atop 224,000 square feet of flexible, Class A offices and 6,400 square feet of street-level retail space. Sumitomo Mitsui Trust Bank Ltd. is providing construction financing in the form of a senior loan to Rockefeller. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. Atlanta-based TVS was the lead architect for 1072 West Peachtree. A construction timeline was not disclosed.

July 27, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $1.6M Sale of Fourplex Apartment Building in Orange, California

by Jeff Shaw July 27, 2023

ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit multifamily community located at 224 S. Oak St. in Orange. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller.

July 27, 2023

Development Loans Multifamily Southeast Virginia

BWE Arranges $50M Construction Loan for Apartment Development in Richmond

by John Nelson July 27, 2023

RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.

July 27, 2023

Development Midwest Minnesota Multifamily

Opus Opens 167-Unit Dash Downers Grove Apartment Complex in Metro Chicago

by Kristin Harlow July 27, 2023

DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.

July 27, 2023

Affordable Housing Development Illinois Midwest Multifamily

POAH Breaks Ground on Fifth City Commons Affordable Housing Development in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Preservation of Affordable Housing (POAH) has broken ground on Fifth City Commons, an affordable housing development located on a long-vacant site in the city’s East Garfield Park area. Phase I will consist of 4,300 square feet of commercial space and 43 one-, two- and three-bedroom apartment units. Completion is slated for mid-2024. The City of Chicago selected POAH for this project in 2019 as part of the C40 Reinventing Cities competition, an international competition designed to attract highly sustainable development examples to urban sites. POAH has used the time since then for extensive community outreach to ensure the final product reflects the community’s desires. The project is named for The Fifth City Human Development Project, a community development organization active in the area. Fifth City Commons, located blocks from the Chicago Transit Authority’s Green Line and the Blue Line Kedzie train stations, will be reserved for families earning 30 to 80 percent of the area median income. The three-story building part of Phase I will include community rooms, a resident terrace, fitness room, three laundry rooms and onsite management offices. Phase II will be built across the street on the north side of Fifth Avenue and is slated …

July 27, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.3M HUD-Insured Loan for Rehabilitation of St. Paul Affordable Housing Property

by Kristin Harlow July 27, 2023

ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.

July 27, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Kiser Group has brokered the sale of a four-building, 53-unit multifamily portfolio in Chicago for $4 million. Situated in the city’s Chicago Lawn neighborhood, the portfolio features seven one-bedroom units, 34 two-bedroom units, 10 three-bedroom residences, one four-bedroom apartment and one five-bedroom unit. All are fully occupied. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

July 27, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 336-Unit Apartment Community in Pflugerville, Texas

by Taylor Williams July 27, 2023

PFLUGERVILLE, TEXAS — Newmark has brokered the sale of Autumn Ranch on Swenson Farms, a 336-unit apartment community located in the northern Austin suburb of Pflugerville. Built on 16.9 acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 1,041 square feet. Roughly 40 percent (133) of the units recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops. Amenities include a pool, fitness center, clubhouse, package lockers and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, MIG Real Estate, in the transaction. Knightvest Capital purchased the asset for an undisclosed price. Autumn Ranch on Swenson Farms was 94 percent occupied at the time of sale.

July 27, 2023

Development Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of 175-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams July 27, 2023

TOMS RIVER, N.J. — New Jersey-based developer Garden Communities has completed the lease-up of Green Meadows at Pleasant Plains, a 175-unit apartment complex located in the coastal New Jersey community of Toms River. The property, which is now fully occupied, offers a mix of two- and three-bedroom townhomes and one- and two-bedroom apartments. Select residences offer private balconies/patios. Amenities include a pool, fitness center, community room, playground and walking trails.

July 27, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2023 Economic Review by Sector

by Sarah Daniels July 27, 2023

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …

July 27, 2023

Newer Posts

Older Posts