Multifamily

Aptitude Development Breaks Ground on 485-Bed Student Housing Project Near Arizona State University

by Jeff Shaw February 23, 2024

TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe. Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton

February 23, 2024

Development Multifamily Texas

Trademark Breaks Ground on 321-Unit Vickery Apartments in Downtown Fort Worth

by Taylor Williams February 22, 2024

FORT WORTH, TEXAS — Trademark Property Co. has broken ground on The Vickery, a 321-unit multifamily project in downtown Fort Worth. Designed by GFF and developed in partnership with SCOA Real Estate Partners, The Vickery will consist of 307 apartments, 14 townhomes and a 5,300-square-foot restaurant with a second-story lounge. Residential amenities will include a pool, rooftop lounge, coworking space and two dog parks. First United Bank provided a $61 million construction loan for the project. Heather McClure and Jonathan Paine of Walker & Dunlop arranged the loan on behalf of Trademark. The first units are expected to be available for occupancy in spring 2026.

February 22, 2024

Affordable Housing Development Florida Loans Multifamily Southeast

Berkadia Secures $118.5M Construction Financing for Affordable Housing Development in Orlando

by John Nelson February 22, 2024

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, a 300-unit affordable housing development located in Orlando. The financing includes a $73.5 million construction loan and $45 million in Low-Income Housing Tax Credit (LIHTC) equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will feature eight buildings comprising a mix of one-, two-, three- and four-bedroom units reserved for households earning 60 percent of the area median income (AMI). Amenities will include a business center, clubhouse, fitness center, pool, laundry room and a game room. The target delivery date was not disclosed.

February 22, 2024

Development Maryland Mixed-Use Southeast Student Housing

LV Collective to Develop 299-Unit Student Housing Project Near University of Maryland

by John Nelson February 22, 2024

COLLEGE PARK, MD. — LV Collective has announced plans to develop a 299-unit student housing development at 8133 Baltimore Ave. near the University of Maryland campus in the Lakeland neighborhood of College Park. The property is set to include 13,000 square feet of retail space, alongside a ground-level coffee shop and second-floor coworking space. The project will also feature a community center developed in collaboration with the Lakeland Civic Association and the Lakeland Community Heritage Project. The space will include a library and large flexible space for functions including presentations, art galleries and gatherings. The development team for the project, which is scheduled for completion in fall 2027, includes WDG Architecture, Bohler Engineering, John Moriarty & Associates and US-EcoLogic. Further details on the community were not disclosed. The development is LV Collective’s first in the state of Maryland.

February 22, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $41M Sale of Manhattan Multifamily Portfolio

by Taylor Williams February 22, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $41 million sale of a portfolio of five multifamily buildings in Manhattan’s East Village area totaling 73 apartments and six commercial spaces. The buildings primarily house market-rate units. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed.

February 22, 2024

Loans Midwest Minnesota Multifamily

Northmarq Arranges $39.9M Loan for Refinancing of Apartment Complex in Maple Grove, Minnesota

by Kristin Harlow February 22, 2024

MAPLE GROVE, MINN. — Northmarq has arranged a $39.9 million Freddie Mac loan for the refinancing of Terra Residences in the Minneapolis suburb of Maple Grove. The 250-unit apartment complex was built in 2023. Amenities include an outdoor pool, golf simulator, fitness center and underground heated parking. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan with seven years of interest-only payments followed by a 35-year amortization schedule. Roers Cos. was the borrower.

February 22, 2024

Loans Midwest Missouri Multifamily

Kennedy Funding Provides $2.7M Land Loan for Kansas City Multifamily Development

by Kristin Harlow February 22, 2024

KANSAS CITY, MO. — Kennedy Funding has provided a $2.7 million land loan for a 420-unit multifamily development in Kansas City. The borrower, LOF GP LLC, acquired the 31.5-acre property, called Kimpton Falls, in April 2023 for $4.5 million and secured the loan from Kennedy Funding for working capital and cash-out. Steven Wilson of Barefoot Mortgage arranged the loan.

February 22, 2024

Acquisitions Multifamily Northeast Northmarq Pennsylvania

Northmarq Arranges Sale of 202-Site Manufactured Housing Property in Allentown, Pennsylvania

by Taylor Williams February 22, 2024

ALLENTOWN, PA. — Northmarq has arranged the sale of Red Maple Acres, a 202-site manufactured housing property in the Lehigh Valley city of Allentown. Red Maple Acres was built in 1960 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, an entity doing business as Red Maple Acres LLC, in the transaction. The buyer and sales price were not disclosed.

February 22, 2024

Affordable Housing Development Multifamily Northeast Pennsylvania

Tryko Partners Begins Leasing 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams February 22, 2024

PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer.

February 22, 2024

Cypress-Village-Apartments_Buena-Park-Calif

Acquisitions California Loans Multifamily Western

Priya Living Sells Cypress Village Apartments in Buena Park, California for $34.4M

by Hayden Spiess February 22, 2024

BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed.

February 22, 2024

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