Multifamily

CBRE Brokers $20.5M Sale of Two Multifamily Properties in Trenton

by Taylor Williams November 23, 2022

TRENTON, N.J. — CBRE has brokered the sale of Colonial Gardens and Grand Court Villas, two multifamily properties totaling 160 units in Trenton, for a combined price of $20.5 million. Colonial Gardens totals 97 units in primarily one- and two-bedroom formats. Grand Court Villas was constructed in the 1930s and offers 63 loft-style apartments. Rich Gatto, Fahri Ozturk and Zach McHale of CBRE represented the seller, Metropolitan America, in the deals. The team also procured the separate buyers, both of which requested anonymity.

November 23, 2022

Development Multifamily New York Northeast Seniors Housing

EW Howell Completes 80-Unit Assisted Living Project in Kings Park, New York

by Taylor Williams November 23, 2022

KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.

November 23, 2022

Affordable Housing Colorado Market Reports Multifamily Western Western Market Reports

Denver Leads on New Affordable Housing Requirements

by Jeff Shaw November 23, 2022

Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …

November 23, 2022

Development Florida Hospitality Multifamily Southeast

PMG, Greybrook Open 49-Story Elser Hotel & Residences in Downtown Miami

by John Nelson November 22, 2022

MIAMI — PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which includes eight electric grills, a pool deck, bar, poolside LED screening wall, an outdoor plunge pool and event space all overlooking Biscayne Bay. Other amenities include a cocktail bar and restaurant, a coffee shop by Café Domino and coworking space.

November 22, 2022

Development Midwest Multifamily Student Housing Wisconsin

CRG Buys Land Near University of Wisconsin-Madison, Plans 534-Bed Student Housing Development

by Kristin Harlow November 22, 2022

MADISON, WIS. — CRG has purchased a land site near the University of Wisconsin-Madison campus with plans to build a 534-bed student housing project named Chapter at Madison. Construction is expected to begin in December on the 10-story building. Completion is slated prior to the 2024-2025 academic year. Amenities will include a fitness center, private study spaces and conference rooms, a rooftop terrace and underground parking garage. The site is currently home to the former Buckingham’s Bar & Grill, Faith Community Bible Church, the former Fraboni’s Italian Specialties and Delicatessen and two rental houses. All the buildings have been acquired and are slated for demolition. Financing comes from Old National Bank, Johnson Bank and Bremer Bank.

November 22, 2022

Development Multifamily Texas

United Properties Breaks Ground on 302-Unit Shelby Ranch Apartments in South Austin

by Taylor Williams November 22, 2022

AUSTIN, TEXAS — Minneapolis-based developer United Properties has broken ground on Shelby Ranch, a 302-unit apartment community that will be located in South Austin. The project will comprise two four-story buildings on an eight-acre site at 2212 Lynbrook Drive. Units will come in studio, one-, two- and three-bedroom floor plans and will feature stainless steel appliances, quartz countertops and private patios/balconies. Amenities will include a pool, resident garden, arts and crafts studio, fitness center, coworking lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, which is slated for a late 2024 completion.

November 22, 2022

Acquisitions Illinois Midwest Multifamily

JVM Acquires 240-Unit Luxury Apartment Property in Suburban Chicago

by Kristin Harlow November 22, 2022

ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.

November 22, 2022

Development Michigan Midwest Multifamily Seniors Housing

KIRCO Opens 148-Unit Senior Living Community in Metro Detroit

by Kristin Harlow November 22, 2022

CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.

November 22, 2022

Affordable Housing Development Multifamily Texas

Palladium Completes 87-Unit Mixed-Income Residential Project in Northwest Dallas

by Taylor Williams November 22, 2022

DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.

November 22, 2022

Development Loans Multifamily New Hampshire Northeast

Colliers Arranges $79.7M in Debt, Equity for Multifamily Project in Lebanon, New Hampshire

by Taylor Williams November 22, 2022

LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.

November 22, 2022

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