Tuesday, May 13, 2025
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Multifamily

DevelopmentGeorgiaLoansMixed-UseMultifamilySoutheast

PMG, Greybrook Secure $182M Construction Loan for Society Atlanta Mixed-Use Tower

by John Nelson

ATLANTA — PMG and Canadian private equity firm Greybrook have obtained a $182 million construction loan for Society Atlanta, a 31-story mixed-use tower underway at 811 Peachtree St. in Midtown Atlanta. JLL arranged the financing through a major U.S. life insurance company and Related Fund Management. Designed by architecture firm Cooper Carry, Society Atlanta will feature 460 apartments, 82,000 square feet of Class A office space and 15,500 square feet of ground-floor retail space. Planned amenities include a pool deck with grilling and lounge areas, a large coworking lab with private conference rooms and a gym with a fitness studio. Cushman & Wakefield is leasing the office space, and Bridger Properties is leasing the retail space. Juneau Construction Co. is the general contractor for Society Atlanta, which broke ground in May 2022 and is slated for completion in late 2024. PMG has over 8,500 units planned for its Society Living brand in markets such as Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.

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DevelopmentSeniors HousingSouth CarolinaSoutheast

Aspens Senior Living Opens 159-Unit Active Adult Community in Greenville

by John Nelson

GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail, a 22-mile walking and biking greenway that connects Greenville to Travelers Rest, S.C. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive Architecture Group as designer for the project.

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AcquisitionsKentuckyMultifamilySoutheast

Capstone Arranges $13.7M Sale of Multifamily Portfolio in Murray, Kentucky

by John Nelson

MURRAY, KY. — Capstone Apartment Partners has arranged the $13.7 million sale of an apartment portfolio in Murray. Situated near Murray State University and within a two-mile radius of one another, the portfolio comprises 86 completed units, 24 nearly completed units and 20 under construction units, all of which were leased at the time of sale. Adam Klenk, Austin Heithcock, Tyler Mayo and Jordan Arand of Capstone represented the seller, Jennings Management and BTJ Rental LLC, in the transaction. The seller developed the portfolio over the last 10 years and managed them during its ownership. The buyer and sales price were not disclosed, but Capstone says the portfolio traded at a record price per unit for the city of Murray.

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Oasis-at-Piney-Point-Houston
AcquisitionsMultifamilyTexas

Berkadia Arranges Sale of 318-Unit Oasis at Piney Point Apartments in West Houston

by Taylor Williams

HOUSTON — Berkadia has arranged the sale of Oasis at Piney Point, a 318-unit apartment community in West Houston. Built in 2004 by Trammell Crow Co., the property offers one- and two-bedroom units ranging in size from 727 to 1,034 square feet, as well as two-bedroom townhomes as large as 1,412 square feet. Residences are furnished with stainless steel appliances, quartz and granite countertops, walk-in closets and private patios/balconies. Amenities include a pool, fitness center, business center, media lounge and a coffee bar. Jeffrey Skipworth, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Canadian investment firm Marlin Spring, in the transaction. The buyer was not disclosed.

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West-Chester-Rehabilitation-&-Healthcare-Center
AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Tryko Acquires 180-Bed Skilled Nursing Facility in West Chester, Pennsylvania

by Taylor Williams

WEST CHESTER, PA. — New Jersey-based investment firm Tryko Partners has acquired a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Tryko will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and sales price were not disclosed. Blueprint Healthcare Real Estate Advisors brokered the sale of the property.

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AcquisitionsMultifamilyNew JerseyNortheast

B6 Real Estate Arranges $6.5M Sale of Multifamily Development Site in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $6.5 million sale of a 31,000-square-foot multifamily development site at 70 Mallory Ave. in Jersey City that is zoned for 136 units. Yanni Marmarou, Jack Drillock and Andrea Nestico of B6 Real Estate represented the undisclosed seller in the transaction. The buyer and construction timeline were also not disclosed.

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Affordable HousingDevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Cushman & Wakefield Arranges $142.9M in Construction Financing for Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …

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DevelopmentFeaturesMultifamily

Executive Q&A: Multifamily Building Costs Rise Up to 40 Percent in a Year, Says R&O Construction’s Eric Stratford

by Jeff Shaw

OGDEN, UTAH — Multifamily builders face many challenges, including schedule delays, supply chain interruptions, fluctuating material costs and workforce shortages. Construction companies are exercising creativity in tackling these issues to meet high demand. Many firms that build commercial properties argue that smart planning and collaboration among architects, engineers and construction firms are the best ways to weather the storm. REBusinessOnline, a sister publication of Multifamily & Affordable Housing Business, recently interviewed Eric Stratford, director of business development and pre-construction services at R&O Construction, about today’s construction landscape. REBusinessOnline: Tell us about your company. Eric Stratford: R&O Construction was founded in 1980, and we are proud to say that our first client over 42 years ago is still a client today. We are headquartered in Ogden, Utah, with full-service offices in Salt Lake City and Las Vegas. R&O Construction currently employs approximately 185 employees. Some of our recent projects include Senior Living on Washington, an affordable seniors housing community in Ogden; Ascent 1791, a LEED Gold Certified apartment community in Park City, Utah; and The Canyons Employee Housing Facility, a project ordered by Vail Resorts to provide housing for their employees. REBusinessOnline: In which markets and/or regions are you most active? …

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Matt Maison, vice president of research for Arbor Realty Trust
AcquisitionsArbor Realty TrustContent PartnerFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Multifamily Opportunity Matrix Reveals Most Promising Markets for Investors, Developers

by Sarah Daniels

By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Atlanta Attracts Reputable Employers, Discerning Investors and Qualified Renters

by John Nelson

Atlanta’s prowess within the Sun Belt as the dominant multifamily market did not happen by accident, nor did it occur overnight. Back in the 2000s, Atlanta was still an emerging market that was working to attract new employers while battling a season of oversupply that hampered rent growth across the city’s numerous submarkets. Now, and since the mid-2010s, Atlanta has defined itself as the premier entry point for investors looking to break into the Sun Belt, and its proven track record ensures it will continue serving as a global magnet for relocation, investment and expansion. Atlanta’s diversified economy has attracted some of the nation’s biggest and best names in just a few years’ time. While Silicon Valley has captured the tech world’s eye for decades, global powerhouses such as Microsoft, Google and Meta (Facebook) have started planting their flags in Atlanta with reported goals of adding tens of thousands of highly paid employees by 2030. Tech companies are capitalizing on a strategic opportunity in Atlanta to broaden their workforce in a market that boasts a highly educated and diverse population while providing an attractive cost of living. With respect to Atlanta’s employment growth, the presence of Georgia Tech cannot go …

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