Multifamily

Woodfield Development Begins Leasing 276-Unit Holden at Oak Grove Apartments in Athens, Georgia

by John Nelson September 13, 2023

ATHENS, GA. — Woodfield Development has begun leasing Holden at Oak Grove, a 276-unit apartment community located at 110 Addison Road in Athens’ Oak Grove neighborhood. Operated by Atlanta-based RangeWater Real Estate, the property will feature one-, two- and three-bedroom apartments, as well as a game room, coworking spaces, private workstations, fitness center, yoga room, dog spa, outdoor grills and a swimming pool. Shelton Taylor + Associates handled interior design at Holden at Oak Grove, with finishes including two-tone shaker cabinets, stainless steel appliances, two-panel doors and matte black accents. Floor plans range from 649 to 1,342 square feet and rental rates range from $1,445 to $2,182, according to the property website.

September 13, 2023

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 320-Unit Multifamily Property in El Paso

by Taylor Williams September 13, 2023

EL PASO, TEXAS — Greysteel has arranged the sale of El Sol del Lago, a 320-unit multifamily property in El Paso. The garden-style community was built in 1973 and offers studio, one- and two-bedroom units, according to Apartments.com. Doug Banerjee, Andrew Mueller, John Tallis and Sterling Warren of Greysteel represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program. El Sol del Lago was approximately 98 percent occupied at the time of sale.

September 13, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

Anthology Opens Two New Seniors Housing Communities in Boston Area

by Taylor Williams September 13, 2023

NATICK AND MILLIS, MASS. — Anthology Senior Living has opened Anthology of Natick and Anthology of Millis, both located in western suburbs of Boston. Located just outside the city center on 5.5 acres, Anthology of Natick offers assisted living and memory care. Anthology of Millis is a luxury community offering independent living, assisted living and memory care services. Callahan Construction Managers served as the general contractor on both projects. The number of units at each property was not disclosed.

September 13, 2023

Features Student Housing

Higher Rent Means Greater Expectations from Student Housing Residents

by Katie Sloan September 13, 2023

Inflation may be a handy — and valid — excuse for escalated costs, but that doesn’t mean students will simply sigh, sign on the dotted line and move on with a lighter bank account when faced with today’s escalating rents. “There is no doubt that higher rental rates have significantly increased the expectations from our current and prospective residents,” says Jason Fort, executive vice president of Asset Living. Yardi’s National Student Housing report, released in the third quarter of 2023, noted June marked the fifth consecutive month of annual rent growth over 7 percent at the 200 universities it tracks. June logged a 7.2 percent growth. “Given that 2022 held the previous rent record for student housing, obtaining more than 7 percent growth off of previous record-high numbers is exceptional,” the report states. “The average rent per bed at Yardi 200 universities was $846 at quarter-end, a new all-time high.” “We have never seen leasing strength close to what we are currently experiencing,” says Tadros ‘Teddy’ Abdelmalek, national director of business development at Campus Life & Style. “Our industry normally provides steady rent growth of 2 percent to 4 percent per year with occupancies in the low 90s percentile-wise. For the …

September 13, 2023

Market Reports Multifamily Office Texas Texas Market Reports

Office-to-Multifamily Conversions Are Reshaping Downtown Dallas

by Taylor Williams September 13, 2023

By Ryan Kimura, senior vice president of strategic partnerships, Premier The changing landscape of work and the future of the office remains in flux, leading to a reduced demand for office space in major metropolitan areas throughout the country. This shift has rendered many office buildings underutilized and obsolete, prompting developers and investors to seek alternative uses for these structures. Simultaneously, urbanization continues to grow, fueling the demand for housing and a need for innovative multifamily solutions. Office-to-multifamily conversions provide an answer to both challenges, repurposing office spaces into much-needed residential units while allowing investors to capitalize on demand. This perfect storm of reduced office demand, increased housing needs and favorable regulatory conditions has driven the popularity of office-to-multifamily conversions, positioning them as a sustainable strategy for urban development. These conversions began to surge in popular metro areas during the height of the pandemic as uncertainty surrounded the return to the workplace. Fast forward three years later and office conversions are still booming — especially in the Dallas market. The region, which has witnessed some of the largest population increase in the country over the past five years, has also had a double-digit office vacancy rate in its downtown area …

September 13, 2023

Georgia Loans Seniors Housing Southeast

Grandbridge Provides $426.8M Agency Refinancing for Seniors Housing Portfolio

by John Nelson September 12, 2023

ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Diversified Healthcare Finance Group has provided $426.8 million in financing for a seniors housing portfolio. The borrower is a publicly traded healthcare REIT. The portfolio comprises 19 seniors housing properties across 10 states and was financed by an agency lender. Further details on the borrower, properties and financing were not disclosed. Richard Thomas, Todd Paradis and Meredith Davis led the transaction for Atlanta-based Grandbridge.

September 12, 2023

Development Leasing Activity Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Portman Adds Retrograde Coffee, Social Cantina to Starling Apartment Tower Underway in Nashville

by John Nelson September 12, 2023

NASHVILLE, TENN. — Atlanta-based Portman has signed two new food-and-beverage tenants to occupy commercial space at Starling, a 363-unit apartment tower underway in Nashville’s Germantown neighborhood. The new tenants include Retrograde Coffee, a neighborhood coffeeshop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffeeshop will be the first café to front the Cumberland River Greenway, which Portman will expand to directly interface with the Starling tower, and the restaurant will be the first Southeast location for Social Cantina and will feature an outdoor patio. In addition to 17,000 square feet of commercial space, Starling will feature a game room, library, coworking space and a rooftop pool deck overlooking First Horizon Park. Portman plans to deliver the first units in January and fully complete the project in March. In addition to Starling, Portman’s current Nashville projects include the 1,475-unit Eleven North residential development that will break ground in 2025 and the recently delivered Moore Building in Music Row.

September 12, 2023

Development Multifamily Texas

Bridgeview Multifamily to Develop 250-Unit Project in Arlington

by Taylor Williams September 12, 2023

ARLINGTON, TEXAS — Dallas-based Bridgeview Multifamily will develop a 250-unit project on a 6.3-acre site at 800 W. Bardin Road in Arlington. The development, which has tentatively been dubbed Mercantile Lofts, will consist of a four-story building with three-story wings. Units will come in one- and two-bedroom floor plans and average 796 square feet, and amenities will include a pool, courtyard and a single-level parking garage. Construction is expected to begin next summer.

September 12, 2023

Pine-Run-Life-Plan-Community-Doylestown-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Acquires 532-Unit CCRC in Doylestown, Pennsylvania

by Taylor Williams September 12, 2023

DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, located approximately 25 miles north of Philadelphia. The facility offers independent living, memory care and skilled nursing services. Doylestown Hospital sold the property for an undisclosed price, and PSL is partnering with Doylestown Health to operate the community. Additional terms of sale were not disclosed.

September 12, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $4.9M Sale of Multifamily Development Site in The Bronx

by Taylor Williams September 12, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.9 million sale of a multifamily development site in the Mott Haven area of The Bronx that can support 77,750 buildable square feet. The site at 431-439 Concord Ave. comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. Daniel Mahfar, Victor Sozio and Jason Gold of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

September 12, 2023

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