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Multifamily

Maven-The-Bronx
DevelopmentMultifamilyNew YorkNortheast

RXR Tops Out 27-Story Multifamily Project in The Bronx

by Taylor Williams

NEW YORK CITY — Locally based developer RXR has topped out Maven, a 27-story multifamily project in the Mott Haven neighborhood of The Bronx. Designed by CetraRuddy and built by LRC Construction, Maven will feature 200 units, 60 of which will be rent-stabilized, as well as 81 enclosed parking spots and 721 square feet of retail space. Amenities will include rooftop grilling and dining areas, a lounge, game room and landscaped courtyards. The project, which is RXR’s first in The Bronx, is slated for completion next year.

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Sierra-Vista-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

Tower 16 Capital Sells 456-Unit Multifamily Portfolio in Tucson, Arizona for $65.1M

by Amy Works

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Barings Provides $11.5M Permanent Loan for Brooklyn Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.

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Oxford-Fortress-Seniors-Portfolio-Sequim-WA.jpg
AcquisitionsMultifamilySeniors HousingWashingtonWestern

Oxford Capital, Fortress Investment Acquire Three Seniors Housing Communities in Sequim, Washington

by Amy Works

SEQUIM, WASH. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio in Sequim. The properties are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction were not disclosed. “We are excited to continue to expand our seniors housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” says John Rutledge, founder, chairman and CEO of Oxford Capital Group. “Oxford Living has made targeted seniors housing acquisitions and investments in a number of growing markets throughout the southeastern United States and Canada, including Florida and Ontario. We plan further portfolio acquisitions in these and other markets.” “This transaction builds further on our strategy of acquiring seniors housing assets with scale in attractive demographic areas that are well positioned to weather an inflationary environment,” adds Peter Stone, managing director at Fortress. “While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are …

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Forge Development, Bridge Investment Open 240-Unit Studio Apartment Complex in San Francisco

by Amy Works

SAN FRANCISCO — A partnership between Forge Development Partners and Bridge Investment Group has opened TL Residences, a studio apartment community in San Francisco’s Tenderloin neighborhood. Located at 361 Turk St. and 145 Leavenworth St., the two-building community offers 240 studio apartments, ranging from 230 square feet to 280 square feet, and more than 3,000 square feet of ground-floor retail space. Thirty-one units are available at below-market rate to renters with qualifying annual incomes of $32,000 or less, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units are set aside for renters with voluntarily imposed qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are market rate, ranging from $2,467 to $3,791 per month. Community amenities include a rooftop lounge, community kitchen, yoga studio and pet zone. San Francisco-based Gensler is the architect of record for the project.

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LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Arranges $4.1M Permanent Loan for Southern New Jersey Apartments

by Taylor Williams

VINELAND, N.J. — Cronheim Mortgage has arranged a $4.1 million permanent loan for Vineland Apartments, a 104-unit multifamily property in Southern New Jersey. The garden-style property comprises seven two-story buildings that house one- and two-bedroom units ranging in size from 680 to 868 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the financing on behalf of the borrower, New Jersey-based investment firm Marshall Weinerman Real Estate. The direct lender was not disclosed.

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AcquisitionsMidwestMissouriMultifamily

Avanti Residential Purchases Kansas City Apartment Complex for $94M

by Kristin Harlow

KANSAS CITY, MO. — Avanti Residential has purchased Artistry Apartments in Kansas City’s Crossroads Arts District for $94 million. The 341-unit, Class A apartment complex marks Avanti’s seventh investment in the Kansas City market. Constructed in 2021, Artistry Apartments features 11,675 square feet of street-level retail space that is 70 percent leased to Sola Salon. Jeff Stingley and Max Helgeson of CBRE represented the seller, a joint venture between Milhaus Development and CrossHarbor Capital Partners. Brady O’Donnell, Jill Haug, Alexandra Scott and Kyle Tucker of CBRE arranged acquisition financing on behalf of Avanti. The property was 95 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestMultifamily

Interra Brokers $8.2M Sale of Multifamily Property in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood for $8.2 million. Located at 2718 N. Hampden Court, the building consists of one-bedroom units. Craig Martin of Interra represented the seller, the Manilow family. Martin also represented the buyers, investors Gabe Horstick and Edwin Vdovets, who plan to renovate the property.

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Patriot-Place-El-Paso
Affordable HousingMarket ReportsMultifamilyTexasTexas Market Reports

Texas’ Economic Growth Generates New Opportunities in Affordable Housing

by Taylor Williams

By Cody Roskelley, senior developer at Pennrose Texas has experienced tremendous residential growth over the last few years. Families are leaving high-cost, high-tax areas like New York and California for more affordable alternatives. According to The Tax Foundation, Texas was one of the Top 10 U.S. states for inbound migration in 2021, posting population growth around 1.3 percent on a year-over-year basis. With population increase also comes opportunities for economic growth and regional investment. However, having high-quality, affordable and workforce housing stock is key to the state successfully capitalizing on this moment. Between historically high rates of inflation and single-family home prices, as well as aggressive interest rate hikes, having the affordable housing infrastructure in place to attract new residents is critical. While most people generally agree that there is a need for more affordable housing, there is often local pushback once such communities are proposed in their neighborhoods. Much of the opposition stems from a lack of understanding of what affordable housing is — and isn’t. For example, individuals making anywhere between 30 to 80 percent of the area median income (AMI) can qualify for affordable housing. There are also several different subcategories of affordable housing: Low-Income Public Housing: …

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The-Bartlett-Arlington-Virginia
FeaturesMultifamily

How Multifamily Owners Can Retain Residents in Today’s Turbulent Environment

by Taylor Williams

By Ben Johnson, founder & president, Spruce It’s no secret that the U.S. economy is in the midst of a very turbulent period. Businesses of all sizes and types are experiencing adverse pressures like never before and seeking ways to cut costs and increase revenue wherever possible.  The real estate market, including the multifamily industry, is no exception. With fewer people able to buy homes due to skyrocketing mortgage rates and minimal inventory for sale, more people are turning to apartments. As renting by necessity grows, residents are looking for the highest value from their rental experience. Consequently, multifamily owners and operators are now putting a bigger emphasis than ever on tenant retention by asking why high retention rates are important, how they can be maintained and what some alternative options are. Why Retention Matters Many of the hottest multifamily markets in the country have seen annual rent increases well over 20 percent over the last year, and several markets have even seen increases exceeding 30 percent.  While this growth is a boon for existing owners, it begs the question of whether these increases are sustainable, or if the next several years will usher in below-trend increases. Why is this …

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