Multifamily

Partnership Breaks Ground on 43-Story Apartment Tower in Austin’s Rainey Street District

by Taylor Williams October 24, 2022

AUSTIN, TEXAS — A partnership between High Street Residential, MSD Partners and River Street Partners has broken ground on 700 River, a 43-story apartment tower in Austin’s Rainey Street District. The 500-foot building will house 377 units in a mix of studio to three-bedroom residences, as well as several penthouses and 3,400 square feet of retail space. In addition, 700 River will feature more than 30,000 square feet of indoor and outdoor amenity space. HKS is the project architect, and DPR Construction is the general contractor. Completion is slated for late 2024.

October 24, 2022

Acquisitions Multifamily Texas

SPI Advisory Acquires 336-Unit Apartment Community in Metro Austin

by Taylor Williams October 24, 2022

HUTTO, TEXAS — Dallas-based investment firm SPI Advisory has acquired Skyview North, a 336-unit apartment community in the northern Austin suburb of Hutto. Formerly known as Prose Horizon, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, clubhouse and a playground. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were not disclosed.

October 24, 2022

Development Multifamily New Jersey Northeast Student Housing

RISE, New Jersey Institute of Technology Complete 548-Bed Student Housing Project

by Taylor Williams October 24, 2022

NEWARK, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology has completed Maple Hall, a 548-bed student housing project located on the university’s Newark campus. The eight-story development includes a game room, an outdoor terrace, full kitchens, private and group study rooms, a creative studio, an outdoor kitchen and onsite parking. The community also features 2,145 square feet of retail space. RISE will provide ongoing property management at Maple Hall, which opened before the start of the 2022-2023 academic year. The development team for the project included Niles Bolton Associates, Netta Architects, Terminal Construction, T&M Associates, Langan Engineering and RBC Capital Markets.

October 24, 2022

Development Massachusetts Multifamily Northeast

Greystar Completes 126-Unit Multifamily Project in Boston’s Back Bay Neighborhood

by Taylor Williams October 24, 2022

BOSTON — South Carolina-based developer Greystar has completed a 126-unit multifamily project at 212 Stuart St. in Boston’s Back Bay neighborhood. Designed by Sasaki and Höweler + Yoon, the 19-story building houses 1,200 square feet of retail space. Units come in studio, one-, two- and three-bedroom formats and range in size from 500 to 2,100 square feet. Amenities include a fitness center with a yoga studio, outdoor dining and entertainment space, library and a rooftop terrace. Rents start at roughly $4,000 per month for a studio apartment.

October 24, 2022

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $27.2M Acquisition Loan for Long Island Multifamily Property

by Taylor Williams October 24, 2022

LYNBROOK, N.Y. — Cushman & Wakefield has arranged a $27.2 million acquisition loan for Cornerstone Yorkshire, an 80-unit multifamily property located in the Long Island community of Lynbrook. The newly built complex houses a fitness center, clubroom and outdoor grilling and dining areas. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan on behalf of the borrower, The Birch Group.

October 24, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates Sale of 237-Unit Apartment Community in West Phoenix

by Amy Works October 24, 2022

PHOENIX — ABI Multifamily has arranged the sale of The Flats at 2030 Apartment Homes, a multifamily property located at 2030 W. Indian School Road in Phoenix. A Canada-based buyer acquired the asset from a Texas-based seller for $37 million, or $156,118 per unit. Alon Shnitzer Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction. Built in 1971, The Flats at 2030 Apartment Homes features 237 garden-style units spread across 11 residential buildings on 4.5 acres. The unit mix consists of 106 studios, 129 one-bedroom/one-bath units and two two-bedroom/one-bath units. Community amenities include two swimming pools, two laundry facilities, outdoor lounge areas, a Wi-Fi café, yoga studio, two enclosed dog parks, outdoor barbecue islands, valet trash services and free uncovered parking. Select interior and exterior renovations were made to the property in 2019 to 2022.

October 24, 2022

Colorado Loans Multifamily Western

ACRE Arranges $52.7M Loan for Johnstown Plaza Multifamily Development in Colorado

by Amy Works October 24, 2022

JOHNSTOWN, COLO. — ACRE has arranged a $52.7 million loan for a joint venture between Graycliff Capital Partners and Buligo Capital Partners to support the newly built Johnstown Plaza, an apartment community located at 5150 Ronald Reagan Blvd. in Johnstown. Issued through ACRE’s debt fund ACRE Credit I, the loan will facilitate the joint venture’s purchase of the 252-unit property. Executed in October, the two-year agreement includes options for three single-year extensions. Carson Development built and delivered Johnstown Plaza, which opened in second-quarter 2022. Since opening, the property is well into its initial lease-up, surpassing 35 percent physical occupancy in late August 2022. The garden-style community offers one-, two- and three-bedroom layouts with wood-style flooring, granite countertops, wood cabinetry, zebra blinds, stainless steel appliances, walk-in closets, central heat and air conditioning, washers/dryers and private patios or balconies with mountain range views. Community amenities include an outdoor swimming pool, fenced dog park, basketball courts, grilling stations, resident business center, 24-hour workout facility, controlled access, 24-hour mail room and courtesy package acceptance. The property also features an outparcel self-storage facility offering on-site, climate-controlled storage units.

October 24, 2022

Acquisitions Florida Southeast Student Housing

Jacobson Co. Acquires 618-Bed Student Housing Property in Gainesville, Florida

by John Nelson October 21, 2022

GAINESVILLE, FLA. — The Jacobson Co. has completed the acquisition of Liv+ Gainesville, a 618-bed student housing community located near the University of Florida in Gainesville. The 235-unit, four-story property features one-, two-, three-, four-, five- and six-bedroom layouts and amenities such as covered parking, a fitness center, pool, dog park and pet spa, 24-hour market, resident lounge and study lounges. Located at 1900 S.W. 13th St., the property is walkable to the university. The seller and sales price were not disclosed.

October 21, 2022

Acquisitions Multifamily Texas

Odyssey Properties Buys Three Metro Dallas Multifamily Communities Totaling 578 Units

by Taylor Williams October 21, 2022

ARLINGTON AND GRAND PRAIRIE, TEXAS — Los Angeles-based investment firm Odyssey Properties Group has purchased three metro Dallas multifamily properties totaling 578 units. Huntington Meadows and The Dalton are located adjacent to one another in Arlington, were built in 1984 and respectively total 250 and 68 units in one- and two-bedroom formats. Combined amenities include a fitness center, three pools, outdoor grilling and dining areas, a tennis court, pet park and a business center. The Belmont in Grand Prairie totals 260 units, also with one- and two-bedroom floor plans, and was built in 1983. The new ownership plans to implement a value-add program across all three properties.

October 21, 2022

Development Multifamily Texas

StreetLights Residential Breaks Ground on 276-Unit Multifamily Project in Austin

by Taylor Williams October 21, 2022

AUSTIN, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Maris, a 276-unit multifamily project in Austin’s Lakeline neighborhood that represents Phase IV of the Presidio development. Phase I, The Michael, and Phase II, The Elizabeth, were completed in 2016 and 2019, respectively. Phase III, The Asher, is scheduled to open before the end of the year. The Maris will feature studio, one-, two- and three-bedroom floor plans ranging in size from 517 to 1,684 square feet. Amenities will include a pool, fitness center, coworking spaces and a game room. SLR Construction is the general contractor for The Maris.

October 21, 2022

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