Multifamily

Northmarq Arranges $50M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams September 29, 2022

NEW YORK CITY — Northmarq has arranged a $50 million loan for the refinancing of The Lewis Steel Building, an 83-unit apartment building in Brooklyn’s Williamsburg neighborhood. The five-story property, which includes 13,285 square feet of ground-floor commercial space, was originally constructed in the 1930s as a steel factory and converted to residential use in 2015. Robert Ranieri of Northmarq arranged the loan, which carried a five-year term with two years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed regional bank. The borrower was also not disclosed.

September 29, 2022

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Hawkins Way Capital Acquires 247-Unit Student Housing Community in Providence

by Taylor Williams September 29, 2022

PROVIDENCE, R.I. — Hawkins Way Capital has acquired The Edge at College Hill, a 247-unit student housing community in downtown Providence that serves students at Brown University, the Rhode Island School of Design (RISD) and Johnson & Whales University. The property consists of a 15-story building and a five-story building offering studio, one- and two-bedroom units. Shared amenities include a rooftop clubhouse, fitness center and ground-floor retail space. Following capital improvements, the community will be rebranded as FOUND Study College Hill.

September 29, 2022

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Memory Care Facility in Glastonbury, Connecticut

by Taylor Williams September 29, 2022

GLASTONBURY, CONN. — Cushman & Wakefield has brokered the sale of Buckingham Heights, a 46-unit memory care facility in Glastonbury, a suburb of Hartford. The single-story building was built in 2001 and renovated in 2021. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, Longview Senior Housing, in the transaction. Seniors housing owner-operator Hamister Group purchased the property for an undisclosed price.

September 29, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $15.9M Sale of Multifamily Building in Los Angeles’ Koreatown

by Amy Works September 28, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.

September 28, 2022

Development Georgia Hospitality Mixed-Use Multifamily Office Southeast

MetLife, Granite Complete Midtown Union Mixed-Use Development in Atlanta

by John Nelson September 28, 2022

ATLANTA — MetLife Investment Management and Granite Properties have delivered Midtown Union, a mixed-use development located at 1331 Spring St. in Midtown Atlanta. The project comprises three buildings: a 26-story office tower, the 26-story Mira at Midtown Union apartment high-rise and the 14-story Kimpton Shane Hotel. The office and multifamily towers opened in July, and the hotel just opened on Sept. 21. The office tower spans 612,000 square feet and will be anchored by Invesco, which plans to occupy 300,000 square feet beginning in early 2023. The Mira comprises 355 studio, one-, two- and three-bedroom apartments, as well as upscale amenities. Kimpton Hotels & Restaurants will operate the hotel, which features 230 rooms, meeting and event space, the Hartley Kitchen and Cocktails restaurant and the Aveline cocktail lounge. MetLife partnered with StreetLights Residential on the apartment tower and AMS Hospitality on the Kimpton Shane Hotel. The design-build team for the overall Midtown Union campus includes architect Cooper Carry and general contractor Brasfield & Gorrie, as well as Studio 11 Design for the hotel design. Brooke Dewey and Adam Viente (office) and Coleman Morris (retail) of JLL are leading leasing efforts at Midtown Union.

September 28, 2022

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

Landmark Breaks Ground on 231-Unit Build-to-Rent Community in Madison, Alabama

by John Nelson September 28, 2022

MADISON, ALA. — Landmark Properties, the student housing development giant based in Athens, Ga., has broken ground on its first build-to-rent community. The property, named The Everstead at Madison, will be located in the Huntsville suburb of Madison and comprise 231 single-family and cottage-style homes. Finishes for the homes will include quartz countertops, stainless steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage. Community amenities will include a resort-style swimming pool, fitness center, playground, fire pit, grilling area and a dog park. TSB Capital Advisors arranged financing on behalf of Landmark, which expects to deliver first homes in 2023 and complete the neighborhood in 2024.

September 28, 2022

Acquisitions Mixed-Use Multifamily North Carolina Southeast

Matthews Brokers $44.8M Sale of Loray Mill Lofts in Gastonia, North Carolina

by John Nelson September 28, 2022

GASTONIA, N.C. — Matthews Real Estate Investment Services has brokered the $44.8 million sale of Loray Mill Lofts, an adaptive reuse development located at 300 S. Firestone St. in Gastonia, a suburb of Charlotte. Originally constructed in 1902 and renovated in 2016, Loray Mill Lofts is situated on 12 acres and comprises 189 apartments and 75,000 square feet of commercial space. Atlanta-based TriBridge Residential purchased the 600,000-square-foot mixed-use property from an entity doing business as Loray Mill Redevelopment LLC. Jack Lenihan and Connor Kerns of Matthews represented the seller in the transaction.

September 28, 2022

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

Enterprise Community Development Purchases Skyland Apartments in Southeast D.C. for $25.7M

by John Nelson September 28, 2022

WASHINGTON, D.C. — Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has closed on its $25.7 million purchase of Skyland Apartments, a 224-unit community in the Randle Heights neighborhood of Southeast Washington, D.C. Originally built in 1939, the “naturally occurring affordable housing” (NOAH) community comprises one- and two-bedroom duplexes and one-bedroom flats, as well as 10,000 square feet of commercial space. Enterprise Community Development’s acquisition from W.C. Smith was executed through the District of Columbia’s Tenant Opportunity to Purchase Act, which the residents began in 2019 before being delayed by the COVID-19 pandemic. EagleBank and Capital Impact Partners provided acquisition financing. Winn Management is currently serving as property manager for Skyland Apartments. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to keep rents affordable.

September 28, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Negotiates Sale of 192-Unit Aubry Hills Apartments in North Austin

by Taylor Williams September 28, 2022

AUSTIN, TEXAS — Northmarq has negotiated the sale of Aubry Hills, a 192-unit apartment complex located at 8926 N. Lamar Blvd. in North Austin. Built in 1973, the property offers units with a range of floor plans that feature balconies and washer/dryer connections. Amenities include a pool, outdoor grilling and dining areas, a clubhouse, playground and sport courts for tennis, basketball and volleyball. Zar Haro, Moses Siller, Scott Lamontagne, Bryan VanCura and Will Collier of Northmarq represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 28, 2022

Development Multifamily New York Northeast

LeCesse Development Breaks Ground on 189-Unit Multifamily Project in Malta, New York

by Taylor Williams September 28, 2022

MALTA, N.Y. — Florida-based LeCesse Development Corp. has broken ground on GrandeVille at Malta, a 189-unit multifamily project that will be located north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences will be spread across three buildings and will come in one-, two- and three-bedroom formats. Units will be furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Communal amenities will include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Completion is scheduled for next fall. Other project partners include James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.

September 28, 2022

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