Multifamily

Greystone Originates $42.3M Financing for Multifamily Community in Louisville

by John Nelson July 17, 2023

LOUISVILLE, KY. — Greystone has originated a $42.3 million loan for the financing of 800 Tower Apartments, a 286-unit multifamily community located in Louisville. Anthony Cristi of Greystone originated the Fannie Mae loan, which carries a 10-year term and 30-year amortization schedule, as well as three years of interest-only payments. Built in 1963, the property features apartments in studio, one- and two-bedroom layouts across 29 stories. The borrower was an entity doing business as 800 City Apartments LLC.

July 17, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $9.7M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams July 17, 2023

MIDDLESEX COUNTY, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $9.7 million sale of a portfolio of three multifamily properties totaling 53 units in Northern New Jersey’s Middlesex County. The portfolio comprises Byron Street Apartments in Carteret (18 units); Townhomes at Veterans Park in Sayreville (20 units); and the Apartments at Edison Station in Edison (18 units). Joseph Brecher and Joseph Gehler of Gebroe-Hammer represented the undisclosed seller and procured the buyer, Golden Sky Equities, in the transaction.

July 17, 2023

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Atlanta’s Rental Housing Market Promises Resilience, Despite Near-Term Challenges

by John Nelson July 17, 2023

Against the backdrop of rising interest rates, recent financial stress and murkiness over the Federal Reserve’s ultimate direction and economic implications, dealmaking in the first half of 2023 has remained exceedingly challenged across all real estate sectors as wide bid-ask spreads persist. However, compared to other spaces, rental housing in the Southeast remains relatively healthy from a fundamentals perspective, despite supply-driven softening in the near term. This trend is evident in many major markets, including cities like Atlanta. Occupancy and rent growth remain healthy in Atlanta. The rental vacancy rate for Atlanta as of January 2023 reached 5.4 percent, a 0.9 percent decrease over the previous year, based on data from the U.S. Census Bureau. This falls below the national average of 5.8 percent for the fourth quarter of 2022. The median rental rate in January 2023 was also up 4.3 percent year-over-year, reaching $1,941. Population growth, employment opportunities, infrastructure investments, a business-friendly environment and other demand drivers continue to intensify Atlanta’s need for housing; and long term, the outlook for rental housing in the metro is very strong. More than 6 million people now live in the region, according to recent Census data. The Atlanta Regional Commission predicts more …

July 17, 2023

Development Georgia Multifamily Southeast

Selig, GID to Open 306-Unit Westbound at The Works Apartment Community in Atlanta

by John Nelson July 14, 2023

ATLANTA — Selig Enterprises and joint venture partner GID will open Westbound at The Works, a 306-unit apartment community located within The Works mixed-use development, this October. Located in Atlanta’s Upper Westside neighborhood, the five-story property features residences ranging in size from 731 to 1,353 square feet in one- and two-bedroom layouts, with a 547-space parking garage. Amenities include an open-air TV lounge, fitness center, club room, sports bar, coworking center, communal kitchens and a pool courtyard. RJTR is the project architect, and Brasfield & Gorrie is the general contractor. Wells Fargo provided financing for the development. RangeWater will manage and lease the property, with monthly rates beginning at $1,840, according to the community’s website. Developed in phases by Selig, The Works also features retail and entertainment space, including a food hall, as well as 125,000 square feet of adaptive reuse office space.

July 14, 2023

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

Ivey, BCDC to Develop 262-Unit Build-to-Rent Community in Augusta, Georgia

by John Nelson July 14, 2023

AUGUSTA, GA. —Ivey Group and Batson-Cook Development Co. (BCDC) have formed a joint venture partnership for the development of West Park Townhomes, a 262-unit build-to-rent residential community in Augusta. Situated on 29 acres at Wheeler Road, the project is scheduled for delivery beginning in the first quarter of 2024. Amenities at the community will include a clubhouse, swimming pool, fitness room and a pet park. SRP Federal Credit Union will provide construction financing, with Parse Capital as a preferred equity investor. Ivey South Construction will serve as general contractor, and Patterson Real Estate Advisory Group represented the joint venture as the capital placement broker.

July 14, 2023

Acquisitions Multifamily Seniors Housing Texas

JLL Arranges Sale of 105-Unit Seniors Housing Property in Broken Arrow, Oklahoma

by Taylor Williams July 14, 2023

BROKEN ARROW, OKLA. — JLL has arranged the sale of Prairie House, a 105-unit seniors housing property located in the Tulsa suburb of Broken Arrow. Prairie House was built in 2016 and features 73 assisted living units, ranging from studio to two-bedroom units, and 32 studio memory care units. Charles Bissell, Zach Brantley and Hope Brunner of JLL represented the seller, Prevarian Senior Living, in the transaction and procured the buyer, an entity doing business as TUL ALF 3 LLC. Legend Senior Living, an affiliate of the buyer, will operate the community. The price was not disclosed.

July 14, 2023

Connecticut Development Loans Multifamily Northeast

Dwight Capital Provides $34M HUD-Insured Construction Loan for Connecticut Multifamily Project

by Taylor Williams July 14, 2023

MYSTIC, CONN. — New York City-based Dwight Capital has provided a $34 million HUD-insured construction loan for the second phase of Harbor Heights, a 123-unit multifamily project in Mystic, located in southern coastal Connecticut. Harbor Heights II will feature one four-story building with one-, two- and three-bedroom units on a 5.8-acre site. Amenities will include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. Daniel Malka and Jacob Gauptman of Dwight Capital originated the debt, which was structured with a 40-year term and a fixed interest rate, through HUD’s 221(d)(4) program. The borrower was not disclosed.

July 14, 2023

Development Multifamily Northeast Pennsylvania Seniors Housing

Marquis Launches $25M Renovation Project at Philadelphia Seniors Housing Community

by Taylor Williams July 14, 2023

PHILADELPHIA — Marquis Health Consulting Services has launched the first phase of a $25 million renovation at Fountain View at Logan Square, a 420,000-square-foot seniors housing community in Philadelphia’s Center City district. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly known as The Watermark. Designed by ML Group, the project will upgrade the lobby, hallways, apartments and dining room, as well as reconfigure amenity spaces. New features will include an auditorium with space for live entertainment, a makers’ room, theater, piano bar and a sky lounge. Lastly, the development team will add a juice bar and fitness center with a sauna and is exploring possible additions of a pool, outdoor deck and pickleball courts.

July 14, 2023

Development Multifamily New York Northeast Seniors Housing

Sunrise Senior Living Completes 156-Unit Project on Manhattan’s Upper West Side

by Taylor Williams July 14, 2023

NEW YORK CITY — Sunrise Senior Living, in partnership with Hines and Welltower (NYSE: WELL), has completed The Apsley, a 156-unit project on Manhattan’s Upper West Side. Designed by SLCE Architects, the 19-story building is located at 2330 Broadway between 84th and 85th streets and features 80 assisted living and 76 memory care units. Rents start at $15,000 per month for studios, $21,500 for one-bedroom suites and $24,000 for two-bedroom suites.

July 14, 2023

California Development Multifamily Western

UC San Diego Breaks Ground on Student Center, 2,400-Bed Residence Hall Development

by Jeff Shaw July 14, 2023

SAN DIEGO — The University of California San Diego has broken ground on its previously announced student center and 2,400-bed residence hall development. The four-building student center, named Triton Center, is set for completion in 2026. One of the buildings will be home to the university’s student health, and mental health and well-being services. This property will include an urgent care space, primary care, pharmacy services, wellness services and a new home for the university’s counseling and psychological services department. Triton Center will also include an alumni and welcome center; multi-purpose building with a 500-person event space; an art gallery; and a student academic resources building. The academic resources building will expand the university’s existing Teaching + Learning Commons program, with facilities for its transfer student success hub, global initiatives, campus support and administration. Development plans have also been announced for Ridge Walk North Living and Learning Neighborhood, a residence hall project set to open in fall 2025. The community will offer 2,400 beds for undergraduate students. The building will also include updated administrative and teaching space for the university’s Thurgood Marshall College, School of Global Policy and Strategy, and the Department of Economics in the School of Social Sciences. …

July 14, 2023

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