Multifamily

Woda Cooper Opens 60-Unit Affordable Housing Community in Plainfield, Indiana

by Kristin Harlow April 25, 2023

PLAINFIELD, IND. — Woda Cooper Cos. has opened Harper’s Crossing, a 60-unit affordable housing community in the Indianapolis suburb of Plainfield. The $13.4 million development is situated in an opportunity zone and received a tax abatement from the city. The Indiana Housing & Community Development Authority awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels. Six of the units are accessible for those with physical disabilities. Amenities include free Wi-Fi, a community room, laundry room, fitness center, playground and patio. Monthly rents range from $345 to $1,095 depending on the size of the unit and income restriction. The community is reserved for those who earn up to 80 percent of the area median income. Syndicator RBC Community Investments (RBCCI) provided primary financing through an equity investment by Huntington National Bank in a RBCCI-sponsored fund. In addition to the equity investment, Huntington National Bank also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe was the project architect, BWI LLC served as general contractor and Sol Design + Consulting was the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing.

April 25, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $12.2M Sale of Manhattan Apartment Building

by Taylor Williams April 25, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of a 93-unit apartment building in Manhattan’s Marble Hill neighborhood. The name and address of the property were not disclosed. Seth Glasser, Michael Fusco, Binyamin Katz and Joe Koicim of Marcus & Millichap brokered the deal. The buyer and seller were both family-run companies that requested anonymity.

April 25, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.7M Sale of Multifamily Property in Bemidji, Minnesota

by Kristin Harlow April 25, 2023

BEMIDJI, MINN. — Marcus & Millichap has brokered the $1.7 million sale of Kestrel Pines Townhomes in Bemidji, a city in northern Minnesota. Constructed in 2005, the rental townhome property consists of 30 units and is located at 906 26th St. NW. The units feature individual garages, patios and washers and dryers. Chris Collins and Evan Miller of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

April 25, 2023

Development Multifamily New York Northeast

Blue Communities Breaks Ground on 54-Unit Multifamily Project in Mineola, New York

by Taylor Williams April 25, 2023

MINEOLA, N.Y. — Locally based developer Blue Communities has broken ground on Royal Blue, a 54-unit multifamily project in the Long Island community of Mineola. The building will rise six stories and span 101,000 square feet. Units will come in one- and two-bedroom floor plans, with rents starting at $3,500 per month for a one-bedroom apartment. Completion is slated for 2024.

April 25, 2023

Development District of Columbia Mixed-Use Multifamily Southeast Top Stories

Lowe, Mitsui Fudosan America Complete 492-Unit Apartment Project at Mixed-Use Redevelopment in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America Inc. have completed Gallery 64, a 492-unit apartment building in southwest Washington, D.C. The 12-story project is the final piece of the 500,000-square-foot mixed-use redevelopment of the former Randall Junior High School, which includes the Rubell Museum DC that opened in October 2022. “The focus and inspiration for the repositioned historic Randall School is arts and culture, which is expressed in every component of the campus, including the Gallery 64 apartments,” says Mark Rivers, executive vice president of Lowe. “With specially commissioned works of contemporary art showcased throughout the building, Gallery 64 residents will be immersed in a one-of-a-kind, arts- and culture-focused living environment.” Located at 64 H Street SW, Gallery 64 features studios to three-bedroom apartments, as well as 19 two-story townhomes. The apartments feature contemporary finishes, floor-to-ceiling windows and smart thermostats, and many have private patios or balconies. Monthly rental rates range from $1,927 to $5,306, according to the property website. Gallery 64’s community amenities include a music and podcast recording studio and a programmed maker space. Rooftop amenities include a resort-style pool, fire pits, grilling stations, dining niches and a dog walk. Other amenities include game …

April 25, 2023

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Student Housing Texas Western

Pavlov Media Ramps Up Multifamily, Student Housing Fiber Expansion with Equity Partner

by Sarah Daniels April 25, 2023

Pavlov Media is accelerating the expansion of its fiber network and fiber-to-the-home initiatives with a key investment from the world’s largest infrastructure investor, Macquarie Asset Management. The funding will help Pavlov Media augment its coverage of student and multifamily housing, developing and broadening resident access to high-speed Internet across a variety of property types. “We are ramping up our growth plans with a combination of building municipal fiber networks in college towns and extending service to underserved areas adjacent to our core markets,” says Glenn Meyer, board member and president of Pavlov Media. “It’s basically more of what we have already been doing but on a larger scale.” Pavlov Media is already the nation’s largest private provider of fiber-based Internet and video services to off-campus student housing, connecting properties in more than 150 U.S. markets and Canada to its national backbone via its own last-mile, municipal fiber networks and third-party circuits. The Champaign, Illinois-based company serves approximately 1,000 multifamily and student buildings encompassing more than 285,000 beds, and in recent years has begun extending fiber to customers in areas adjacent to its core student-housing markets. Now the broadband service provider is poised to quicken the pace of its growth with …

April 25, 2023

Development Multifamily Texas

Sueba USA Breaks Ground on 269-Unit Multifamily Project in Spring, Texas

by Taylor Williams April 24, 2023

SPRING, TEXAS — Locally based developer Sueba USA has broken ground on Imperial Oaks Square, a 269-unit multifamily project in the northern Houston suburb of Spring. The site is located within Falls at Imperial Oaks, a 686-acre master-planned development by Holcomb Properties, and is adjacent to the 100-acre Lake Holcomb. Units will come in one-, two- and three-bedroom floor plans and will range in size from 496 to 1,594 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining areas, a dog park, business center and a catering kitchen. Preleasing will begin in July 2024.

April 24, 2023

Development Multifamily Seniors Housing Texas

Watermark Opens 231-Unit Seniors Housing Community in Georgetown, Texas

by Taylor Williams April 24, 2023

GEORGETOWN, TEXAS — Arizona-based owner-operator Watermark Retirement Communities has opened The Hacienda at Georgetown, a 231-unit luxury property in Georgetown, approximately 25 miles north of Austin. The apartments feature one- and two-bedroom options and offer independent living, assisted living, short-term stays or memory care. Amenities include a fitness center, salon/spa, courtyard and other various onsite dining and wellness programs.

April 24, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 108-Unit Multifamily Property Near San Antonio

by Taylor Williams April 24, 2023

HONDO, TEXAS — Northmarq has arranged the sale of Las Palomas Apartments, a 108-unit multifamily property located in the western San Antonio suburb of Hondo. Built in 1995, the property offers two- and three-bedroom units and amenities such as a playground, dog park and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura, Phil Grafe and Brian Booth of Northmarq represented the seller, Lonestar Springs, in the transaction and procured the buyer, Revive Real Estate. Cheryl Higley of Northmarq also arranged acquisition financing on behalf of Revive Real Estate.

April 24, 2023

Development Multifamily New York Northeast

Lendlease Breaks Ground on 834-Unit Waterfront Multifamily Project in Brooklyn

by Taylor Williams April 24, 2023

NEW YORK CITY — Developer Lendlease has broken ground on 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development will comprise five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super. Completion is slated for late 2025.

April 24, 2023

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