Multifamily

Valley-View-Park-East-Hanover-New-Jersey

KRE Group Breaks Ground on 239-Unit Multifamily Project in East Hanover, New Jersey

by Taylor Williams April 10, 2023

EAST HANOVER, N.J. — Locally based developer KRE Group has broken ground on Valley View Park, a 239-unit multifamily project in East Hanover, about 30 miles west of Manhattan. The property will consist of five four-story buildings. Units will come in one- and two-bedroom formats, and 34 residences will be subject to income restrictions. The amenity package will comprise a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. A tentative completion date was not disclosed.

April 10, 2023

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market Is Battling Uncertainty, Still Poised for Growth

by John Nelson April 10, 2023

When we wrote about the Birmingham multifamily market last year, the main trends were job growth and in-migration to not only the Birmingham market, but the Sun Belt as a whole. The growth was described as “unprecedented,” which it certainly was, and investor optimism could not have been higher as cap rates plummeted and property performance continued to thrive. Since then, the 10-year Treasury yield has risen nearly 200 basis points, inflation experienced nearly 6.5 percent growth last year and there was a more cautious optimism going into the fourth quarter of 2022. But what if we are not hitting a stopping point, rather moving back into a cycle of normalcy? Amongst the many major indicators for 2023, the common theme appears to be uncertainty. Many notable factors such as debt and rising insurance costs have been a sounding board for this skepticism in the market. 2021 and 2022 proved to be nothing short of record-breaking in the multifamily sector. For Birmingham, our outlook is that the solid foundation it has built over the past few years, and the post-pandemic recovery boom it experienced, will show that the city is still poised for growth and has been fortunate to not …

April 10, 2023

Alabama Loans Multifamily Southeast

Berkadia Arranges $37M Refinancing for Ascent at Jones Valley Apartments in Huntsville, Alabama

by John Nelson April 7, 2023

HUNTSVILLE, ALA. — Berkadia has arranged $37 million in refinancing for Ascent at Jones Valley, a 431-unit multifamily community located at 1225 Willowbrook Drive SE in Huntsville. Built in 1978, the property features one-, two- and three-bedroom apartments and townhomes ranging in size from 705 to 1,470 square feet. Amenities at the community include two swimming pools, a fitness center, coffee and tea bar, pet park and play area, playground, business center, tennis/pickleball court and grilling and picnic areas. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia South Florida arranged the Fannie Mae financing on behalf of the borrower, Savannah, Ga.-based Wicker Park Capital Management. The loan carries a fixed interest rate, a five-year term and partial interest-only payments.

April 7, 2023

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

JLL Brokers Sale of 48.1-Acre Build-to-Rent Development Site in Metro Tampa

by John Nelson April 7, 2023

WESLEY CHAPEL, FLA. — JLL Capital Markets has brokered the sale of a 48.1-acre build-to-rent development site located in Wesley Chapel. The site is approved for the construction of a 190-unit townhome community called GroveParc Townhomes. Max La Cava, Zach Nolan and Manny de Zarraga of JLL represented the seller, Blue Pointe Investors, in the transaction. Resibuilt acquired the property for an undisclosed price. Upon completion, which is scheduled for January 2025, GroveParc Townhomes will feature three- and four-bedroom townhomes with garages. Amenities will include a clubhouse, swimming pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent Krate & The Grove at Wesley Chapel, an open-air shopping center.

April 7, 2023

Development Multifamily Texas

Legacy Partners, Resmark Break Ground on 336-Unit Multifamily Project in Metro Dallas

by Taylor Williams April 7, 2023

FORNEY, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., has broken ground on Legacy Gateway, a 336-unit multifamily project in the eastern Dallas suburb of Forney. The community will consist of five three-story buildings on a 14-acre site. Units will come in studio, one- and two-bedroom formats and will range in size from 540 to 1,360 square feet. Amenities will include a pool, outdoor kitchen and gaming courtyard, fitness center, coworking lounge, coffee bar and two dog parks. JHP Architecture is designing the project, and BBL Building Co. is serving as the general contractor. Full completion is slated for spring 2025.

April 7, 2023

Acquisitions Multifamily Northeast Pennsylvania

Scope Commercial Negotiates $9.3M Sale of Multifamily Property in Philadelphia

by Taylor Williams April 7, 2023

PHILADELPHIA — Regional brokerage firm Scope Commercial Real Estate has negotiated the $9.3 million sale of The Yellowjacket, a 24-unit multifamily property in Philadelphia’s Fishtown neighborhood. The complex houses one- and two-bedroom units and amenities such as a fitness center and a rooftop deck, as well as 5,000 square feet of ground-floor retail space. Phil Sharrow and Fahd Malik of Scope Commercial represented the seller, a local developer that is nearing completion of the project, in the all-cash transaction. The duo also procured the buyer, a family office that purchased the asset via a 1031 exchange.

April 7, 2023

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Brokers $4M Sale of Metro Boston Apartment Complex

by Taylor Williams April 7, 2023

LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.

April 7, 2023

Seniors Housing Utah Western

Blueprint Arranges New Operator for 1,275-Bed Skilled Nursing Portfolio in Utah

by Jeff Shaw April 7, 2023

SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.

April 7, 2023

Indiana Loans Midwest Multifamily

Draper and Kramer Arranges $54M Loan for Refinancing of Indiana Apartment Community

by Kristin Harlow April 7, 2023

MERRILLVILLE, IND. — Draper and Kramer Inc. has arranged a $54 million loan for the refinancing of Prairie Point and The Reserve at Prairie Point Apartments in Merrillville, a city in Northwest Indiana. Built between 2002 and 2015, Prairie Point and The Reserve is a 440-unit luxury apartment community that underwent renovations in 2018. The Class A property features townhome-style units with private entrances and garages. Amenities include a clubhouse, fitness center, pool, sundeck, playground and sand volleyball court. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of the borrower, Weiss Entities. A life insurance company provided the five-year, fixed-rate loan.

April 7, 2023

California Market Reports Multifamily Western Western Market Reports

Dissecting Orange County’s Dynamic Multifamily Market

by Jeff Shaw April 7, 2023

— By Cameron Irons, Executive Director, SVN Vanguard — The multifamily real estate market in Orange County continues to be one of the most attractive and profitable in the country. The area’s strong economy, affluent population and abundance of job opportunities have made it a popular destination for people looking for a place to live. As a result, the demand for housing in Orange County has remained high. Developers are responding by building new multifamily and mixed-use developments. There are several highly active companies developing new multifamily projects in Orange County. Projects such as Metropolis by the Irvine Company and Park and Paseo by Broadstone are nestled among large office/industrial parks and feature thousands of residential units, in addition to retail and commercial space. They are designed to be hubs for work, play and living, offering residents a wide range of amenities. Lennar Homes, KB Homes and Meritage Homes have similar projects in development in every city throughout the county. Despite the high prices of these properties, the Orange County multifamily market continues to thrive. The area has seen a surge in the number of renters in recent years, which has put pressure on the available housing supply. This has driven …

April 7, 2023

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