Multifamily

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami

by John Nelson April 6, 2023

MIAMI — Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade County Housing Finance Authority and Florida Housing Finance Corp. contributed capital in the form of debt, LIHTC equity or subsidies. Set to open in late 2024, Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings reserved for residents earning up to 60 percent of the area median income. Amenities will include a swimming pool, fitness center, clubroom, business center, playground, barbecue area and a dog run.

April 6, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane, Ashlaur Break Ground on 96-Unit Mixed-Income Development in Chicago

by Kristin Harlow April 6, 2023

CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.

April 6, 2023

Development Multifamily New Jersey Northeast

Paramount Assets Opens 70-Unit Apartment Complex in Plainfield, New Jersey

by Taylor Williams April 6, 2023

PLAINFIELD, N.J. — Locally based developer Paramount Assets has opened Netherwood Flats, a 70-unit apartment complex in the Northern New Jersey community of Plainfield. The four-story building features 4,000 square feet of retail space and an 84-space parking deck. Units come in one- and two-bedroom formats and range in size from 624 to 1,427 square feet. Amenities include a fitness center, resident lounge and an elevated courtyard. Netherwood Flats opened with 50 percent of its units preleased. Rents start at $1,865 per month for a one-bedroom apartment.

April 6, 2023

Affordable Housing Development Multifamily Texas

Partnership Completes 192-Unit Affordable Housing Complex in Houston

by Taylor Williams April 5, 2023

HOUSTON — A partnership between an affiliate of developer Atlantic | Pacific Cos. and The Harris County Housing Authority has completed Arbor at Wayforest, a 192-unit affordable housing complex located in Houston’s Greenspoint neighborhood. Residences are reserved for renters earning up to 30, 50 and 60 percent of the area median income. According to Apartments.com, the property features two- and three-bedroom units that range in size from 926 to 1,103 square feet and amenities such as a pool, fitness center, business center and a playground.

April 5, 2023

Loans Multifamily Texas

HLC Equity Refinances 156-Unit Apartment Complex in Princeton, Texas

by Taylor Williams April 5, 2023

PRINCETON, TEXAS — HLC Equity, a Pittsburgh-based investment and management firm, has refinanced Southgate Apartments, a 156-unit multifamily complex located northeast of Dallas in Princeton. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Berkadia originated the long-term, Fannie Mae loan, the amount of which was not disclosed.

April 5, 2023

Acquisitions Multifamily Oklahoma Seniors Housing Texas

TMG Arranges Sale of 124-Unit Independent Living Community in Tulsa

by Taylor Williams April 5, 2023

TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of The Broadmoor Retirement Community, a 124-unit independent living facility in Tulsa. Built in 1986, the age-restricted property features studio, one- and two-bedroom units with an average size of 510 square feet. Casey Litsey and C.J. Swanson of TMG represented the seller, and Paul Yazbeck of TMG procured the buyer. Both parties requested anonymity.

April 5, 2023

Acquisitions California Multifamily Western

Advanced Real Estate Purchases 156-Unit Edison Apartments in Long Beach, California

by Jeff Shaw April 5, 2023

LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016. The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made. While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction.

April 5, 2023

Loans Multifamily Washington Western

Gantry Arranges $53.5M Financing for Cypress Apartments in Seattle

by Jeff Shaw April 5, 2023

SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.

April 5, 2023

Development Leasing Activity Multifamily North Carolina Restaurant Southeast

Portman Signs Night Swim Coffee at 34-Story Apartment Tower in Charlotte’s South End

by John Nelson April 5, 2023

CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.

April 5, 2023

Development Multifamily North Carolina Southeast

Dominion Realty Breaks Ground on 252-Unit Exchange Apartments in Southwest Charlotte

by John Nelson April 4, 2023

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on The Exchange Apartments, a 252-unit multifamily development in southwest Charlotte. The community will be situated within the Exchange Business Park off I-77 and Tyvola Road, about a half-mile from the Woodlawn stop on the Blue Line Light Rail. Units will feature oversized windows, sliding glass doors, Nest thermostats and smart locks. Community amenities will include a resort-style pool and sundeck, coffee bar, fitness center with a yoga and spin room and a game room. United Bank and Dogwood State Bank are providing an undisclosed amount of construction financing for the development. The design-build team includes architectural firm Rule Joy Trammell & Rubio, civil engineer LandDesign and general contractor Harkins. Katherine Southard of CBRE assisted in the land sale between Dominion Realty and the seller, Dilweg. Dominion Realty expects to deliver the first units in first-quarter 2025. The Exchange represents the developer’s fifth project in the metro Charlotte area.

April 4, 2023

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