DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.
PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust is nearing completion of Avira, a 326-unit multifamily project in Philadelphia. Residences will be constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units will come in studio, one- and two-bedroom floor plans and will be housed within the top 18 floors of the building. The property already includes 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. The first residences are expected to be available for occupancy this summer.
UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.
CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.
GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of Hoffman and Hibernia Apartments in Green Bay for $2.4 million. The 34-unit apartment building was completely renovated in 2014. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, a local private investor. The team also secured and represented the buyer, a Wisconsin-based private investor.
In a fast-paced, post-pandemic world, the amenities and services that renters expect in multifamily communities are constantly changing. Owners and managers must anticipate what residents will ask for next in order to stay competitive. Predicting What Residents Want There is no crystal ball that allows multifamily owners to foresee what amenities and services future residents will seek when searching for a new home, but there are a few ways in which developers and managers can make sure they’re keeping up with the trends. Although focused on a different customer, sectors such as office and hotel are often ahead of the curve when it comes to meeting the shifting demands of their clientele. Multifamily owners and operators should keep a close eye on what industry leaders in these sectors are doing, such as installing pickleball courts and providing open workspaces and find ways to duplicate those experiences at their own communities. These specific examples have helped Morgan Properties to provide residents with the balance they seek — an active lifestyle that supports the new normal of work from home life. For example, in response to resident demand, we recently began installing outdoor fitness equipment that focuses on body weight and gravity …
DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. Bay 9 plans to install a new operator, Long Hill at Edgemere LLC, a wholly owned subsidiary of United Methodist Homes (UMH). The initial phase of development opened in 2001. The asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022.
HERNDON, VA. — Brightview Senior Living has opened Dulles Corner in Herndon, a Washington, D.C. suburb near Dulles International Airport. Dulles Corner offers 196 units of independent living, assisted living and memory care. The development marks Brightview’s 46th community and its third in Fairfax County. The property is the seniors housing component of Innovation Center Station, a $1 billion mixed-use development by Penzance that will also feature offices, residences, a hotel, shops, restaurants and parks.
CHICAGO — McHugh Construction and its joint venture partner Brown & Momen have completed construction of 508 Pershing at Oakwood Shores, a $24.3 million affordable housing development in Chicago’s Bronzeville neighborhood. The project rises four stories with 53 units. The Community Builders was the developer for the project, which is part of the larger Oakwood Shores. The 55,000-square-foot building was constructed on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. Of the 53 units, 36 are financed through the Low-Income Housing Tax Credit program and are designated for households earning up to 80 percent of the area median income. The remaining 17 units are market rate. National Affordable Housing Trust provided funding in partnership with UnitedHealth Group. Nia Architects and Antunovich Associates designed the project.
CRESTVIEW, FLA. — Housing Trust Group (HTG) and nonprofit AM Affordable Housing have broken ground on Princeton Grove, an affordable housing development in Crestview catered to seniors aged 62 and older. Located at 475 Aplin Road, the community will comprise four stories with a mix of one- and two-bedroom units. Apartments, which will be reserved for residents who earn at or below 22, 30 and 60 percent of area median income (AMI), will range in cost from $363 to $1,188 per month. Five units have been committed for veterans who meet the household income and age criteria. Amenities will include a clubhouse, fitness center, pickleball court, putting green, media room with computer stations, swimming pool and a dog park. Funding sources for the $23.5 million project, which is scheduled for completion next fall, include a $14 million construction loan from Truist Bank, $9.1 million in 4 percent Low Income Housing Tax Credit (LIHTC) equity syndicated through Truist Community Capital and three additional loans from the Florida Housing Finance Corp. Grandbridge Real Estate Capital additionally provided a $7.5 million Freddie Mac loan. Bayern Construction is the general contractor on the project, with PQH Group acting as architect and interior designer and …
