Multifamily

Centennial Yards Breaks Ground on Two High-Rise Buildings in Downtown Atlanta as Part of $5B Project

by Jeff Shaw November 18, 2022

ATLANTA — Centennial Yards Co. has broken ground on two high-rise towers in downtown Atlanta as the next phase of the development plan that will turn the city’s Gulch district into a $5 billion multi-phase area known as Centennial Yards. One tower will be an 18-story, full-service, boutique hotel called Anthem, which will feature guest rooms averaging over 400 square feet, a pool deck with a bar and event room, an 8,000-square-foot ballroom and a rooftop restaurant and bar. The second tower, also rising 18 stories, will be an apartment building. The multifamily community will offer studio, one-, two- and three-bedroom floor plans and include features such a pool with an event lawn and grilling stations, on-site co-working space, a dog run, a fitness center and multiple lounges for residents. Individual units will feature interior design by Atlanta-based design firm TVS Architecture + Design. The two towers are adjacent to Mercedes-Benz Stadium and State Farm Arena, the sports venues that are home to the NBA’s Atlanta Hawks, NFL’s Atlanta Falcons and MLS’ Atlanta United. Atlanta-based architecture firm Goode Van Slyke Architects designed both buildings. The towers are slated for completion in 2025, ahead of the recently announced 2026 FIFA World …

November 18, 2022

Market Reports Multifamily Washington Western Western Market Reports

Seattle Metro Multifamily Market — It’s a Supply Thing

by Jeff Shaw November 18, 2022

By Brian O’Connor, Executive Director, Valuation & Advisory, Cushman & Wakefield The Seattle Metro apartment market has been surprisingly resilient. The market quickly bounced back from the COVID downturn at a robust clip and has continued moving at a healthy pace. During the first six months of 2022, metro Seattle absorbed more than 12,600 units. That already surpasses a typical full year of demand by several thousand units. From January 2022 through June, the market absorbed 3,779 newly constructed units — a respectable level. If you also factor in the decline in existing units, then the market absorbed another 8,886 units. That tells us that the supply of new units was too low…or demand was much stronger than we expected. The market had rebounded to a metro-wide vacancy rate of only 1.33 percent at mid-year 2022, an astoundingly low level. From year-end 2021 to June 2022, overall apartment vacancies declined from 3 percent to 1.33 percent. We do, however, expect vacancies to begin increasing slightly. These rates typically see an uptick as we head into winter. Rent growth also slows during this time. We expect to see the metro-wide vacancy rate start to rise just a bit by year-end 2022, to …

November 18, 2022

Acquisitions Arkansas Multifamily Southeast

Weidner Acquires 337-Unit Apartment Community in Rogers, Arkansas

by John Nelson November 17, 2022

ROGERS, ARK. — Weidner Apartment Homes has purchased 49 West Apartments, a multifamily community comprising 325,507 square feet of rentable space in the northwestern Arkansas city of Rogers. Built in 2020, the property sits on 20.7 acres and features 337 units in one- and two-bedroom layouts. Amenities at the community — which was built by S+K Development — include a clubhouse, fitness center, indoor and outdoor lounges, pool, onsite fishing pond, pet washing stations and play area, valet trash services and a basketball court. The sales price was not disclosed.

November 17, 2022

Acquisitions Arizona Loans Multifamily Western

NewPoint Real Estate Capital Funds $105M Loan for Multifamily Acquisition in Scottsdale, Arizona

by Amy Works November 17, 2022

SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.

November 17, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $21.8M Sale of Elevate Apartments in Tucson, Arizona

by Amy Works November 17, 2022

TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit. Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens. Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.

November 17, 2022

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple

by Taylor Williams November 17, 2022

TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.

November 17, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $36M Construction Loan for Multifamily Project in Brunswick, Maine

by Taylor Williams November 17, 2022

BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.

November 17, 2022

Affordable Housing Development Multifamily New Jersey Northeast

TCB Completes 111-Unit Supportive Housing Redevelopment in Jersey City

by Taylor Williams November 17, 2022

JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.

November 17, 2022

Affordable Housing Development Illinois Midwest Multifamily

Structured Development, Evergreen Real Estate Group Open 48-Unit Mixed-Income Apartment Complex in Chicago

by Kristin Harlow November 17, 2022

CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …

November 17, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $13.4M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow November 17, 2022

APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.

November 17, 2022

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