Multifamily

TWG Begins Development of $59M Mixed-Income Apartment Community in Green Bay, Wisconsin

by Kristin Harlow July 29, 2022

GREEN BAY, WIS. — TWG has begun development of The Fort at the Railyard, a $59 million mixed-income apartment community in Green Bay. The project is a redevelopment of the historic Larsen Canning property. The 223-unit apartment community will rise five stories with 1,300 square feet of commercial space. Of the 233 units, 187 will be reserved for residents earning up to 60 percent of the area median income. Amenities will include a workout room, business center, coworking lounge, dog run and pet washing station. Merchants Bank served as the low-income housing tax credit investor and Western Alliance Bank provided construction financing. Completion is slated for the third quarter of 2024.

July 29, 2022

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $82.5M Sale of The Mark Parsippany Apartments in Northern New Jersey

by Taylor Williams July 29, 2022

PARSIPPANY, N.J. — JLL has negotiated the $82.5 million sale of The Mark Parsippany, a 212-unit apartment complex in Northern new Jersey. The property offers one- and two-bedroom units with an average size of 911 square feet that are furnished with stainless steel appliances, quartz countertops, kitchen islands and individual washers and dryers. According to Apartments.com, amenities include a pool, fitness center, clubhouse, resident lounge, conference room and a pet washing station. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo of JLL represented the seller, an affiliate of Harbor Group International, in the transaction. The buyer was an affiliate of The DSF Group, an investment firm with offices in Boston and Washington, D.C.

July 29, 2022

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TD Bank Provides $22M Construction Loan for Boston Affordable Housing Conversion Project

by Taylor Williams July 29, 2022

BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.

July 29, 2022

Development Georgia Multifamily Southeast

Toro Development to Build 186-Unit Reid Apartments in Atlanta’s Reynoldstown District

by John Nelson July 29, 2022

ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.

July 29, 2022

Acquisitions Multifamily North Carolina Southeast

CRC Acquires Apartment Community in Downtown Raleigh for $36.5M

by John Nelson July 29, 2022

RALEIGH, N.C. — Continental Realty Corp. (CRC) has purchased 800 St. Marys Apartments, a 65-unit multifamily community located at 800 St. Marys St. in downtown Raleigh’s Glenwood South neighborhood. Built in 2020 by Selwyn Property Group and Southeast Apartment Investors, 800 St. Marys is a four-story elevator building with townhomes and attached garages. Units come in one-, two- and three-bedroom floor plans ranging from 963 to 1,666 square feet, with an average unit size of 1,224 square feet. The community was 95 percent occupied at the time of sale. Community amenities include an outdoor terrace with a kitchen, fire pit with seating, fitness center, clubhouse equipped with flat screen TVs, wine lockers, complimentary coffee bar, business lounge with private conference center and a controlled-access parking garage. Adam Randall and John Westby-Gibson of Newmark originated an undisclosed amount of Freddie Mac acquisition financing on behalf of CRC, which purchased the asset through its Core Multifamily Fund LP in partnership with Baltimore-based Brown Advisory in an off-market transaction.

July 29, 2022

Features Multifamily

Proptech Improves Employee, Asset Performance While Giving Residents the Autonomy They Demand

by Jeff Shaw July 29, 2022

By Stacey Darden, senior director of innovation and compliance, New Standard Equities In the multifamily industry, we rely on technology to increase productivity and to help us make strategic decisions. Technology allows information and data from various sources to be collected and organized in a way that is easy to understand. Rather than looking at different reports to form an educated decision, technology can help synthesize data into predictive analytics based on historical activity and current trends. Previously, decision makers, such as asset managers or investors, would review various reports only using one piece of information to try and compare findings across portfolios or regions. The old-fashioned approach might include reviewing a box score report or resident activity detail to understand property operations for a given period. Or it may have involved reviewing a variance report to understand the financial activity for a given period. An asset manager would then try to discover any correlation between the two sets of reporting. Technology can help display all given metrics in a digestible manner to easily identify if any patterns or relationships exist. Selecting a technology provider who will partner with clients and help customize reporting based on the client’s needs will …

July 29, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Affordable Housing Development Multifamily Texas

Palladium USA Begins Construction on $55.8M Mixed-Income Community in Fort Worth

by Taylor Williams July 28, 2022

FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.

July 28, 2022

Development Multifamily Texas

Mill Creek Residential Completes 216-Unit Multifamily Project in Uptown Dallas

by Taylor Williams July 28, 2022

DALLAS — Mill Creek Residential has completed construction of Modera Katy Trail, a 216-unit multifamily project in Uptown Dallas. Designed by BKV Group, the property is located at the nexus of McKinney Avenue and its eponymous network of surrounding walking and biking paths. Units at Modera Katy Trail come in studio, one-, two- and three-bedroom formats and include a collection of penthouses on the 14th floor. Residences are furnished with quartz countertops and custom cabinetry, and select units have private patios or balconies. Amenities include a pool, fitness center, outdoor grilling and dining areas, an outdoor lounge with a wet bar, pet spa, rideshare lounge, coworking spaces and a conference center. Rents start at roughly $2,400 per month.

July 28, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 171-Unit Apartment Complex in Waco

by Taylor Williams July 28, 2022

WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 28, 2022

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