Multifamily

Wood Partners Breaks Ground on 300-Unit Alta Blue Goose Apartments in East Austin

by Taylor Williams December 9, 2021

AUSTIN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Blue Goose, a 300-unit apartment community in East Austin. The property will offer one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and individual washers and dryers. Select units will also feature smart technology packages. Amenities will include a pool, outdoor grilling and picnic areas, a fitness center, business and conference centers and a dog park. Preleasing is expected to begin in late 2022, with the opening to follow shortly thereafter.

December 9, 2021

Acquisitions Illinois Midwest Multifamily

JLL Arranges Sale of 175-Unit Apartment Complex in Evanston, Illinois

by Kristin Harlow December 9, 2021

EVANSTON, ILL. — JLL Capital Markets has arranged the sale of 1717, a 175-unit apartment complex in Evanston. The sales price of $71 million represented the biggest multifamily deal in the northern suburbs in nearly two years, according to Crain’s Chicago Business. Built in 2013, the property features amenities such as a pool, sundeck, picnic area, fitness center, resident lounge, business center and cybercafé. Located at 1717 Ridge Ave., the complex is situated just south of the convergence of Green Bay Road and Ridge Avenue. Kevin Girard, Matthew Lawton and Mark Stern of JLL represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.

December 9, 2021

Acquisitions Illinois Midwest Multifamily

Laramar Group Purchases 216-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow December 9, 2021

AURORA, ILL. — The Laramar Group has purchased Covey at Fox Valley in Aurora for an undisclosed price. Built in 1988, the 216-unit apartment community is located at 2160 Walcott Road. Laramar plans to make interior and exterior renovations to the property, which is located adjacent to Rush Copley Medical Center. The seller was not provided.

December 9, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $16.9M Sale of Chicago Multifamily Portfolio

by Kristin Harlow December 9, 2021

CHICAGO — Interra Realty has brokered the $16.9 million sale of a two-building multifamily portfolio totaling 50 units in Chicago’s Uptown neighborhood. The properties are located at 4714 N. Sheridan Road and 843 W. Agatite Ave. Combined, the two buildings were 96 percent occupied at the time of sale. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, Chicago-based Mavrek Development, which developed the properties in 2019 and 2021. Colin O’Malley of Interra represented the private buyer.

December 9, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Taylor Williams December 9, 2021

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

December 9, 2021

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Capital Chases Southeast Multifamily Sector, Says InterFace Panel

by Kristin Harlow December 9, 2021

ATLANTA — This year marked a golden age in terms of operating or selling multifamily properties, according to Alan Dean, region president of Terwilliger Pappas, a development firm with four offices in the Southeast. But given the rising costs associated with land acquisition, materials and labor, the challenge has been putting together new deals. “Anyone that got deals done shortly after COVID hit, those deals are going to be very valuable because they’re going to be opening up with less competition on lease-up,” said Dean. Dean’s comments came during a panel entitled “What’s the Outlook for Development in 2022?” at the 12th annual InterFace Multifamily Southeast conference. The event, which took place Thursday, Dec. 2 at the Westin Buckhead hotel in Atlanta, drew more than 300 industry professionals. Joining Dean on the panel were Jay Curran, president of Charlotte, N.C.-based Crescent Communities; Woody Rupp, chief investment officer of Atlanta-based Brand Properties; Harvey Wadsworth, managing director of Atlanta-based Portman Residential; and Justin Weintraub, principal and chief development officer of Birmingham, Ala.-based Daniel Corp. Robert Stickel, executive vice chair with Cushman & Wakefield in Atlanta, moderated the panel. High prices for dirt, long entitlement processes and increased competition in the marketplace have …

December 9, 2021

California Development Mixed-Use Multifamily Office Retail Top Stories Western

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan December 9, 2021

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City. The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office. Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties. Los Angeles-based 3MR Capital is a privately held real estate firm …

December 9, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Three Key Trends to Watch in the Philadelphia Multifamily Market in 2022

by Taylor Williams December 9, 2021

By Gary Holloway Jr, president, GMH Communities The COVID-19 pandemic served as an accelerator for transforming the Philadelphia multifamily market. Overnight, property owners and managers had to quickly adapt and find new ways to serve their residents while prioritizing their safety and following all of the guidelines from the Centers for Disease Control and Prevention (CDC). As we head into 2022, the pandemic will continue to influence what prospective tenants expect from their apartment communities. Here are three opportunities that multifamily owners should consider as the industry continues to grow and evolve in Philadelphia. WFH is Here to Stay Working from home is not a new trend. However, the pandemic thrust countless residents into remote work situations without warning. This sudden shift in work routines has prompted multifamily developers to rethink which amenities they need to provide now that remote and hybrid work is the norm. At GMH Communities, we are actively growing our amenity offerings to enhance the work-from-home experience. At The Yards at Malvern, one of our newest properties that is located in the suburb of Malvern, residents have access to a robust business center with multiple small and large conference rooms with a Zoom conference room, …

December 9, 2021

Acquisitions Company News Georgia Multifamily Southeast

Asset Living Acquires JMG Realty, Adding 20,000 Multifamily Units to Management Portfolio

by Julia Sanders December 8, 2021

HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.

December 8, 2021

Acquisitions Florida Multifamily Southeast

Avanti Residential Purchases Tampa Bay Multifamily Property for $92M

by Julia Sanders December 8, 2021

ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.

December 8, 2021

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