Multifamily

Cantor Fitzgerald, BH Acquire 309-Unit Apartment Complex in Lenexa, Kansas

by Kristin Harlow August 25, 2022

LENEXA, KAN. — A joint venture between affiliates of Cantor Fitzgerald LP and BH Cos. Inc. has acquired West End at City Center in Lenexa. The 309-unit apartment complex is situated within walking distance of Lenexa City Center, a 200-acre development featuring a mix of retail, restaurant, entertainment, multifamily and hospitality space. Built in 2009, the property features one-, two- and three-bedroom units with an average size of 970 square feet. Amenities include a fitness center, pool, business center and picnic area. As of late July, the community was nearly 96 percent leased. Mac Crowther and Whittaker Potts of Newmark brokered the transaction, which marks the seventh multifamily acquisition by the joint venture. The seller and sales price were undisclosed.

August 25, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $2M Sale of Two-Building Multifamily Portfolio in Chicago

by Kristin Harlow August 25, 2022

CHICAGO — Kiser Group has arranged the sale of a portfolio of two multifamily buildings in Chicago’s East Garfield Park neighborhood for $2 million. The two buildings house a combined 35 units. The property at 351 S. Homan Ave. features a mix of two-, three- and four-bedroom units, while the building at 10-18 S. Homan Ave. houses two- and three-bedroom units. Aaron Sklar, Noah Birk and Jack Petrando of Kiser brokered the transaction. An out-of-state buyer purchased the portfolio from the undisclosed seller.

August 25, 2022

Affordable Housing Development Florida Mixed-Use Multifamily Office Retail Southeast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Development Multifamily Northeast Pennsylvania

High Street, MetLife Complete 280-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams August 25, 2022

WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.

August 25, 2022

California Development Multifamily Western

Sudberry Properties Starts Construction of 268-Unit Luma at El Corazon Apartments in Oceanside, California

by Amy Works August 25, 2022

OCEANSIDE, CALIF. — Sudberry Properties has started construction of Luma at El Corazon, a mixed-use apartment community in Oceanside. Located at 3546 Village Commercial Drive, Luma is situated within El Corazon, a 465-acre multi-phase development on a former crystal silica mine. Luma at El Corazon will feature 23 three-story residential buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging in size from 691 square feet to 1,440 square feet, the units come in 11 floor plan configurations, all featuring an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities will include a furnished club room with demonstration kitchen and covered patio; conference room; indoor/outdoor fitness center; and a pool and spa area with lounges and barbecue facilities. Luma will also feature two 2,350-square-foot retail suites on either side of the main entrance. The community will be built in phases, with the leasing center and first apartments slated to open in fall 2023. The development team includes Bassenian Lagonia, architect; Hunsaker & Associates, civil engineer; Wermers Construction, general contractor; Schmidt Design Group, landscape architect; and Design Tec, interior design.

August 25, 2022

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 582-Unit Multifamily Portfolio in Gainesville, Florida

by John Nelson August 25, 2022

GAINESVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-property multifamily portfolio in Gainesville totaling 582 units. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, a joint venture between Platform Management Group and Excelsa Properties, in the transaction. The buyer, a joint venture between LYFE Properties Group and Skywood Properties, purchased the portfolio for $89.5 million. Dubbed the “Archer Road Portfolio,” the assets were built between 1971 and 1983 and include The Commons, a 99-unit community located at 2001 SW 16th St.; The Lofts, a 74- unit community located at 3020 SW Archer Road; The Park, a 99-unit community located at 3643 SW 20th Ave.; The Point, a 140-unit community located at 3100 SW 35th Place; and The Trails, a 170-unit community located at 3230 SW Archer Road.

August 25, 2022

Acquisitions Multifamily Seniors Housing Utah Western

Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City

by Amy Works August 25, 2022

DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community. Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments. Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller. “Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of …

August 25, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $9M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams August 25, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $9 million sale of two contiguous apartment buildings in Brooklyn’s Williamsburg neighborhood. The four-story buildings were originally constructed in 1900 and total 16 units. Mike Kerwin and Shaun Rose of Rosewood Realty represented the buyer, New York City-based Peak Capital Advisors, in the off-market transaction. Sarah Sawyer of Compass represented the seller, an undisclosed family office.

August 25, 2022

Conference Coverage Features Multifamily Seniors Housing

InterFace Panel: Labor Issues Hurt Margins, Investor Confidence in Seniors Housing

by Taylor Williams August 25, 2022

The labor shortage that continues to plague the seniors housing industry is taking a toll on the capital markets side of the business as owner-operators find themselves underwriting sharper costs that are ultimately causing profit margins to shrink and spooking some potential investors. The origin of the dearth of qualified and committed staffers at all levels of seniors housing can largely be attributed to the pandemic. But other macro-level factors — low overall unemployment, stiff competition with hospitality and healthcare users, elevated demand for flexible work routines — are amplifying the problem, even as COVID retreats into the background of everyday life. According to data obtained by the St. Louis Federal Reserve, since January 2020, some 400,000 nursing home and assisted living employees have left the profession. In addition, a 2021 study by the American Healthcare Association and National Center for Assisted Living revealed that across approximately 14,000 surveyed properties, 99 percent of nursing homes and 96 percent of assisted living facilities reported staffing shortages of varying degrees. Higher labor costs put pressure on operating costs, which are further strained amid 40-year inflationary highs and the rising costs of capital that said inflation has subsequently prompted. For many owners and …

August 25, 2022

Acquisitions Multifamily Washington Western

Security Properties Divests of Insignia Apartments in Bremerton, Washington for $48.5M

by Amy Works August 24, 2022

BREMERTON, WASH. — Security Properties has completed the disposition of Insignia Apartments, a multifamily property at 1060 Insignia Loop in Bremerton. An undisclosed buyer acquired the community for $48.5 million. Built 2017, Insignia Apartments features 162 one- and two-bedroom apartments spread across 12 buildings on 6.2 acres. Community amenities include a fitness center, rec room, playground and dog park. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest-based multifamily team represented the seller in the transaction.

August 24, 2022

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