Multifamily

CrownPoint Group Completes Lease-Up of 126-Unit Apartment Complex in Netcong, New Jersey

by Taylor Williams October 26, 2021

NETCONG, N.J. — Developer CrownPoint Group LLC has completed the lease-up of 34 Bank, a 126-unit apartment complex located in the Northern New Jersey community of Netcong. Leasing of the property, which sits on 4.8 acres, began in December 2020, and construction of the community was completed this summer. Units feature one- and two-bedroom floor plans and are furnished with stainless steel appliances, tile backsplashes and quartz countertops. Amenities include a fitness center, coworking space, walking trails and grilling stations.

October 26, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.6M Sale of Two Apartment Communities in Fort Walton Beach, Florida

by Julia Sanders October 25, 2021

FORT WALTON BEACH, FLA. — Cushman & Wakefield has arranged the sale of Elevate at 604 West and Greens on 5th, two apartment communities totaling 195 units in Fort Walton Beach. Parker Caldwell and Craig Hey of Cushman & Wakefield represented the seller, Lurin Capital, in the transaction. Pedcor acquired both properties for $30.6 million. Elevate at 604 West includes 99 units and offers one- and two-bedroom floorplans that average 678 to 958 square feet. Built in 1971, the units feature walk-in closets, hardwood floors, tub and shower and Wi-Fi. Community amenities include a swimming pool, greenspace, laundry facility and courtyards. Elevate at 604 West was 97 percent occupied at the time of sale. Located at 604 Colonial Drive, the property is situated 8.5 miles from Destin-Fort Walton Beach Airport and 10.7 miles from Destin. The Greens on 5th totals 96 units and offers two- and three-bedroom floorplans that average approximately 830 to 1,200 square feet. Built in 1983, units include washer/dryer hookups, linen closets, carpet and Wi-Fi. Community amenities include a swimming pool, clubhouse, elevator and laundry facilities. The Greens on 5th was 98 percent occupied at the time of sale. Located at 5 Mooney Road NE, the apartment …

October 25, 2021

Development Louisiana Multifamily Southeast Student Housing

Fountain Residential Breaks Ground on 294-Bed Student Housing Community Near LSU in Baton Rouge

by Julia Sanders October 25, 2021

BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge. The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. Community amenities will include a swimming pool, clubhouse, strength training and cardio center and private study rooms. The project is scheduled for completion in fall 2023. Fountain Residential partially raised capital for the project using crowdfunding platform CrowdStreet. First United Bank and Trust is the construction lender for the development. The design team includes Stuart Roosth Architects, Duplantis Design Group and MW Builder.

October 25, 2021

Acquisitions Multifamily Texas

CP Capital, Alliance Residential Sell 179-Unit Multifamily Property in Fort Worth

by Taylor Williams October 25, 2021

FORT WORTH, TEXAS — A joint venture between New York City-based CP Capital and Arizona-based Alliance Residential Co. has sold Broadstone Southside, a 179-unit multifamily property in Fort Worth. The buyer and purchase price were not disclosed. Built in 2020, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, fitness center, dog park and an entertainment patio with grilling stations and a fire pit. Michael Ware, Drew Kile, Taylor Hill, Joey Tumminello, Will Balthrope and Jeffrey Kindorf of Institutional Property Advisors (IPA), a division of Marcus & Millchap, represented the seller in the deal. The team also procured the buyer, Railfield.

October 25, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 94-Unit Agave Villas Apartments in Irving

by Taylor Williams October 25, 2021

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Agave Villas, a 94-unit apartment complex in Irving. According to Apartments.com, the property was built in 1980, features one- and two-bedroom units and offers amenities such as a pool, playground and picnic areas. David Fersing, Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller and procured an out-of-state investment firm as the buyer. Both parties requested anonymity.

October 25, 2021

Development Loans Midwest Minnesota Multifamily

JLL Arranges $85.1M in Financing for Development of Apartment Complex in Suburban Minneapolis

by Kristin Harlow October 25, 2021

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.

October 25, 2021

Loans Midwest Multifamily Ohio

Natixis Provides $53M Loan for Refinancing of River Haus Apartments Near Cincinnati

by Kristin Harlow October 25, 2021

COVINGTON, OHIO — Natixis has provided a $53 million loan for the refinancing of River Haus Apartments in Covington, about two miles from downtown Cincinnati. The borrower, Flaherty & Collins, completed development of the 192-unit, Class A multifamily community in 2019. Daniel Geuther and Michael Slovitt of Berkadia arranged the five-year, floating-rate loan, which replaced the initial construction financing.

October 25, 2021

Acquisitions Illinois Midwest Multifamily

Becovic Purchases Chicago Apartment Building for $7.2M

by Kristin Harlow October 25, 2021

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Fleetwood in Chicago’s Edgewater Beach neighborhood for $7.2 million. The 59-unit apartment building is located at 6026 N. Winthrop Ave. Originally built in 1929, The Fleetwood rises eight stories with 21 studios, 37 one-bedroom units and one two-bedroom unit. The seller, an owner and operator of several apartments in the area, owned the property for almost 40 years.

October 25, 2021

Development Multifamily New York Northeast

Crow Holdings, Marcus Partners Underway on 450-Unit Apartment Community in Harrison, New York

by Taylor Williams October 25, 2021

HARRISON, N.Y. — A partnership between Dallas-based Trammell Crow Residential, a subsidiary of Crow Holdings, and Boston-based Marcus Partners is underway on construction of Alexan Harrison, a 450-unit apartment community that will be located about 25 miles north of Manhattan. Alexan Harrison will offer studio, one-, two- and three-bedroom units ranging in size from 507 to 2,135 square feet. A portion of the residences, which will feature stainless steel appliances, granite countertops and individual washers and dryers, will be reserved as affordable housing. Amenities will include two pools and clubhouses, a fitness center, dog park, walking trails, a business center with private offices, wellness center and Amazon package lockers. Construction is scheduled to be complete in April 2024.

October 25, 2021

Development Multifamily New York Northeast

Zara Realty Breaks Ground on $110M Mixed-Income Project in Queens

by Taylor Williams October 25, 2021

NEW YORK CITY — Locally based developer Zara Realty has broken ground on a 223-unit mixed-income project located at 153-10 88th Ave. adjacent to Rufus King Park in Queens. Thirty percent (66) of the units, which will feature studio, one- and two-bedroom floor plans, will be designated as affordable housing. Amenities will include a fitness center, a tenant recreational space, rooftop terrace with gardens and seating areas, electric vehicle charging stations and storage units. Ismael Leyva Architects is designing the nine-story building, and Monadnock Construction Inc. is the general contractor. Completion is slated for 2023.

October 25, 2021

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