Multifamily

Colliers Mortgage Provides $26.4M HUD-Insured Loan for Multifamily Conversion Project in Minnesota

by Kristin Harlow July 5, 2022

DULUTH, MINN. — Colliers Mortgage has provided a $26.4 million HUD 221(d)(4) loan for the acquisition and rehabilitation of the historic Duluth Central High School in Minnesota. The 128-year-old building will be transformed into a 122-unit, mixed-income multifamily development known as Zenith. Amenities will include a gym, community lounge, game den, golf simulator, library, package room, patio and coworking area. The loan features a 40-year term and a 40-year amortization schedule. An entity doing business as Saturday Zenith LLC was the borrower.

July 5, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $6.7M Sale of Multifamily Property in Chicago

by Kristin Harlow July 5, 2022

CHICAGO — Interra Realty has arranged the sale of a pair of adjacent multifamily buildings totaling 42 units in Chicago’s Budlong Woods neighborhood for $6.7 million. All the units feature two bedrooms and one bath. Craig Martin of Interra represented the seller, Chicago-based Realty Resources, and the buyer, Chicago-based The Manderly Group. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.

July 5, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 202-Unit Workforce Housing Community in Houston

by Taylor Williams July 5, 2022

HOUSTON — Berkadia has arranged the sale of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston. The property was built in 1979 and offers one-, two- and three-bedroom apartments. Amenities include a lounge with a coffee bar, a resident kitchen, pool, fitness center, outdoor grilling areas and onsite laundry facilities. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, metro Dallas-based ClearWorth Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, partnership between Utah-based Trinnium Equity Group and Dallas-based Starboard Equity.

July 5, 2022

Development Multifamily Seniors Housing Texas

Forefront Living Begins Construction of 239-Unit Seniors Housing Project in Plano

by Taylor Williams July 5, 2022

PLANO, TEXAS — Forefront Living has begun construction of The Outlook at Windhaven, a seniors housing community in the northern Dallas suburb of Plano. Architectural firm three designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments and a 56 units of assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.

July 5, 2022

Loans Multifamily Northeast Pennsylvania

Natixis Provides $73.6M Acquisition Loan for Mansion at Bala Apartments in Philadelphia

by Taylor Williams July 5, 2022

PHILADELPHIA — French investment bank Natixis has provided a $73.6 million acquisition loan for Mansion at Bala, a 276-unit apartment community in northwest Philadelphia. Built in 2010, the property offers one-, two- and three-bedroom units with an average size of 1,059 square feet. Amenities include a pool, resident clubhouse, business center and a fitness center. Robert Lipson, T.J. Piper and Jeremy Lynch of Berkadia arranged the five-year, floating-rate loan on behalf of the borrower, Rose Valley Capital, an affiliate of Hampshire Properties.

July 5, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Multifamily Market Sees Record Rent Growth, Investment Sales Activity

by John Nelson July 5, 2022

As Charlotte continues to expand its economy and population, its multifamily market is reporting unprecedented levels of activity. The market has experienced a tremendous rebound from the artificial pandemic performance in terms of investor demand, in-migration and rent growth. The market recorded double-digit rent growth in 2021, extremely tight vacancies across submarkets, record lease-up velocity and a modest supply of new deliveries. All these signs clearly point to a landlord’s market, and investors have taken notice. This year looks to be another solid one for Charlotte’s multifamily investment market, coming off a record-setting 2021 with nearly $6.4 billion in transactions (compared to $3.5 billion in 2020 and $3.7 billion in 2019). So far in 2022, pricing remains strong and sales are ahead of the pace set at the start of last year ($1 billion in first-quarter 2022 vs. $566 million in first-quarter 2021). Companies and residents are flocking to Charlotte, which is increasingly recognized as a high-growth market. It is business-friendly, offers a great lifestyle and is a talent magnet. Lowes, USAA and Centene are examples of companies expanding their footprints and hiring thousands of employees, all who need a place to live. Moreover, these are high-paying jobs ($100,000-plus), targeting …

July 5, 2022

Arkansas Development Southeast Student Housing

Landmark Begins Construction on 585-Bed Student Housing Development Near University of Arkansas

by John Nelson July 1, 2022

FAYETTEVILLE, ARK. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus. Located at 1030 Razorback Road in Fayetteville, the community will offer a mix of two- to five-bedroom, fully furnished units in a cottage-style development. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit. The property will also feature 1,000 square feet of ground floor retail space. Athens, Ga.-based Landmark expects to complete the project in fall 2023.

July 1, 2022

Development Florida Multifamily Southeast

Presidium to Break Ground on 334-Unit Apartment Community in Jacksonville

by John Nelson July 1, 2022

JACKSONVILLE, FLA. — Presidium plans to break ground on Presidium Regal Apartments, a 334-unit multifamily community located at 14051 Beach Blvd. in Jacksonville. The gated community will be situated on a 15-acre site that once housed a Regal Cinemas theater. Designed by Atlanta-based Dwell Design Studio, apartments will feature stainless steel appliances, quartz countertops, private balconies, smart lighting and lock systems, Ecobee thermostats and built-in Alexa capabilities. Amenities at Presidium Regal will include a zero-edge pool with grilling stations, cabanas and outdoor fireplaces with lounges. The clubhouse and leasing office will include a fitness center, game lounge, golf simulator, coworking spaces, podcast rooms and a rooftop lounging deck. Other amenities will include an onsite car wash, juice and java bar and a dog park and spa. Presidium expects to deliver the property, which represents the firm’s fourth multifamily community in the Jacksonville market, in late 2023.

July 1, 2022

Development Multifamily Texas

Resia Begins Work on 576-Unit Apartment Community in Houston’s Energy Corridor

by Taylor Williams July 1, 2022

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has begun construction on Resia Ten Oaks, a 576-unit apartment community that will be located within the 83-acre Ten Oaks master-planned development in Houston’s Energy Corridor. The community will comprise three 12-story buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Gensler is the project architect. Completion is slated for the first quarter of 2024.

July 1, 2022

Affordable Housing Development Midwest Missouri Multifamily

Drever Partners Opens 324-Unit Workforce Housing Property in Branson, Missouri

by Kristin Harlow July 1, 2022

BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.

July 1, 2022

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