Multifamily

Sparrow Partners, Welltower Underway on 193-Unit Active Adult Community in Metro Dallas

by Taylor Williams March 30, 2022

SACHSE, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) are underway on construction of Amberlin at The Station, a 193-unit active adult community located on the northeastern outskirts of Dallas. The property, which is part of The Station, a $500 million mixed-use development by Dallas-based PMB Capital Investments, will feature one- and two-bedroom units for renters aged 55 and above. Residences will range in size from 615 to 1,285 square feet. Amenities will include a pool, fitness center, game room, media lounge, community kitchen and coffee bar, dog park and pickleball and bocce ball courts. Rents will run from $1,400 to $2,500 per month. FK Architecture is designing the project. Completion is slated for the fall. The project follows the partnership’s hitting construction milestones on two other active adult developments carrying the Amberlin brand, one in Georgetown and one in Pflugerville.

March 30, 2022

Loans Multifamily Texas

New York Life Provides $40.7M Loan for Refinancing of Austin Multifamily Property

by Taylor Williams March 30, 2022

AUSTIN, TEXAS — New York Life Real Estate Investors has provided a $40.7 million loan for the refinancing of Cypress McKinney Falls, a 264-unit multifamily property in Austin. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities include a pool, pet park, outdoor grilling area, a game lawn, fitness center, package locker service and a coffee bar. The loan was structured with a 10-year term and a fixed interest rate. The borrower was not disclosed.

March 30, 2022

Loans Multifamily New York Northeast

J.P. Morgan Provides $99.8M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams March 30, 2022

NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.

March 30, 2022

Development Massachusetts Multifamily Northeast

Partnership Breaks Ground on 209-Unit Multifamily Project in Revere, Massachusetts

by Taylor Williams March 30, 2022

REVERE, MASS. — A partnership between Houston-based Hines, Connecticut-based investment firm Belfonti Cos. and Bridge Investment Group has broken ground on Revio Revere Beach, a 209-unit multifamily project located just east of Boston. The project will feature ground-floor retail space and 20,000 square feet of amenities, including a pool, courtyard and roof deck all overlooking the Atlantic Ocean. Santander Bank is financing the construction of the project, which is scheduled to be fully complete by the second quarter of 2024.

March 30, 2022

Development Illinois Loans Midwest Multifamily

Sterling Bay Receives $81.8M in Financing for Construction of Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow March 30, 2022

CHICAGO — Sterling Bay has received $81.8 million in financing to begin construction of 160 N Morgan, a new apartment tower in Chicago’s Fulton Market district. Developed in partnership with Ascentris, the project will feature 282 units and 2,600 square feet of ground-floor retail space. CIBC Bank USA provided the financing. Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business BOWA Construction. Local firm bKL Architecture will serve as lead architect. A timeline for completion was not provided. As part of its development-related commitment to provide affordable housing, Sterling Bay will contribute nearly $6 million to fund the construction of 28 affordable housing units at SL Solar Lofts, a residential project on Chicago’s South Side.

March 30, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $15.5M Sale of Upper West Side Multifamily Building

by Taylor Williams March 30, 2022

NEW YORK CITY — JLL has negotiated the $15.5 million sale of a 27-unit multifamily building at 2647-2649 Broadway on Manhattan’s Upper West Side. The seven-story building includes two retail spaces totaling 4,250 square feet. Hall Oster, Teddy Galligan and Braedon Gait of JLL represented the seller, an undisclosed private investor that owned the property for 35 years, in the transaction. The buyer was New York-based investment management firm Aulder Capital.

March 30, 2022

Development Georgia Life Sciences Multifamily Southeast Top Stories

Trammell Crow, High Street Residential Plan Life Sciences, Multifamily Project Near Georgia Tech in Atlanta

by Kristin Harlow March 30, 2022

ATLANTA — Trammell Crow Co. (TCC) and its residential subsidiary High Street Residential (HSR), along with Georgia Advanced Technology Ventures (GATV), have closed on ground leases and are ready to begin construction on the first phase of a life sciences and multifamily development adjacent to Atlanta’s Georgia Institute of Technology campus. Formerly known as Technology Enterprise Park, the site is now named Science Square. The first phase will include TCC’s Science Square Labs, a 364,740-square-foot speculative lab and office tower. The lab project is the only ground-up commercial lab space under construction in the Atlanta market, according to TCC. Phase I will also include HSR’s 280-unit multifamily building, the firm’s first residential development in Atlanta. The multifamily component will include shared parking and ground-floor retail space. Designed by Perkins + Will, Science Square Labs will rise 13 stories with 35,558-square-foot floor plates. The facility will also feature ground-floor retail space and amenities such as a fitness center, conference space, indoor-outdoor tenant lounge and outdoor amenity deck. TCC is seeking LEED and WELL certifications for the property and plans to incorporate View Dynamic Glass, which controls ultraviolet and visible light from entering the building without blinds. Additionally, the project will feature …

March 30, 2022

Development Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Multifamily Developers Face Unique Set of Challenges in Boston’s Seaport District

by Taylor Williams March 30, 2022

By Becky Bedwell, vice president of development, Cottonwood Group As one of Boston’s fastest-growing and most dynamic areas, the Seaport District has gotten a lot of attention as it has undergone a multitude of transformations over the past 150 years. The area has evolved from a bustling railyard and shipping area in the early 20th century to a no-man’s land of parking lots in the 1990s to its most recent iteration: The Innovation District. While the spotlight is only growing brighter as several high-profile residential and mixed-use projects come on line in this distinctive and in-demand neighborhood, the headlines tell only part of the story. The Seaport District’s seemingly sudden emergence is the result of more than a decade of development and over $22 billion in public funding — efforts that have helped draw hundreds of new businesses and support a growing list of noteworthy developments. The challenges faced and opportunities realized by developers in this part of town reveal some important truths about what it takes to create great civic spaces and successful multifamily developments — not just in this city and this area, but in urban communities around the country. What follows are some best practices, consideration and …

March 30, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $41.5M Sale of Regency Square Multifamily Community in Yuma, Arizona

by Amy Works March 29, 2022

YUMA, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Regency Square, an apartment property in Yuma. Sundance Bay acquired the asset from a private partnership for $41.5 million, or $136,513 per unit. Built in 1986, Regency Square features 304 studio, one- and two-bedroom apartments spread across 17 two-story residential buildings. Community amenities include assigned covered parking, two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry facilities. Cliff David and Steve Gebing of IPA, a division of Marcush & Millichap, represented the seller and procured the buyer in the deal.

March 29, 2022

California Development Multifamily Seniors Housing Western

Joint Venture Starts Construction of 158-Unit Seniors Housing Community in Los Angeles

by Amy Works March 29, 2022

LOS ANGELES — A joint venture between Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for senior housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos. Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces. Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management. AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.

March 29, 2022

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