Multifamily

Eliviat Group to Develop 224-Unit Multifamily Project in Wallkill, New York

by Taylor Williams May 9, 2022

WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.

May 9, 2022

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 164-Unit Multifamily Property in Chicago

by Kristin Harlow May 9, 2022

CHICAGO — Marcus & Millichap has brokered the sale of 7100 South Shore Drive, a 164-unit multifamily property in Chicago’s South Shore neighborhood. The sales price was undisclosed. Originally constructed in 1923, the building has received updates in recent years such as the addition of Amazon Hub lockers, gated parking and a fitness center. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller, Morgan Properties, and procured the buyer, James Oppenheimer of New City Property Management. The buyer plans to update common areas, including renovating and repurposing the building’s vacant ballroom.

May 9, 2022

Acquisitions Colorado Multifamily Western

Cantamar Apartments Acquires Multifamily Community in Longmont, Colorado for $50M

by Amy Works May 9, 2022

LONGMONT, COLO. — Cantamar Apartments Associates has purchased a 126-unit multifamily property at 2205 Alpine St. in Longmont. An entity formed by DHI Communities sold the asset for $50 million. The buyer has renamed the 126-unit property as Alpine Prairie Village. Alpine Prairie Village features one-, two- and three-bedroom apartments with quartz countertops, multiple closets and modern lighting. Community amenities include open spaces; a game lounge with private seating and shuffleboard; outdoor gaming area with corn hole and ladder golf; fitness center; outdoor bar and grill; hot tub; pet spa; and co-working space with private offices. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group represented the buyer in the transaction.

May 9, 2022

Arizona Loans Multifamily Western

NewPoint Real Estate Capital Provides $45.6M Refinancing for Multifamily Complex in Phoenix

by Amy Works May 9, 2022

PHOENIX — NewPoint Real Estate Capital has provided a $45.6 million, 10-year, Fannie Mae DUS loan for the refinancing of an apartment community in Phoenix. The recently constructed community features 200 detached apartments with smart-home technology systems and high-end interior finishes, including stainless steel appliances, granite countertops and washers/dryers, as well as private, fenced-in backyards. Community amenities include a clubhouse, fitness center, heated pool and spa, pet park and controlled entry. John Motzel of NewPoint, along with Jeremy Korea of Cushman & Wakefield, originated the loan.

May 9, 2022

Acquisitions Multifamily Washington Western

IPA Brokers Sale of Bentley House Apartments in Issaquah, Washington

by Amy Works May 9, 2022

ISSAQUAH, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bentley House, an apartment building in Issaquah. Terms of the transaction were not released. Built in 2009, apartments at Bentley House feature hardwood floors, stainless steel appliances, fireplaces and air conditioning. Community amenities include a rooftop deck, resident clubhouse, business center and fitness center. Philip Assouad and Giovani Napoli of IPA represented the seller and procured the buyer in the deal.

May 9, 2022

Build-to-Rent Conference Coverage Development Features Multifamily North Carolina Single-Family Rental South Carolina Southeast Southeast Feature Archive

Speed to Market is ‘Almost the Only Priority’ for Multifamily Developers Looking to Avoid Cost Risks, Say InterFace Panelists

by John Nelson May 9, 2022

CHARLOTTE, N.C. — Multifamily developers are pushing their chips in and aggressively looking for new development deals, especially for sites in and around high-growth markets in the Southeast. Michael Tubridy, senior managing director of Crescent Communities, said his firm isn’t leaving anything to chance and is looking to move quickly on development opportunities. “We’re trying to get as many units on the ground today as possible, because tomorrow will be more expensive,” said Tubridy. “I like the chances of today’s cost environment a lot better than I like the unknown of where we’ll be a year from now or two years from now. Putting a premium on speed to market is something that we are much more focused on; it’s almost the only priority right now.” Tubridy’s comments came during the development panel at InterFace Carolinas Multifamily 2022. The half-day event was held on April 14 at the Hilton Uptown Charlotte hotel and attracted more than 260 attendees from all facets of the multifamily industry in North Carolina and South Carolina. Michael Saclarides, director of Cushman & Wakefield’s Multifamily Advisory Group, moderated the discussion. Crescent Communities is far from the only multifamily developer pursuing ground-up construction opportunities in earnest. In …

May 9, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Sells Multifamily Property in Metro Tampa for $71M

by John Nelson May 6, 2022

LAND O’ LAKES, FLA. — New York City-based brokerage firm Rosewood Realty Group has arranged the $71 million sale of The Lakes at Collier Commons, a 252-unit multifamily property in Land O’ Lakes. Rosewood Realty represented the buyer, Triwest Development, a multifamily investment company based in El Segundo, Calif. Rosewood Realty also represented the seller, Primerica Group One, a Tampa-based real estate development firm. Located approximately 20 miles north of downtown Tampa, Lakes at Collier Commons was built in 2004 and consists of 10 buildings spanning more than 200,000 square feet. The average unit size is over 1,100 square feet. The development features a pool, fitness center, business center, spa, playground, clubhouse, volleyball court and a pond.

May 6, 2022

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

by John Nelson May 6, 2022

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create and preserve 20,000 affordable homes in Nashville, Washington state’s Puget Sound region and the Arlington, Va., region, which is home to Amazon’s HQ2 campus. The Seattle-based e-commerce giant has committed more than $94 million over the past two years to affordable housing efforts in Nashville. Amazon’s commitment to MDHA consists of a $7.1 million low-rate loan to support the construction of Cherry Oak Apartments, a mixed-income residential development in the Cayce Place neighborhood of east Nashville. Cherry Oak will feature 96 apartments, including 53 that are affordable at or below 80 percent of area medium income (AMI). MDHA has a 99-year ground lease at the site. Amazon is also providing a $3.5 million grant to support CrossBridge’s housing projects on Lindsley Avenue …

May 6, 2022

Acquisitions Multifamily Texas

TruAmerica Multifamily Acquires 310-Unit Rancho Mirage Apartments in Irving

by Taylor Williams May 6, 2022

IRVNG, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has acquired Rancho Mirage, a 310-unit apartment community in Irving that was originally built in 1991. Rancho Mirage features one- and two-bedroom units and amenities such as a pool, fitness center, business center, indoor racquetball court, billiards and game room, dog park and outdoor grilling and dining areas. TruAmerica plans to implement a multimillion-dollar value-add program focused on unit interiors and building exteriors. The seller and sales price were not disclosed.

May 6, 2022

Acquisitions Arizona Multifamily Western

Liv Communities Sells Liv North Scottsdale Multifamily Community in Arizona for $145M

by Amy Works May 6, 2022

SCOTTSDALE, ARIZ. — Liv Communities has completed the disposition of Liv North Scottsdale, an apartment property located at 15509 N. Scottsdale Road in Scottsdale. An undisclosed buyer acquired the asset for $145 million, or $604,167 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2014, Liv North Scottsdale features 240 apartments with nine-foot ceilings, full-size washers/dryers, walk-in closets and private balconies or patios. Community amenities include a resort-style heated pool and spa, a private cabana with flat-screen TVs, rentable storage units, covered parking and structured parking. A rooftop patio features a firepit, outdoor kitchen with barbecue grilling station, bar seating and views of Scottsdale Airpark and the McDowell Mountains.

May 6, 2022

Newer Posts

Older Posts