Multifamily

Holualoa Cos. to Build 129-Unit Workforce Housing Project in Tempe

by Amy Works February 28, 2022

TEMPE, ARIZ. — Holualoa Cos. has released plans for Dwell: A Work @ Home Community at the intersection of Fifth Street and Farmer Avenue in Tempe. The 129-unit workforce community will complete Farmer Studios, a mixed-use development, and provide housing opportunities for residents in downtown Tempe, Arizona State University and other locations. Holualoa purchased the two-acre parcel for $12 million. The residences will be integrated into two existing office buildings and a pocket park onsite to create a mixed-use development. The community will feature live/work-oriented amenity rooms for residents, conference rooms with green screens, private meeting rooms, a fitness center, dog-friendly features and walkable access to light rail, streetcar, restaurants and other amenities. Architekton and Worksbureau are serving as architects for the project.

February 28, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

High Demand for Raleigh-Durham Multifamily Drives Record Sales Volume, Pricing

by John Nelson February 28, 2022

Raleigh-Durham is increasingly popping up at the top of shopping lists for multifamily investors, and buyer demand — coupled with strong rent growth — is resulting in record sale prices. As of this writing, 2021 is on pace to be one of the best years ever in terms of total transaction volume. As capital continues to flow into the market across the spectrum of investor groups from institutions to high net worth individuals, cap rates also have dropped into record territory. Just about every sale in the market is trading at a cap rate in the 3s, and even sub-3 percent in some cases. For example, Northmarq recently brokered the sale of the 489-unit Indigo Apartments in Morrisville on behalf of Blue Heron Asset Management. The asset sold for $121.9 million. The deal was one of the largest single-property multifamily sales in North Carolina in 2021, and the largest in Raleigh-Durham’s history upon closing. The property received multiple qualified offers before selling to Toronto-based Starlight Investments for $249,000 per unit, surpassing initial pricing guidance by nearly 20 percent. The phenomenon of lower return expectations and compressed cap rates is not unique to the Raleigh-Durham market. That trend is occurring throughout …

February 28, 2022

Loans Multifamily Seniors Housing Texas

Dwight Capital Provides $30.5M Refinancing for Metro Dallas Seniors Housing Property

by Taylor Williams February 25, 2022

GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $30.5 million bridge loan for the refinancing of The Retreat at Grand Prairie, a 154-unit seniors housing property in Grand Prairie, located roughly midway between Dallas and Fort Worth. The four-story building sits on 7.7 acres and offers amenities such as a pool, fitness center, business center, game room, pet park and a putting green. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.

February 25, 2022

Loans Multifamily Texas

Ready Capital Closes $16.5M Acquisition Loan for El Paso Apartments

by Taylor Williams February 25, 2022

EL PASO, TEXAS — New York City-based Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an unnamed, 288-unit apartment complex in the El Paso area. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 25, 2022

Development Georgia Multifamily Southeast

Joint Venture to Develop 576-Unit Apartment Community in Atlanta’s Upper Westside

by John Nelson February 25, 2022

ATLANTA — A joint venture between Golub & Co., AB Capital, local entrepreneur Thierry Francois and a client advised by MetLife Investment Management plans to build a two-building apartment community in Atlanta totaling 576 units. The joint venture recently purchased a 5.8-acre development site at 2164 Marietta Blvd. in the city’s Upper West Side submarket for the project. Bruce Armstrong and Joel Sandridge of Chicago-based Golub will oversee the design and construction of the community, along with architectural firm Lord Aeck Sargent. The property will feature an industrial aesthetic, central courtyard and an undisclosed amount of retail space. The joint venture plans to break ground on the unnamed property in the third quarter with delivery of the first phase slated for third-quarter 2023.

February 25, 2022

Acquisitions Georgia Multifamily Southeast

Icer Properties Buys Apartment Community in Southwest Atlanta for $43.5M

by John Nelson February 25, 2022

ATLANTA — Icer Properties has purchased The Life at Greenbriar Apartments, a 376-unit multifamily community located at 2909 Campbellton Road in southwest Atlanta, for $43.5 million. Built in 1971, the property features a leasing office, controlled access gate, playground, dog park and a laundry center. Taylor Brown, Chandler Brown and Barden Brown of GREA represented the seller, Olive Tree Holdings, in the transaction. New York-based Icer Properties is rebranding the property as The Hills at Greenbriar and plans to finish interior renovations, as well as bring 14 vacant units back on line.

February 25, 2022

Development Multifamily New Jersey Northeast

Local Developer Completes 629-Unit Apartment Community in Jersey City

by Taylor Williams February 25, 2022

JERSEY CITY, N.J. — A developer doing business as 400 Claremont LLC has completed 3 Acres, a 629-unit apartment community in Jersey City. Designed by Marchetto Higgins Stieve, the property offers micro studio, studio, one- and two-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Indoor amenities include a fitness center, saunas, conference room, work pods, demonstration kitchen, multi-sport simulator and screening room, resident lounge and a game room with a mini bowling alley. Outside, residents have access to a rooftop terrace with a pool, as well as a dog run and courtyards with dining stations, workout areas and games. The property is roughly 50 percent leased, and rents start at $1,575 per month for a one-bedroom unit.

February 25, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.6M Sale of Multifamily Property in East Orange, New Jersey

by Taylor Williams February 25, 2022

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.6 million sale of a 17-unit multifamily property in the Northern New Jersey community of East Orange. The property includes three retail spaces. Julie Gralla of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak represented the buyer. Both parties requested anonymity.

February 25, 2022

California Development Multifamily Seniors Housing Western

Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California

by Amy Works February 25, 2022

MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.

February 25, 2022

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Verandas at Shavano Apartments in North San Antonio

by Taylor Williams February 24, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Verandas at Shavano, a 288-unit apartment community on the north side of San Antonio. Built on 16 acres in 2014, the property offers one-, two- and three-bedroom units with an average size of 829 square feet. Amenities include a pool, fitness center, outdoor grilling areas, a resident clubhouse and multiple dog parks. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, in the transaction and procured the buyer, Wisconsin-based MLG Capital.

February 24, 2022

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