NORWALK, CONN. — Cushman & Wakefield has arranged the $293.5 million sale of The Norwalk Collection, a 662-unit multifamily portfolio located in the southern coastal Connecticut city of Norwalk. The Norwalk Collection comprises three buildings totaling 334 two-bedroom units and 328 one-bedroom units. Amenities include a pool, sundeck, fitness center, roof deck and tenant lounges. The properties also house approximately 68,000 square feet of retail space and 789 parking spots. Adam Spies, Adam Doneger, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the sellers, Invictus Real Estate Partners and 166 2nd Financial Services, in the transaction. The team also procured the buyer, Beachwold Residential. Mona Carlton, Elliott Throne, Scott Aiese and Kenny Cutler off JLL provided a total of $33.1 million in Freddie Mac acquisition financing on behalf of Beachwold Residential.
FORT LAUDERDALE, FLA. — Aztec Group has arranged $102 million in construction financing for Rivr Lofts in Fort Lauderdale. Located in the Tarpon River Entertainment & Design District south of New River, Rivr Lofts will be a Class A high-rise featuring 352 apartments. Square Mile Capital provided the loan to the developer, Moderno Development Group, which assembled the one-acre site in 2018 and obtained entitlements in 2021. The project team includes Moss Construction and Robert Mathias of NCC Development. The site is located at the corner of SW 5th Street and SW 3rd Avenue and is within walking distance to local shopping and entertainment. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground-floor retail, onsite parking and a resident lounge and bar on the ground floor.
WASHINGTON, D.C. — Greysteel has arranged the sale of Ravenel and Barclay, two multifamily properties totaling 120 units in the Dupont Circle neighborhood of downtown Washington, D.C. The buyer and sales prices were undisclosed. Situated two doors down from one another, the properties are located at 1610 and 1616 16th St. NW. Built in 1933, Ravenel totals 63 units and contains a mix of studio and one-bedroom apartments. Built in 1926, Barclay totals 57 units and includes a mix of one-bedroom and two-bedroom apartments. Amenities include a fitness center, laundry rooms, package concierge, bike storage, outdoor patio and an onsite management office. Renovations to the lobbies, leasing office, hallways, common areas and unit interiors were completed by the seller upon its acquisition.
By Brad Frisby, director of land acquisitions, Rhodes Enterprises Demand for housing of all types continues to outpace supply in the Rio Grande Valley (RGV), and developers’ best efforts to add much-needed product throughout the region appear to be reaching a crescendo. Like the rest of the country, residential development in the RGV has been stymied and exacerbated by global supply chain disruption over the last year. Nor have developers in the region been spared from the pricing volatility of key construction materials, from basic building blocks like lumber and steel to more precise pieces such as air conditioning units and kitchen appliances. These factors, along with rising labor costs generated by the reheating of the regional economy, have negatively impacted conventional multifamily construction timelines and budgets over the past 12 to 18 months. While traditional single-family projects have not been hit nearly as hard as their multifamily counterparts, the net result of all this activity has been a widening of the gap between housing supply and demand. Though the regional vacancy rate for multifamily product is up on a year-over-year basis — about 4.5 percent today versus 3.5 percent at the end of the first quarter of 2021 — …
HOUSTON — A partnership between locally based developer Sueba USA and McCormack Commercial has broken ground on Kingfield Lofts, a 370-unit multifamily project that will be situated on a 14.5-acre site in West Houston. Kingfield Lofts will feature studio, one-, two- and three-bedroom units that will range in size from 480 to 2,196 square feet. Residences will be furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities will include a pool, fitness center, clubroom, conference center and a catering kitchen. Preleasing will begin in fall 2023, with full completion slated for March 2024.
ARLINGTON, TEXAS — Global Real Estate Advisors (GREA) has arranged the portfolio sale of three multifamily properties totaling 217 units in Arlington that were all built in the 1960s. The properties include Avalon (75 units), Tuscany Square (70 units) and Regency (72 units). Mark Allen of GREA represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of The Vanderbilt, a 152-unit multifamily complex in Irving. The property offers studio, one- and two-bedroom floor plans and amenities such as a pool, dog park, outdoor grilling and dining areas and onsite laundry facilities. David Fersing, Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the buyer, private investor Tony Lin, in the transaction.
WASHINGTON, D.C. — Akridge and National Real Estate Development have broken ground on Phase I of The Stacks, a residential development in Washington, D.C.’s Buzzard Point neighborhood. Situated along the Anacostia River in the city’s Capitol Riverfront district, The Stacks will comprise three towers featuring 1,100 apartments and 35,000 square feet of ground-floor retail space. More than 10 percent of the apartments will be income-restricted. Bank OZK provided construction financing for Phase I, which is slated to deliver in 2025. The developers tapped general contractor Clark Construction Group to build Phase I and engaged Gensler, Morris Adjmi Architects, Handel Architects, Eric Colbert & Associates, West 8, Lee & Associates, DXA, HOK and Hickok Cole for the project’s overall design. The Stacks is jointly owned by Akridge, Bridge Investment Group, Blue Coast Capital and institutional funds managed by National Real Estate Advisors, parent company of National Real Estate Development.
DORAVILLE, GA. — A fund sponsored by CBRE Investment Management closed on an $85.3 million mortgage loan to finance Atlanta-based Carroll’s acquisition of the 592-unit Arium Winters Chapel apartment community in the Atlanta suburb of Doraville. The floating-rate loan has an initial term of three years with a two-year extension option. The loan features future funding to finance the sponsor’s business plan. Robert Kadoori of CBRE’s Debt & Structured Finance team in Atlanta arranged the loan on behalf of Carroll. Formerly known as Jasmine at Winters Chapel, Arium Winters Chapel is a garden-style property located at 4335 Winters Chapel Road and offers one-, two- and three-bedroom floor plans. Units feature hardwood-style flooring, resurfaced cabinets, private balconies, tile backsplashes and washer/dryers in select units. Community amenities include a fitness center, two swimming pools, soccer field, picnic and grilling areas, two dog parks, playground, clubhouse, business center and controlled gated access.
LOWELL, ARK. — Rogers, Ark.-based ERC Holdings and St. Louis -based Mia Rose Holdings have begun development of Pure Lowell, a multifamily community in the northwest Arkansas city of Lowell. The project includes new construction of 152 one- and two-bedroom units visible off I-49 and conveniently located near the corporate headquarters of J.B. Hunt and Mercy Pediatric and Mercy Behavioral Health clinics. Pure Lowell will include 109 one-bedroom units and 43 two-bedroom units spread across 115,000 square feet in 10 three-story buildings. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Community amenities will include walking trails, a resort-inspired pool, clubhouse, bicycle garage, 1,000-square-foot fitness center, technology lounge and business center, a pocket park and numerous greenspace gathering areas. The project team includes architectural firm Sharp Architects Inc., general contractor Pick-It Construction Inc. and property management firm Trinity Multifamily. First National Bank of NWA is providing construction financing for the project, which will break ground immediately. The developers expect to deliver Pure Lowell in the third quarter of 2023. ERC and Mia Rose are also co-developing the 234-unit Pure Springdale community, which is under construction 10 miles away.