Multifamily

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Amy Works March 14, 2022

SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …

March 14, 2022

Affordable Housing California Development Multifamily Western

USA Properties Starts Construction of 164-Unit College Creek Affordable Community in Santa Rosa, California

by Amy Works March 14, 2022

SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023. Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek. The community, which will feature a four-story building and two three-story buildings, will offer a community room with computer workstations, fitness room, swimming pool, tot lot and onsite laundry facilities. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. USA Properties worked closely with the community, including the City of Santa Rosa and Sonoma County, on the project, which has been in the planning stages for several years.

March 14, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $5.6M Sale of Sun Haven Apartments in Pueblo West, Colorado

by Amy Works March 14, 2022

PUEBLO WEST, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Sun Haven Apartments, a multifamily community located at 201 S. McCulloch Blvd. in Pueblo West. An undisclosed buyer acquired the asset for $5.6 million, or $78,875 per unit. Built in 1970 and renovated in 2008, Sun Haven Apartments features 71 units and a large amount of excess land. Michael Krebsbach of Pinnacle represented the seller, while Jamie Mitchell of Pinnacle represented the buyer in the deal.

March 14, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates Sale of 53-Unit Affordable Housing Property in Ardmore, Pennsylvania

by Taylor Williams March 14, 2022

ARDMORE, PA. — Locally based brokerage firm Starkman Realty Group has negotiated the sale of Greenfield Commons, a 53-unit affordable housing property located in the eastern Philadelphia suburb of Ardmore. The property was built in 2006. Starkman Realty represented the locally based seller, Canus Development, as well as the undisclosed buyer, in the transaction.

March 14, 2022

Affordable Housing Development Midwest Multifamily Ohio

NRP Group to Break Ground on 23 Multifamily Projects This Year

by Kristin Harlow March 14, 2022

CLEVELAND — The NRP Group, a Cleveland-based multifamily developer and operator, plans to break ground on approximately 6,000 apartment units spread across 23 construction projects in 2022. The properties will be a mix of affordable, market-rate and mixed-income communities. The total investment for the projects is estimated at $1.9 billion. The 23 communities are made up of 11 market-rate developments totaling 3,762 units; 10 affordable developments totaling 1,865 units for residents at or below 60 percent of the area median income (AMI); and two projects with 658 apartment homes in which half of the units are priced at market levels and half are priced for residents earning 80 percent of the AMI. Planned construction starts are distributed across the NRP footprint in Texas, the Washington, D.C., metro area, New York, New Jersey, Florida, North Carolina and Ohio.

March 14, 2022

Acquisitions Iowa Midwest Multifamily Student Housing

Artisan Capital Group, MJW Investments Buy 663-Bed Student Housing Property in Iowa

by Kristin Harlow March 14, 2022

CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.

March 14, 2022

Affordable Housing Indiana Loans Midwest Multifamily

Colliers Mortgage Provides $14.5M Loan for Refinancing of Affordable Housing Community in Indiana

by Kristin Harlow March 14, 2022

GARY, IND. — Colliers Mortgage has provided a $14.5 million Fannie Mae loan for the refinancing of Gary NSA I & II Apartments in Gary, a city in Northwest Indiana. Constructed between 1914 and 1928, the affordable housing property features 249 units across 14 buildings. The community is covered entirely by a HUD rental Housing Assistance Payments (HAP) contract throughout the loan term. The 10-year loan features a 30-year amortization schedule. An entity doing business as Gary NSA I & II Housing LLC was the borrower.

March 14, 2022

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges Sale of 56-Unit Apartment Building in Kansas City

by Kristin Harlow March 11, 2022

KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.

March 11, 2022

Development Multifamily Texas

Legacy Partners to Develop 296-Unit Merit Apartment Community in Metro Dallas

by Taylor Williams March 11, 2022

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners will develop Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development will feature one-, two- and three-bedroom units that will range in size from 630 to 1,500 square feet and will be furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies or patios. Amenities will include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Dallas-based JHP Architecture is designing Merit, and Provident General Contractors is building the community. Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin of Berkadia secured a $20.2 million equity investment from Pondmoon Capital Holdings USA for the project. Completion is slated for mid-2023.

March 11, 2022

Acquisitions Multifamily New Jersey Northeast

CBRE Negotiates $173.4M Sale of Apartment Community in New Brunswick, New Jersey

by Taylor Williams March 11, 2022

NEW BRUNSWICK, N.J. — CBRE has negotiated the $173.4 million sale of Plaza Square, a 415-unit apartment community located in the Northern New Jersey community of New Brunswick. The transit-served property was built in 2004 and offers amenities such as a pool, fitness center, resident clubhouse, business center and a dog run. Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel of CBRE represented the seller, Manulife Investment Management, in the transaction. The team also procured the buyer, Renaissance Management.

March 11, 2022

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