Multifamily

Shea Properties Opens 203-Unit EdgePoint Apartments in North Seattle

by Amy Works February 9, 2022

SEATTLE — Shea Properties has opened EdgePoint Apartments, a multifamily community located at 320 N. 85th St. in Seattle’s Greenwood neighborhood. The six-story, 203-unit property features a mix of open one-, one- and two-bedroom units ranging in size from 561 square feet to 990 square feet. Units offer quartz countertops, wood-style flooring, stainless steel appliances and high-end finishes throughout. Additionally, the property features a sky deck, lounge, fitness center, pet spa and 4,500 square feet of onsite retail space. Rush served as general contractor and Runberg Architecture Group served as architect for the project.

February 9, 2022

Georgia Loans Multifamily Southeast

Ready Capital Closes on $16.6M Acquisition Loan for Multifamily Portfolio in Metro Atlanta

by Julia Sanders February 9, 2022

MCDONOUGH, GA. — Ready Capital has closed on a $16.6 million acquisition loan for a 132-unit, two-property multifamily portfolio in McDonough, a southern suburb of Atlanta in Henry County. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes renovating unit interiors, improving curb appeal and community amenities and addressing deferred maintenance. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and flexible prepayment.

February 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 333-Unit Broadstone Knox District Apartments in Dallas

by Taylor Williams February 9, 2022

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.

February 9, 2022

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Property in Lubbock

by Taylor Williams February 9, 2022

LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.

February 9, 2022

Loans Multifamily Texas

Ready Capital Closes $41.3M Acquisition Loan for Houston Apartment Community

by Taylor Williams February 9, 2022

HOUSTON — New York City-based Ready Capital has closed a $41.3 million loan for the acquisition, renovation and stabilization of an unnamed, 449-unit apartment community in Houston’s Clear Lake submarket. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate, two extension options and a facility to fund capital improvements. The name of the sponsor was not disclosed.

February 9, 2022

Development Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Transit-Oriented Multifamily Projects Transform Northern New Jersey

by Taylor Williams February 9, 2022

By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …

February 9, 2022

Affordable Housing Loans Multifamily North Carolina Seniors Housing Southeast

KeyBank Provides $48M in Total Financing for Affordable Seniors Housing Project in Charlotte

by Julia Sanders February 8, 2022

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a total of $48 million in financing for Eastway Park Apartments, a 132-unit affordable seniors housing development in Charlotte. The financing includes a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae mortgage-backed security (MBS) as Tax-Exempt Bond Collateral (MTEB). In addition, KeyBank subsidiary Key Community Development Corp. (KCDC) is investing $12 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity to support the development. The nonprofit borrower and developer, Harmony Housing, did not disclose a construction timeline for the project. Eastway Park will include age-restricted units for those 55 years of age and older. The property will serve households earning a range from 30 percent to 80 percent of area median income (AMI) and will be subject to an agreement ensuring ongoing affordability for at least 30 years. Out of the 132 units, 40 of the one-bedroom units will have project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) Vouchers from Inlivian, formerly known as Charlotte Housing Authority. The development will provide supportive services to tenants including a shuttle service. The development team has also contacted organizations such as …

February 8, 2022

Development Multifamily Texas

Lincoln Ventures to Develop 625-Unit Multifamily Project in East Austin

by Taylor Williams February 8, 2022

AUSTIN, TEXAS — Locally based developer Lincoln Ventures has acquired land in East Austin for the development of a 625-unit multifamily project. The six-story property at 2700 E. Fifth St. will house a mix of one-, two- and three-bedroom units, with 10 percent of the residences reserved as affordable housing. The development will also include retail space that is preleased to a café and an urban grocer. The amenity package will consist of two pools, a fitness center with yoga and spin studios, coworking space, a pet park and spa and a catering kitchen. Construction is slated to begin in the second half of the year and to be complete in summer 2024.

February 8, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 260-Unit Augusta Flats Apartments in Downtown San Antonio

by Taylor Williams February 8, 2022

SAN ANTONIO — Newmark has brokered the sale of Augusta Flats, a 260-unit apartment community in downtown San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and custom cabinetry and an average size of 799 square feet. Amenities include a pool, outdoor grilling stations, fitness center, resident lounge, golf simulator, Amazon package lockers and a rooftop deck. Texas-based developer Stillwater Capital sold the property to a joint venture between New Jersey-based Strategic Properties of North America and Benefit Street Partners Multifamily Trust for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal on behalf of Stillwater Capital.

February 8, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 200-Unit Multifamily Property in San Antonio

by Taylor Williams February 8, 2022

SAN ANTONIO — Northmarq has arranged the sale of The Reserve at Lone Oak, a 200-unit multifamily property in southeast San Antonio that was built in 2014. Units are furnished with granite countertops and walk-in closets. Amenities include a pool, fitness center, playground, grilling areas and a clubhouse. Moses Siller of Northmarq represented the seller, Encore Residential LLC, in the transaction. Siller also procured the buyer, GV&A Real Estate Investments.

February 8, 2022

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