Multifamily

Kraus-Anderson Completes Phase II of Luxury Apartment Property in Hopkins, Minnesota

by Kristin Harlow January 14, 2025

HOPKINS, MINN. — Kraus-Anderson has completed construction on Hallon II, a luxury apartment building in Hopkins, a southwest suburb of Minneapolis. Designed by ESG Architecture and Design, the seven-story, 398,822-square-foot community features 250 units and 10,000 square feet of retail space. Outdoor amenities include a third-floor courtyard with pool, hot tub, fitness area, game lawn, lounge and grill stations. Interior amenities include a sauna, fitness and yoga studio, speakeasy with connected sky deck, listening lounge and pet wash station. Construction began in September 2022.

January 14, 2025

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates Sales of Two Multifamily Properties in Chicago for $4.7M

by Kristin Harlow January 14, 2025

CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago for a total of $4.7 million. A 16-unit building at 6405 N. Wayne Ave. in the Rogers Park neighborhood sold for $3.4 million and a five-unit rental property at 1933 S. May St. in the Pilsen neighborhood traded for $1.3 million. Brad Feldman of Interra represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and colleague Jeremy Morton represented both the confidential seller of 1933 S. May and the seller, a local developer. Located within walking distance of Loyola University and originally constructed in 1929, 6405 N. Wayne was significantly refurbished in 2022. The property at 1933 S. May received a gut renovation in 2021. Both buildings were fully leased at the time of sale.

January 14, 2025

Features Multifamily

Multifamily Investors Hedge 2025 Bets to Guard Against Possible Industry Turbulence

by Taylor Williams January 14, 2025

By Nellie Day The multifamily investment market has provided some mixed signals over the past year. There have been the ebbs and flows in the 10-year U.S. Treasury bond yield and interest rates, a moderating level of inflation (the Consumer Price Index rose 2.7 percent in November on an annual basis), and a hard-fought presidential election with Donald Trump emerging as the victor. Despite the volatility in the debt markets, the overall sentiment among investors remains positive. CoStar Group notes that multifamily transaction volume nationally rose 18 percent year over year in the third quarter of 2024, reaching $74 billion. CoStar adds, however, that momentum noticeably slowed toward the end of the quarter, when fixed-rate borrowing costs climbed in step with the rising yield on the 10-year U.S. Treasury note. “This trend is underscored by a 4 percent decline in quarter-over-quarter transaction volume — a contrast to the typical seasonal uptick in the third quarter — following stronger activity in the first two months of [the fall season],” says Chad Littell, national director of U.S. capital markets analytics at CoStar. Pickup in Transactions Littell observed that the U.S. multifamily investment market “somewhat mirrored” the movement of the 10-year U.S. Treasury yield, …

January 14, 2025

Loans Southeast Student Housing Tennessee

BWE Secures $47M Refinancing for Student Housing Property Near University of Tennessee

by John Nelson January 13, 2025

KNOXVILLE, TENN. — BWE has secured a $47 million loan for the refinancing of Lakemoor Station, a 240-unit student housing community located near the University of Tennessee campus in Knoxville. Jim Collins of BWE worked on behalf of the borrower, Dominion Group, to secure the 10-year, fixed-term financing through Nationwide Insurance. The loan features a 30-year amortization schedule. The University of Tennessee has master leased the property for five years with a three-year renewal option. The garden-style community offers fully furnished units alongside shared amenities including an outdoor pool, lounge area, fitness center and clubhouse.

January 13, 2025

Acquisitions Multifamily Texas

GAIA REIT Buys 372-Unit Virage on Memorial Apartments in Houston

by Taylor Williams January 13, 2025

HOUSTON — New York City-based GAIA REIT has purchased Virage on Memorial, a 372-unit apartment community located about three miles west of downtown Houston. Built in 2014, the property offers one-, two- and three-bedroom units that range in size from 697 to 1,658 square feet. Amenities include a central courtyard with a pool, outdoor grilling and dining stations, a fitness center, dog park and a rooftop resident lounge. Thomas Alleman of Newmark represented the undisclosed seller in the transaction. Tip Strickland, also with Newmark, arranged acquisition financing for the deal on behalf of the new ownership, which plans to implement a capital improvement program.

January 13, 2025

Acquisitions Multifamily Texas

Barker Pacific Acquires 124-Unit Chesapeake Apartments in Northwest Austin

by Taylor Williams January 13, 2025

AUSTIN, TEXAS — Los Angeles-based investment firm Barker Pacific Group has acquired Chesapeake Apartments, a 124-unit multifamily complex in the Anderson Mill area of northwest Austin. The garden-style, seven-building complex was built in 1984 and houses one- and two-bedroom units, as well as a pool. Forrest Bass of Walker & Dunlop brokered the sale of the property, in which Barker Pacific assumed the undisclosed seller’s existing Fannie Mae loan, which is also being serviced by Walker & Dunlop. The new ownership plans to invest about $1.4 million in capital improvements to the property.

January 13, 2025

California Loans Multifamily Western

JLL Secures $188M Loan for Vive Luxe Multifamily Community in San Diego

by Amy Works January 13, 2025

SAN DIEGO — JLL Capital Markets has secured a $188 million loan on behalf of Sunroad Enterprises for Vive Luxe, a multifamily property in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan for the borrower from accounts managed by KKR, a global investment firm. Located at 4890 Sunroad Centrum Lane, Vive Luxe offers 442 one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,122 square feet. Each unit offers stainless steel appliances, gourmet kitchens, quartz countertops and open concept living spaces. Onsite amenities include a swimming pool with clubhouse and spa, fitness center, wine lounge, sky deck and ocean lounge. The property also offers 23 affordable units.

January 13, 2025

Loans Multifamily Washington Western

Northmarq Arranges $67M in Refinancing for Camber Apartments in Bremerton, Washington

by Amy Works January 13, 2025

BREMERTON, WASH. — Northmarq’s Seattle Debt + Equity team led by Robert Spiro has arranged a $67 million loan for the refinancing of Camber Apartments, Phases 1 and 2, a garden-style multifamily community in Bremerton. Northmarq arranged financing on behalf of the borrower through its in-house Fannie Mae delegated underwriting program. The permanent-fixed deal was structured on a seven-year term. Located at 1231 NE McWilliams Road, Camber Apartments features two adjacent multifamily properties, with Phase 1 being built in 2021 and Phase 2 built in 2024. Camber Phase 1 offers 204 units, and Camber Phase 2 features 120 units. The community features one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, primary suites, lush park-like views, luxury vinyl flooring, walk-in closets and either a balcony or patio. The pet-friendly community amenities include a fitness center, clubhouse with a caterer’s kitchen, fire pits, controlled access and gated entry, a heated resort-style pool, a covered outdoor spa, pool, theater-inspired media room, integrated trails, barbecue picnic shelters and play areas.

January 13, 2025

Acquisitions Illinois Midwest Multifamily Student Housing

JLL Arranges Sale of 524-Bed Student Housing Community Near University of Illinois Urbana-Champaign

by Kristin Harlow January 13, 2025

URBANA, ILL. — JLL Capital Markets has arranged the sale and financing of Campus Circle, a 524-bed student housing community in Urbana near the University of Illinois Urbana-Champaign. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, an affiliate of Blue Vista Capital Management LLC. Jake Wisness, Dan Kearns, Mike Brady, Sam Tarter and Bill Maloney of JLL originated a five-year, fixed-rate acquisition loan through Freddie Mac on behalf of the buyer, Horizon Realty Advisors. Campus Circle, located at 1010 W. University Ave., is within walking distance of the College of Engineering and the university’s Main Quad.

January 13, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

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