HOUSTON — Charleston, S.C-based Greystar has opened Ellison Heights, a 152-unit apartment community in the Houston Heights neighborhood. Designed by Meeks + Partners, the property features one- and two-bedroom units that average 1,192 square feet and are furnished with quartz countertops and custom cabinetry. Amenities include a business center with coworking offices, a fitness and wellness studio, pet spa, sky lounge and a dog run. Rents start at $1,875 per month for a one-bedroom unit.
BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its footprint in the Virginia Tech market.
WORCESTER, MASS. — Regional developer Trinity Financial has completed Worcester Courthouse Lofts, a 118-unit multifamily project in Central Massachusetts that is a redevelopment of the historic Worcester Courthouse. The building was originally constructed in the 1840s. Valued at $60 million, the project was partially financed with federal and state historic tax credit equity and features studio, one-, two- and three-bedroom units. Amenities include a fitness center, pet spa, lounge and a game room. MassHousing provided the majority of the construction debt. Tocci Building Corp. served as the general contractor for the project, and Bohler served as the civil engineer.
NEW YORK CITY — Alpha Realty has brokered the $4.8 million sale of a 27-unit multifamily building located at 1580 Edison Ave. in The Bronx. The property, which includes retail space, traded at a cap rate of 6.3 percent and a price that equates to $209 per square foot. Lev Mavashev and Yehuda Leser of Alpha Realty represented the buyer and seller in the off-market deal. Both parties requested anonymity.
KANSAS CITY, MO. — The Cordish Cos. has announced plans to break ground on two multifamily developments in Kansas City’s Power & Light District. Projects include Three Light Luxury Apartments, a $140 million, 26-story tower set to offer 288 units at the corner of Truman Road and Main Street; and Midland Lofts, a repositioning of the historic Midland office building to offer 139 affordable housing units. Three Light Luxury Apartments will feature 19 floors of studio, one- and two-bedroom units alongside penthouse-style apartments; a seven-story garage with 472 parking spaces; and 7,600 square feet of ground-floor retail. Amenities are set to include a deck overlooking 14th Street, an infinity pool, bar, demonstration kitchen, theater room and a sky bridge above Walnut Street linking to the company’s Two Light multifamily community, allowing residents of both towers to share building amenities. The groundbreaking for the project to be built by JE Dunn Construction is scheduled to take place this May, with completion slated for May 2023. The Midland office building has been vacant for more than 20 years. Following renovations, Midland Lofts will offer a mix of studio and one-bedroom units with rents starting at $700 per-month. Amenities will include a coffee …
As more renters consciously choose not to become homebuyers, the build-for-rent (BFR) industry is quietly emerging as a new force in commercial real estate. In fact, both the burgeoning BFR and single-family rental (SFR) sectors are generating considerable interest from institutional investors in the wake of the pandemic. Industry experts outlined some of the causes and effects taking place within the BFR and SFR business segments during a webinar hosted by France Media on Wednesday, April 7. The event was titled “Everything You Need to Know About the Single-Family Rental and Build-For-Rent Market.” Moderated by David Howard, executive director of the National Rental Home Council, panelists included Keaton Merrell, managing director, Walker & Dunlop; Jonathan Ellenzweig, chief investment officer, Tricon Residential; Don Walker, managing principal and chief financial officer, John Burns Consulting; and Mark Peterson, director of the Build-for-Rent (BFR) division at SVN | SFRhub Advisors. Strong Real Estate Vital Signs Single-family rentals have hit a 25-year high in occupancy, according to John Burns Consulting. Occupancy rates for the product type are at 95 percent as of the fourth quarter of 2020. The BFR and SFR sectors have grown as more of the population yearns for a home, but finds …
COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.
AUSTIN, TEXAS — StreetLights Residential has broken ground on a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the Dallas-based firm’s third phase of its larger Presidio project. Units will come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences will be furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities will include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. SLR Construction LLC is the general contractor. A tentative completion date for the third phase was not released.
GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale. Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing. Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.
HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.
