Multifamilybiz-com News

BROOKLYN, NY - Nationally acclaimed real estate firm Extell Development Company announced that the company's first Brooklyn project, Brooklyn Point, has reached a major construction milestone. Rising to 720 feet high, the 68-story building has cemented the title as the tallest building in Brooklyn. Construction is progressing on schedule at Brooklyn Point and first closings are slated to commence in early 2020. The tower offers a new level of luxury living in the borough and an unmatched 25-year tax abatement. It is the first and only for-sale building at City Point, which is the largest food, shopping and entertainment destination in Brooklyn. "As the tallest building in the borough, Brooklyn Point represents a milestone for Brooklyn. […]

TAMPA, FL - American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired a six-property multifamily portfolio containing assets in all of Texas’ major metro areas. The portfolio includes multifamily assets in Houston, San Antonio, Austin and Irving, just northwest of Dallas, totaling 2,284 apartment units. The acquisitions bring American Landmark’s Texas portfolio up to 33 properties. The company currently owns and manages approximately 25,000 apartments throughout the Southeast and Texas, and plans to add another $2 billion in properties to its growing multifamily portfolio this year. “Texas is a national leader in both employment and population growth, continuously attracting new residents with its low cost of […]

DALLAS, TX – Noel Management Company, along with partners Silverado Interest and Pegasus Real Estate, announced the acquisition of Ashford Apartments, a 264-unit, garden-style apartment community in Carrollton, Texas. The property, completed in 1995, is comprised of 35 residential buildings, built on a 19.4-acre site with a 2-acre lake. Ashford Apartments offers nine distinct floor plans with an impressive selection of one and two-bedroom apartments. Residents can currently enjoy a generous suite of amenities including fully-equipped kitchens with quartz countertops, full-size washer and dryer connections, spacious closets, and private patios or balconies. Certain homes also include townhome split-level designs, premium carpeting, direct access garages and private, fenced-in back […]

LOS ANGELES, CA  — TruAmerica Multifamily, in partnership with Oaktree Real Estate Income Trust, has acquired Anzio, a 448-unit class “B” multifamily community in Atlanta. Anzio represents the third deal TruAmerica has bought in Atlanta this year and continues the firm’s growth in the Southeast in a meaningful way, according to TruAmerica Co-Chief Investment Officer Matthew Ferrari.  In January, TruAmerica purchased Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property in separate transactions totaling $127.35 million.  “The Atlanta market offers excellent multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, creating strong job and population growth.  This has […]

BOSTON, MA - Cottonwood Group and Hana Alternative Asset Management jointly announced the closing of Hana's cornerstone investment in Cottonwood's EchelonSeaport development in Boston, the first investment into an under construction greenfield development by a Korean asset management firm in recent history. This transaction marks the beginning of a strategic partnership through which the two groups will join forces to expand their collective real estate capabilities and investment portfolio in the United States.  EchelonSeaport, the largest residential project underway in the city of Boston is located in the newest and most vibrant neighborhood, the Seaport District. The project consists of two condominium towers and one multifamily tower, with 60,000 sq. ft of residential amenities […]

CENTENNIAL, CO - Walker & Dunlop announced that it structured $52,035,000 in financing for three Class A senior housing properties totaling 196 units in Colorado Springs and Centennial, Colorado. Each of the properties, MorningStar at Jordan, MorningStar at Mountain Shadows, and MorningStar at Bear Creek, is owned in a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. Walker & Dunlop played an important role in the transactions, utilizing its deep expertise in Fannie Mae financing to ensure the lending documents were consistent and compliant with Shari'ah law, which has implications on the payment and receipt of interest. This laid the foundation for a timely and efficient closing process of […]

SAN DIEGO, CA - Affirmed Housing and its development partners broke ground on The LINK, designated primarily for people who have experienced homelessness.  The project is located in the downtown San Diego community of East Village at 707 17th Street.  The LINK is one of numerous developments by Affirmed Housing, which are designed to provide solutions for the homeless population in Southern California.   Located on an 11,318-square-foot site, The LINK will provide 72 permanent supportive housing units to people who have experienced homelessness, and 14 affordable studios for households earning 50 percent or less of the area median income (86 total resident units). Each apartment will be approximately 250-300 square feet, with a living […]

AUSTIN, TX - Capstone Development Partners announced that the New Residence and Dining Hall at the University of Massachusetts Boston, was awarded the Best Public-Private Partnership Development at the Student Housing Business Ninth Annual Innovator Awards ceremony held in Austin, TX.  The project was selected among 115 student housing development nominees encompassing a total of 23 award categories. The project was judged on multiple criteria including: how it solved a unique need for the university; served as a win-win-win for the school, its residents in the project and the developer; building architecture; design into the campus fabric; and the project’s performance relative to budget and schedule. The new residence hall is the first on-campus housing at the University […]

FORT COLLINS, CO - Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, purchased Argyle at Willow Springs, a 280-unit Class B multifamily apartment community approximately 65 miles north of Denver, through an affiliated entity. The property was acquired with a third-party partner. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for tenants in the area. Argyle at Willow Springs will be rebranded as Alvista Harmony under PRG's proprietary brand, Alvista Communities®. The property, built in 1999, comprises 16 three-story buildings on an 18.7-acre site. The attractive community offers amenities including a […]

BRIDGEWATER, NJ - Sunrise Senior Living welcomed residents to their newest assisted living community, Sunrise of Bridgewater, joining 23 existing communities throughout New Jersey. The community provides support for activities of daily living as well as evidence-based memory care programming for seniors with Alzheimer’s and other forms of dementia, with a focus on promoting overall wellness. “Sunrise of Bridgewater brings a new option to local families, as demand for high-quality senior care quickly grows in Somerset County, especially for individuals who have memory loss,” said Jenifer Salamino, senior vice president of Operations for Sunrise. “Our dedicated and skilled teams provide a personalized experience, from meals to activities programming, to […]

INDEPENDENCE, MO - San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 420-unit Cornerstone Apartments in Independence, MO in the Kansas City metropolitan area. The 14-building community was built in 2004 and is located in close proximity to Interstate 70 and Independence Center Mall, providing immediate access to dining, shopping, entertainment, and five nearby universities. Cornerstone offers a mix of one- and two-bedroom units well-suited for both individual and family occupancy. "Cornerstone Apartments represented an opportunity to acquire a well-located asset at an attractive discount to its replacement cost," said David Nelson, Hamilton Zanze's managing director of acquisitions. "Kansas City has been a target […]

MIAMI, FL - ZOM Living and The Moinian Group are preparing to break ground on Luma at Miami Worldcenter, a 43-story apartment tower in the heart of Downtown Miami. Luma will be a focal point of Miami Worldcenter, the 27-acre, $4 billion mixed-use development now under construction and delivering in phases. Upon completion, Miami Worldcenter will stand as one of South Florida’s most desirable residential communities and a world-class destination for shopping and dining, culture and entertainment, and international business. Luma will consist of 434 luxury rental units with a variety of floor plans ranging from 566 to 1,808 square feet. The residential floors have a maximum of 12 units per floor, allowing an intimate feeling in a tall slender tower that maximizes views of […]

NEWPORT BEACH, CA - BWV W. Katella, a joint venture between Branch West Real Estate Partners of Newport Beach, California and The Bascom Group of Irvine, California, has acquired a 1.1-acre parcel of land located at 1725 West Katella Avenue, Orange, California. The site is entitled and planned for the development of a five-story, 94-unit mid-rise multifamily community.  Bellwether's capital team, led by Tom Kenny and Josh Boehling, secured preferred equity from Marble Capital out of Houston, Texas and a construction senior loan from the Bank of the West for construction of the project.  The project consists of a to-be-built five story, 94-unit multi-family development. The project is Class A and features a courtyard with a "spool," fitness center, club room and roof deck to […]

SAN MARCOS, TX - City and state officials, along with other community stakeholders, gathered together on April 4 to celebrate the start of Mission Trail at El Camino Real, a brand new mixed-income housing community being developed by The Michaels Organization.  Strategically located near the intersection of Highway 123 and Clovis Barker Road in the heart of the Texas Innovation Corridor between Austin and San Antonio, the new apartment community will serve the city’s growing workforce, in an area where rents have been rising steadily over the past 10 years. “We are grateful for the warm welcome the San Marcos community has given The Michaels Organization and this important project,” said Joseph Weatherly, Regional Vice President of Development at […]

KANSAS CITY, MO - Cohen-Esrey Development Group, an Overland Park-based housing development firm, announced the kick-off of the conversion of a seven-story office building in Kansas City, MO into a luxury apartment project. When complete in early Summer 2020, Midtown Plaza Phase 1 will add 107 luxury 1 and 2-bedroom apartments to the rapidly growing Midtown area. The project owner is Kartel Capital of Beverly Hills, CA. Cohen-Esrey is the project developer and an affiliated company, Construction Technologies, is the general contractor. Construction financing is being provided by Arvest Bank and was arranged by John Perlik and Don Coleman of CBRE|Capstone, Kansas City. Construction is slated to begin next week. Midtown […]

SAN ANTONIO, TX - Ascend Partners announced that it has acquired Lakeside Assisted Living, a San Antonio senior living community, and is reopening it as The Grandview of Westover Hills, Ascend's newest boutique senior living experience. The Grandview of Westover Hills offers 42 assisted living and 18 memory care apartments with premium accommodations, resort-style amenities, and world-class care. Ascend Managing Partner Anand Patel said, "We are excited to reinvest in this community and bring to the people of San Antonio the same level of senior care and hospitality we deliver to all of our residents." The Grandview of Westover Hills provides the finest in senior living care to West San Antonio, featuring an active environment […]

TAMPA, FL - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Park at Via Rosa Apartments located in the Brandon area of Tampa, Florida. The Property was acquired in a joint venture with Aegon Real Assets US, a division of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands. The property was built in 2000 on approximately 24-acres and offers residents large floorplans with private entrances and 9-foot ceilings. The property offers its residents excellent access to the I-75 office corridor (22 million square feet of office space) and healthcare centers such as the Brandon Regional Hospital and the new TGH Brandon Healthplex. The property is anticipated to undergo extensive […]

MILWAUKEE, WI - MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced the purchase of Frederick Lofts, a 100-unit multi-family apartment complex located in The Brewery neighborhood within a half mile of the new $524M Fiserv Forum, home of the Milwaukee Bucks (NBA) and Marquette Golden Eagles (NCAA).   MLG Capital purchased Frederick Lofts off-market for $16 million. The 270,473 square foot, 100-unit property will be managed and operated by entities related to MLG Capitaland features amenities such as a resident clubhouse, fitness center, yoga room, media room, underground parking and a roof top deck with BBQ area. "We […]

FENTON, MI - CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has acquired Silver Lake Hills, a market-rate apartment community featuring 310 apartment homes near Silver Lake Park.  CAPREIT will renovate the community, which is surrounded by scenic wooded grounds and several nature trails. Silver Lake Hills also features commuter-friendly access to the key employment centers to the north and south.  "Fenton boasts a prime location between Flint and Ann Arbor, and we're delighted to join the neighborhood and offer quality homes at a competitive price point," said Ernie Heymann, chief investment officer for CAPREIT. "We believe […]

SEATTLE, WA - Security Properties and Pacific Life acquired HANA, a newly constructed 160-unit affordable housing complex located in the heart of Seattle, at the intersection of 6th and Yesler. This is the third affordable housing joint-venture by Security Properties and Pacific Life. HANA is a mixed-use, podium-style, community with over 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units. Apartments feature floor‐to‐ceiling windows, hard surface kitchen countertops, and vinyl plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and Downtown Seattle. The […]