Multifamilybiz-com News

TIGARD, OR - Canyon Partners Real Estate, ScanlanKemperBard Companies and Diamond Investment Group announce their joint venture in the development of The Overland, a 219-unit apartment project in the Portland suburb of Tigard, Oregon. Canyon invested $24.4 million of equity into this project, which is located in a qualified opportunity zone. The joint venture also secured a construction loan from Bank OZK. SKB is the lead project sponsor and developer, spearheading a team including DIG and Greenlight Development. Construction will commence immediately and is scheduled for completion in the summer of 2022. Located in the Tigard Triangle at the northeast corner of SW Dartmouth Street and SW 72nd Avenue, the project benefits from its close proximity to retail, restaurants, and outdoor […]

BINGHAM FARMS, MI - FOURMIDABLE, a national real estate management and brokerage company specializing in family and senior government assisted, public housing, tax credit, rural development, market rate, and condominium communities, has been awarded the management contract for Evergreen-Regency in Flint, Michigan. Evergreen-Regency is a Section 8 property consisting of 365 one, two, three and four bedroom homes ranging from 518 to 1,610 square feet and is the largest subsidized community in the Flint area. Electricity and water are included in the income based rents. The community also offers private entrances, fully equipped kitchens, hardwood floors, washer/dryer hookups and basements in select townhomes. Evergreen-Regency was recently purchased by Evergreen Apts LLC out of New York. […]

HOUSTON, TX - Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced the groundbreaking of Modera Washington, a mixed-use apartment community located along Washington Avenue amidst one of Houston's most arts-centric locales. The eight-story midrise will feature 341 contemporary apartment homes and a full suite of community amenities. This suite of amenities includes private office space, which will cater to the ever-increasing remote worker. First move-ins are anticipated for late 2021. "We continue to be extremely fond of the Houston market, and the prime location between Studemont Street and Sawyer Street will place residents within close proximity of everything they might need," said Tommy Le, vice […]

FORT MILL, SC - Watercrest Senior Living Group and equity partner, Waypoint Residential announced the opening of Watercrest Fort Mill – Indian Land Assisted Living and Memory Care in South Carolina. Construction of the 107-unit, resort-style senior living community has been completed by Shiel Sexton and the community is currently welcoming its founding residents. Watercrest Fort Mill – Indian Land offers 75 assisted living and 32 memory care apartments with premium accommodations, resort-style amenities, and world-class care. Residents will enjoy pampering in elegant Spa W, savor private label Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining outdoors, bistro-style, or in the chef's private dining […]

DALLAS, TX - Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, proudly announced the completion of a 7-building multifamily community in Hurst, TX. With 96 brand-new units, Provision at North Valentine is home to families whose income is 30-60% of the area median income. Gardner Capital developed Provision at North Valentine with a direct equity and debt execution with Citibank – Citi Community Capital – and in conjunction with the Low Income Housing Tax Credit program and TDHCA. "We are excited to build upon our ongoing commitment for investment in the City of Hurst and the surrounding communities as a part of our long-term investment plan for the Hurst-Euless-Bedford Region - providing […]

ORLANDO, FL - Wood Partners, a national leader in multi-family real estate development, announced the grand opening of their newest luxury apartment community. Alta Headwaters features 328 units in multiple four-story, elevatored-buildings comprised of one-, two- and three-bedroom apartment homes as well as studios. The community officially opened its doors to residents on July 30 and has more than two dozen move-ins scheduled for August and September. Alta Headwaters, named for its proximity to Shingle Creek – considered to be the northernmost headwaters of the Florida Everglades – is situated on 15.31 acres at the prime intersection of Central Florida Parkway and John Young Parkway. Located at 4000 Headwaters Way, the community offers resort-style living in a premium […]

REDMOND, WA - Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced the groundbreaking of Modera Overlake, a luxe mixed-use apartment community in Eastside Seattle near the Redmond Microsoft Campus. The community, which will feature 288 apartment homes and 3,600 feet of ground-floor retail space, is located 13 miles east of Seattle along the Redmond/Bellevue border. The property is within a 10-minute walk from the future Overlake Village Light Rail Station and Microsoft's World Headquarters. "With Microsoft rapidly expanding its headquarters, demand for quality housing in the area will be high," said Steve Yoon, managing director of development for Seattle for Mill Creek. "We have always been a fan […]

SEATTLE, WA - While the for-sale market has shaken off the early impact of the coronavirus pandemic and resumed its torrid pre-pandemic pace, rent growth hit the brakes this spring. Rent prices in urban areas have slowed more than those in suburban areas, Zillow data shows, a possible signal that renters' preferred location is tilting toward the suburbs. Rents were chugging along at a stable pace into the early part of this year, but the spike in unemployment has hit renters more severely than homeowners, and millions have moved back in with parents or grandparents, impacting demand for rentals. That's caused the rate of rent growth to slow from February to June. During that period, rent price growth has slowed more in urban ZIP codes than in the suburbs -- annual rent growth has slowed […]

GATLINBURG, TN - FOURMIDABLE, a national real estate property management and brokerage firm currently managing 14 communities throughout Tennessee, announced the opening of Watson Glades Place, its newest community in Gatlinburg. "FOURMIDABLE is proud to have been working with the members of this ownership group since 2007 and have built a strong professional relationship. We are extremely excited to be part of the city and looking forward to managing such an upscale community," said Michael Schocker, President of FOURMIDABLE. "Watson Glades Place is going to be a wonderful addition to the Gatlinburg area." Watson Glades Place offers residents 80 one, two and three bedroom homes. The newly constructed, energy efficient community features fully equipped kitchens with dishwashers, […]

HOUSTON, TX - BSR Real Estate Investment Trust announced that it has acquired Broadstone Park West, a 370 suite, garden style residential community in Houston, Texas for US$51 million from Starlight Investments. The transaction was financed through a combination of a draw on the REIT's credit facility of approximately US$40.0 million and the issuance of approximately US$10.4 million of trust units of the REIT at US$12.25 per unit, net of prorations. Debt to gross book value is 49.8% and the REIT has US$54.5 million in liquidity after the purchase. The addition of the Property is expected to be immediately accretive to the REIT's adjusted funds from operations ("AFFO") on a per unit basis. Broadstone was constructed in 2014 in the Houston metropolitan statistical area ("MSA"), the fifth […]

CINCINNATI, OH - Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, has completed a LEED-certified senior housing community in Cincinnati. Combining affordability and architectural significance, Roselawn Gardens includes 50 senior apartments, offered with rents ranging from 30 to 60 percent of the area median income based on the Low-Incoming Housing Tax Credit affordable housing program. In addition to Gardner Capital, Roselawn Gardens was developed in conjunction with the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency as well as financial partners Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor for the project. "We brought […]

WATERBURY, CT - In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation ( NHPF ) announced that it has purchased Waterbury, CT, senior affordable property, Exchange Place Tower. The original construction of the building was made possible with rental assistance support from the U.S. Department of Housing and Urban Development and its residents continue to benefit from the rental assistance program. The NHP Foundation will perform extensive renovations on the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and installation of fixtures that use less electricity and water. Quality, service-enriched affordable housing for seniors has always been a priority for NHPF, but never […]

MINNEAPOLIS, MN - Reuter Walton Development, a Minneapolis-based award-winning real estate company specializing in developing outstanding, community-driven project, and Northwestern Mutual, one of the nation's largest real estate investors, are slated to welcome home residents to the area's newest luxury apartment community, The Asher, in October 2020. The brand-new 220,000-square-foot community in Minneapolis features 175 units and provides casual cool living in an uptown atmosphere. Located in the center of West Lake and Lagoon at 1125 Lagoon Avenue, The Asher's desirable location provides easy access to local destinations, including the Greenway Trail, Uptown, the Chain of Lakes, and neighborhood restaurants and shops. With studio, one- and two-bedroom apartments available, each unit […]

OAKLAND, CA - LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the start of leasing at 19th & Harrison, a mixed-use apartment community in vibrant Uptown Oakland. The midrise community, which features 224 apartment homes and 3,709 square feet of ground-floor retail, sits within Downtown Oakland's most active entertainment district and within walking distance of Lake Merritt. Featuring a near perfect Walk Score of 99, residents are within steps of the city's most eclectic dining, shopping, entertainment and cultural options. Move-ins are scheduled to begin in August. "The Downtown Oakland area is one of great charisma with an authentic, walkable-bikeable urban fabric," said Tyler Wood, vice president of development […]

LOS ANGELES, CA - Mountain Pacific Opportunity Partners, a Los Angeles-based capital provider for multifamily development with a focus on Opportunity Zones, announces the closing of 336 W. Seventh Street, a 34-unit mixed use development in San Pedro, Calif. In partnership with South Bay Developers and ARK Construction & Development Inc., the $14M development is located on 14,400 square feet of well-located Opportunity Zone land within the San Pedro Waterfront Arts District. The project broke ground last week, July 22, and is slated for completion in Summer 2022. The five-story building will feature 32 apartments, including one-, two- and three-bedroom residences in addition to two two-story penthouses featuring one-bedroom a den, with three units designated as affordable housing. […]

CARY, NC - Wood Partners, a national leader in multi-family real estate development, announced the groundbreaking of its newest luxury residential community – Alta Wren – in Cary, North Carolina. Construction is underway, and the community is scheduled to open in the summer of 2021. Located five minutes south of Research Triangle Park, the new community will provide residents a convenient living location with phenomenal access to employers, top-tier public schools and abundant recreation and entertainment options. Research Triangle Park, the largest research park in the United States, is home to more than 250 businesses and 50,000 technology and life sciences jobs. Major companies in the area include IBM, Credit Suisse, Cisco, Biogen and Lenovo. "Our hope is this new community […]

MANSFIELD, TX - South Florida real estate firm PointOne Holdings has partnered with Realty Capital Management to develop a 266-unit multifamily community in Mansfield, a suburb of Dallas Fort Worth, Texas. Main Street Lofts Phase II will be built on an eight-acre site and will be comprised of four midrise buildings featuring exceptional amenities, including a fourth floor indoor/outdoor lounge, a resort-style pool, clubhouse with mezzanine area, and a state-of-the-art fitness center. The property will have direct access to an expanded trail system that connects under Main Street to the Mansfield Town Park, which includes a 600-seat amphitheater, playgrounds, picnic areas, trails and sport courts. The community will be within a short walk from the recently revitalized Mansfield downtown […]

BOSTON, MA - NEI General Contracting, an award-winning general contractor and construction management firm, announced it is working with ICON Architecture on the Finch Cambridge project on behalf of Homeowner's Rehab, Inc. (HRI). Located at 671 Concord Avenue, this is the largest new multi-family affordable housing development in Cambridge, Massachusetts in 40 years. When complete in the Spring of 2020 the 124,000 SF development will provide 98 rental units of 1-, 2-, and 3-bedroom apartments that are permanently affordable to low-income households as well as moderate- and middle-income households. It is one of the first large-scale multi-family developments seeking Passive House certification in Massachusetts. The project is expected to be substantially complete in April 2020 and […]

LOS ANGELES, CA - Optimus Properties, LLC, a Century City based real estate company, has expanded its footprint in Southern California with a 100-condominium unit acquisition in Van Nuys valued at approximately $21 Million. Optimus has been deploying capital in larger assets located near major employment centers in greater Los Angeles, including the recent purchase of a 38-unit apartment building in Old Town Pasadena. But with recent events transpiring from the continued disruption caused by Covid-19. Joseph Shabani, Principal at Optimus, described the transaction as "a direct result of the team's ability to both identify value and leverage our relationship with First Republic Bank, to secure an above average yield in a competitive buyer landscape." Shabani believes this asset has […]

NEW ORLEANS, LA - Walker & Dunlop, Inc. announced that it structured $23,020,000 in permanent financing for The Reveal, a 150-unit affordable housing development that will be constructed utilizing four percent Low Income Housing Tax Credits. Further, the Housing Authority of New Orleans has committed to providing Project-Based Vouchers for all 150 units at the site. Located in Eastern New Orleans, Louisiana, the property is within the bounds of a designated opportunity zone census tract. Established by Congress in the Tax Cuts and Jobs Act of 2017, opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes. The project is also expected to have a significant impact on the revitalization of […]