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Multifamilybiz-com Press Releases

  • Technology Entrepreneur Kerry W. Kirby to Discuss The Future of Leasing at The Multifamily Innovation Summit Virtual Livestream Event
    on May 10, 2021 at 2:28 pm

    NEW ORLEANS, LA - 365 Connect, the leading provider of award-winning marketing, leasing, and resident service platforms for the multifamily housing industry, announced today that the company s CEO, Kerry W. Kirby, will speak at the Multifamily Innovation Summit, a livestream virtual event for multifamily professionals from May 11 – 12, 2021. Launched by the founders of Multifamily Leadership, Patrick and Carrie Antrim, the Multifamily Innovation Summit will feature important, relevant discussions conducted by leading experts of various fields within the industry. It has become the must-attend event for everyone, from property managers and marketing directors to regional managers and corporate associates. The vision of the summit is to create a virtual environment where multifamily […]

  • C.W. Driver Companies Breaks Ground on Locally Fabricated Modular Transitional Housing Community in Los Angeles, California
    on May 10, 2021 at 10:15 am

    CRENSHAW, CA – C.W. Driver Companies, a premier builder serving California since 1919, today announced the groundbreaking of a 60,000-square-foot affordable, transitional housing community in Los Angeles. Hope on Hyde Park is a five-story residential community located on a .49-acre site along the Crenshaw Corridor – a low-rise commercial passageway in the Crenshaw neighborhood. Constructed from locally fabricated modular building units and comprised of 98 steel modular units, the community is designed to be a modern and affordable transitional housing solution for the chronically homeless that provides full wrap around services. Hope on Hyde Park is anticipated for Summer 2022 completion. With the goal to create a community that provides residents with privacy and safety as well as a […]

  • CBRE Secures Financing for 348-Unit Class-A Infill Multifamily Development in Denver’s River North Arts District Neighborhood
    on May 10, 2021 at 10:08 am

    DENVER, CO - CBRE Capital Markets Debt & Structured Finance has secured construction financing for FoundryLine, an infill development in Denver s River North Arts District (RiNo) featuring 348 multifamily units and retail space. Brady O Donnell and Jill Haug with CBRE in Denver arranged the loan on behalf of the borrower. The execution of the construction financing for The FoundryLine represents a best-in-class outcome, driven by the project's strategic location, thoughtful design, and the outstanding reputation of McWhinney. We were able to conduct a highly competitive loan process that resulted in an incredibly accretive loan structure, said Mr. O'Donnell. FoundryLine is a 17-story, 348-unit luxury apartment building that is planned to offer a range of studio to three-bedroom […]

  • TruAmerica Multifamily Southeast Multifamily Portfolio Grows to 10,000 Units with Acquisitions in Tampa and Atlanta Markets
    on May 10, 2021 at 10:04 am

    LOS ANGELES, CA - TruAmerica Multifamily, in separate transactions, has acquired two large garden-style apartment communities in Tampa, FL and Atlanta, GA growing its Southeast U.S. portfolio to approximately 10,000 apartment homes with assets located in Florida, Georgia, Tennessee and North Carolina. After focusing on investments in the western U.S. during its first four years of operations, TruAmerica entered the southeast property markets in 2017 with a two-property portfolio buy in Orlando, totaling 708 apartment homes. The firm s Florida holdings now include 18 properties representing nearly 6,000 units. The firm s newest investment is Sabal Palm Apartments, a 432-unit apartment home community in Carrollwood, 10 miles north of Tampa in Hillsborough County. Built in 1995, Sabal Palm […]

  • Trez Capital Funds $12 Million Construction Loan for New Luxury Rental Townhome Community in Atlanta Suburb of Lawrenceville
    on May 10, 2021 at 10:00 am

    ATLANTA, GA – Trez Capital, a private real estate lender helping to create quality projects across North America, provided a $12 million loan to fund development and construction of a new luxury townhome rental community in suburban Atlanta. The borrower is Sweetwater Landing, LLC. Ben Jacobson, Brett Forman and Scott Mehlman, from Trez Capital s Palm Beach, Florida office, originated the loan. Sweetwater Springs Townhomes will have a mix of two and three-bedroom units with two-and-a-half baths. Features include walk-in closets, wood-like plank flooring and full-size stackable laundry units. The community will offer a variety of amenities, such as a playground and activity area, covered gazebo, complimentary access to neighborhood pool, grilling stations and a dog park. The project […]

  • CBRE Capital Markets Arranges Financing for Acquisition of 202-Unit Aura Totem Lake Apartment Community in Kirkland, Washington
    on May 9, 2021 at 11:35 am

    SAN FRANCISCO, CA - CBRE Capital Markets has arranged the financing on behalf of Bell Partners for the acquisition of the Aura Totem Lake Apartments in Kirkland, Wash. Bell Partners acquired the property in a sale that closed April 29. Andrew Behrens, Jesse Weber, Scott Williams and Robert LaChapelle with CBRE s Debt & Structured Finance group arranged the loan. Buoyed by the continued proliferation of major tech employers, the Eastside of Seattle is a global innovation center experiencing tremendous economic and demographic growth. Aura Totem Lake sits at the nexus of this growth, and its high-end finishes and location within the beautiful Village at Totem Lake master-planned center position the community well for renter demand going forward, said Paul Haviland, Vice President of […]

  • Transcendent Electra Joint Venture Under Contract to Purchase Nearly 2,000 New Single-Family Rental Homes for $496 Million
    on May 9, 2021 at 11:33 am

    MIAMI, FL - Transcendent Electra, a new joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM), and longtime multifamily owner/operator Electra America, announces that it is adding 1,889 new single-family homes to its portfolio, with $496 million in contract process and closing and another $ 1 billion in the pipeline. The properties are brand new single-family homes and townhomes, purchased directly from homebuilders, scattered throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina and South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin, Tex. This marks Transcendent Electra s first significant acquisition since launching in February. Single-family rentals […]

  • JLL Capital Markets Arranges $93.5 Million Sale of 789-Unit Affordable Housing Community in Southwest Chicago Suburb of Bolingbrook
    on May 8, 2021 at 10:43 am

    CHICAGO, IL - JLL Capital Markets announced today it has closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a southwest Chicago suburb. JLL represented the seller, Jackson Square Properties, to complete the sale to the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL also worked on behalf of Alliant Strategic Investments and Nuveen to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Buyer will maintain the affordability requirements on all units through 2036. The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 […]

  • JLL Capital Markets Arranges $42 Million Construction Loan for Development of 254-Unit Apartment Community in New Jersey
    on May 8, 2021 at 10:37 am

    CHICAGO, IL - JLL Capital Markets announced today it has arranged a $42 million construction loan for the development of The Ridge at Readington, a 254-unit apartment community located in Readington, New Jersey. JLL worked on behalf of the borrower, Larken Associates, to secure the three-year, floating-rate loan through ConnectOne Bank. The Ridge at Readington will total 265,918 rentable square feet and consist of one-, two- and three-bedroom units across nine residential buildings and one central amenity clubhouse. Each apartment will feature spacious floorplans with modern design in mind, including engineered hardwood floors, gourmet kitchens with stainless steel appliances, quartz countertops and in-unit washers and dryers. Community amenities will include a 6,700-square-foot clubhouse […]

  • Greystone Provides $87 Million Fannie Mae Green Mortgage Loan for 486-Unit Multifamily Community in Prince Georges County, Maryland
    on May 7, 2021 at 9:42 am

    NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided an $87 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 486-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone s New York office, on behalf of Glendale Apartments Properties LLC. The $87,000,000 Fannie Mae Green Mortgage loan carries a 12-year term, a low fixed interest rate, five years of interest-only payments, and a 30-year amortization period. The Property has received Energy Star Certification for the Green Building Certification. This certification recognizes the top 25% of the most energy efficient buildings within its class. Originally built in […]

  • Colliers Mortgage Closes Fannie Mae Acquisition Loan for 224-Unit Courtyards of Roses Apartment Homes in Irving, Texas
    on May 7, 2021 at 9:38 am

    MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a Fannie Mae loan for the acquisition financing of Courtyards of Roses Apartment Homes, a 224-unit market rate multifamily property located in Irving, Texas. The property was constructed in 1972 and renovated from 2015 – 2019 and includes 17 two-story apartment buildings and a single-story clubhouse. The 10-year term/30-year amortization Fannie Mae loan utilized Green Financing and was arranged through a partnership with Old Capital Lending, for borrower MM Courtyards LLC. About Colliers Mortgage: Colliers Mortgage, part of Colliers International, is a full-service, nationwide mortgage banking firm, approved FHA MAP and LEAN lender and a Fannie Mae Delegated […]

  • Milhaus Announces Expansion Into Texas Market With $59 Million Opportunity Zone Multifamily Development Project in Dallas
    on May 7, 2021 at 9:35 am

    INDIANAPOLIS, IN - Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, today announces its expansion into Texas with North Beckley, a $59 million Qualified Opportunity Zone (QOZ) development coming to the burgeoning Dallas area. The project, in a partnership with Los Angeles-based development firm Banyan Residential, will be located at 1710 N. Beckley Ave. in Dallas, Texas, and is scheduled to break ground in May of this year. Milhaus first Texas development will include 279 studio, one- and two-bedroom units and 378 onsite parking spaces. The complex will offer residents sought-after amenities such as a commercial grade fitness center, an indoor/outdoor aqua lounge, an outdoor pool, communal grilling stations and much more. Additionally, […]

  • JLL Capital Markets Arranges $59 Million in Bridge Financing for The 326-Unit Dolce Living Royal Palm Apartments in Kissimmee, Florida
    on May 7, 2021 at 9:29 am

    CHICAGO, IL - JLL Capital Markets announced today it has arranged a $59 million bridge financing for the 326-unit Dolce Living Royal Palm multi-housing property located in Kissimmee, Florida, a submarket near Orlando. JLL worked on behalf of the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The lease-up bridge financing was funded well before final TCO and will retire the existing constriction loan and preferred equity, lower sponsor s cost of capital as they begin to lease-up the property, fund remaining construction costs to complete the project and return a significant portion of the sponsor s invested equity. Once fully completed in May 2021, the apartments will consist of one-, two- and three-bedroom units averaging 956 […]

  • JLL Capital Markets Closes The $114.45 Million Sale of 360-Unit Prospect Place Apartment Community in Hackensack, New Jersey
    on May 7, 2021 at 9:26 am

    CHICAGO, IL - JLL Capital Markets announced today it closed the $114.45 million sale of the 360-unit Prospect Place Apartments in Hackensack, New Jersey. JLL represented the seller, Kushner Companies, to complete the sale to the buyers, Khosla Capital LLC and DKJ Equity LLC. Prospect Place Apartments total 428,040 rentable square feet and consist of one-, two- and three-bedroom floorplan options. Built in 1995 and 2005, the property was recently renovated, with updated units including in-home washers and dryers, hardwood-style flooring, stainless steel appliances and granite countertops. The building is pet-friendly and features top of the market community amenities including two fitness centers, game room, swimming pool, resident lounge and business center as well as garage parking. The […]

  • JLL Expands Multi-Housing Capital Markets Team With Addition of Bill Gribbin as Director in The Company’s Washington, D.C. Office
    on May 6, 2021 at 9:39 am

    CHICAGO, IL - JLL Capital Markets announced today that Bill Gribbin has joined the firm as a Director in the company s Washington, D.C. office. Bill joins the existing team led by Walter Coker, Brian Crivella and Robert Jenkins and will focus on multi-housing investment sales advisory and equity placement transactions in the Greater Washington, D.C. area. Mr. Gribbin has more than seven years of commercial real estate and multi-housing experience and most recently worked as a Director at MAC Realty Advisors, LLC. Prior to that, he worked as an analyst at Sheridan Property Company, LLC, evaluating planned and stabilized boutique multi-housing assets within Washington, DC. He holds a Master of Professional Studies in Real Estate Finance from Georgetown University and a Bachelor of Arts […]

  • Banyan Residential Announces The Groundbreaking of 279-Unit Banyan Beckley Luxury Multifamily Community in Dallas, Texas
    on May 6, 2021 at 9:36 am

    LOS ANGELES, CA - Banyan Residential, an LA-based private real estate investment company, has announced the groundbreaking of Banyan Beckley, a 279-unit luxury multifamily community in Dallas, Texas. This development marks Banyan s first foray into the Dallas market, and growing presence in Texas following the acquisition of a multifamily property in downtown Houston last year. The new five-story community, which is being developed in collaboration with Banyan s partners at Milhaus, will be a welcomed addition to the popular Bishop Arts District neighborhood. The team secured a $38.2 million construction loan from Hillcrest Bank earlier this month. Located at 1710 N Beckley Avenue, the project is in close proximity to one of Dallas most walkable neighborhoods in Bishop Arts – offering […]

  • Weidner Apartment Homes Grows Its Presence in The San Bernardino Rental Market with Acquisition of Hillside Village Apartments
    on May 6, 2021 at 9:31 am

    SAN BERNARDINO, CA - Weidner Apartment Homes, a real estate investment and property management company, acquired the community Hillside Village Apartments in San Bernardino, CA from Cannon Management. Weidner is recognized industry-wide as an efficient provider of quality rental homes and a creative developer of new housing. This acquisition marks Weidner s second property in San Bernardino and their eighth property in California. This garden-style community is comprised of 14 buildings; 11 of the buildings are residential, two are community amenities, and one is the leasing office. Hillside Village holds 80 units and offers two different floor plans ranging in sizes between 701 to 901 square feet. Weidner s Vice President of Government Affairs and Public Relations Greg Cerbana says, […]

  • American Street Capital Arranges $5.95 Million Refinance Loan for Multifamily Community in Northeast Georgia Market of Augusta
    on May 6, 2021 at 9:26 am

    CHICAGO, IL - American Street Capital ( ASC ) announced today that it has arranged a $5.95 million cash-out refinance loan for a 56-unit multifamily complex in Augusta, GA. The city of Augusta is located in northeast Georgia and is home to Augusta National Golf Club, the host of the PGA Tour Masters Tournament. Built in 1971, the seven building garden style apartment complex consists of 56 individually metered two bedroom units with an average size of 950 square feet. Additional amenities include 103 surface parking spaces, a common laundry facility, and an on-site leasing office. The asset was 98 percent occupied at closing. ASC worked exclusively on behalf of their client to secure the high leverage cash-out refinance loan structured with a non-recourse, 10-year fixed term with one […]

  • Colliers Mortgage Closes $36.8 Million Fannie Mae Loan for 305-Unit The Pointe North Hills Phase I Apartment Community in Arkansas
    on May 5, 2021 at 9:53 am

    MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills Phase I, a 305-unit market rate multifamily property located in North Little Rock, Arkansas. The gated community was constructed in 2019 and includes 8 three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area with BBQ, golf simulator and on-site maintenance and office. The 10-year term/30-year amortization Fannie Mae loan was arranged for borrower, The Pointe North Hills, LLC. About Colliers Mortgage: Colliers Mortgage, part of Colliers International, is a full-service, nationwide mortgage banking firm, approved FHA MAP […]

  • Washington Property Company Expands Team with Addition of Bobby Akines as Vice President of Development to Oversee New Projects
    on May 5, 2021 at 9:49 am

    BETHESDA, MD - Robert Bobby Akines has joined Washington Property Company (WPC) of Bethesda, MD as Vice President of Development, overseeing several of the company s new and planned residential and mixed-use projects. He will team up with nine-year WPC veteran Janel Kausner in processing the company s $500 million development pipeline. Mr. Akines has been involved with the development, acquisition, or asset management of $625 million in residential, retail, and industrial assets, as well as preconstruction services for projects valued at more than $2.5 billion. He joins WPC from Donohoe Development Company, where he served as Senior Development Manager for the Marriott AC Hotel/Residence Inn in Reston (VA), Bingham Center in Clarendon, VA, and other projects. Prior to joining Donohoe […]

For information on the various roles of real estate brokers, please download a copy of the brochure entitled “Working with Real Estate Agents”. If you are a potential Buyer or Seller and this is the first contact with our firm, we are required by the North Carolina Real Estate Commission to review this brochure with you at the first opportunity and answer any questions you may have. Please contact Richard Cotton at 910-431-7986 or by email at rcotton@mra-apartments.com for more information.