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Updated: 21 min 55 sec ago

Banyan Residential Begins Construction on 223-Unit Luxury Multifamily Development in Phoenix, Arizona Opportunity Zone

7 hours 8 min ago
PHOENIX, AZ - Banyan Residential has announced the start of new construction at 5321 E. Washington in Phoenix, Arizona, marking the company's second ground-breaking in the area this year. Centrally located just east of the Loop 202 Freeway and directly adjacent to the Valley Metro light rail, the project will offer 223 market-rate apartment units to residents seeking luxury multifamily housing and proximate access to the downtown hubs of Tempe, Scottsdale, and Phoenix. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017. "We at the City of Phoenix are excited to see Banyan Residential start the development of this Opportunity Zone project," said Christine Mackay, Community and Economic Development Director for the City of Phoenix. "The strategic location of this development is driving additional interest in the area, and these projects are adding vitality, economic opportunity, and infrastructure improvement to our city." Designed by local architect CCBG, the community will feature an industrial design motif and include a resort-style pool, fitness center, rooftop deck, mobile workspace hub, and fenced dog run area. Individual unit interiors feature stainless steel appliances, engineered stone countertops, and plank flooring, as well as glass showers and balconies in select units. "Together with our exceptional partners at Mountain Pacific Opportunity Partners, we are excited to announce the start of construction at Banyan Washington," said Ben Brosseau, the founder of Banyan Residential. "This project will be a welcome addition to the fast-developing corridor along Washington." Construction will begin in September, led by general contractor Hardison Downey. Banyan anticipates delivering first units for occupancy in late 2021. Max Friedman, a partner at Banyan Residential, added "We are very pleased to announce the ground breaking, especially considering the massive impact that the COVID-19 pandemic has had on jobs across the region. Banyan Washington represents a significant financial investment in the Phoenix community, and will create 150 construction jobs for residents in the area. New apartments will help support the growing workforce in Phoenix, one of the leading markets in the US for job gains."

McShane Begins Construction on 276-Unit Springs at Cooley Station Luxury Apartment Community in Phoenix Submarket

Thu, 09/17/2020 - 01:44
GILBERT, AZ - McShane Construction Company has begun construction on Springs at Cooley Station in Gilbert, Arizona, their 20th Springs assignment for the owner, Continental Properties. Currently underway with two additional projects for Continental in the Phoenix area, McShane is assisting Continental in responding to the surge in population growth that the Greater Phoenix Area has experienced. We re proud to have secured yet another project with our friends at Continental Properties, commented Jim Kurtzman, Senior Vice President at McShane. We look forward to working with them again in the Phoenix area on this milestone project, and can t wait to see the final result. Located on 14 acres of land, the garden-style apartment community will incorporate 276 units across 10 two- and three-story buildings. The wood-frame buildings will feature a stucco and brick exterior. Inside, tenants will enjoy high-end finishes in each unit, including granite countertops and stainless steel appliances in the kitchen. Tenants will also have access to a clubhouse with a state-of-the-art fitness center and outdoor swimming pool, as well as 490 parking spaces. Continental Properties owns and operates 60+ Springs communities across the country. The company believes that its approach to developing multi-family communities offers a long-term investment for both the company and the surrounding area. The natural exterior finishes and indigenous plants used in their communities, combined with their innovative interior space planning, showcases practicality, privacy and peace of mind for residents. Springs at Cooley Station has an early 2022 completion date. The architect of record is Phillips Partnership.

Kirco and Phoenix Senior Living Announce Completion of 137-Unit The Bluffs at Greystone Senior Living Community in Birmingham

Thu, 09/17/2020 - 01:40
BIRMINGHAM, AL - KIRCO and Phoenix Senior Living announced the completion of The Bluffs at Greystone, an independent and assisted living community in Birmingham, Alabama. The 137-unit senior living community, operated by Phoenix Senior Living, provides 63 independent living units, 50 assisted living units and 24 memory care units. Amenities include an indoor pool, a wellness center, yoga studio, an industry-leading dining experience, a pub, full-service salon and spa, outdoor pickle ball and bocce ball courts, and more. "We are very excited to offer a brand new, state-of-the-art senior living community to the Birmingham market," said Matt Kiriluk, president and CEO of KIRCO. "We are committed to enriching the life of seniors and their families and are proud to partner with Phoenix Senior Living as they share our commitment to providing industry leading service, care and hospitality. We look forward to making a lasting positive impact on our residents." Founder and CEO of Phoenix Senior Living, Jesse Marinko, remarks, "Our company is thrilled to serve the Birmingham market with our unique brand of family-focused care. Partnerships with the KIRCO group are exciting and allow us to provide the signature amenities for which our brand is known." He adds, "We take the business of caring for seniors and their families very seriously, and we look forward to providing outstanding senior and memory care options across the state." KIRCO is an investor and developer of independent living, assisted living and memory care facilities that nurture and inspire senior residents and their families. KIRCO MANIX, who completed the construction on the project, has extensive experience in the design and construction of senior living facilities. For each senior living project, KIRCO and KIRCO MANIX select a specialized team that understands the unique needs of seniors in each market to help capture the local dynamic, including architecture, interior design, culture and climate.

Madison Place Luxury Apartments Usher in Exclusive VIP Access to Area's Newest Concert Venue at Ovation Pavilion in Kentucky

Wed, 09/16/2020 - 02:35
COVINGTON, KY - Madison Place, the area's first high-rise luxury apartment community in Covington, Ky., is enhancing the resident experience with exclusive VIP access to the newest state-of-the-art concert venue, Ovation Pavilion. "Madison Place was built on this idea that our residents would experience the extraordinary, complete with city views, unparalleled entertainment and all the luxury comforts of home," said James Sellar, regional sales and marketing director of Village Green. "With Ovation Pavilion located just steps away from our community, it was a natural fit for us to offer this unique VIP access to the best live music events to our residents without the hassle. From our new box office amenity to our sky deck, 24-7 attended security and pet-friendly services, we offer it all at Madison Place." Madison Place residents will receive four reserved seats and priority ticket ordering for additional tickets to more than 180 events featuring world-famous acts, personal cocktail service and VIP lounge access beginning in Spring 2021, which is when the state-of-the-art, 38,000-square-foot indoor/outdoor concert venue is slated for completion. In addition to the box office seats, Madison Place features a complete package of amenities designed to deliver optimal wellness and relaxation to residents. Amenity offerings include serene riverfront terraces along the Ohio River, 24-7 attended security, a best-in-class fitness center, club lounge, sky deck, chef-inspired demonstration kitchen, complimentary bike storage, paw spa and dog run, an infrared sauna, and private massage spa. The 14-story, 187-unit Madison Place, located at 50 West River Center Boulevard, is owned by Covington-based Corporex, a national development, and investment firm. The property is managed by Michigan-based Village Green, a premier property management company with more than 40,000 units across 90 cities.

Elevation Sells 192-Unit Serenity Townhome Community in Montgomery, Alabama After Substantial Turnaround and Revitalization

Wed, 09/16/2020 - 02:28
MONTGOMERY, AL - Elevation Financial Group, a provider of senior and multifamily affordable housing, announces the disposition of Elevation Real Property Fund V asset, Serenity Townhomes at Montgomery. The 192-unit multifamily community sold for $6.9 million and represents the disposition of the final asset in Fund V. Purchased in 2015 for $3.45 million, Serenity Townhomes saw a substantial turnaround and revitalization during the five-year Elevation ownership. Upon initial purchase, the property was less than 40% occupied with countless deteriorated units and neglected grounds. The Elevation team recognized that the unit sizes and two-story floorplans were some of the largest in the portfolio and knew that a strategic, well-thought plan was necessary. After significant value-add enhancements, Serenity Townhomes had achieved 92% occupancy as of the sale date. "I'm so proud of the work our team at Elevation did to bring a struggling affordable housing community back to life for the people of Montgomery," said Chris King, CEO of Elevation Financial Group. While executing massive updates to the units, clubhouse, office, exterior and amenities, the Elevation team also learned that a local volunteer group had been meeting at the property to tutor children in the community. Once the team saw the room and sparse resources, they immediately realized that the volunteers and students needed much more to be successful. A new fully equipped tutoring room was quickly delivered, complete with the tools to effectively reach the school-aged children at Serenity Townhomes and the surrounding area. Since inception, Fund V delivered over 1,000 affordable housing units to families and seniors throughout three states, including Louisiana, Alabama, and South Carolina. Through Elevation's subsequent funds, VI and VII, the company owns and operates quality, affordable multifamily and senior communities throughout eight states.

Greystar Announces Inaugural Album Keller Ranch Active Adult Community Designed to Provide Residents Carefree Living

Tue, 09/15/2020 - 02:34
FORT WORTH, TX - Greystar Real Estate Partners, a global leader in the investment, development and management of high-quality rental housing properties, announced Album Keller Ranch, a new 55+ active adult community designed to provide residents the best of 55+ carefree living at a great value. Developed in partnership with The Carlyle Group, the 180 apartment active adult community, located in Fort Worth, Texas, is a new brand concept expected to open Spring 2021. The Album brand joins Overture and Everleigh, two other acclaimed active adult brands by Greystar. Album was created in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost, said Jackie Rhone, Executive Director, Greystar Active Adult Apartment Homes. Our new Album brand combines all we have learned as the leader in this rapidly growing style of living including the desire for freedom and flexibility as well as peace of mind. With Album, we have created the perfect place to call home and provide the foundation and resources for residents to come together and build their unique community culture and experience. Album Keller Ranch features numerous on-site amenities designed to be warm and welcoming while supporting resident health and well-being. This includes an expansive clubhouse and outdoor amenity area including a lounge, outdoor kitchen, heated swimming pool, fire pit, dog park, walking paths and community garden. Residents can also take advantage of the community s fitness center and yoga studio, as well as a TV lounge and dedicated spaces for media, games and arts and crafts. The community offers a variety of apartment homes suitable for any lifestyle, including spacious one and two-bedroom residences. The thoughtfully-designed residences feature high-quality finishes, including granite countertops, subway tile backsplashes, designer fixtures, prep islands, stainless steel appliances and built-in pantries. Additional finishes include wood-style flooring, spacious walk-in closets, and some with private balconies or pet yards. Album Keller Ranch is conveniently located at 5640 Keller Ranch Road in close proximity to local shopping, a farmer's market and historic downtown Keller. The community is part of a larger mixed-use master plan being developed by Greystar which also includes retail shops and Elan Keller Ranch, a garden style apartment home community.

TerraCap Management Sells 268-Unit The Crossings at Holcomb Bridge Apartments in Northern Atlanta Suburb for $39 Million

Tue, 09/15/2020 - 02:28
ATLANTA, GA - TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of The Crossings at Holcomb Bridge Apartments. TerraCap acquired the 268-unit apartment complex for $27.3 million in September 2017 as part of a four-property, 1,100-unit multifamily portfolio purchase totaling $116,000,000. Since acquisition, TerraCap's combined strategy of property upgrades, organic rent growth, and unit renovations caused a significant increase in rental rates at the 1984 vintage property. Robert Witt, TerraCap Asset Manager, said "When we bought the Holcomb property, we saw the opportunity to capitalize on a well-located asset with strong demographics, access to public transit, and in-place rents that were well below the competitive properties. We executed a capital plan to update the exteriors, renovate unit interiors, and improve the quality of onsite management. The physical and operational improvements generated a 33% increase in the monthly rents from $787 to $1,046 over three years. The buyer will take over a property where they can expand on the strong growth fundamentals that are currently in place." The property is located in the northern Atlanta suburb of Roswell. The North Fulton submarket is one of the most desirable housing submarkets in Atlanta and rent growth has outpaced the metro average in recent years. TerraCap hired First Communities Management as the property manager because of their deep experience in executing value-add multifamily strategies across the Atlanta Market. "We are pleased to see the North Atlanta Holcomb Apartments business plan reach an outcome that exceeded our expectations," said Steve Hagenbuckle, Founding Partner and Managing Director for TerraCap. "Our conviction towards investing in high demand, financially healthy markets that see outsized employment growth and in-migration continues, and remains a safe choice for us and our investors. The TerraCap asset management team and our local business partners need to be commended for their outstanding execution of this investment." David Gutting of NGKF in Atlanta represented TerraCap on the sale. First Communities Management led by Mitch Harrison, Jon Nixon, and Ed Romano represented TerraCap on the property management.

Preferred Apartment Communities Announces Investment in 320-Unit Solis Cumming Town Center Development in Atlanta, Georgia

Mon, 09/14/2020 - 02:40
ATLANTA, GA - Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $20.7 million in connection with Terwilliger Pappas' plans to develop Solis Cumming Town Center, a 320-unit, mid-rise surface parked Class A multifamily community located in the high-growth GA-400 corridor of Forsyth County, a rapidly expanding, affluent suburb in the Atlanta, Georgia MSA. Delivery of first units is expected in second quarter 2022. Jeff Sherman, the Company's President of Multifamily said, "This development is not only proximate to the North Fultonand Perimeter office markets, but is also within two miles of Cumming City Center." Mr. Sherman added, "We are thrilled to be investing in Solis Cumming Town Center and continue to believe that Sunbelt suburban nodes will see healthy and sustained growth over the next decade, as we recover from the impacts of the COVID-19 pandemic." This marks PAC's fourth investment with Terwilliger Pappas, a preeminent Sunbelt multifamily developer, and provides PAC with a compelling opportunity to invest in, and have certain rights to acquire, Solis Cumming Town Center. Joel T. Murphy, the Company's President and Chief Executive Officer said, "Our real estate loan investment program in multifamily continues to be an accretive avenue for capital deployment for the Company. This strategy has historically been a profitable and strategic differentiator for us and we expect that to continue in the future. This is another example of our ability to generate healthy risk adjusted returns in the current climate while also providing us an attractive acquisition pipeline for Class A multifamily communities in the Sunbelt."

Wood Partners Announces Grand Opening of 338-Unit Alta Med Main Luxury Apartment Community in Texas Medical Center

Fri, 09/11/2020 - 02:34
HOUSTON, TX - Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community – Alta Med Main – in Houston, Texas. The four-story community features 338 units comprised of one- and two-bedroom apartment homes. Leasing is currently underway and first move-ins began in early September. Located in the Texas Medical Center, a short distance from Downtown Houston, Alta Med Main offers residents easy access to major employment centers in the area, including Texas Medical Center, Rice University, and Downtown. NRG Stadium, the Museum District, the Houston Zoo and Hermann Park are also nearby. "We are excited to welcome residents from across the Houston area to this market-leading community," said Bart Barrett, Managing Director at Wood Partners. "Alta Med Main gives residents unequaled luxury in the midst of the largest medical city in the world. This fantastic location provides everything our residents need right around the corner." The new community is conveniently located just north of Interstate 610, and within minutes of both the NRG Park/Astrodome and Fannin South Transit Stations, giving residents easy access to transportation that connects across the Houston megaregion. There is a wide variety of retail and grocery options in the neighborhood, including Target, Walmart, Costco and Kroger. In addition to luxurious apartments, the community offers state-of-the-art amenities for residents to enjoy outside of their homes. These include a clubroom, sky lounge with kitchen area, business center with reserve-able micro-offices, a conference room, and a 24/7 fitness center with a virtual fitness studio. The community also boasts two courtyards that include a resort-style pool with sun deck, a tranquility space and entertaining areas, as well as a dog park with a pet washing station. Residents will also have access to a Luxor package room, enabling stress-free package pickup.

Rental Concessions Nearly Doubled Across The Country Since the Coronavirus Outbreak Began According to Latest Zillow Study

Thu, 09/10/2020 - 02:32
SEATTLE, WA - Rental concessions on Zillow listings are now nearly twice as common as they were in February, as landlords strive to attract new tenants in a rental market that has softened considerably since the coronavirus pandemic took hold. The share of rental listings on Zillow that advertise some form of concession rose from 16.2% in February to 30.4% in July. That includes discounts like free months of rent or parking, offering a gift card, or even waiving a deposit fee. Only 12.5% of rentals advertised concessions last July. Of the six types of concessions tracked in the Zillow study, free weeks of rent was by far the most common. With relief ranging from two weeks to two months, free rent made up 90.8% of all promotions offered across the U.S and ranked as the top concession choice in all but six of the 50 largest markets. Reduced or waived deposits (9.1%) and gift cards (6.6%) followed. The median amount of free rent offered is six weeks, which equates to an 11.5% annual discount. For the typical U.S. rental, that would mean about $200 in monthly savings. Landlords appear to be choosing to offer concessions rather than reduce rent to entice tenants to their buildings, as demand for rentals has waned since February. "Before the pandemic, rent growth was accelerating and the nation was seeing concessions dwindle. That trend reversed sharply after the pandemic hit in February," said Zillow economist Joshua Clark. "In a softer rental market, landlords are trying to push the right button to bring renters into their space." A survey of renters taken in April as part of Zillow's 2020 Consumer Housing Trends Report[1] found that 55% reported receiving at least one concession or perk in their rental agreement. Among renters who received at least one concession, the most common were parking (35%) or at least a month of free rent (34%), followed by a reduced monthly rent price (23%). Renters in multifamily and other home types are more likely to receive some sort of concession than those in single-family rentals: 63% of multifamily renters report getting at least one, as do 59% of renters in other home types. Only 35% of single-family renters reported receiving any concessions. That means the increase in concessions is likely to be most prevalent in the multifamily buildings common in urban cores, which is consistent with previous Zillow research showing urban rents have been hit harder than rent in the suburbs during the pandemic. Renters will most often find discounts in Washington D.C. -- 57.5% of listings advertised at least one type concession in July. Charlotte (53%) and Austin (47.1%) had the next-highest shares. These are all up dramatically from July 2019, when 27.4% of rentals in Washington D.C. were offered with concessions, Charlotte had 29.4% and Austin just 15.3%. The only metro that saw concessions go down since February is Jacksonville (down 0.8 percentage points). Concessions have flattened in some of the nation's most expensive markets, where rent is dropping. July rents were down year over year in the metros of New York (-2.6%) and San Jose (-2.2%). The share of concessions in New York rose from 8.8% in February to 14.9% in April, before easing down to 13.8% in July. Likewise, concession share in San Jose moved from 21% in February to 46% in June, then down to 40.1% in July. "Concessions can often be a leading indicator of a coming price drop in that landlords will often offer them first, before reducing rent. If owners feel concessions are no longer moving the needle, they'll reduce prices," Clark said. "Many landlords prefer to offer a concession rather than cut rent and set a precedent that could linger when the market picks back up." One of the biggest challenges for property managers since the beginning of the pandemic has been capturing prospective tenants' interest in a space without the option of an in-person tour, said Bevan White, vice president of marketing at Pegasus Residential. "When our teams switched to a virtual leasing environment in late March, they had to adapt quickly as they couldn't physically show an apartment home with an in-person tour, one of the major tools we have to build value," White said. "Teams have used teaser photos, pre-recorded walk-throughs of amenities and even personalized recorded messages to capture the renters' interest before conducting a full virtual tour with the site team." Without in-person tours in their toolbox, Pegasus has looked for new ways to add value for tenants beyond offering concessions. "We have slightly increased concessions in some markets, and we have also focused on increasing the availability of smart homes as a way to add value to a unit instead of simply offering free rent," White said. U.S. rents grew 1.2% year over year in July, down from 3.9% in February and 3.5% in July 2019. More renters than last year have missed payments amid record levels of unemployment, and that may increase after extended unemployment benefits have expired. A Zillow study in June found that approximately 2.7 million U.S. adults moved in with a parent or grandparent in March and April, another recent hit to rental demand.

Beitel Group Acquires 384-Unit Chestnut Ridge Apartment Community in Historic Submarket of Jeffersontown in Louisville, Kentucky

Thu, 09/10/2020 - 02:28
LOUISVILLE, KY - Beitel Group, a New York based single-family office, has acquired Chestnut Ridge Apartments, a 384-unit apartment complex in Louisville, Kentucky. Chestnut Ridge Apartments consists of 12 3-story brick buildings containing 369,792 square feet and features numerous floorplans that offer 1, 2, and 3-bedroom options. Surrounded by restaurants, retail, entertainment, and some of the best parks in the area, Chestnut Ridge offers a small town feel that caters to the work/live/play lifestyle. The property is located just off Taylorsville Road in the historic Jeffersontown, Kentucky, a high-growth submarket in Louisville s affluent east end. The nearby Gaslight Square District is a thriving and growing modern town square that blends seamlessly with its historic roots. The brick lined sidewalks with working gaslights are home to a vibrant restaurant, retail, and art scene. The annual Gaslight Festival is an 8-day event that brings in over 200,000 people to the area. Beitel Group is a New York based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of 8,000+ units.

High-End 133-Unit Helix Apartment Community Exceeds Aggressive Pre-Leasing Expectations with Nearly 65-Percent Leased in Two Months

Wed, 09/09/2020 - 03:06
CHESAPEAKE, VA - Helix Apartments, a six-story urban mixed-use community with 133 apartment homes and ground-floor restaurant/retail spaces, is the first residential community in Summit Pointe. Helix, managed and leased by Drucker + Falk, is leading the Chesapeake multifamily market in rent per square foot. In just two months of accepting applications, nearly 65 percent of the apartment units have been pre-leased, and more than 100 prospects have expressed interest in the months prior to pre-leasing. Two additional residential communities, Mosaic and The Belaire, are scheduled for Phase Three of Summit Pointe, located in the heart of the Greenbrier Central Business District. All three apartment communities will be located on three adjacent blocks, creating a synergy between residential, retail and office properties. The communities will vary in height from four to ten stories, and all will feature uniquely designed apartment homes with multi-faceted, modern resident amenities. Each future resident will have the option to hand select their home, as personal hard hat tours are being offered by request. Summit Pointe is a distinctive, metropolitan mixed-use destination singularly focused on high quality offerings and amenities. The vibrant community is home to luxurious apartments that are surrounded by the region s largest employment base in addition to some of the most popular spots in Hampton Roads for shopping, dining, and entertainment. With an elegant, stylish design and on-trend interior finishes, Helix provides the ultimate in modern living: granite countertops; stainless steel appliances; sleek wood grain plank flooring; a rooftop sky lounge that includes an outdoor gas fireplace and natural gas grills and overlooks all of Summit Pointe; a 24/7 fitness center with state-of-the-art Matrix cardio and weight training equipment; keyless 24/7 controlled access to the building; Wi-Fi lounge and gourmet coffee bar; attached parking garage; an Amazon Hub package locker; dry cleaning pick up and drop off; and much more. Wendy Drucker, managing director of Drucker + Falk, says, We are thrilled to partner with Summit Pointe Realty and to have the opportunity to be a part of all of the exciting development happening in Chesapeake. Drucker + Falk is committed to providing exciting new communities for Chesapeake residents, and Helix is just the tip of the iceberg. Concurrently under construction in Phase Two of Summit Pointe is 555 Belaire, an unrivaled 150,000-square-foot office tower located between Volvo Parkway and Belaire Avenue. The building, directly across the street from Helix, has five levels of office space with a distinctive multi-story lobby and engaging street-level retail and restaurant spaces. Inviting outdoor parks and plazas will encourage active community involvement. Completion and occupancy of 555 Belaire is expected in fall 2020. Phase One development in Summit Pointe included the October 2018 delivery and occupancy of the Dollar Tree, Inc. (NASDAQ: DLTR) Store Support Center. Dollar Tree is the region s largest Fortune 500 company, currently ranked #131, and its campus in Summit Pointe is home to more than 2,000 associates. Chris Williams, sr. vice president of Summit Pointe Realty says, The city of Chesapeake demonstrated the want and the need for an urban lifestyle community. Throughout the phases of development, the overwhelmingly positive response, the fast-paced leasing velocity, and the droves of interest show that we are headed in the right direction, and we are very excited to see this area grow.

Leading Multifamily Developer Watermark Residential to Develop New 320-Unit Luxury Apartment Community in Grand Rapids

Wed, 09/09/2020 - 03:03
GRAND RAPIDS, MI - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of approximately 24 acres of land in Grand Rapids where the company will develop The Grove by Watermark, their newest Class A luxury apartment community in the Midwest and first in Michigan. The expected completion date is August 2022. Located at 3590 Beltline Avenue NE, The Grove by Watermark is northeast of I-96, Michigan's major east-west thoroughfare, connecting Grand Rapids, Lansing and Detroit. With frontage on Beltline Avenue, a major north/south connector, the convenient location offers residents a short commute to downtown Grand Rapids, where they can enjoy local museums, the John Ball Zoo and a host of breweries and restaurants. A great majority of the area's major employers, including Axios, the headquarters of Midwest supercenter chain, Meijer, and Spectrum Health, the largest employer in Western Michigan with 31,000 employees, are within a 15-mile radius. "Located near the affluent Forest Hills community, and within one of the best school districts in the state, The Grove by Watermark has the distinction of being the only proposed or under construction multifamily community within a 10-mile radius, despite the strong demand," said Brian Southworth, senior vice president of development with Watermark Residential. "The fact that we were able to secure such a great site for this development which we expect will exceed the region's high standards and help to serve the rental needs of the community is a testament to the entire Watermark team." The Grove by Watermark will include 320 one-, two- and three-bedroom apartment homes, averaging nearly 1,200 square feet. As with all luxury Watermark communities, the utmost care has been taken to create a superior resident experience. Each unit will feature Class A premium interior finishes, such as 9-foot ceilings with designer light fixtures, smooth glass cooktop stoves and stainless steel appliances, gourmet bar-kitchens with granite countertops, walk-in closets, garden tubs and full-size washers and dryers. Some units will also include an attached garage. The resort style community amenities will consist of a professionally decorated clubhouse, a 24-hour fitness center with state-of-the-art equipment, a swimming pool with cabanas and fire pits, pickle ball courts, as well as a pet-friendly bark park and doggie spa. Plus, each resident will have consistent access to a committed management team dedicated to the highest-level of service. The Grand Rapids-Wyoming MSA is the fastest growing region in the state, home to more than 1million residents, with Grand Rapids itself expected to grow 4.5 percent over the next five years. Job growth in the area has averaged over 2.3 percent per year for the last 10 years, with BestPlaces.net predicting a job growth of nearly 36 percent over the next decade. Additionally, Grand Rapids consistently ranks high on the U.S. News' livability scale and has been named the "Best Place to Live in Michigan", as well as one of the 15 best places to live in the country. Some other accolades for Grand Rapids include: #1 "Fastest Growing Economy in the U.S.", as ranked by Forbes. #1 "Places that Millennials are Flocking to in the U.S.", as ranked by Business Insider. "Best Travel Destination in Michigan for 2020", as ranked by Travel Pulse. Josh Purvis, managing partner with Watermark, added, "As with all of our developments, The Grove by Watermark meets our stringent selection criteria, including easy access to major thoroughfares and proximity to major employers and high-quality retail experiences. With a strong regional demand and limited supply of Class A multifamily residences, we look forward to bringing the Watermark experience to Grand Rapids."

Vista Realty Partners and The Worthing Companies Announce Opening of Marketplace Vista Apartment Homes in Marietta, Georgia

Tue, 09/08/2020 - 02:28
MARIETTA, GA - Vista Realty Partners and The Worthing Companies announce the grand opening of Marketplace Vista Apartment Homes, the new apartment community located in the $120 million Connolly Development and Eden Rock Real Estate Partners development. Situated at the intersection of Powers Ferry and Terrell Mill Roads, Marketplace Vista luxury apartments define a large role in the transformation for this corridor and surrounding neighborhood. The community offers an extraordinary variety of amenities to enrich the lifestyle for new residents. For floor plans, a full list of our amenities, and a full gallery, visit our website at marketplacevista.com. The 298-unit community offers one- and two-bedroom apartment homes with direct access from both Powers Ferry and Terrell Mill roads, and features top amenities including an 8,500 sq. ft. clubroom with a gaming area, a yoga room, a state of the art fitness center, micro-offices, a pet spa and a putting green. Unit finishes include designer cabinetry, granite countertops, stainless steel appliances and in-wall high speed internet & media cabling. Marketplace Vista is also less than 10 minutes to I-75 and I-285 with easy access to Vinings and The Battery at Truist Park, which is home of the Atlanta Braves. The Marketplace Terrell Mill development is the cornerstone of the neighborhood with a dynamic walkable mixed-use village. The center will include a 95,000 square foot Kroger superstore, Chick-fil-A and Panera Bread with more retail coming soon. Vista Realty Partners has partnered with The Worthing Companies to manage the community. The Worthing Companies has over 34 years of experience in apartment community management and new lease-up communities; their five-star approach to customer service and commitment to creating a high-end resident experience is the perfect match for the new Marketplace Vista.

CIM Group Adds to Northern Virginia Multifamily Portfolio with Acquisition of 2,346-Unit Southern Towers in Alexandria, Virginia

Tue, 09/08/2020 - 02:21
ALEXANDRIA, VA - CIM Group announced that it has acquired Southern Towers, a 2,346-unit multi-family property comprised of five 16-story high-rise apartment buildings located at 4901 – 5055 Seminary Road in Alexandria, Virginia. The buildings, totaling almost two million square feet, were constructed between 1961 and 1965, with one building renovated in 2015. This acquisition further expands CIM s residential portfolio in the greater Washington, D.C. area to more than 5,500 units. The five residential towers are situated across 40.5 acres featuring a variety of outdoor amenities including two large swimming pools, tennis courts, and a playground set in a parklike setting. Indoor amenities include a fitness center in each building, a community room and a business center. Units range from studios to three-bedrooms in a variety of floor plans. Completing this transaction at this time relied on the experience of CIM s Investments, Real Assets Services, and Capital Markets teams efficiently managing the acquisition process. CIM will continue to work with community and city leaders to maintain the prominence of Southern Towers for the Alexandria community. Southern Towers is conveniently located in North Virginia with direct access to Interstate 395 and a short drive to Crystal City, Pentagon City, Arlington, Falls Church, Fairfax, Springfield, Tyson s Corner and Washington D.C. The property is six miles from Amazon s HQ2, Washington D.C. s Ronald Reagan Airport and eight miles from downtown D.C. CIM has been an active owner, developer, and operator in the greater Washington, D.C. area for more than 15 years. CIM s greater Washington, D.C. portfolio, has included office, hotel, and residential properties. In Alexandria, CIM currently owns and operates Skyline Towers, a 939-unit residential community, Mason at Van Dorn, a 1,180-unit residential community, and Park Place at Van Dorn, a 285-unit residential community. CIM is currently converting the former Crowne Plaza Hotel Alexandria at 901 N. Fairfax into 119 residential condominiums and 41 townhomes.

Linc Housing Partners with SIPA to Build Modern Mixed-Use Development with 63 New Supportive Apartments in Historic Filipinotown

Mon, 09/07/2020 - 03:51
LOS ANGELES, CA - Linc Housing has partnered with Search to Involve Pilipino Americans (SIPA) to build HiFi Collective, a new five-story building that will feature 63 supportive housing units and one manager s unit as well as SIPA s offices, programming space, community cultural center, and the John Eric Swing Small Business Center. SIPA headquarters will occupy the entire first floor while upper levels will house private affordable housing apartments. The new studio apartment homes are for qualified families and individuals who have experienced homelessness. "This permanent supportive housing project hits the mark on many levels: we're providing 63 units of housing for the formerly homeless in the area; we are collaborating with a Filipino service organization with a long-standing commitment in the community; and we're honoring John Eric Swing, whose positive contributions to Historic Filipinotown have left an indelible mark in the neighborhood, said Los Angeles City Councilmember Mitch O Farrell. I want to thank Linc Housing and Search to Involve Pilipino Americans for the collaboration with my office to bring this much needed amenity to residents in the 13th District." The site for HiFi Collective, 3200 West Temple Street in Los Angeles, is located at the western gateway to Historic Filipinotown (HiFi). In addition to creating much needed affordable housing in the district, the project is envisioned as a cultural landmark for the developing HiFi district. HiFi Collective will transform SIPA s current office building into a dynamic, mixed-use structure with the 6,100-square-foot ground floor anchored by SIPA s new national headquarter offices. In addition to SIPA offices, the new space will allow SIPA to expand its community programming. The ground floor will include a 2,700-sq-ft. multi-purpose space and professional grade kitchen, as well as the new John Eric Swing Small Business Center, featuring resources and incubator spaces for entrepreneurs and small business owners interested in working in HiFi or with the Fil-Am community. SIPA recently announced the John Eric Swing Small Business Center in honor of SIPA s executive director and beloved community leader who died of COVID-19 in June. This vital redevelopment at SIPA has been several years in the making and marks the beginning of a turning point for Historic Filipinotown, said Jennifer Taylor, head of real estate, SIPA board of directors. We are grateful to all who have made this progress possible, including our partners at Linc, Mayor Garcetti, Councilman O Farrell, our Historic Filipinotown neighborhood, and the greater Filipino American community. Thank you for your continuing support of SIPA as we move forward in our goal to change lives for the better. The new community will have 63 studio apartment homes and one two-bedroom manager s unit. The building s residents will have private access to several amenities, including a community room, computer lab, community kitchen, indoor bike parking, laundry, outdoor deck, and offices for supportive services. The location is convenient to public transportation, shopping, and other services. With funding support from Los Angeles County, residents will receive intensive case management to help ensure they thrive. Supportive services will include mental health and physical health services, employment counseling and job placement, education, substance abuse counseling, money management, assistance in obtaining and maintaining benefits, and referrals to community-based services and resources. We do our best work when we understand the community and the needs of the neighborhood, and our partnership with SIPA marries their deep community knowledge with LINC s expertise in affordable housing development, said Rebecca Clark, president and CEO, Linc Housing. SIPA s mission aligns with Linc s. We re both committed to improving neighborhoods and empowering people to make positive contributions to the community. We re excited to know that SIPA will be bringing the cultural community center to life for everyone in the neighborhood. Funding for the development comes from a variety of sources including construction and permanent loans from Bank of America, $12.7 million in HHH Funds managed by the Housing + Community Investment Department of the City of Los Angeles (HCIDLA), $6.8 million from the Los Angeles County Development Authority (No Place Like Home funds), and tax credit equity from Raymond James. The project will receive rental subsidy from the Housing Authority of the City of Los Angeles. The California Endowment provided predevelopment support. The Los Angeles County Department of Health Services will provide funding for supportive services. HiFi Collective was designed by D33 Design & Planning, with cultural design by Synthesis Design + Architecture (SDA). It will be built by Walton Construction Inc. Construction of affordable housing has been designated an essential activity during the COVID-19 pandemic, and the construction team will follow recommended safety protocols to keep the job site safe. The development is due to be completed in early 2022. All supportive, affordable apartments will be filled through referrals from the County of Los Angeles Coordinated Entry System (CES).

Turner Impact Capital Expands Workforce Housing Portfolio With Acquisition of 270-Unit Ventana Apartments in Dallas, Texas

Fri, 09/04/2020 - 02:30
DALLAS, TX - Turner Impact Capital, one of the nation s largest real estate investment firms dedicated to social impact, has expanded its portfolio of affordable workforce housing with an additional multifamily housing community in Dallas – bringing the firm s total acquired units to over 10,330. The 270-unit Ventana Apartments was acquired last month by Turner Multifamily Impact Fund II. The Fund and its predecessor, Turner Multifamily Impact Fund I, now own nearly 1,700 units in the Dallas-Fort Worth area, and the acquisition brings Turner Impact Capital closer to its goal of investing up to $2 billion to acquire up to 20,000 units nationwide over the next several years. The COVID-19 pandemic has caused a significant economic disruption and worsened the affordability crisis in Texas and around the nation, said Turner Impact Capital CEO Bobby Turner. Our innovative investment model has proven it can deliver strong returns for investors while improving people s lives through affordable workforce housing coupled with comprehensive resident services. The Turner Multifamily Impact Funds preserve and enrich workforce housing in underserved communities around the nation with resident-focused programs, such as afterschool homework help, healthcare access and fitness activities, as well as environmentally sustainable initiatives that improve residents quality of life, reduce negative environmental impact, and enhance property operations. The Turner Multifamily Impact Funds portfolio consists of over two dozen apartment communities located in nine densely populated, ethnically diverse metropolitan areas, including Washington, D.C., Chicago, Atlanta, San Antonio, Austin, Dallas-Fort Worth, Houston, Las Vegas, and Seattle. With a well-diversified economy, the Dallas-Fort Worth area is consistently ranked as one of the most economically healthy regions of the country and has become a core market for Turner Impact Capital. Ventana Apartments offers convenient access to centers of employment and amenities, including the Galleria Dallas Mall, the Village on the Parkway lifestyle center, and Addison Circle. The preservation of stable, affordable housing is more important than ever, and we continue to actively invest in communities and offer property sellers a quick and certain closing, said Gee Kim, the firm s President of Multifamily Housing Initiatives. We look forward to expanding our footprint and impact in the DFW area. Ventana Apartments amenities include a clubhouse, business center, swimming pool, sports court, fitness center, playground, and laundry facilities. The Fund will also implement improvements, such as LED lighting retrofits and Energy Star appliances, as part of its targeted sustainability initiatives. The Turner Multifamily Impact Funds are a core component of Turner Impact Capital s holistic approach to social impact investing. The firm has raised nearly $1.5 billion in capital, unlocking more than $3 billion in investment potential while directly impacting more than 100,000 lives in underserved communities throughout the United States. By harnessing market forces, the firm s investments are sustainable, scalable and durable – improving lives and strengthening communities while earning strong financial returns for socially conscious investors. Turner Impact Capital also manages the Turner-Agassi Charter School Facilities Funds to facilitate the development of best-in-class charter schools in underserved communities across the United States, as well as the Turner Healthcare Facilities Fund, which provides community-serving healthcare facilities to proven healthcare providers while improving access to quality care for residents of low- and moderate-income urban communities.

Watermark Residential to Develop 214-Unit Luxury Single-Family Rental Community in Castle Pines Suburb of Denver

Fri, 09/04/2020 - 02:25
DENVER, CO - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of 20.25 acres of land in the Castle Pines suburb of Denver for the development of The Summit Townhomes & Villas. The Summit will be a luxury leased residential community featuring one- to four-bedroom attached single-family homes and townhomes. The expected completion date is December 2022. "The Castle Pines submarket is one of the most desirable submarkets in the Denver area, that is only expected to continue to grow in the coming years," said Jose Kreutz, managing partner of Thompson Thrift. "The Summit Townhomes and Villas will offer a unique living experience for renters-by-choice who want to enjoy the single-family lifestyle with the benefit of a professionally managed and amenitized community. This opportunity is nearly non-existent anywhere else." Located along Lagae Road just south of Castle Pines Parkway, The Summit will consist of 214 one-, two-, three- and four-bedroom homes that average 1,410 square feet. The homes will feature premium interior finishes, including gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures. The three- and four-bedroom townhomes will feature two-car attached garages and two-level patio decks while the paired villas will feature 10-foot ceilings, windows on three sides of the home and privately fenced patios. Community amenities will include a well-appointed clubhouse, 24-hour fitness center with state-of-the-art equipment, a swimming pool with cabanas and entertainment areas, a pet-friendly bark park and doggie spa, connectivity to local walking paths, as well as access to an on-site management team dedicated to the highest-level of service for residents. Located between Lone Tree and Castle Rock, with direct frontage along popular I-25, The Summit is just 25 miles south of downtown Denver and only a 15-minute drive from Denver's largest employment center, which houses six Fortune 500 companies and over 237,000 employees. Situated in Douglas County, the "6th Most Affluent County in the U.S.", it also offers families access to the Douglas County School District, one of the best in Colorado, with the state's highest graduation rate. Castle Pines offers easy access to the area's major employers including Charles Schwab, Great-West, DISH Network and others. It is also located near major retail centers, such as the Village Square Center, The Outlets at Castle Rock, Colorado's fourth most-popular tourist destination, according to Colorado.com, and Park Meadows Mall in Lone Tree, Colorado's largest shopping center. With the average home in the area selling for $820,000, The Summit will provide an attractive option for the growing number of households that desire the lower densities and private outdoor space common in the for-sale market, but remain sidelined due to the associated financial hurdles of ownership. Kreutz continued, "Watermark Residential is uniquely positioned to offer a luxurious single-family lifestyle, coupled with the flexibility and ease of a leased home. With no other for-lease complexes currently in the Castle Pines area, The Summit Townhomes & Villas will offer a truly innovative product in a highly desirable location."

Gardner Capital Partners with City of Fate to Expand Senior Housing with Development of 185-Unit Mixed-Income Community

Thu, 09/03/2020 - 02:11
DALLAS, TX - Supporting the city of Fate, Texas, and senior residents alike, Gardner Capital has begun work on Gala at Fate, a public-private partnership designed to deliver quality senior housing as well as additional long term revenue for the city itself. Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, continues to increase its annual capital allocation for investment in markets throughout Texas – with multiple affordable housing developments focusing on both senior, family, as well as mixed-income developments. For Gala at Fate, the City of Fate will partner with Gardner Capital through their Public Facilities Corporation (PFC), leasing the land and partnering with Gardner Capital for long term ownership and operation of the Project – allowing for additional revenue to the City of Fate that can be used for future public or economic efforts. CREA and Citibank are additional financial partners for the Project, along with Gardner Capital, with Citibank providing both construction and permanent financing. "The City of Fate is excited to welcome high-quality senior housing to our growing city," said Mayor Joe Burger. "An important piece of our community's Comprehensive Plan is to provide a wide range of housing choices, from first-time home buyers up to retired grandparents living in our community. Gala at Fate gives an affordable option for independent seniors to live near their loved ones in Fate." "The creation of the Fate Public Facility Corporation was the key to get this project off the ground," said Allen Robbins, President of the Fate Public Facility Corporation. "The PFC's partnership with Gardner Capital not only creates high-quality senior housing, but also provides lasting value for the City of Fate." "We are excited about our new partnership with the City of Fate and look forward to building upon that long-term partnership in the coming years. As we continue to expand our investment in the DFW region, we look forward to providing the necessary development and financial resources to other communities in the DFW region to provide more quality affordable housing…at a time when housing continues to become more and more unaffordable. It is through these long-term partnerships that we are able to create transformative developments, but most importantly, to deliver quality affordable housing to those in need," said Michael Gardner, Principal and CEO of Gardner Capital, on the value and importance of public private partnerships and how vital such partnerships are, especially in challenging and uncertain economic environments. Anticipated for completion in January 2022, the project will be located at 359 E. Black Oak Ln. Gala at Fate will boast 185 units, with a mix of one-, two- and three-bedroom apartments. The high-quality senior housing will serve seniors of all incomes, including those on fixed incomes, with upgraded architecture and fixtures as well as a resort-style pool and fully appointed clubhouse with a fitness center and club room. Treymore Construction is the general contractor for Gala at Fate.

Bluestone Properties Adds 282-Unit The Darby Apartment Community in Suburban Atlanta to Its Growing Multifamily Portfolio

Thu, 09/03/2020 - 02:07
HOLLY SPRINGS, GA - Bluestone Properties is a vertically integrated private real-estate company that owns and manages stabilized high-quality multifamily assets in high growth secondary markets. The firm's newest acquisition just out of lease up is the 2019, built 282-unit property named The Darby located in Holly Springs. This Darby is strategically located in Atlanta's fastest growing suburban market, Cherokee County. The property's location off the I-75 North corridor offers residents a variety of lifestyle amenities such as kayaking or hiking at Lake Allatoona Waterfalls. In addition, this location offers convenient access to major job hubs, as well as numerous shopping and dining options. The Darby is an upscale garden style community with thoughtful interiors and urban amenities. The apartment homes feature stainless steel appliances, granite countertops and tiled backsplash. The property boasts a comprehensive amenities package that includes resort style pool with a sundeck, a pet park, outdoor grilling stations and a trellised fire pit lounging area for residents to enjoy. Senior Vice President for Bluestone Properties, Monica Escobedo, explains, "The addition of The Darby to our portfolio is a huge win for us, The Darby has unique positioning in the market that appeals to a wide audience, as it offers best in class outdoor activities for an active lifestyle, shopping and entertainment and all of it is right in the heart of a natural setting, The Darby has a little something for everyone and we are very proud to welcome this community and the residents into our portfolio."

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