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Apartment and Multifamily News

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Mill Creek Announces Grand Opening of Modera Cap Hill Community in Denver's Capitol Hill Neighborhood

11 hours 41 min ago

DENVER, CO - Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Cap Hill, a luxury apartment community located in Denver's historic Capitol Hill neighborhood.

Situated just south of Downtown Denver and within blocks of the State Capitol Building, the podium-style community features 197 apartment homes and an elevated resort-style pool and spa deck. In addition to stunning views of downtown and the Rocky Mountains, the location possesses a superb Walk Score of 94 and Bike Score of 97, with great pedestrian access to many of the area's restaurants, retail and conveniences.

"We're thrilled to welcome our first residents into the building and are confident they'll thoroughly enjoy Modera Cap Hill's boutique hotel ambiance and the spectacular rooftop views," said Chris Schramm, vice president of development for Mill Creek. "While providing an outstanding resident experience remains our top priority, we believe their experience will be further boosted by the vibrant neighborhood and its multitude of options." 

Located at 1200 Grant Street, Modera Cap Hill residents have easy access to Civic Center Park, Cheesman Park and Denver Botanic Gardens. The neighborhood is surrounded by some of the city's most notable dining, shopping and entertainment options, including a vast variety along the 16th Street Mall, South Broadway, Cherry Creek and the emerging Uptown neighborhood. 

Colfax Avenue flanks the neighborhood to the north and Speer Boulevard to the southwest, which serve as two of the primary downtown thoroughfares. Interstates 25 and 70, along with 6th Avenue, are a short drive from the community and provide connectivity to the key locales and employment centers throughout the metro area. Additional nearby attractions range from art districts to rustic music halls and high-end sports venues, including Coors Field and Pepsi Center. 

Modera Cap Hill offers studio, one-, and two-bedroom homes with an average square footage of 783. Townhome layouts are also available. Additional community amenities include a club-quality 24-hour fitness center, virtual fitness room, resident lounge with social space, coffee bar, conference room and pet spa. The elevated pool and spa deck includes barbecue grills, a double-sided fireplace and outdoor television. Residents also have access to dedicated bike storage, cruiser loaner bikes and a private parking garage. 

Apartment interiors are equipped with wood plank-style flooring, 9- to 10-foot ceilings, stainless steel EnergyStar appliances, quartz countertops, pendant lighting, tile backsplashes, built-in storage and shelving, French door refrigerators, full-size washers and dryers, Nest Thermostats, urban mudrooms or gear wall systems. Select homes offer 18-foot ceilings, separate dining areas, pantries, soaking tubs, linen closets and private balconies or patios. 

Including Modera Cap Hill, Mill Creek has developed or is developing eight communities in the Denver area. Modera Observatory Park and Modera River North are now leasing and Modera West Wash Park and Modera LoHi are currently under construction.

Bainbridge Announces Start of Preleasing at 360-Unit Resort Style Community in Clearwater, Florida

11 hours 45 min ago

CLEARWATER, FL - The Bainbridge Companies, the 10th-largest apartment developer and a leading owner and manager of luxury multifamily communities, announced the start of preleasing at Bainbridge Bayside, a resort-like apartment community on the Tampa Bay waterfront in Clearwater.

The community, located at 19355 US Highway 19 N, features 360 apartment homes. Bainbridge Bayside delivers sweeping views, designer interiors, a white-sand beach and a sophisticated amenity package rivaling that of a five-star resort. It will welcome its first residents in August 2019.  

"We are tremendously excited about what Bainbridge Bayside brings to this area," said Bob Thollander, President of Development, Florida for Bainbridge. "It has a serious waterside 'wow' factor. With its natural beauty, lush greenery, breathtaking design and outstanding array of amenities and services, Bainbridge Bayside offers a rare chance to embrace a luxurious, maintenance-free lifestyle right on the bay."

Bainbridge Bayside neighbors a variety of restaurants and shopping opportunities, including the Clearwater Mall. The community also is just 20 minutes away from Clearwater Beach and Tampa International Airport. 

Amenities at Bainbridge Bayside help residents embrace both the activity and the relaxation that waterfront living can provide. The community includes a private, white-sand beach overlooking Tampa Bay, a beachside hammock garden, kayaks and stand-up paddleboards for resident use, a resort-style pool with sunshelf that overlooks the bay and a boardwalk with seating area and fire pit. 

Understanding that today's modern economy means more renters are working from home, Bainbridge Bayside gives them the chance to do that in style and luxury with its work-from-home offices featuring streaming capabilities. The community also provides residents with abundant opportunities to connect with others and improve their well-being with features like a 24-hour fitness center with spin bikes and strength-training machines; a yoga studio and private training room featuring Fitness on Demand; and an outdoor clubroom and lanai with television, fireplace and pool views. 

Bainbridge Bayside offers luxurious one-, two- and three-bedroom apartment homes. Each of the stylish homes promotes an ease of living and a worry-free lifestyle. Kitchens feature white cabinets, ceramic-tile backsplashes, quartz countertops and chef-inspired stainless-steel GE appliance suites.

Plank flooring in the kitchen and living areas, carpeting in the bedrooms, oversized walk-in closets, double vanities, 5-foot by 5-foot showers with dual shower heads, walk-in laundry rooms, private balconies and private attached garages with direct access are available in select homes.

Wood Partners Announces Groundbreaking of 314-Unit Alta Art Tower Luxury Apartments in Portland

Thu, 07/18/2019 - 01:48

PORTLAND, OR -Wood Partners, a national leader in multi-family real estate development and acquisition, announced the land closing and groundbreaking of its newest luxury residential community – Alta Art Tower – in Portland, Oregon.

The high-rise tower will total 314 units, featuring studio, one-, two- and three-bedroom floor plans located at 1516 SW Alder Street. The community is central to the desirable art, cultural and retail experiences available in Portland's most prominent neighborhoods, including Downtown, the Pearl District, the West End, Goose Hollow and the Alphabet District. 

"Alta Art Tower is uniquely situated between some of the most in-demand neighborhoods in Portland," said Michael Nagy, Managing Director for Wood Partners. "The community will offer an abundance of culture and social activities, plus convenient access to world-class public transit and employment options. With thousands moving to Portland each year, Alta Art Tower is a strategic investment for Wood Partners that will help meet the pent-up demand following Portland's new Inclusionary Housing Ordinance."

The Portland Metropolitan Area is experiencing significant economic growth, from high-profile employers including Nike, Google, Adidas, Under Armor, Intel and Amazon. Additionally, an expansion of the Oregon Health and Science University and numerous outdoor industry and technology companies provide Alta Art Tower residents with a diverse set of employment opportunities nearby.

The Artists Repertory Theatre, sharing a block with the project, will be incorporated into the Alta Art Tower experience, ensuring continued operations for this beloved community institution. Alta Art Tower will feature an innovative lobby experience with a performance stage and art gallery to be enjoyed by residents and guests alike. Additional community amenities include a rooftop club room with two outdoor terraces, a co-working and meeting space, a music performance room, a state-of-the-art fitness studio and ground floor retail including the "Backstage Bar."

Inside the apartment units, residents will find modern finishes that distinguish this community from others in the market to provide an A-class, high-rise living experience. Unit features include quartz kitchen countertops, stainless-steel Energy Star appliances including gas cooking ranges, vinyl-wood flooring, en-suite master baths with custom-framed mirrors, tile shower surrounds and soaking tubs, walk-in closets and solar shades.

Alta Art Tower joins a growing list of properties developed and managed by Wood Partners in Oregon.

JPI Sells Luxury Apartment Community in One of Arizona’s Fastest-Growing Suburban Cities

Thu, 07/18/2019 - 01:45

IRVING, TX - JPI announced the sale of Jefferson Chandler to Dallas-based Rosewood Property Company. The city of Chandler, part of the Phoenix East Valley, has experienced tremendous job growth over the last several years. Intel, for example, is a top employer in the city with over 11,000 jobs and is investing $7 billion into a Chandler production facility. This city is quickly living up to its reputation as the “Silicon Desert.”

Jefferson Chandler, a 283-home community developed by JPI in 2018, is managed by Alliance Residential. The community is conveniently located near Chandler Fashion Center, which offers terrific connectivity to major employment centers, first-class retail and fine dining. The location also boasts great visibility and proximity to the freeway interchange of Loop 101 and Loop 202, which are major travel arteries of Phoenix.

“We are proud of the community we have created in Jefferson Chandler, and we’re excited to transition it to Rosewood Property Company,” said Rosie Cooper, Executive Vice President and Regional Managing Partner – Western Region at JPI. “As the city’s economy continues its healthy job growth, Jefferson Chandler is well-positioned to capitalize on sustained demand for multifamily housing, and we believe Rosewood is the perfect owner to capitalize on that growth.”

JPI aims to offer a unique living experience at each of its communities, with a well-balanced and diversified array of services, amenities and design features. JPI believes that together, these elements produce the most gratifying resident experience, and Jefferson Chandler is no exception.

“Jefferson Chandler marks our first transaction with Rosewood Property Company,” said Brad Taylor, Chief Executive Officer and Managing Partner at JPI. “This transaction has gone smoothly from beginning to end. It has been an honor to partner alongside a team of such high caliber, and we are hopeful for more opportunities to work together.”

“We are excited about our first acquisition in the Phoenix market, specifically the dynamic submarket of Chandler in the East Valley,” said Rick Perdue, President of Rosewood Property Company. “Jefferson Chandler is a perfect example of our current focus on core-plus communities in high-growth markets. JPI continues to bring top multifamily communities to the market, and Jefferson Chandler is a great illustration of that quality. We look forward to partnering with JPI again.”

Bainbridge Winter Park Ultra-Luxury Apartment Community Kicks-Off Leasing in Orlando Submarket

Wed, 07/17/2019 - 02:10

WINTER PARK, FL - The Bainbridge Companies, the 10th-largest apartment developer and a leading owner and manager of luxury multifamily communities, announced the start of preleasing at Bainbridge Winter Park, an ultra-luxury apartment community in Winter Park, Fla.

Located at 1400 Morgan Stanley Ave. near the intersection of US-17 and Lee Road, the five-story community with a structured parking garage features 278 apartment homes and sits in the heart of the Ravaudage mixed-use development, offering residents walkable access to numerous shopping, entertainment and dining options. Bainbridge Winter Park is just 15 minutes north of downtown Orlando, and residents can enjoy stress-free, one-hour trips to the coast. The community will welcome its first residents in September 2019 and will be celebrating with a ribbon cutting and private cocktail hour on Thursday, September 12, 2019. 

"We simply could not be more excited about Bainbridge Winter Park or more optimistic about its success," said Bob Thollander, President of Development, Florida for Bainbridge. "It provides an unbeatable combination of top-tier design, best-in-class amenities and a world-class location. Residents of this community will truly experience effortless modern living."

Among the attractions near Bainbridge Winter Park are the Park Avenue shopping, dining and entertainment district, Lake Osceola, the Charles Hosmer Morse Museum of American Art and the Downtown Winter Park Historic District, which features picturesque eateries and boutiques amidst numerous art galleries and museums. The community also is close to abundant outdoor recreation and water-sport opportunities.

Bainbridge Winter Park creates an atmosphere of extreme luxury through convenience-focused amenities such as a 24-hour fitness center featuring Peloton bikes and a 24-hour, video-monitored mail center with Luxer One package lockers. 

The community offers ample opportunities to socialize with friends, family and fellow residents with features like an indoor/outdoor club room and lanai with television and fireplace; a community lounge with a cybercafé and gathering areas; and a resort-style heated saltwater pool with sundeck and large gazebos and summer kitchens. Recognizing the unbreakable bond so many renters have with their pets, Bainbridge Winter Park also features a shaded indoor dog park and pet spa as well as an extensive outdoor dog walk. 

Bainbridge Winter Park offers spacious and sophisticated junior one-, one-, two- and three-bedroom apartment homes. In keeping with its commitment to meeting the wide variety of resident taste and preferences, the community offers three finish collections: Diamond, Emerald and Sapphire. 

Throughout the apartment homes, the amenities promote ease of living and cutting-edge style. The modern kitchens feature 42-inch designer cabinets, marble backsplashes, quartz countertops, chef-inspired stainless steel appliance packages and side-by-side refrigerators with in-door filtered water. Other in-unit amenities include Nest thermostats and sleek, hardwood-style plank flooring. 

The apartment homes also have 9-foot to 12-foot ceilings, oversized walk-in closets, and double vanity options. Select homes feature oversized master showers with dual shower heads, custom built-in closet organization systems and frameless glass shower enclosures.

Investors Management Group Announces $35 Million Acquisition of 264-Unit Community in Atlanta Metro

Wed, 07/17/2019 - 02:05

ATLANTA, GA - Investors Management Group announced it has closed on a 264-unit apartment community in Duluth, Georgia, marking its eighth multifamily acquisition in the Atlanta Metro since 2013.

The property, currently known as Amber Mill Apartments, was acquired for $35.1M. Completed in 1985 and located on 2906 Old Norcross Road, the garden-style complex features one-, two- and three-bedroom apartment homes across 31 residential buildings.

The property will receive $2.7M in capital improvements and be rebranded as Amberlake Village. Freddie Mac Green Program financing was secured through Charlie Mentzer of Capital One Multifamily Finance’s Atlanta office.

Mike Kemether and Travis Presnell of Cushman & Wakefield's Multifamily Advisory Group Atlanta Office represented the seller, a local private investor. IMG's team negotiated with more than 20 ownership entities and several third-party managers operating at the site to purchase the multifamily asset.

Investors Management Group experienced its fastest-ever equity raise with over $13M committed within ten days of the offering release date. This comes as a reflection of the growing demand for value-add multifamily real estate investments and investor confidence in Atlanta Metro fundamentals.

CEO Neil Schimmel notes, "Healthy economic growth and attractive asset pricing have made Atlanta our most active multifamily investment market, with more than $440M in transactions completed since 2013."

GPC Partners Acquires 222-Unit Luxury Apartment Community in Atlanta’s Inman Park Neighborhood

Tue, 07/16/2019 - 01:44

ATLANTA, GA - GPC Partners, a diversified Miami-based real estate partnership, completed the successful $66.25 million acquisition of the 222-unit Ayla on Krog apartment community in Atlanta’s Inman Park neighborhood.

Built in 2015 with a mix of one and two-bedroom apartments, Ayla on Krog is located on three acres along Atlanta’s BeltLine at 44 Krog St. NE. The community is waking distance from the Eastside BeltLine Trail and the popular Krog Street Market, a West Coast-style food hall with more than 20 shops and restaurants.

The Ayla on Krog acquisition closed on June 17. GPC obtained a $42 million loan from an insurance company as part of the transaction. JLL arranged the financing on behalf of GPC.

“We are thrilled to own a generational asset like Ayla on Krog,” said GPC Principal Leo Ghitis.

“Given the scarcity of Class A multifamily communities located directly on the East Side Beltline Trail, we feel that the property should provide excellent long-term appreciation,” added GPC Principal Jonathan Ghitis.

Miami-based development company GPC Partners has an enviable 20-year track record of outstanding returns in commercial real estate. Active across every major real estate asset class, GPC is committed to the highest standards of both performance as well as integrity.

WhiteHaven Capital Expands Phoenix Portfolio With Acquisition of 164-Unit Ridgepoint Apartments

Tue, 07/16/2019 - 01:37

PHOENIX, AZ - WhiteHaven Capital announced the acquisition of 164-unit Ridgepoint Apartments. This is the third acquisition in the Phoenix metro in the past year for the company, with plans to build a portfolio of approximately 1,000 units in the market by 2020.

Phoenix is the fifth largest city in the country, and the MSA is the second fastest growing large city. It's located in Maricopa County, the fastest growing county for the last three years. "Phoenix has the highest rent growth in the country, the second highest job growth, and the second highest income growth. This city has all of the fundamentals necessary for investing in multifamily," said Sam Grooms, Managing Partner of WhiteHaven Capital.

Ridgepoint Apartments are located in Glendale, a rapidly growing Phoenix suburb. Glendale is the site of two major sports venues, State Farm Stadium and Gila River Arena. State Farm Stadium is home to the Arizona Cardinals of the NFL. Since opening in 2006, the stadium has hosted multiple Super Bowls, College Football Championships, and an NCAA Basketball Final Four. Gila River Arena is home to the Arizona Coyotes of the NHL.

"We love what's happening in this area, and we're excited to be a part of it," said Sam Grooms. The new owner, in collaboration with the area's premier property management provider, Shelton Residential, plan to completely renovate and rebrand the property, offering residents additional amenities not currently available in the submarket.

Shorewood Real Estate Group Announces $155 Million Opportunity Zone Project to Develop 315-Units

Tue, 07/16/2019 - 01:33

NEW YORK, NY - Shorewood Real Estate Group, an industry-leading, multi-strategy real estate investment firm, announced a $155 million Opportunity Zone partnership with Bridge Investment Group LLC and Capricorn Investment Group LLC. The partnership, which brings together three leaders in the Opportunity Zone space, will develop a 315-unit rental project in Jamaica, Queens.

"We're excited to align ourselves with such distinguished partners on this important project," said Shorewood President and CEO S. Lawrence Davis. "With our firms' combined experience in urban real estate, I'm confident this partnership will have a positive impact in Jamaica and other future community development projects."

Bridge Investment Group and Capricorn Investment Group are prominent investment firms with substantial assets under management and a focus on sustainable investments. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management.  Capricorn Investment Group boasts a $5 billion multi-asset class portfolio that focuses on sustainable investments.

The Preiss Company Acquires 598-Bed Student Housing Community Near Clemson University

Mon, 07/15/2019 - 02:07

CLEMSON, SC - Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, announced the acquisition of the 598-bed student housing complex, Aspen Heights, for an undisclosed amount. Serving Clemson University, the property has been rebranded The Collective at Clemson and is undergoing major upgrades.

“Year-to-date, we are averaging nearly one major transaction a month and believe the second half of 2019 will be as robust as the first half,” said Susan Folckemer, TPCO chief acquisitions & development officer. “We continue to see favorable investment opportunities in markets across the country and have the most active pipeline ever in our 32-year history.”

The significant upgrade program will have special emphasis on enhancing the clubhouse, the complex’s social and study center, as well as improving amenities. Other improvements include flooring upgrades and new furniture in select units, as well as painting the exterior.

“We have a long and successful history with the Clemson University student community,” said Adam Byrley, chief operating officer, TPCO. “We have served students there since 2002 and know their housing, amenity and social preferences. We have tailored our proprietary operation programs to fit their needs. With strong academic programs and high visibility athletics, Clemson currently is ranked 24th among all public universities by U.S. News & World Report, which bodes well for continued enrollment growth.”

Situated at 673 Old Greenville Highway in Clemson, the property consists of a collection of cottages and townhouses surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplaces and full-court volleyball and basketball courts. A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center.

The complex offers two-, three-, four- and five-bedroom floor plans, each providing a private bedroom, bathroom and ample closet space. The open space layout features a living room and spacious kitchens with granite countertops, black appliances and shaker-style cabinets. Linen closets and extra storage are provided, as well as a full-sized washer and dryer.

“We have passed the half billion-dollar mark in transactions for a single year in record time and believe we will exceed our previous record year of acquisitions, dispositions and development in the third quarter,” said John Preiss, chief investment officer, TPCO. “We have a strong group of institutional investors with whom we have built trust and great working relationships. Together we continue to see excellent growth opportunities in student housing.”

Capital Impact Partners Celebrates 1000th Affordable Unit Preserved through Housing Preservation Fund

Mon, 07/15/2019 - 02:03

WASHINGTON, DC - Capital Impact Partners, Washington D.C. Mayor Muriel Bowser, and the Department of Housing and Community Development (DHCD) announced the financing of the first two projects through their partnership under the D.C. Affordable Housing Preservation Fund launched in the spring of 2018. The two projects have helped protect more than 600 affordable housing units, and pushed the total number of affordable units under the Fund to more than 1,000.

Another unique aspect of these deals is their use of the Tenant Opportunity to Purchase Act (TOPA). The Act gives residents of for-sale, multifamily, residential properties the right of first refusal to buy their properties, allowing them to work with mission-driven developers to purchase the buildings. This helps keeps rents affordable and prevents residents from being displaced in the face of rapid gentrification in mixed-income neighborhoods.

"We are incredibly proud to work and support residents through the use of TOPA to take charge of the future of their homes and their communities in partnership with mission-driven developers," said Ellis Carr, president and CEO of Capital Impact Partners. "We applaud Mayor Bowser and the city of Washington, D.C. for setting up the D.C. Affordable Housing Preservation Fund and partnering with us as a way to preserve affordable housing, support community stability, and create equity and wealth-building opportunities for those often displaced as a result of increasing development."

The two projects are:

Worthington Woods: Located in Congress Heights, a residential neighborhood in Washington, D.C.'s Ward 8, Worthington Woods provides 394 units of affordable housing to more than 900 people. The Worthington Woods Tenant Association assigned their TOPA rights to the Montgomery Housing Partnership (MHP) in exchange for a commitment to preserve the property as affordable, make improvements, and avoid tenant displacement. The housing community is near shops, groceries, and three bus lines. Capital Impact provided MHP with a $6.1 million loan as part of a $40 million transaction to purchase the property. 

Ridgecrest Village: Originally built in 1951, Ridgecrest Village in Washington, D.C.'s Ward 8 is 90 percent occupied by residents who earn up to 60 percent of the Area Medium Income (AMI). The Ridgecrest Village Tenant Association assigned their TOPA rights to the National Housing Partnership Foundation to ensure long-term affordability of the Village's 272 units. Capital Impact provided $7.5 million as part of a $31 million loan to support the purchase of the property as well as future improvements.

"MHP is thrilled to have acquired Worthington Woods. This would not have been possible without the critical gap financing provided by Capital Impact Partners and the Affordable Housing Preservation Fund. Working with a mission-driven lender who understood the complexity of an affordable housing project made all the difference," said Robert Goldman, MHP's President.

The Mayor's Housing Preservation Strike Force recommended the creation of this public-private partnership Fund, under the Department of Housing and Community Development, to finance the acquisition and preservation of affordable properties in the District.  

This allows Capital Impact to provide short-term bridge acquisition and predevelopment financing to eligible borrowers. Properties targeted for fund investments are occupied multifamily housing properties of more than five units, in which at least 50 percent of units are currently affordable to households earning up to 80 percent of the Median Family Income (MFI).  

"Not only is it important to preserve affordable housing in D.C.'s rapidly gentrifying neighborhoods, but we must be thoughtful about working with developers who share our vision for mixed-use, mixed-income neighborhoods with easy access to employment and critical social services," said Diane Borradaile, Capital Impact's Chief Lending Officer. "It is this kind of development that supports equity, opportunity, and economic growth in the region."

The Praedium Group Completes Purchase of 304-Unit Multifamily Community in Moreno Valley, California

Fri, 07/12/2019 - 02:12

MORENO, CA - The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Lasselle Place in Moreno Valley, CA. Kelsey Durels, Vice President of The Praedium Group, made the announcement of the investment firm's most recent acquisition.

Constructed in 2005, Lasselle Place consists of fifteen 2- and 3-story residential buildings with a mix of one-, two- and three- bedroom homes ranging from 686 SF to 1,202 SF. Unit interiors feature granite kitchen counter tops, spacious walk-in closets, and in-home washer/dryers. Community amenities include a swimming pool, fitness center, Cyber Café, and playground. 

"Lasselle Place is located in Moreno Valley, an area in the heartland of the Inland Empire which benefits from an expanding logistics industry and growing diversified economy," said Ms. Durels. "Many Fortune 500 companies have sought industrial and office space in Moreno Valley, and with these facilities comes the promise of growth and stability in the area for years to come. Having already owned in the submarket, we believe our local experience and focus on tenant needs will enhance the community."

Isan Contreras, Analyst of The Praedium Group, additionally commented, "The Property's location provides immediate access to a plethora of jobs and great schools in the area; further, this acquisition provides an excellent opportunity to create a better living environment for the Property's tenants."

With a population over 200,000 and annual population growth rate of 5%, Moreno Valley is the 2nd largest city in Riverside County and one of the fastest growing cities in the region. Residents are drawn to superior commuting accessibility via SR 60, I-215, and the Moreno Valley Metrolink Station which provide access to over 1 million jobs within a 30-mile radius. Major corporate expansions and relocations include Amazon, Proctor & Gamble, and Sketchers, which support the demonstrated continuous growth in employment in the area.

Lasselle Place, in particular, is one of the closest apartment communities to the two major medical centers in Moreno Valley – Riverside University Health System Medical Center and Kaiser Permanente Medical Center – both of which are located less than two miles from the Property and provide access to over 4,000 jobs. March Air Reserve Base is also within 15 minutes driving of the Property.

New $25 Million Assisted Living Community Holds Groundbreaking Ceremony in Columbus, Indiana

Fri, 07/12/2019 - 02:10

COLUMBUS, IN - A groundbreaking ceremony was held for Vivera Senior Living of Columbus, a new affordable assisted living community for Indiana seniors who need some help to maintain their independence. The community, which will be located at 1971 State Street in Columbus, is expected to open by next summer. 

The four-story, 104,000 square-foot building will house 114 private studio and one-bedroom apartments. Vivera is designed to serve older adults of all income levels, including those on limited incomes. The community will accept the Medicaid waiver.

Each of the assisted living apartments at Vivera Senior Living will feature a kitchenette, spacious bathroom with shower and grab bars, individually-controlled heating and air conditioning units, and an emergency alert system. In addition, Vivera will have a large community room, a private dining room, sunrooms, walking paths in beautifully landscaped courtyards, a library, computer lounge, onsite general store and other amenities. Certified nursing assistants, working under the direction of a licensed nurse, will be on-duty 24 hours a day, seven days a week. 

The community combines residential apartment-home living with the availability of personal assistance, medication administration, and a variety of convenience and support services, such as meals, housekeeping, laundry, and on-site physical therapy.

When fully occupied, the community will provide 50 full-time and part-time jobs. Annual payroll with benefits is projected to be $1.8 million. 

Vivera Senior Living was developed by The Marian Group, a full-service real estate development, construction, advisory and investment firm based in Louisville. Marian Development, the company’s development arm, has successfully completed 18 developments with more than 1,000 affordable housing units at a cost of nearly $142 million.

“The need for more affordable assisted living facilities in Indiana and throughout the country is well-documented," said Jacob L Brown, principal of The Marian Group. "We are honored to work with experienced development partners to bring Vivera Senior Living to Columbus, providing a new quality housing option for seniors looking to age in place gracefully and affordably.”

Gleason Architects, P.C. designed the community. 

Construction for the $25-million project will be completed by Weber Group, a general contracting company with more than 35 years of experience, a diverse client base and a portfolio that includes the completion of more than 7,750 multifamily units nationwide.

Gardant Management Solutions, one of the nation’s largest assisted living providers, will manage Vivera Senior Living of Columbus. 

Other Indiana properties managed by Gardant are Belvedere Senior Housing in Merrillville, Evergreen Village at Bloomington, Hellenic Senior Living in Elkhart, Indianapolis and New Albany, Heritage Woods of Noblesville, Glasswater Creek of Lafayette, Oasis at 30th and Oasis at 56th in Indianapolis, The Lodge at Summers Pointe in Winchester and White Oaks at Noblesville.

"Our focus," says Rod Burkett, CEO of Gardant Management Solutions, the company that will manage the community, "is to provide Vivera residents with the love, compassion and dignity they deserve and the help and assistance they need. Our emphasis is on helping each resident achieve and maintain as much independence as possible for as long as possible."

Drever Breaks Ground on 257-Unit Luxury Active Adult Community at Shadow Creek Ranch in Pearland, Texas

Thu, 07/11/2019 - 02:14

PEARLAND, TX - Drever Capital Management (DCM), a vertically integrated commercial real estate firm specializing in institutional class senior and multifamily communities, continues to expand its 55 + active adult brand with construction starting on Larkspur at Shadow Creek, in Pearland, TX, a suburb of Houston.

The 257-unit Class A active adult mid-century modern campus will offer a “resort lifestyle” for the incoming wave of value-conscious baby boomers at an approximate 40 percent to 50 percent discount to the traditional senior independent and assisted living communities in the surrounding greater Houston marketplace.

The 12-acre development will include The Villas at Larkspur comprised of a 42 private cottage neighborhood tailored to the more independent resident looking to transition away from the burden of homeownership while benefitting from resident activities and events within the 215-unit main apartment buildings boasting over 18,000 square feet of dedicated resident amenity space.

“Our new Larkspur brand is a total departure from the traditional senior living sector as we know it today,” says Noah Drever, managing partner for the Tiburon, CA-based real estate investment firm.

“Designed for people 55-years-old and up who want a carefree lifestyle in a location that’s ‘close-to-everything-important,’ it is a highly flexible, amenity-rich community that could easily be mistaken for a five-star hotel that also has innovative resident engagement programs that focus exclusively on research-based wellness, health, and enriching social experiences,” explains Drever.

With a 50-year track record as a “contrarian impact investor” and over 47,000 multifamily and senior apartment units either developed or acquired, the Larkspur brand is an “evolution” of founder-chairman Maxwell Drever’s apartment communities throughout the U.S. Sunbelt.

“While underserved, this is a difficult asset class to both develop and manage because it’s a true hybrid between multifamily and senior independent and assisted living,” Noah Drever explains. “With a decade of higher acuity senior housing experience under our belts and our deep multifamily roots, Larkspur Communities, in our opinion, qualifies as a premier boutique 55+ active adult brand.”

It’s not surprising that greater Houston is the location of Drever Capital’s second Larkspur active adult community. On November 1, 1992, Maxwell Drever became the largest owner of rental apartments in America’s fifth biggest city with 10,492 residential units owned and managed in Houston. 

Larkspur at Shadow Creek follows Larkspur at Twin Creeks, a 243-unit active adult community completed July 2018 in the high growth market of Allen, TX. By year end, Drever Capital expects to begin construction on their third Larkspur community in New Braunfels, TX, the second fastest growing city in the U.S, according to the Census Bureau. While locations are undisclosed, a fourth and fifth Larkspur development are in the planning stage.

By having a vertically integrated seasoned team at the helm, Larkspur at Shadow Creek is the “180-degree opposite of the corporate-owned, rigidly-managed, one-size-fits-all senior community mindset,” Drever adds. “We are always searching for the next progressive resident activity to add to our tried, true and tested program. Our goal is simply to provide the most exciting and enriching lifestyle at a financially comfortable price point.”  

The first cottage units are slated for completion in the second half of 2020.

The community is located 13 miles from the Texas Medical Center, the largest medical complex in the world with 5,000 doctors and 15,000 nurses and minutes from the Pearland Town Center offering top-tier shopping, dining and entertainment venues.

“We chose a residential mid-century modern architectural design that would appeal to people from all 50 states who, we feel, will be attracted to Pearland which has the third fastest growing economy in America, ranked by WalletHub’s 2018 study of 515 U.S. cities,” Drever says.

Shadow Creek Ranch in Pearland “checks off all the boxes and meets all our investment criteria,” contends Noah Drever. “Excellent location with strong demographic trends in a seasoned master planned community. Our site has a great marketing window sitting off Shadow Creek Parkway and 20 minutes from the Texas Medical Center.” 

But that’s just the tip of the iceberg, insists Carol Artz-Bucek, president of the Pearland Chamber of Commerce. “We have three five-A rated school districts, successful and high attendance sports teams and a strong, business-friendly economy that draws families with younger kids and, in turn,  baby boomers who are now active adults who want to live near their grandchildren,” she says. “Drever Capital Management understands this, and they are moving into Pearland with the Larkspur brand at the perfect time.”

Harbor Group International Acquires Luxury Apartment Building in Brooklyn for $117 Million

Thu, 07/11/2019 - 02:09

NEW YORK, NY - Harbor Group International (HGI), a privately-owned international real estate investment and management firm, announced the purchase of a newly built, Class A multifamily property in Brooklyn from Heritage Equity Partners developers Toby Moskovits and Michael Lichtenstein for $117 million. Labeled "The Frederick," the property consists of 193 luxury apartments and is located in the Crown Heights submarket. 

Image Capital, LLC partnered in the deal and Westwood Realty Associates brokered the transaction. Sheldon Chanalesof Herrick, Feinstein LLP provided legal counsel to HGI and Ilan Lerman of Jeffrey Zwick and Associates represented Heritage Equity Partners. 

"The purchase of The Frederick in the growing Crown Heights neighborhood underscores Harbor Group International's commitment to investing in high-quality assets within well-located areas," said Jordan Slone, CEO of HGI. "With this property, we continue our key objective of acquiring multifamily properties in top-tier markets, especially in areas with strong development and growth potential." 

Built in 2017, The Frederick offers an attractive amenity set including a rooftop deck with views of Downtown Brooklynand Manhattan, a fitness facility and tenant lounge, a part-time doorman and onsite parking and storage. Interior units feature high-end finishes such as 9-foot ceilings and solid maple hardwood floors. The kitchens are equipped with stainless steel appliances, granite counters and marble mosaic backsplashes. All units include washers and dryers and several units have balconies. 

Crown Heights has experienced substantial development and an influx of new rental and condo developments, as well as a flourishing retail market in recent years. The property is situated near Prospect Park, the second largest public park in Brooklyn, and is in proximity to public transportation, including the 2, 3, 4 and 5 subway lines and the Franklin Avenue Shuttle, providing convenient access to the east and west sides of Manhattan. The Frederick is located within blocks of several restaurants, grocery stores, pharmacies and banks.

CIM Group Completes Construction of 58-Story The Independent Condominium Tower in Austin, Texas

Wed, 07/10/2019 - 02:40

AUSTIN, TX - CIM Group announced that construction of The Independent, a 58-story, 363-unit condominium tower located in Downtown Austin is complete. At 685 feet, The Independent is the tallest building in Austin and with its glass-clad, stacked design it is an architecturally distinctive addition to the city skyline. CIM co-developed The Independent with Aspen Heights.

The Independent’s first residents have begun to move-in, occupying their sleek and modern homes. Floor-to-ceiling windows provide abundant light as well as sweeping, protected views to the State Capitol, Lady Bird Lake, Shoal Creek Greenbelt, Texas Hill Country, and downtown. The residences offer a diverse mix of floor plans ranging from one- to four-bedrooms and penthouses, all featuring premier interior finishes and 10-foot ceilings, and patios or balconies. The Independent provides home owners with more than 20,000 square feet of onsite amenities including a dog park/lounge, children’s playroom/playground, pool, fitness/yoga, club room, sky lounge, spa area, guest suites, theatre, business center with conference rooms, as well as immediate connectivity to Shoal Creek and the trail system.

“CIM Group utilized its expertise in owning and operating projects in developing The Independent and further enhanced the dynamic Seaholm neighborhood as well as elevating the residential options for Austin home owners,” said Avi Shemesh, Co-Founder and Principal of CIM Group.

Set on approximately 1.7 acres at the corner of West 3rd Street and West Avenue, The Independent has an exceptional position at the center of an expanding, walkable downtown Austin district. It is surrounded by premier shopping, dining and entertainment destinations and also is directly across the street from the Seaholm Power Plant redevelopment, another CIM Group project, which consisted of transforming the historic 1950-era decommissioned power plant and its surrounding five acres into a mix of office, a new residential condominium tower, retail space as well as 1.5 acres of green space and community plazas.

For more than 10 years, CIM has been an owner and operator of real assets in Austin with properties including the Seaholm Power Plant mixed-use redevelopment; Penn Field office campus where CIM recently commenced construction of a new 44,000-square foot creative office building; District at SoCo apartment community; Hartland Plaza office complex; and Eastside Village office building.

CMBS Delinquency Rate Sees a Rare Increase in June According to Latest Trepp Report

Wed, 07/10/2019 - 02:37

NEW YORK, NY – Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its June 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate saw a rare increase in June, although the number comes with a footnote. The June reading increased 18 basis points to 2.84%. The spike represents only the fourth monthly increase over the last two years. The delinquency rate is down 111 basis points year over year.

“The Innkeepers portfolio loan behind the $754 million single-borrower CLNS 2017-IKPR deal showed up as a non-performing loan that was past its maturity,” said Trepp Senior Managing Director, Manus Clancy. “However, the loan has three embedded one-year extension options that servicer watchlist notes indicate that the borrower is exercising and we expect the loan to appear as current again next month. If the Innkeepers loan had been reported as current, the June delinquency rate would have been 2.68% - a two basis point increase month over month.”

The retail delinquency rate climbed 15 basis points to 4.44% and remains the worst performing major property type. The lodging delinquency reading jumped 99 basis points, as a result of the Innkeepers loan, to 2.41%. Multifamily delinquency rate declined five basis points to 2.11%, while office inched up four basis points to 3.02%.

The CMBS 2.0+ delinquency rate climbed 22 basis points to 0.96% in June, with the percentage of 2.0+ loans that are seriously delinquent up 20 basis points from May to 0.84%. CMBS 1.0 delinquency rate was 44.60% in May, an increase of 23 basis points. The percentage of 1.0 debt that is seriously delinquent was also 44.60%, as there were no legacy loans marked as exactly 30 days delinquent. 

The full report can be accessed at

TruAmerica Multifamily and RSE Capital Partners Acquire Tampa Apartment Portfolio for $63.75 Million

Tue, 07/09/2019 - 02:08

TAMPA, FL - TruAmerica Multifamily, in joint venture with RSE Capital Partners, has acquired a two-property, 454-unit multifamily portfolio in the Tampa submarket of Pinellas County for $63.75 million.

The portfolio acquisition increases TruAmerica’s Florida portfolio to nearly 5,000 units, with 20 percent in the Tampa/St. Petersburg market, considered one of Florida’s most dynamic apartment markets, according to Co-Chief Investment Officer and Head of Acquisitions Matt Ferrari.

“The Tampa MSA continues to experience exceptional job growth and the employment mix is rapidly shifting toward high-wage occupations in the finance, business services, education, and healthcare industries,” Ferrari said. “The high barriers to entry have limited new supply, creating tremendous demand for quality affordable rental housing.”

The acquisition is the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners. 

“This partnership was fortified through a shared vision for these properties,” said Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets for TruAmerica. “Working side-by-side with the RSE team was a great experience and it’s our joint desire, to pursue other investments together in the near future.”

“We’re excited to kick off our first deal with TruAmerica, who we regard as one of the top owners nationwide,” said Max Kirschenbaum, Head of Business Development for RSE. “We look forward to working with their team to unlock the full potential of these great assets.”

Twin Lakes and Runaway Bay are both 1980s vintage garden-style multifamily communities located 20 minutes apart along US Highway 19, the area’s main north-south thoroughfare. Each community features a mix of one- and two-bedroom floorplans situated in two-story residential buildings in a low-density environment. 

TruAmerica and RSE will institute a significant capital improvement plan across the portfolio, renovating the interiors with higher end finishes to create a more modern look and feel. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas to enhance the resident living experience.

Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley marketed the properties on behalf of the seller and the acquisition was leveraged with 10-year Agency financing arranged by Newmark Knight Frank Executive Managing Director Mitch Clarfield and Director Ryan Greer. 

MWest Holdings Acquires Harbor Terrace Apartment Building in Trendy San Pedro Arts District

Tue, 07/09/2019 - 02:06

LOS ANGELES, CA - MWest Holdings, a vertically integrated private real estate investment and property management company based in Los Angeles, with more than 2.5 million square feet of residential and commercial property across the U.S., announced the acquisition of Harbor Terrace, an apartment building in the San Pedro Arts District. Harbor Terrace, located at 441 West 3rd Street, is MWest's second investment in San Pedro in just the last year, following the acquisition of San Pedro Bank Lofts in late 2018. The transaction is valued at $20.8 million.

Like earlier MWest acquisitions in the Downtown Los Angeles Arts District, Santa Monica, Echo Park, and Koreatown, Harbor Terrace is located in a thriving, exciting, up-and-coming community. San Pedro borders Rancho Palos Verdeswith its million-dollar estates, the Port of Long Beach, and the City of Long Beach, and is 30 minutes from downtown Los Angeles. With its unique architecture and artist communities, Downtown San Pedro recalls the early days of the Downtown Los Angeles Arts District or Echo Park and Silverlake around 2012 and 2013.

Constructed in 1987, Harbor Terrace is a 93-unit, three-story apartment community of studio, one-bedroom, and two-bedroom units, and features one level of above-grade parking, courtyard, fitness center, and leasing office. In addition to rebranding the property, MWest will contribute a wide array of amenities, including repainting the entire location, creating new outdoor common areas, and renovating all units.

"After first acquiring a building there last year, we are thrilled to return to the San Pedro neighborhood," said Karl Slovin, President of MWest Holdings. "Harbor Terrace, when beautifully renovated, will complement one of the city's most exciting arts communities."

The most desirable neighborhood in San Pedro, located close to the port of Long Beach, the Arts District is home to more than 30 studios and galleries, and features many restaurants and pubs and arts and crafts stores, as well as the Warner Grand Theatre, the historic, art-deco movie palace. The property is part of a neighborhood that will soon be going through major landscape-altering renovations, including the San Pedro Public Market, a redevelopment of the San Pedro Waterfront scheduled to open in 2020; an 80-unit boutique hotel proposed next to the Warner Grand Theatre; and the Alta Sea marine research facility.

Providence Real Estate Acquires 432-Unit Multifamily Community in Submarket of Tampa, Florida

Mon, 07/08/2019 - 02:17

TAMPA, FL - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the IMT Boot Ranch Apartments in the Palm Harbor submarket of Tampa, Florida. The Property was acquired in a joint venture with a Fortune 500 company that is a global provider of risk management solutions.

Boot Ranch is a 432-unit apartment community developed in 1996 on 30 acres consisting of 17 residential apartment buildings and a one-story clubhouse/leasing center. 

Boot Ranch offers residents quick beach access while still offering convenient access to major regional job centers, including the Westshore Office submarket and the expanding Tampa International Airport. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed The Boot Ranch apartments.

"The acquisition of IMT Boot Ranch presents a great opportunity for us to reposition a twenty-three-year-old property that will benefit from a significant renovation to enable it to provide high-quality rental housing for Tampa’s workforce. The Boot Ranch apartments will provide workforce renters with an upgraded living experience in a unique location allowing them to enjoy the nearby award-winning white sand beaches while having quick and easy access to growing major regional job centers.” said Alan Pollack, Providence’s Chairman.