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Channing Hamilton

The Place at Castle Hills in San Antonio
Investment SalesNewsTexas

Harvest Equities Acquires 680-Unit The Place at Castle Hills in San Antonio

by Channing Hamilton

SAN ANTONIO — Philadelphia-based Harvest Equities has purchased The Place at Castle Hills, a 680-unit community in San Antonio. MC Cos. sold the asset for an undisclosed price. Built on 23 acres in 1984, The Place at Castle Hills offers one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of Institutional Property Advisors, a division of Marcus & Millichap, negotiated the deal.

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900 Morrissey Blvd. in Boston
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

The Community Builders Secures Financing for Affordable Housing Redevelopment in Boston

by Channing Hamilton

BOSTON — The Community Builders has received an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Pine Street Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit complex that are designed to support individuals previously experiencing homelessness. Units will be reserved for households earning 30 percent or less of the area median income. The property will include office and community spaces on the ground floor. The development is slated for completion in mid-summer 2025. MassHousing provided the …

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The Hamilton in Miami
FloridaInvestment SalesNewsSoutheast

Kushner Cos. Acquires The Hamilton in Miami for $190 Million

by Channing Hamilton

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit community in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the asset for $190 million. Located at 555 N.E. 34th St., the property is situated less than three miles north of downtown Miami and five miles from the city’s Brickell financial district.  Originally built in 1984, The Hamilton offers one-, two-, three-, four- and five-bedroom units. The average apartment size is 1,373 square feet. Each unit includes a terrace, which average 326 square feet, with some larger …

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The winning team from the University of Florida
Affordable HousingFeaturesNew YorkNortheast

University of Florida Wins Multifamily Investment Case Competition by NYU | Stern, Berkadia

by Channing Hamilton

NEW YORK CITY — The University of Florida has won the inaugural Multifamily Investment Case Competition, a contest organized by Berkadia and the New York University Stern School of Business (NYU | Stern) for the team’s presentation, which proposed a hybrid debt and equity fund that leveraged the benefits of Florida’s Live Local Act (102). The Florida team recommended a $300 million hybrid debt and equity fund, dubbed The Gator Capital Workforce Housing Hybrid Fund. Roughly 70 to 80 percent of the fund would go towards the debt strategy, while …

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NewsOperationsTexas

Department of Justice Ends Investigation Into Rental Housing Pricing, Says RealPage

by Channing Hamilton

RICHARDSON, TEXAS — The Department of Justice (DOJ) has closed its criminal investigation into the pricing practices of the rental housing industry, according to RealPage, citing a DOJ notice. In a statement released Dec. 6, the company also reaffirmed its stance that its software platform did not violate antitrust laws. RealPage stated that it cooperated extensively with the DOJ throughout the now-closed investigation, adding that the DOJ did not identify RealPage as a target of the investigation at any point. While the criminal investigation has ended, it remains unclear whether …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

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Monterra Village in Fort Worth, Texas
Investment SalesNewsTexas

Weidner Apartment Homes Acquires 550-Unit Property in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Weidner Apartment Homes has acquired Monterra Village, a 550-unit community in Fort Worth, from Hillwood Multifamily for an undisclosed price. Built in two phases on 35 acres in 2008 and 2013, the garden-style property features a lagoon, lap pools with water features and pocket parks. The average apartment size is 985 square feet. Monterra Village is located within the 900-acre Alliance Town Center development, which features 1 million square feet of retail, restaurant and office space. Alliance Town Center is surrounded by the 27,000-acre AllianceTexas master-planned …

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46-10 Center Blvd. in New York City
FinanceNew YorkNewsNortheast

M&T Realty Capital Provides $204.9 Million Loan for Refinancing of Queens Apartment Tower

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …

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The capital markets panel at the 2024 InterFace Multifamily Southeast conference
Conference CoverageFeaturesFinanceGeorgiaSoutheast

InterFace Panel: Multifamily Markets Can Work With New Interest Rate Ranges

by Channing Hamilton

ATLANTA — There is nothing wrong with the new interest rate environment that currently governs capital markets activity in commercial real estate, and borrowers just need to adjust their expectations, put them into historical context and get back to making deals. This is the view of at least a couple veteran lenders who spoke at the InterFace Multifamily Southeast conference on Dec. 4 at the Cobb Galleria Centre in Atlanta. The event is now in its 15th year and continues to attract hundreds of multifamily developers, investors and lenders from …

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Copper Ridge Apartments in Renton, Washington
Investment SalesNewsWashingtonWestern

SCS Development Co. Completes $70.7 Million Sale of Copper Ridge Apartments in Renton, Washington

by Channing Hamilton

RENTON, WASH. — SCS Development Co. has sold Copper Ridge Apartments, a 325-unit community in Renton, roughly 11 miles south of Bellevue, Washington. Timberlane Partners purchased the asset for $70.7 million. Built in 1983 and 1985, Copper Ridge offers one-, two- and three-bedroom apartment units housed in two- and three-story residential buildings. The average unit size is 788 square feet. All residences have private decks or balconies, and select units also feature wood-burning fireplaces. Amenities include a pool, three laundry facilities and a children’s playground. Giovanni Napoli, Philip Assouad, Ryan Harmon, …

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