Author

Channing Hamilton

Garden Communities Begins Pre-Leasing The Metropolitan in Springfield, New Jersey

by Channing Hamilton October 5, 2023

SPRINGFIELD, N.J. — Garden Communities has begun pre-leasing for the townhome phase of The Metropolitan in Springfield. The Metropolitan offers 47 townhomes in two- and three-bedroom floor plans. Monthly rents for the townhomes begin at $6,945. The first units are expected to be ready for occupancy before the end of 2023. Future project phases include a 223-unit apartment building and 5,000 square feet of retail space. Amenities include a daytime concierge, coffee bar, community room, co-working spaces, fitness center, EV chargers, a pool and an outdoor kitchen.

October 5, 2023

Development Finance News Texas

Conor Commercial Real Estate to Develop 327-Unit The Flynn at Live Oak in Dallas

by Channing Hamilton October 5, 2023

DALLAS — Conor Commercial Real Estate will develop The Flynn at Live Oak, a 327-unit project in Dallas. The building will rise five stories at 4931 Live Oak St. Units come in studio, one- and two-bedroom floor plans. Planned amenities include co-working space with private offices and standing desks, a mini-mart, pool, two courtyards and a dog park. The first apartments are slated to deliver in spring of 2025. The development is a joint venture investment between Conor Commercial Real Estate, Globe Corp., and Origin Investments. JLL’s Dallas office arranged …

October 5, 2023

Development Finance News Texas

Empire Group Breaks Ground on $62.4 Million Build-to-Rent Community Near Austin

by Channing Hamilton October 5, 2023

HUTTO, TEXAS — Empire Group of Cos. has secured a $62.4 million loan to construct Village at Hutto Station, a build-to-rent development in the Austin suburb of Hutto. Arbor Realty SR Inc. provided the loan. The general contractor for the project is Legacy MCS. Empire Group began developing the community, which consists of 276 units on 30.6 acres, in August. Units come in one-, two- and three-bedroom floor plans ranging in size from 680 to 1,300 square feet. Amenities will include a pool and jacuzzi, barbecue and fire pits, a …

October 5, 2023

Development Finance Investment Sales Market Reports Northeast Pennsylvania

Philadelphia’s Development Fever Starts to Break

by Channing Hamilton October 5, 2023

New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …

October 5, 2023

Affordable Housing Florida Investment Sales News Southeast

ZOM Living Sells Sorrento Affordable Community in Miramar, Florida

by Channing Hamilton October 4, 2023

MIRAMAR, FLA. — ZOM Living has brokered the sale of Sorrento, an affordable housing complex in Miramar, to Related Cos. for an undisclosed price. Sorrento offers 320 garden-style units to households earning at or below 50 to 60 percent of the area median income. Units come in one-, two- and three-bedroom layouts. Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment. The property was originally financed through the federal Low Income Housing Tax Credit program, along with various state and county debt financing programs.

October 4, 2023

Berkadia Florida Investment Sales News Southeast

Berkadia Brokers Sale of Reserve at Palmer Ranch in Sarasota, Florida

by Channing Hamilton October 4, 2023

SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …

October 4, 2023

Sorrento at Tuscan Lakes in League City, Texas

Investment Sales News Texas

Cushman & Wakefield Arranges Sale of Two Communities Near Houston

by Channing Hamilton October 4, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of two communities, Amalfi at Tuscan Lakes and Sorrento at Tuscan Lakes, in League City. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller in the transaction. Both communities were sold by Sachs Cos. Amalfi Tuscan Lakes is located at 1450 E League City Parkway and comprises 328 units. Sorrento at Tuscan Lakes offers 204 units at 1455 Louisiana Ave. Both communities were built in 2008 …

October 4, 2023

California Investment Sales News Western

CBRE Brokers $5.5 Million Sale of Two Properties in Anaheim, California

by Channing Hamilton October 4, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of two communities in Anaheim. The properties total 20 units and were sold to two separate buyers for over $5.5 million. A property at 1121-1125 West Fay Lane traded hands for $2.9 million. CBRE’s Dan Blackwell, Andrew Boukather and Amanda Fielder represented the seller, a private investor based in Orange County. Blackwell and CBRE’s Sean Farag also represented the buyer, a repeat client also based in Orange County. The asset was built in 1964 and comprises 12 units across two buildings. Units …

October 4, 2023

California Investment Sales News Western

Walker & Dunlop Arranges $174 Million Sale of Waterleaf in San Diego Suburb

by Channing Hamilton October 4, 2023

VISTA, CALIF. — Walker & Dunlop (W&D) has brokered the $174 million sale of Waterleaf, a 456-unit value-add community in the northern San Diego suburb of Vista. MIG Real Estate acquired the asset from MG Properties Group. According to W&D, this is the second-largest multifamily deal in San Diego in 2023. A W&D investment sales team led by Hunter Combs represented both the seller and the buyer in the transaction. Waterleaf is located minutes from downtown Vista and 30 minutes to downtown San Diego. The property is also in proximity …

October 4, 2023

Edward Ring, Founder and CEO, New Standard Equities

California Industry Voices Leasing & Marketing Operations Western

Six Questions About California Eviction Moratoriums With New Standard Equities Founder and CEO Edward Ring

by Channing Hamilton October 4, 2023

Multifamily & Affordable Housing Business: How did each jurisdiction define the moratoriums in California? Did it vary? Ring: The eviction moratoriums began in California during the outbreak period of COVID-19. The immediate response from state and local governments was to prevent landlords from evicting non-paying residents via an ‘emergency order’ declaration. Each jurisdiction settled on their own methodology and created a near-impossible set of rules for landlords who operate in multiple cities. Often, a county had a set of rules, the city had a set of rules, and the state …

October 4, 2023

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