Author

Channing Hamilton

A chart depicting national disasters across the U.S. Texas has the most disasters.
FinanceIndustry VoicesNewsOperations

Economic Headwinds Are an Opportunity in Disguise for Multifamily Sector

by Channing Hamilton

— By Marc Hershberg, Topaz Capital Group — The multifamily industry has grown massively over the past decade. Total transaction volume was up 250 percent from 2012 to 2018, the biggest year on record. For many, 2020 or 2021 were their best years yet. Even when faced with multiple headwinds in 2022 that included ongoing supply chain disruptions, rising inflation and interest rate hikes, the overall resiliency of commercial real estate was on display. Now, however, we are faced with more economic uncertainty than we’ve experienced in the past 15 …

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A 3D render of the Italic, a contemporary style high-rise building.
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

American Lions Secures $350 Million to Build The Italic In New York City

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …

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3-24 27th Avenue in Astoria, Queens.
Affordable HousingDevelopmentNew YorkNewsNortheast

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton

QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants.  The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …

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Affordable HousingNewsNortheastPeople NewsWashington, D.C.

National Housing Conference President States Federal Reserve’s Rate Increases Risk Stagflation

by Channing Hamilton

WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …

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An aerial shot of Addison at Rossview, a multifamily community in Clarksville, Tennessee.
Investment SalesNewsSoutheastTennessee

Timberland Partners Acquires Addison at Rossview Near Nashville, Tennessee, for $40 Million

by Channing Hamilton

CLARKSVILLE, TENN. — Timberland Partners has acquired Addison at Rossview from an undisclosed local developer for $40 million. Northmarq’s David Stollenwerk and Bryan Schellinger represented the seller. Daniel Trebil and Jesse Lemos secured acquisition financing in the form of a 10-year fixed rate loan on behalf of the buyer. Addison at Rossview is a 205-unit property in Clarksville, which is 50 miles northwest of Nashville, Tennnessee. Built in 2016, the property offers one-, two- and three-bedroom floor plans. Amenities include a pool with a grilling area, dog park playground, coffee …

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The pool at Spring, with the property behind it.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring in Phoenix for $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit garden-style property in Phoenix, from Living Well Homes for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA) represented the seller. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets, and patios or balconies. The average unit size is 830 …

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The swimming pool of Wyndham on the Creek in Dallas, with the complex behind it.
Investment SalesNewsTexas

Realty Capital Partners, WindMass Capital Acquire Wyndham on the Creek in Dallas

by Channing Hamilton

DALLAS — Realty Capital Partners and WindMass Capital have jointly acquired Wyndham on the Creek, a 151-unit community located at 9633 W. Ferris Branch Blvd. in Dallas. Built in 1984, Wyndham on the Creek offers one- and two-bedroom floor plans. The joint venture plans to renovate the property over the next two years. Individual units will receive upgraded appliances and in-unit washer and dryers. Planned exterior renovations include enhancements to the pool, clubhouse, resident storage and dog park.

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A 3D render of the clubhouse interior at Town Deer Commons in Phoenix.
ArizonaDevelopmentNewsWestern

Related Group Approaching Completion of Town Deer Valley in Phoenix

by Channing Hamilton

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit community in Phoenix. The complex has been developed in five turnover phases on a 20-acre site. A completion date for Town Deer Valley has not been disclosed. However, the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley totals 442,000 square feet across 19 buildings designed by Todd & Associates Architects. Community amenities include two pools, cabanas, golf putting green, a pet spa, a …

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A 3D render of Michigan Street Commons in Milwaukee.
Affordable HousingDevelopmentFinanceMidwestNewsWisconsin

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

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Investment SalesNewsTexas

Harbor Group International Acquires Mezzo in North Dallas Suburb

by Channing Hamilton

AUBREY, TEXAS — Harbor Group International has purchased Mezzo, a 378–unit property in the north Dallas suburb of Aubrey, from an undisclosed seller. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged the debt. Brian Murphy and Brian Oboyle, also with Newmark, brokered the sale. Mezzo was built in 2022 and comprises 12 three-story buildings. Community amenities include a fitness center, yoga studio, pool and spa, co-working spaces, a lounge and an outdoor kitchen with a dining area. Individual units offer washers and dryers, quartz countertops and balconies or patios. Mezzo was 84 percent occupied as …

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