Author

Channing Hamilton

Preserve on Ash in Detroit
DevelopmentMichiganMidwestNews

The Community Builders Breaks Ground on 69-Unit Mixed-Income Project in Detroit

by Channing Hamilton

DETROIT — The Community Builders has broken ground on the first phase of Preserve on Ash, a mixed-income housing development that will comprise 600 new and preserved units of affordable housing in the Greater Corktown neighborhood of Detroit.  Phase I will comprise five buildings housing 69 apartment units and more than 5,800 square feet of retail space. Of the total unit count, 48 will be reserved for households earning up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin …

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Ryan Duling, senior managing director, Lucent
DevelopmentFinanceInvestment SalesMarket ReportsMidwestOhio

Why Columbus is a Hidden Gem

by Channing Hamilton

­Contrary to popular belief, not everyone seeking a better lifestyle moves to Atlanta or Houston. If you live in the Midwest, Columbus has become a prime destination, especially for young people.  The metro has a reputation for being more modern, cosmopolitan and affordable than its other Ohio peers like Cincinnati and Cleveland. U.S. News & World Report ranks Columbus among the top 30 “Most Fun Places to Live in the United States.”  Then it should come as no surprise that according to a new Bank of America report, Columbus tied with Austin …

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Amavida Marana in Marana, Arizona
ArizonaInvestment SalesNewsWestern

Ascent Cos., Vanderbuild Open 200-Unit Amavida Marana Near Tucson, Arizona

by Channing Hamilton

MARANA, ARIZ. — Ascent Cos. and Vanderbuild have opened Amavida Marana, a 200-unit community in Marana, 20 miles northwest of Tucson, Arizona. Located at 5555 W. Ina Road, Amavida Marana offers one-, two- and three-bedroom floor plans. Amenities include a four-acre community park, four pickleball courts, a playground, a walking and jogging loop, dog park, EV chargers, an indoor/outdoor fitness center, pool, hot tub, pet washing stations and a clubhouse. Bryten Real Estate Partners is the property manager.

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DevelopmentNewsWashingtonWestern

Vista Residential Partners Breaks Ground on 238-Unit One26 Vista in Vancouver, Washington

by Channing Hamilton

VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, a 238-unit project in Vancouver. LSW Architects designed the asset. Atlanta-based Krevolin & Horst represented Vista Residential Partners in the closing. Situated on nine acres on NE 72nd Avenue, the garden-style community offers one-, two- and three-bedroom floor plans. The average unit size is 920 square feet. Planned amenities include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge.

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AlabamaFinanceNewsSoutheast

Greystone Provides $14.5 Million Refinancing for 700 Riverchase Near Birmingham, Alabama

by Channing Hamilton

HOOVER, ALA. — Greystone has provided a $14.5 million Fannie Mae Delegated Underwriting & Servicing loan for the refinancing of 700 Riverchase, a 216-unit property in the southern Birmingham, Alabama suburb of Hoover. The non-recourse, fixed-rate financing features a five-year term and 30-year amortization, with interest-only payments for the full term of the loan. Rob Meehan of Greystone originated the financing, with HKS Capital Partners acting as correspondent. The borrower was not disclosed. Built in 1983, 700 Riverchase comprises 12 buildings. Units come in one-, two- and three-bedroom floor plans. …

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The Parker Aiken Apartments in Aiken, South Carolina
DevelopmentFinanceNewsSouth CarolinaSoutheast

IPA Capital Markets Brokers $37.3 Million Construction Loan for The Parker Aiken Apartments in Aiken, South Carolina

by Channing Hamilton

AIKEN, S.C. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $37.3 million in construction financing for The Parker Aiken Apartments, a 336-unit development in Aiken, 20 miles northeast of Augusta, Georgia. The borrower was New York City-based developer JEM Holdings. Max Herzog, Marko Kazanjian and Andrew Cohen of IPA Capital Markets secured the seven-year, fixed-rate loan through Protective Life Insurance Co. The Parker Aiken Apartments will comprise 14 buildings on a 30-acre site. Planned amenities include a clubhouse with fitness center, co-working spaces, an outdoor grilling …

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The Prairie Encore in Dardenne Prairie, Missouri
DevelopmentMidwestMissouriNews

Mia Rose Holdings Breaks Ground on $90 Million Mixed-Use Development Near St. Louis

by Channing Hamilton

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has broken ground on The Prairie Encore, a $90 million mixed-use development in the northwest St. Louis suburb of Dardenne Prairie.  The four-story building will feature 190 apartment units. Amenities will include two interior courtyards, a 3,000-square-foot lobby with a leasing office, coffee bar, fitness center, coworking spaces, dog park, pool and community gathering spaces. The property will also feature commercial space, such as a Sugarfire Smokehouse with sand volleyball and pickleball courts, Macadoodles, Smalls Sliders, Beer & Spirits, Starbucks, a Circle K …

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FinanceMichiganMidwestNews

Matthews Capital Markets Brokers $8.7 Million Refinancing for Square Apartments in Detroit

by Channing Hamilton

DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has negotiated an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the building comprises 221 units across 21 stories. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.

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Corona Del Sol in Phoenix
ArizonaInvestment SalesNewsWestern

JLL Arranges $12.6 Million Sale of 64-Unit Corona Del Sol in Phoenix

by Channing Hamilton

PHOENIX — JLL has brokered the sale of Corona Del Sol, a garden-style community located at 27 E. Corona Ave. in Phoenix. Corona Del Sol was built in 1985. The property features 64 apartments with an average size of 880 square feet. The community was 97 percent leased at the time of sale. KDF Communities purchased the asset from a private high-net-worth seller for $12.6 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of JLL Capital Markets represented the seller and procured the buyer in the deal.

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Aspire Apartments in Denton, Texas
Investment SalesNewsTexas

SPI Advisory Acquires Two-Property Portfolio in Denton, Texas

by Channing Hamilton

DENTON, TEXAS — Dallas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the northern Dallas suburb of Denton. The two properties are Lana Apartments and Aspire Apartments. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal. Lana Apartments was originally constructed in 1981. The garden-style community features 116 apartments. Aspire Apartments comprises 132 units. The property was built in 1970 and …

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