Author

Lynn Peisner

The-Indigo-Apartments-Clearwater
Affordable HousingBerkadiaDevelopmentFloridaNewsSoutheast

Sunrise Affordable Housing Locks in Financing to Convert Clearwater Market-Rate Property

by Lynn Peisner

CLEARWATER, FLA. — Sunrise Affordable Housing Group has arranged financing to convert The Indigo Apartments in Clearwater from a market-rate to an affordable community. Part of the financing includes a $20.3 million HUD loan arranged by Berkadia. Other sources of financing include federal Low-Income Housing Tax Credit (LIHTC) equity from R4 Capital, two loans from the City of Clearwater and land trust equity from Pinellas County. Following a renovation, the 208-unit tower will be converted from market-rate housing into affordable housing for families earning between 30 and 80 percent of …

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Calabash
Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

EYC and Capstone Building Corp. Complete North Carolina BTR Project

by Lynn Peisner

CALABASH, N.C. — General contractor Capstone Building Corp. has completed building Heartsease at Calabash, a $40 million build-to-rent (BTR) project developed by EYC Cos. The development includes 158 cottages on 40 acres. The floor plans are offered as duplexes with one or two bedrooms or standalone homes with one, two or three bedrooms. Calabash is about 25 miles north of Myrtle Beach. Units feature 10‑foot ceilings, private porches and yards, garages or carports, laundry rooms with washers and dryers and valet trash service. Amenities include a clubhouse with full kitchen, …

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Belmond
Investment SalesNewsTexas

Knightvest Capital Sells Belmond in Haltom City, Texas

by Lynn Peisner

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Belmond, a 312-unit community in Haltom City five miles northeast of Fort Woth, Texas. Joey Tumminello, IPA senior managing director, along with IPA’s Taylor Hill, Drew Kile, Michael Ware and William Hubbard represented the seller, Knightvest Capital, and procured the buyer, TwinkleStar Asset LLC. Built in 2001 on 17 acres, Belmond is a three-story, garden-style asset with controlled-access gates, a resort-style pool, community grilling stations, covered parking and detached garages. Upgraded units have built-in desks, oversized oval …

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Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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Connecticut-Portfolio-FPA
ConnecticutInvestment SalesNewsNortheast

IPA Arranges $121 Million Connecticut Portfolio Sale

by Lynn Peisner

NEW HAVEN, CONN. — Institutional Property Advisors (IPA) has arranged the sale of the Central & Southeast Connecticut Portfolio, which consists of four-properties totaling 693 units. Sun Equity Partners sold the portfolio to FPA Multifamily for $121 million. IPA’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller and procured the buyer. The assets include the 208-unit New Cambridge, built in 1969 and located in Bristol; the 180-unit Silvertree, constructed in 1976 in Wallingford; the 205-unit Peppertree, built in 1975 in Groton; and Huntington Ridge in Norwich, which was …

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Addison-Landing-Jacksonville
BerkadiaFloridaInvestment SalesNewsSoutheast

Berkadia Arranges $44.8 Million Jacksonville Sale

by Lynn Peisner

JACKSONVILLE, FLA. — Berkadia has arranged the sale of Addison Landing in Jacksonville. WRH Realty out of St. Petersburg, Florida, sold the 289-unit community to Tampa-based Argyle Real Estate Capital. According to public records, the asset traded for approximately $44.8 million. Senior Director Greg Rainey and his team at Berkadia Central & North Florida represented the seller. Matt Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia Boca Raton and Miami lined up financing for the buyers, which included a $31.3 million, Freddie Mac-backed loan with a …

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Link-at-Boca
DevelopmentFloridaNewsSoutheast

13th Floor Investments to Build Boca Raton TOD with 340 Units

by Lynn Peisner

BOCA RATON — South Florida-based developer 13th Floor Investments will develop Link at Boca, a multifamily transit-oriented development adjacent to the Boca Raton Tri-Rail station. The Tri-Rail is a commuter train that serves the Greater Miami and Palm Beach areas. The developer will complete construction by summer 2027. Link at Boca will consist of eight stories containing 340 market-rate and workforce apartments as well as 24,000 square feet of retail. Rent restrictions on the workforce units were not disclosed. Comras Co. is leading retail leasing. The project is a public-private …

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Shea-Ravines
Affordable HousingDevelopmentMichiganMidwestNews

Woda Cooper, Cherry Health Break Ground on Affordable Housing Near Grand Rapids

by Lynn Peisner

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. have broken ground on Shea Ravines, a 56-unit affordable housing community in Wyoming, about six miles south of Grand Rapids. Shea Ravines will be a LEED-certified, four-story building with an elevator. It will offer 40 one-bedroom and 16 two-bedroom apartments for singles, families and seniors who earn up to 80 percent of area median income. The property will have 20 Permanent Supportive Housing (PSH) units. These units are specifically reserved for people experiencing homelessness or people with disabilities. The PSH units …

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Birmingham, Alabama
AlabamaInvestment SalesMarket ReportsSoutheast

Birmingham, the Southeast’s Quiet Contender, Steps into the Spotlight

by Lynn Peisner

By Chad Thomas Hagwood The most successful investors in Birmingham are those who have allowed the economy’s natural forces to do the work for them, counting on the city’s steady growth to raise rents and elevate operating income. Until about two decades ago, The Magic City was a sleeper market reserved for local multifamily investors, but the word has long since gotten out. Large, sophisticated institutions like Blackstone and Starwood Capital are now active participants. Birmingham produces such stable results because it offers an attractive quality of life at a …

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LaAvenida-Apartments
Affordable HousingCaliforniaDevelopmentFeaturesFinanceWestern

Specialized Financial Institutions Help Affordable Housing Developers Get Shovels in the Ground  

by Lynn Peisner

By Noni Ramos Across the country, affordable housing is facing intensifying headwinds. From Oakland to Omaha, developers are navigating rising construction costs, protracted approval processes and a funding landscape that rarely aligns with the urgency or complexity of the work. Public subsidies — while essential — are often insufficient to bring projects across the finish line. These conditions are particularly acute in high-cost regions, but they are playing out in communities of every size and type. In the face of these challenges, community development financial institutions (CDFIs) are stepping up. …

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