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Broadstone Berry Hill in Nashville, Tenn.
DevelopmentNewsSoutheastTennessee

Alliance Residential Opens Broadstone Berry Hill Apartments in Nashville, Tennessee

by Channing Hamilton

NASHVILLE, TENN. — Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit community located at 2500 Bransford Ave. in Nashville. Units come in studio, one- and two-bedroom floor plans. Amenities include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a pool. The other includes an outdoor TV lounge, fire pit and turf area for lawn games. The property also includes a coffee shop and …

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Oxenfree at Princeton in Princeton, Texas
Build-to-RentColoradoDevelopmentIllinoisMidwestNewsNorth CarolinaSoutheastTennesseeTexasWestern

Core Spaces Expands Build-to-Rent Brand, Plans 4,000-Unit Pipeline

by Channing Hamilton

CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …

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Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Oppidan Breaks Ground on 119-Unit Affordable Housing Project in Raleigh, North Carolina

by Channing Hamilton

RALEIGH, N.C. — Oppidan Investment Co. has broken ground on The Pines at Peach, a 119-unit affordable housing community in Raleigh. Apartments will come in one-, two- and three-bedroom layouts. Income restrictions were not disclosed. The project is financed with Low Income Housing Tax Credits from the North Carolina Housing Finance Agency, Tax Exempt Bonds issued by Raleigh Housing Authority, debt financing from Redstone, tax credit equity from Aegon and gap financing from the City of Raleigh. Construction is slated to complete in summer 2025. Cline Design designed the project. …

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Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

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Affordable HousingDevelopmentNewsTexas

FTK Construction Launches $12.6 Million Renovation of Brookside Gardens Apartments in Houston

by Channing Hamilton

HOUSTON — FTK Construction Services has begun a $12.6 million renovation of Brookside Gardens Apartments, an affordable housing complex in Houston. The property was built in 2006 and comprises 240 units. Income restrictions for the community were not disclosed. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the building. KeyBank provided construction financing.

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The Kavista in Miami
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $60.9 Million for Refinance of The Kavista in Miami

by Channing Hamilton

MIAMI — JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit development within the El Portal neighborhood of Miami. JLL worked on behalf of the borrower, Barrington Brothers, to secure the two-year, floating rate loan through Värde Partners. Melissa Rose, Michael DiCosimo and Maddy McMillen led the JLL Capital Markets Debt Advisory Team. Upon completion in February of 2024, TheKavista will offer  one-, two- and three-bedroom units, as well as amenities such as a pool, lounge, theater, fitness center and EV chargers. The building …

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Chroma Apartment Homes in Los Angeles
CaliforniaDevelopmentNewsWestern

Fairfield Delivers 275-Unit Chroma Apartment Homes in Los Angeles

by Channing Hamilton

LOS ANGELES — Fairfield has completed the development of Chroma Apartment Homes, a 275-unit community in the Los Angeles neighborhood of Canoga Park. Located at 6709 Independence Ave. #100, Chroma Apartment Homes offers units in studio, one- and two-bedroom layouts. Amenities include a rooftop lounge, pool and spa, courtyards, a fitness center, co-working lounge, pet park and pet wash station.

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LEO at Cypress Creek in San Antonio, Florida
Build-to-RentDevelopmentFloridaNewsSoutheast

Advenir Capital Underway on $93.5 Million Build-to-Rent Community in Tampa Suburb

by Channing Hamilton

SAN ANTONIO, FLA. — Advenir Capital is underway on the development of LEO at Cypress Creek, a $93.5 million build-to-rent community in the Tampa suburb of San Antonio. The property will comprise 315 units across a 40-acre site. Units will come in a mix of standalone cottages, duplexes and townhomes. Floor plans range from one bedroom and 728 square feet to three bedrooms and 1,510 square feet. Planned amenities include a pool, clubhouse, fitness center, internet lounge, Wi-Fi connectivity, green spaces and a pet wash station. Site work for the …

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DevelopmentFinanceFloridaNewsSoutheast

Madison Communities, Heitman Secure $44 Million Construction Loan for Madison Bonita Springs in Bonita Springs

by Channing Hamilton

BONITA SPRINGS, FLA. — Madison Communities and Heitman have secured a $44 million construction loan for Madison Bonita Springs, a 252-unit project in the southwest Florida city of Bonita Springs. Patterson Real Estate Advisors arranged the funds through First Citizens Bank on behalf of the developers. BenCo is the general contractor. The development team plans to deliver the community by the end of 2025.

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Palladium Houston Ella in Houston
DevelopmentFinanceNewsTexas

Palladium USA, HCHFC Break Ground on $35 Million Palladium Houston Ella in Houston

by Channing Hamilton

HOUSTON — Palladium USA, in partnership with the Harris County Housing Finance Corp. (HCHFC), has broken ground on Palladium Houston Ella, a $35 million complex in northeast Houston. The community was designed by HEDK Architects. Brownstone Construction is the general contractor. Regions Bank provided $18 million of equity and Harris County provided $4.3 million in ARPA funding for the project.  Situated at 13420 Ella Blvd., Palladium Houston Ella comprises 146 units on a 7-acre site. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, fitness center, …

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