DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.
INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments, a 470-unit property in Indianapolis, for an undisclosed price. The community offers amenities such as a pool, fitness center, tennis courts, playground, dog park and pet wash station. Morgan Properties plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology.
KANSAS CITY, MO. — The Opus Group has finished constructing The Darby at Briarcliff, a 255-unit development in Kansas City. Owned by Balboa Real Estate Partners, The Darby at Briarcliff consists of two buildings, a four-story building with 186 units and a three-story building with 69 units. The property also includes 250 surface car parking spaces, 46 stand-alone garages, 78 carports and 120 covered bicycle storage spaces. Amenities include a pool, lounge with billiards, private event space, fitness center, work-from-home lounge, complimentary coffee bar, pet spa and dog run. The Opus …
Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …
MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …
LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor. Situated on 1.7 acres within the eastern portion of downtown Lincoln, Union at …
1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …
OVERLAND PARK, KAN. — Ryan Cos. has broken ground on The OsLo, a 413-unit complex in the Kansas City suburb of Overland Park. The project will rise four stories at the intersection of 135th Street and Antioch Road. Amenities will include smart technology, a spa, yoga studio, golf simulator, sound studio, coworking areas, a pool, pond and dog park. The OsLo is being built in partnership with operating partner EPC Real Estate Group. Ryan Cos. is serving as the developer, builder and capital markets provider. NSPJ Architects is the architect, …
EAST PEORIA, ILL. — Flaherty & Collins Properties has broken ground on Blutowne, a $65 million community in the Levee District of East Peoria. Merchants Bank of Indiana provided financing for the project, which will be centrally located near the municipal building and public library. The community will comprise 219 units across two buildings, as well as 10,000 square feet of commercial space and 276 parking spaces. Units will come in studio, one- and two-bedroom floor plans. Amenities will include a fitness facility, meeting space, saltwater pool and rooftop lounge. …
ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit community in the Chicago suburb of Arlington Heights. Approximately 30 of the units will be designated as affordable housing, but income restrictions for these units were not disclosed. The property will rise eight stories. Plans call for 25,000 square feet of ground-floor retail space and 17,500 square feet of amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. …
