FORT WASHINGTON, PENN. — John McCullough has been promoted to the role of president at Toll Brothers Apartment Living, the multifamily division of Fort Washington-based Toll Brothers, Inc. In this role, McCullough will be responsible for leading all acquisitions, development, branding, marketing and operations across the company’s U.S. portfolio. He previously served as senior vice president and managing director at Toll Brothers Apartment Living from its inception in 2012. Prior to joining Toll Brothers, he worked for Tishman Speyer Properties. McCullough received a Bachelor of Science in Economics from the …
LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. …
FREDERICK, MD. — The Bainbridge Cos. has opened Bainbridge Market Commons, a 344-unit community in Frederick in western Maryland. Bainbridge Market Commons offers one, two, and three-bedroom apartments with stainless steel appliances, washers and dryers, plank flooring, ceiling fans, LED light fixtures and Wi-Fi smart thermostats. Amenities include a fitness center, co-working spaces, EV chargers, a dog park, outdoor playground, pool with cabanas, clubhouse and package room. The property is in the city’s Tech/Biotech Corridor, which The Bainbridge Cos. states is ranked in the top five for largest life science clusters in …
LIVINGSTON, N.J. — Continental Properties has received a $49.7 million construction loan for the development of Highgate at Livingston, a 169-unit development in Livingston. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL Capital Markets arranged the financing through Truist Bank. Highgate at Livingston will rise four stories. Units will come in one-, two- and three-bedroom floor plans. Amenities include a clubhouse, private dining, a fitness center with a yoga studio, co-working lounge, pool, outdoor kitchen, bar, outdoor TV lounge and a dog run. A construction timeline for …
WASHINGTON, D.C. — JLL Capital Markets arranged the sale of The Shay, a 245-unit community located in the Shaw neighborhood of Washington, D.C. Robert Jenkins and Bret Thompson led the Investment Sales and Advisory team representing the seller. Built in 2015, The Shay features studio, one- and two-bedroom units and amenities such as a pool with a sundeck, two rooftop decks, a catering kitchen with a dining area and a fitness center. The buyer was not disclosed.
WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan for the redevelopment of Mazza Gallerie, a former shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the loan. Mazza Gallerie will be converted into a mixed-use community with 320 apartment units, over 800 parking spots and 90,000 square feet of retail space. The mall’s 70,000-square-foot retail concourse will be anchored by a T.J. Maxx. The project’s residential component and first retail openings are expected to complete in 2025. Davis Construction and Smoot Construction are …
The construction of new build-to-rent (BTR) homes hit a record in 2022, with more than 14,500 houses completed, according to a RentCafe analysis of Yardi Matrix data. This is a 47 percent increase in deliveries from 2021. Now, approximately 44,700 BTR homes are under construction across America, triple the number of new homes completed in 2022. Prior to 2020, RentCafe notes, only about 6,000 BTR units were completed annually. RentCafe cited data from the firm’s sister company, Yardi Matrix. The data includes properties defined as single-family homes for rent that are in build-to-rent, …
BROOKLYN, N.Y. — National Equity Fund, in partnership with Iris Holdings Group, has provided a $12.5 million loan to refinance a portfolio in Brooklyn through the firm’s Workforce Housing Innovation Fund. Iris Holdings Group is managing the development of the portfolio, which is called The Jefferson MacDonough Portfolio. The Jefferson MacDonough Portfolio comprises 56 units across five buildings in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-, two- and three-bedroom units.
BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …
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Single-Family Rental, Build-to-Rent Sector Increases Supply Volume, Attracts Institutional Capital
By Jeff Coles, Berkadia Over the last 15 years, even during the Great Recession, single-family rentals continued to deliver excellent returns through appreciation and rental income. As demand for the sector has increased significantly, driven by changing migration patterns, many investors are shifting their investment strategies to include single-family rental/build-to-rent homes (SFR/BTR), also referred to as built for rent (BFR) houses. Development and Interest in SFR/BTR Despite recessionary rumors, development is continuing, often undertaken by some of the leading developers in the for-sale single-family market. Also, institutional investors have shown …