Northeast

A 3D render of Ltd. Med Center, a contemporary-style community in Houston.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton April 24, 2023

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

April 24, 2023

Town Hall Terrace, a brick federal-style multifamily property.

Investment Sales New York News Northeast Seniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton April 17, 2023

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

April 17, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

Affordable Housing Development Massachusetts News Northeast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner April 6, 2023

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

April 6, 2023

A white single-family home with black accents.

Build-to-Rent Industry Voices Midwest Northeast Southeast Texas Western

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton April 3, 2023

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse — the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

April 3, 2023

A 3D render of the Quill by Alta, a multifamily complex in Baltimore.

Development Maryland News Northeast

Wood Partners Breaks Ground On The Quill by Alta in Baltimore

by Channing Hamilton March 30, 2023

BALTIMORE — Atlanta-based developer Wood Partners has broken ground on The Quill by Alta, a 270-unit community in Baltimore’s Federal Hill district. The Quill by Alta will offer studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a tanning deck, an outdoor entertainment area, a gaming area, a dog park and a rooftop lounge. The development serves as phase two of Wood Partners’ Alta Federal Hill project, which was built in 2021. The Quill by Alta will open next year, with preleasing slated for the first half …

March 30, 2023

A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts

Affordable Housing Massachusetts News Northeast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner March 28, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

March 28, 2023

Affordable Housing Connecticut Development News Northeast

Toll Brothers and Harris Realty Will Develop $136 Million Piper in Norwalk, Connecticut

by Lynn Peisner March 24, 2023

NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …

March 24, 2023

Affordable Housing Development News Northeast Washington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner March 23, 2023

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

March 23, 2023

Development New Jersey News Northeast

Northmarq Arranges $62 Million in Construction Financing for Hackensack TOD

by Lynn Peisner March 22, 2023

HACKENSACK, N.J. — Northmarq’s New Jersey regional debt and equity office has arranged a $62 million construction loan for 321 Main Street in Hackensack. The seven-story, mixed-use building will include 270 apartments over two floors of garage parking and approximately 8,700 square feet of street-level retail. The property will consist of 20 studios, 189 one-bedroom units and 61 two-bedrooms. Amenities will include a dog-walking area, a third-floor elevated courtyard, a clubroom and fitness center, bike storage and a concierge desk. The project was conceived under the Hackensack Redevelopment Plan, which …

March 22, 2023

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