News

A rendering of the first building of Clara Bay Harbor's first phase

Clara Homes Breaks Ground on $26 Million First Phase of Miami Project

by Lynn Peisner February 16, 2023

MIAMI — Clara Homes has closed on a $26 million construction loan provided by Maxim Capital to fund the first phase of Clara Bay Harbor in Miami. Construction will be completed in three phases. The first phase, which begins in March and is estimated to be complete by summer 2024, will yield one 28-unit building with one- to five-bedroom floor plans. Amenities will include a rooftop pool and fitness center. Construction of the remainder of the project, which consists of 122 units within two additional six-story buildings, will begin later …

February 16, 2023

Us Bayou Park's pool area, enclosed by the white multifamily building behind it.

Development News Texas

Vero Sade Completes Redevelopment of 15-Year-Old Houston Property

by Channing Hamilton February 15, 2023

HOUSTON — Locally based developer Vero Sade has completed a renovation of the former City Vista property in Houston’s Allen Parkway corridor. The 404-unit community, originally developed in 2008, has been renamed Us Bayou Park, and Greystar has been appointment property manager. Us Bayou Park is currently 80 percent leased. Unfurnished units begin at approximately $1,700 per month. Furnished units are available for short-term stays. Vero Sade completed physical as well as programmatic updates. The property’s club house was redeveloped into a 10,000-square-foot multipurpose space used for co-working and for …

February 15, 2023

A 3D render of Sawyers Walk, a contemporary style apartment building.

Affordable Housing Company News Florida News Southeast

Coastal Construction Group Launches South Florida Affordable Housing Division

by Channing Hamilton February 15, 2023

MIAMI — Coastal Construction Group, a Miami-based general contractor, has launched an affordable housing division that will focus on workforce, affordable and seniors affordable development projects in South Florida. Hernan Acurio was hired to lead the division. Coastal Construction’s past affordable-housing projects include Poinciana Village in Key West, Florida, and Oasis and Shepherd’s Court in Miami. The firm currently is building Sawyer’s Walk in Miami for The Swerdlow Group. Sawyer’s Walk is an 18-story mixed-use project with 578 rent-restricted studios and one- and two-bedroom apartments reserved for lower-income seniors.

February 15, 2023

Development News Texas

FTK Construction Selected for $12.2 Million Renovation of Houston-Area Property

by Lynn Peisner February 14, 2023

HUMBLE, TEXAS — FTK Construction Services has been selected as the general contractor to lead a $12.2 million renovation of The Park at Humble Apartments in Humble, about 20 miles northeast of Houston. The owner of the property is Bellevue, Washington-based DevCo Residential Group. Regions Bank is the lender for the rehabilitation-project construction loan. The property was built in 2005 and has 216 one-, two- and three-bedroom townhome units. Construction will begin in May. The property’s interior renovations will include new paint, cabinetry, countertops, plumbing fixtures, flooring, light fixtures and …

February 14, 2023

Illinois Investment Sales Midwest News

Kiser Group Arranges $23 Million Chicago Portfolio Sale

by Kari Lloyd February 14, 2023

CHICAGO — Kiser Group has arranged the sale of a five-building apartment portfolio in Chicago for $23 million. The mostly vacant properties have a total of 198 units and are located within the northern Chicago neighborhoods of West Rogers Park, Bowmanville and Budlong Woods. The sale represents one of the largest transactions completed in 2022 throughout the far northside of Chicago, according to CoStar. Danny Logarakis, director of Kiser Group, brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The …

February 14, 2023

Investment Sales Iowa Midwest News

Thompson Thrift Sells 176-Unit Property in West Des Moines

by Kari Lloyd February 14, 2023

WEST DES MOINES, IOWA — Thompson Thrift has sold Watermark at Jordan Creek, a 176-unit apartment community in West Des Moines. The sales price and buyer were undisclosed. Completed in 2015 and located at 6455 Galleria Drive, the Class A property consists of four-story buildings with detached garages. Amenities include a resident social lounge, heated pool and spa, clubhouse, fitness center, dog park and community grilling areas. The community was 94 percent leased at the time of sale.

February 14, 2023

Affordable Housing Finance News Northeast Washington, D.C.

EagleBank Provides $25 Million in Construction Financing for Affordable Housing Project in Washington, D.C.

by Kari Lloyd February 14, 2023

WASHINGTON, D.C. — EagleBank, a Washington, D.C.-based community bank, has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a new 100 percent affordable development in the Park View neighborhood of Washington, D.C. The development is part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit former public housing property into a mixed-income community of nearly 500 units. Upon completion, the five-story development will offer 142 units, including 40 public housing replacement units. Planned amenities include a rooftop lounge, …

February 14, 2023

Rendering of Loci Capital and Maifly Development's affordable housing project in Tampa

Affordable Housing Development Florida News Southeast

Loci Capital, Maifly Break Ground on Mixed-Use Project in Tampa, Florida

by Lynn Peisner February 14, 2023

TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …

February 14, 2023

The pool area of Eden Apartments in Tempe

Arizona Investment Sales News Western

IPA Brokers $26.5 Million Sale of Eden Apartments in Tempe, Arizona

by Lynn Peisner February 14, 2023

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $26.5 million sale of Eden Apartments, a 112-unit community in Tempe. IPA Executive Managing Directors Cliff David and Steve Gebing represented the seller, Living Well Homes, and procured the buyer, Rise48 Equity. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and their team arranged acquisition financing. Eden Apartments comprises eight buildings that rise two stories and are situated on five acres. Amenities include a pool, fitness center, a laundry facility, picnic area and courtyard. Individual units have a balcony or private patio.

February 14, 2023

Farm Haus, AHV's new BTR property in San Antonio

Build-to-Rent Development News Texas

AHV Communities Completes 142-Unit Build-to-Rent Project in San Antonio

by Lynn Peisner February 14, 2023

SAN ANTONIO — Locally based single-family rental developer AHV Communities has completed its latest project in San Antonio, called Farm Haus. The duplex-style property includes 142 units available in two-, three- and four-bedroom floor plans. All units include two-car garages and fenced yards, as well as unit features such as quartz countertops; stainless steel, energy-efficient appliances; smart home technology and walk-in closets. Farm Haus’s 2,991-square-foot amenity building includes a fitness center, a kitchen, conference room and great room. Other community amenities include bocce courts, walking trails and a dog park.

February 14, 2023

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