Top Story

Empire Group Breaks Ground on $62.4 Million Build-to-Rent Community Near Austin

by Channing Hamilton October 5, 2023

HUTTO, TEXAS — Empire Group of Cos. has secured a $62.4 million loan to construct Village at Hutto Station, a build-to-rent development in the Austin suburb of Hutto. Arbor Realty SR Inc. provided the loan. The general contractor for the project is Legacy MCS. Empire Group began developing the community, which consists of 276 units on 30.6 acres, in August. Units come in one-, two- and three-bedroom floor plans ranging in size from 680 to 1,300 square feet. Amenities will include a pool and jacuzzi, barbecue and fire pits, a …

October 5, 2023

California Investment Sales News Western

Walker & Dunlop Arranges $174 Million Sale of Waterleaf in San Diego Suburb

by Channing Hamilton October 4, 2023

VISTA, CALIF. — Walker & Dunlop (W&D) has brokered the $174 million sale of Waterleaf, a 456-unit value-add community in the northern San Diego suburb of Vista. MIG Real Estate acquired the asset from MG Properties Group. According to W&D, this is the second-largest multifamily deal in San Diego in 2023. A W&D investment sales team led by Hunter Combs represented both the seller and the buyer in the transaction. Waterleaf is located minutes from downtown Vista and 30 minutes to downtown San Diego. The property is also in proximity …

October 4, 2023

Palladium Crestway in San Antonio, Texas

Affordable Housing Development News Texas

Palladium USA Begins Constructing $65 Million Affordable Community in San Antonio, Texas

by Channing Hamilton October 3, 2023

SAN ANTONIO, TEXAS — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable community in San Antonio. Income restrictions for the community have not been disclosed. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $27 million of equity. Palladium Crestway will include 271 units across three stories on a 10-acre site. Apartments come in one-, two- and three-bedroom floor plans. Amenities …

October 3, 2023

Investment Sales News Southeast Tennessee

CBRE Brokers $78.5 Million Sale of Broadstone SoBro in Nashville, Tennessee

by Channing Hamilton October 2, 2023

NASHVILLE, TENN. — CBRE has arranged the sale of Broadstone SoBro, a new 226-unit community in Nashville’s SoBro neighborhood. The name SoBro is shorthand for “South of Broadway.” AND Asset Management purchased the asset from an undisclosed seller for $78.5 million. CBRE’s Brett Carr, David Smithwick and Shea Campbell represented the seller in the deal. Broadstone SoBro was completed in 2022 and rises eight stories. The first three floors include the parking structure, and the top five floors comprise the residential component. Units come in studio, one- and two-bedroom floor plans …

October 2, 2023

Arizona Development Investment Sales News Western

Newcastle Properties Sells Acacia Creek Village in Scottsdale, Arizona for $100 Million Redevelopment

by Channing Hamilton September 29, 2023

SCOTTSDALE, ARIZ. — Newcastle Properties has sold Acacia Creek Village, a shopping center in Scottsdale, to an affiliate of the Trammel Crow Co. for $15 million. The purchaser plans to demolish the existing shopping center to construct a $100 million mixed-use project. The new property will include 215 residential units on 4.2 acres of land. A development timeline for the planned project has not been disclosed.

September 29, 2023

Falkland Chase in Silver Spring, Maryland

Affordable Housing Development Maryland News Northeast

APAH Plans $39.6 Million Redevelopment of Affordable Community in Silver Spring, Maryland

by Channing Hamilton September 28, 2023

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …

September 28, 2023

Connecticut Development Finance News Northeast

Eastern Union Arranges $19.6 Million For Conversion Project in Bridgeport, Connecticut

by Channing Hamilton September 27, 2023

BRIDGEPORT, CONN. — Eastern Union has arranged a $19.3 million construction loan to facilitate the conversion of a former healthcare facility in Bridgeport into a 150-unit community. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union brokered the loan, which covers a 24-month period on an interest-only basis. Dov Bakon served as underwriter for the transaction. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a …

September 27, 2023

The James at Springline in Richmond, Virginia

Development Finance News Southeast Virginia

Joint Venture Secures $53.6 Million to Build Mixed-Use Project Near Richmond, Virginia

by Channing Hamilton September 26, 2023

RICHMOND, VA. — A joint venture consisting of Cantor Fitzgerald, Silverstein Properties, Collins Capital Partners and Kaufman Jacobs has secured $53.6 million in construction financing for the first phase of Springline at District 60, the redevelopment of a former shopping center located in a qualified opportunity zone near Richmond. Truist Bank provided the financing. The first phase of the 42-acre project will include a community called The James at Springline, as well as a 150,000 square feet office building, an entertainment venue, specialty market and a structured parking facility. Future …

September 26, 2023

Development Investment Sales News North Carolina Southeast

Marcus & Millichap Brokers $84.8 Million Sale of Kelby Farms in Durham, North Carolina

by Channing Hamilton September 25, 2023

DURHAM, N.C. — Marcus & Millichap has arranged the $84.8 million sale of Kelby Farms, a 277-unit community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller was a partnership that includes Raleigh-based Woodfield Development. Kelby Farms was built in 2022. The community is currently under construction and is slated for completion next month. The asset was more than 70 percent occupied at the time of sale. Kelby Farms offers studio, …

September 25, 2023

California Development Finance News Western

JLL Arranges $42.7 Million to Construct Elements Apartments in Santa Maria, California

by Channing Hamilton September 22, 2023

SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.

September 22, 2023

Newer Posts

Older Posts