Reminding prospects who stop by the community for a tour is a great way to build rapport with pet owners. Image courtesy of Sprout Marketing

When prospects call the Village at Chestnut Hills, an apartment community in Philadelphia, they have the option of being transferred to the front desk. They’ll actually be talking to the call center, but the image of the front desk is appealing because it creates a personal connection that is often lacking in this technology-driven world. It’s a grassroots marketing move that helps the brand stand out.

Grassroots marketing is also known as guerrilla marketing or outreach marketing. It uses surprise and unconventional interactions to promote a product or service. Campaigns rely on low-cost and innovative techniques to leave a lasting impression on apartment consumers and ensure brand recall. These types of efforts draw from concepts popularized 40 years ago in Jay Conrad Levinson’s 1984 book Guerrilla Marketing.

High tech and high touch

An avid interest in guerrilla marketing has influenced how Tené Williams, founder and fund manager, Clearview Eastern Fund, builds her client list. “We have to remember we’ve got all this tech, but it’s still about the person,” said Williams. Conversations enable connections between people, and that’s why Williams invites prospects to small, intimate luncheons.

“That is the key to my success,” explained Williams. “These little luncheons are not new to the world. We’ve been doing things like this in the finance industry for probably two generations. I call it the Legacy Tour. We invite high net worth individuals within 10 miles of the event space to a lunch or brunch or dinner and sometimes we include entertainment.”

Williams’ team does two mailings of upscale wedding-style invitations in postcard format to their list of accredited investors. These are high net worth individuals with at least $250,000 a year in income or a million dollars in assets. The second part of the campaign is to upload that contact list to Facebook and Instagram, which allows you to upload your own contact list as a lookalike audience and then it will go within that geo-targeted area.

“The hope is that the same person we sent the postcard to will now see the social invite as well,” Williams said. “They’ll see our ad online. And once we get them over to our site, if they click to have a look, we’ll be geo-targeting with our ads following them all over the place.” Her team also does geo-targeting around the event location. People who are going into a local restaurant or event location will see the ads.

According to Williams, it takes about 3,000 leads to get an average of 40 or 50 people to come to the events. “That’s how we do it,” she said. “Then, at that event, we’re letting them know about how to buy passive income in these private offerings that we do in the multifamily business.”

Hitting the pavement

“When we talk about our marketing plans and what we’re going to do each month and how we’ll drive traffic at certain locations needing more than others, guerrilla marketing is always one of the categories we’ll brainstorm,” Johanna Adolfs, director, sales and marketing, Cardinal Group Companies, explained.

Adolfs oversees the student housing side of the company. In that realm, hitting the pavement, having a presence on campus and getting in front of people to remind them Cardinal is an option are super important. The student demographic is an ever-changing environment with incoming freshmen arriving and graduating students leaving. On top of reputation, the marketing team must keep brand awareness strong as the population continually swaps out.

“When we go on campus to talk to students, we’re building rapport to help drive traffic back to the communities,” Adolfs said. “Usually our conversations are centered around some kind of campaign we’ve rolled out.” Every year Cardinal Group Companies comes up with an umbrella campaign for all of its communities including cool graphics for digital items, signage and fliers used for outreach marketing.

According to Adolfs, when community teams have a centralized message to come back to for their outreach marketing, it enhances their creativity and elevates their community marketing.

“On the conventional community side, we are a bit more focused on business partnerships and on hosting events at those partnerships,” Adolfs said. “We are making sure we have some exclusive deals for our residents, but also figuring out where our target demographics are for each of those communities and hanging out in those areas.”

Sometimes that means having a presence at the fun fall markets that are set up during the season. Cardinal also appears at neighborhood restaurants. “Maybe we’re doing some free coffee at local coffee shops, or we’ll be visible at retail spots connected to the apartment community,” Adolfs added. “Those are the types of outreach marketing we do for the conventional side.”

Unconventional messaging

Sprout Marketing encourages creativity with collateral that’s personalized by the community. Image courtesy of Sprout Marketing

When a community is having trouble getting people in the door for a tour, in-person marketing puts a face to a name, according to Barbara Savona, CEO, Sprout Marketing. A former multifamily property manager and regional supervisor, Savona brought her marketing background to those positions and guerrilla marketing was part of the game plan. “When I started Sprout in 2009, we were in a similar economic period where community teams were having to do a lot more heavy lifting,” she said. “I think we’re back in that place now.”

“Marketing teams that have been coasting are now feeling it, and those that have been creative all along are keeping their tools sharp,” Savona added. Grassroots marketing can help with unconventional messaging that can get prospects to visit a community and unique takeaways that AI won’t be able to do.

For example, a community was marketing their two-bedroom, two-bath apartment homes. According to Savona, the guerilla/grassroots idea was to go out marketing with a hot pink (ballerina) tutu because they had the hottest “two-twos” in town. Another concept that has worked well for Sprout clients is sending a flipflop in the mail during summer to people who have toured along with a note saying, “You’ll flip for our community.”

If marketing to medical centers, and thinking about the target demographic, coming up with a tagline that matters to them might be, “Are you tired of paying out of the nose?” Savona said, “Include tissue paper, and it brings your special or promotion to life in a visual way.”

Track the results

The artist-in-residence program connects local artists with RangeWater’s communities to provide an immersive experience for residents. In Atlanta, GA, The Maverick features a four-story mural created by artist Courtney Brooks. Image courtesy of RangeWater

From reliable email marketing to the shiny new object, multifamily marketers have more options than ever for capturing the market. Along with these methods, Mike Whaling, president and founder, 30 Lines, would like to see more people putting some effort into guerrilla marketing because it works.

According to Whaling, it leads to someone Googling you or clicking on your ad or checking out your social. You have to build awareness and get in front of them first, and then all of the performance marketing channels kick in and do their thing. “It’s harder to track, but this is the stuff that’s really fun,” he said. “It’s the stuff people remember.”

For Whaling, guerrilla marketing is about breaking patterns in a way that makes people stop and take a look—and complements other more traditional channels.

Another way to approach guerilla marketing is through art. Dana G. Pate, managing director of marketing and PR, RangeWater, creates murals and beautiful interiors that get people snapping and sharing selfies at her communities.

RangeWater’s Atlanta community Skylark uses a mural painted by local artist Eric Nine to engage with prospects. Image courtesy of RangeWater

“Today’s prospects are yearning for authentic, hyper-local experiences in all aspects of their lives—from the items they buy and jobs they work to the places they call home,” Pate said. “At RangeWater, we believe infusing the talents of neighborhood artists into our physical spaces provides just that. We capture their attention with a wildly impactful piece but sustain their interest by inviting them to participate in the story. It gives purpose to our properties.”

Guerrilla marketing can be fun, but you still need the strategy along with the creativity even if the team is small and spread thin, stressed Whaling. Capture the content so other prospects see it on social media. If you are inviting the public to your lobby for unplugged acoustic concerts, be sure to include a call for action with QR code or request to “text us” (Did you love the concert tonight? Do you want to take a tour?).

“Making notes about community outreach campaigns and events and what happened afterwards in terms of uptick in website traffic or more phone calls is essential,” Whaling said. “The apartment industry is numbers driven. If you can’t track the results of guerrilla marketing, it doesn’t get the backing and it doesn’t get the investment.”

The post Advice for Parlaying Guerrilla Marketing Into Prospects appeared first on Multi-Housing News.

39 High Street rises six stories in the Journal Square neighborhood. Image courtesy of JLL

A partnership between Spitzer Enterprises and Titanium Realty Group has landed $18.6 million in refinancing for 39 High Street, an 83-unit luxury community in Jersey City, N.J. Delaware Life Insurance Co. provided the fixed-rate loan, according to public records, while a JLL team represented the borrower.

In 2020, the developer obtained a $20 million construction loan from BMO Bank, Yardi Matrix data shows. Construction on the property started one year later.

Completed earlier this year, the building rises six stories with studio, one-, two- and three-bedroom floorplans. Apartments feature washers and dryers, along with private balconies or patios in select units.

Common-area amenities at the 0.4-acre property consist of a tenant lounge, fitness center, roof terrace, bike room and 18 parking spaces. In addition, residents also have access to a clubhouse and a children’s playroom.

The transit-oriented community is at 39 High St., close to several dining and retail options. Downtown Jersey City is 1.6 miles away, while Manhattan is some 8 miles northeast. Newark Liberty International Airport is within 9 miles of the property.

The JLL Capital Markets Debt Advisory team included Managing Director Matthew Pizzolato, Director Max Custer and Analyst John Cumming. Earlier this year, Pizzolato was part of the team that arranged the $49.5 million refinancing for Walnut Hill, a 177-unit luxury community in Clark, N.J.

Steady multifamily inventory

According to Yardi Matrix, there are more than 180 properties under construction in the New Jersey market, amounting to more than 40,000 units. This year, 52 communities—or 8,543 units—were completed, while several other projects that were slated to come online will likely be delayed until next year. Last year, 68 multifamily properties totaling 12,898 units were added to the inventory, the same source shows.

Earlier this fall, Malas Development has received $74.2 million in construction financing for the development of a 256-unit community in Teaneck, N.J. The six-story building is slated for completion in the second half of next year.

The post Titanium Realty JV Lands $19M Refi for Jersey City Community appeared first on Multi-Housing News.

The ClearHome Self Storage facility is taking shape less than 10 miles from downtown Denver. Image courtesy of VanWest Partners

VanWest Partners has broken ground on a 93,000-square-foot self storage facility in Denver. The property will be under the ClearHome Self Storage management and brand and is set for delivery in the first quarter of 2025.

The storage facility will replace a former two-story office building, completed in 1978, which has since been demolished. The development team includes Galloway Architecture, which serves as architect and civil engineer, as well as Waner Construction as general contractor. According to Yardi Matrix data, the developer funded the project with a $13.7 million construction loan, originated by Wintrust Bank, with a maturity date set for 2028.

Upon completion, the five-story building will offer Class A, climate-controlled units. ClearHome Self Storage facilities typically offer units ranging in size between 25 and 300 square feet, with amenities such as auto pay, boxes and moving supplies and online bill pay, among others.

The property is taking shape on 1 acre, at 2425 S. Colorado Blvd., near Interstate 25 and less than 10 miles from downtown Denver. The facility will be one of the 16 available within a 3-mile radius, offering residents 6.2 rentable square feet per capita. As of December, Denver had eight self storage properties under construction, set to add 573,361 rentable square feet per capita to the existing inventory, Yardi Matrix data shows.

Self storage development has been slightly affected by changes that took place in the market, particularly rising interest rates, which makes lenders lean more on the cautious side when it comes to financing new projects.

The post VanWest Breaks Ground on 93 KSF Self Storage in Denver appeared first on Multi-Housing News.

Marissa Kasdan has worked on KTGY’s Thrive Hall concept, which focuses on design that addresses students’ mental health and wellness. Image courtesy of KTGY

In the past few years, student housing design has evolved significantly, going beyond traditional functional spaces and supporting all aspects of students’ lives. Both designers and developers have become more aware of the rising need for wellness features, so their focus has shifted toward creating more spaces with natural light, outdoor areas, biophilic elements and collaborative areas.

As poor mental health is still a pressing matter for young adults, student housing operators and designers have brought online communities that put both mental and physical performance first, fostering an environment where students can interact and work together, while also having alone time. Thrive Hall, KTGY‘s student housing concept, addresses the younger generation’s mental health by incorporating a range of wellness features into design.

In the below interview with Multi-Housing News, Marissa Kasdan, the firm’s director of research and development, talks about how much students’ needs have changed lately and reveals how thoughtful design can make a difference when it comes to their overall wellbeing.

READ ALSO: Enhancing the Student Housing Experience—Inside Campus Apartments’ Strategy

In the past decade, students have become more intentional about their living spaces. What are some of the latest trends shaping student housing design?

KTGY’s Thrive Hall concept includes walking trails and paths, connecting residents to nature and integrating physical activity into daily life. Image courtesy of KTGY

Kasdan: Everyone wants autonomy over their living environment. Individualized sleeping spaces and localized common spaces let students take a tailored approach to studying, exercising, relaxing, and sleeping. With a rising number of young people actively managing personal mental health challenges, the need to adapt one’s living space to accommodate unique health and wellness efforts has also grown.

Students are taking a more proactive approach to their personal wellness and a consideration for how design can encourage students to connect with each other, build social bonds, spend less time alone in their rooms, and adopt healthy habits, helps create an environment where students can thrive.

How have students’ housing preferences changed?

Kasdan: For a while, we saw students’ preferences lean toward larger units and more luxurious resort-style amenities. Fancy features appeal to incoming freshmen, but the reality of rising tuition and housing costs pushes students to reexamine their priorities. In 2023, total student loan debt in the U.S. topped $1.77 trillion. The overwhelming burden of student loan debt can be, in part, addressed by how we choose to design campus life.

Can thoughtful design really contribute to students’ mental well-being? What specific features does KTGY integrate into its projects to support their mental health?

KTGY designed lounge spaces shared between 30 to 50 people to help build personal connections among students. Image courtesy of KTGY

Kasdan: Recently, we have been doing more research about what design features could better support the mental health of student residents. We realize that the current design strategies for student housing often inadvertently encourage students to spend significant time alone. Units typically allow students to eat, sleep, and study without ever leaving their private space.

By making private units and sleeping spaces smaller and shifting more space to lounge areas shared between a manageable group of 30 or 40 students, social connections are encouraged, and students build bonds with those around them. Smaller sleeping spaces mean that study areas are relocated to shared zones, designed to support a variety of study styles. This helps to create a separation between the relaxation of sleeping spaces and the focus of study areas, increasing the productivity of both.

READ ALSO: How Student Housing Can Support Mental Health

Designing spaces that encourage rest and an active lifestyle at the same time can be a challenge. How can designers strike a balance between the two?

Kasdan: Combining a balance of actively and passively programmed amenity spaces can help students achieve both an active lifestyle as well as relaxation. For student housing, that might mean outdoor seating areas framed with native plantings adjacent to running paths and open lawn areas. Simple climbing structures and outdoor games are easy and accessible ways to integrate exercise, relaxation, and social time while getting students out of their rooms.

Can you expand on why it’s important today for student housing communities to include sustainability features and biophilic design?

Kasdan: Sustainability features are becoming less and less optional considering the long-term effects on our environment. Biophilic design makes it easier for students to form a positive emotional connection to their living environment and is often more sustainable than alternatives.

Outdoor space is critical to anyone’s mental health, but especially that of young people. Purposeful outdoor space gets students out of their dorms, making it fun and easy to spend time outside their peers. These considerations are important for both the health of residents and the future of our environment.

KTGY has a dedicated concept, Thrive Hall, that addresses students’ wellness and mental health needs through several vectors. How are those objectives translated into tangible design elements?

Kasdan: The seven design objectives used in KTGY’s R+D concept, Thrive Hall, include: creating community, reinforcing community, connection to nature, quality rest, intentional study spaces, active lifestyle, and mental health support. To create community, we organized the units into pods of 30 students and reinforced their connection through shared lounge spaces. Intentional study spaces were relocated from within private rooms into shared areas throughout each pod.

Separation of work from sleep helps to improve the effectiveness of both, as the negative association with school stress impacts one’s ability to sleep. Sliding walls incorporated into shared sleeping rooms form a visual and auditory buffer, solving for roommates with incompatible sleep schedules. The shared spaces within each pod allow for views of nature and daylight, as opposed to the typical enclosed corridor.

The community is divided into a series of smaller buildings, each with its own fitness area, making daily activities more accessible to residents. The series of buildings on the site are woven together by a series of landscaped courtyard spaces, intertwined with a stream and walking path. We also understand that residential design can only do so much for students who are significantly struggling with mental health. All these ideas are intended to work in tandem with professional mental health support. For Thrive Hall, we proposed incorporating mental health support within the building, removing barriers to access and potential stigma.

Please tell us more about fostering a sense of community through housing pods.

Kasdan: Research by the British evolutionary anthropologist Robin Dunbar found that groups beyond 150 individuals led to an inability for group members to ‘function effectively in social relationships.’ Ideally, groups of 50 or fewer friends, including 15 good friends and five intimate friends, support healthy relationships. Often, student housing communities are designed to house hundreds if not thousands of residents. By creating pods of rooms and shared spaces intended to house 30 individuals, student housing can support the formation of strong friendships and connections.

READ ALSO: Designing Student Housing for the Modern Renter

Following your experience with Thrive Hall, how difficult is it to design student housing communities with mental health in mind?

Kasdan: None of the ideas being proposed in the Thrive Hall concept are costly or outrageous. Many of these ideas have yet to be realized in student housing developments because our developer clients see a risk in rethinking their current student housing strategy. We anticipate that some of the smaller, less disruptive ideas will be incorporated initially and that more significant changes may take longer to come to market.

Looking ahead, how does KTGY envision the future of student housing design and what role do concepts like Thrive Hall play in shaping the industry’s direction?

Kasdan: Student housing design is always changing. A couple of decades ago, we saw a shift from dorm-style units with shared bathrooms down the hall to apartment-style units with multiple bedrooms and bathrooms in each unit.

The ideas proposed in the Thrive Hall concept come out of our research into the needs of the current generation and how design can best meet those needs. As the next generation grows into adulthood, their unique wants and challenges inform what student housing looks like for their generation. KTGY’s R+D Studio is focused entirely on efforts such as the Thrive Hall concept to understand how creative design can respond to societal changes and shape the future of residential architecture.

The post When Student Housing Design Shores Up Mental Health appeared first on Multi-Housing News.

Wave Street Condos includes an ADA-compliant unit. Image courtesy of GPR Ventures

GPR Ventures, together with Duke Capital Ventures, has completed Wave Street Condos, a four-unit condominium project in Monterey, Calif. The luxury condos are marketed for sale by Keller Williams, Inc.’s The Ruiz Group.

The property is at 457 Wave St. and includes two-story homes with units ranging in size from 1,340 to 1,400 square feet. Each condo includes either two or three bedrooms, walk-in closets, two private balconies, ceramic countertops, energy-efficient vinyl patio doors and hardwood floors. Additionally, there is one ADA-compliant unit equipped with a first-floor bedroom, a bathroom, elevator access and other amenities designed for individuals with limited mobility.

Wave Street Condos is 4 miles from Monterey Regional Airport, 6 miles from Pebble Beach Resorts, 17 miles from Carmel Valley, Calif., 44 miles from Santa Cruz, Calif. and within 72 miles of San Jose.

Among recent luxury condo projects completed in Northern California was Lennar Corp.’s Madison, totaling 77 units in San Francisco. The property was officially opened in early November and is situated within The San Francisco Shipyard, a master-planned community.

Top amenities remain in demand for condos

The Fed’s monetary policy and other economic headwinds contributed to a rough year for the condominium market, according to a recent in-depth look at the sector by Multi-Housing News. According to Noam Ziv, CEO of El-Ad National Properties, top amenities such as work-from-home spaces will remain at the top of clients’ lists through 2024, and projects that will capitalize on this demand will likely succeed.

A recent example includes Nan Shin’s upcoming project in Honolulu. The developer secured a $528 million construction loan for Park on Ke’eaumoku, a 972-unit condominium project in the Ala Moana neighborhood. The property will include an amenity deck with a movie theater, coworking spaces and fitness center, among many other features.

The post Duke Capital, GPR Complete Northern California Condo Project appeared first on Multi-Housing News.

Completed in 2016, Presley Uptown is located in Charlotte’s central business district. Image courtesy of Yardi Matrix

JLL Income Property Trust has sold Presley Uptown, a 230-unit community in Charlotte, N.C. Eaton Vance Investment Managers purchased the property for $65.8 million and assumed the outstanding balance of a $30 million loan, Yardi Matrix data shows. Insurance company Swiss Re originated the 10-year loan in 2019, when JLL acquired the property for $55.3 million, according to the same source. Cushman & Wakefield advised the seller.

Completed in 2016, the Class A community encompasses studio, one-, two- and three-bedroom layouts, varying between 450 and 1,525 square feet, along with ground-floor retail. In-unit features include washers, dryers and private balconies or patios in select apartments.

Common-area amenities at the 2.2-acre property consist of a fitness center with a yoga room, clubhouse, business center, pet spa, cyber café and a swimming pool with cabana clubroom. In addition, there are some 290 parking spaces available.

Located at 900 E. Brooklyn Village Ave. in downtown Charlotte, the building is 1 mile from Metropolitan shopping center and a Target store. Novant Health Presbyterian Medical Center and Atrium Health Carolinas Medical Center are within a 2-mile radius, while Charlotte Douglas International Airport is 6.3 miles west.

Cushman & Wakefield Senior Director Michael Saclarides led the team that worked on behalf of the seller. Earlier this year, Saclarides represented Switzenbaum & Associates in the $96.3 million sale of Sycamore at Tyvola, a 288-unit community in Charlotte.

The Queen City faces headwinds

Year-to-date through November, multifamily transactions in the Charlotte metro totaled $1.8 billion, a steep decline from the $5.5 billion in assets that changed hands over the same period of last year. A total of 111 properties, or 21,224 units, traded last year in the 11 months ending in November, compared to only 43 communities, or 7,899 apartments, during the same time this year.

Recent transactions in Charlotte include FriedLam Partners’ acquisition of two multifamily properties, adding 292 units to its inventory. The pair of communities came online in 1986 and were sold for roughly $34 million.

The post JLL Income Property Trust Sells $66M Charlotte Community appeared first on Multi-Housing News.

Image courtesy of Multifamily Matters

Multifamily Matters is the only weekly one-hour, broadcast radio show in the nation that is solely dedicated to multifamily industry operations.

Tune in every Saturday to Houston’s AM – 1070 at 11:00 AM CST to listen to the show’s Host & Executive Producer, Paul Marks, CAS, and multifamily industry experts discuss topics and issues that affect the apartment industry.

This week’s show

On this week’s show we are discussing a topic that is important and timely for the multifamily industry.  It will air at 11:00 AM CST this Saturday, December 9th and is entitled Workload Reshaped: Trends Transforming Multifamily Productivity.

Our special guests this week are two longtime multifamily industry veterans, both sought after national educators and speakers, Jen Piccotti, the President of Swift Bunny, and Kara Rice, Vice President of Education at Swift Bunny.

Other ways to listen

You don’t have to listen to Multifamily Matters only on the radio…here are some other ways you can listen:

• Listen to a live stream Saturday’s at 11:00 AM CST on the AM – 1070 website – https://am1070theanswer.com/
• Listen live Saturday’s at 11:00 AM CST on the iHeartRadio app or on the AM – 1070 app
• Listen to any archived episode anytime at the Multifamily Matters radio show website’s Episodes page –www.multifamilyradio.com
• You can listen to any episode on the Apple Podcasts, Stitcher, Spotify, TuneIn and Google Podcast platforms

Please go to our website and follow us on LinkedIn, and Facebook.

The post Tune In to This Week’s Multifamily Matters! appeared first on Multi-Housing News.

Franklin Park Alamo Heights is a premier senior community within the San Antonio market. Image courtesy of JLL Capital Markets

Harrison Street and Franklin Park have sold Franklin Park Alamo Heights, a 221-unit senior housing community in San Antonio. JLL Capital Markets arranged the recapitalization transaction and placed the acquisition financing with a Freddie Mac loan for buyer Artemis Real Estate Partners, who has retained Franklin Park as manager in a new joint venture.

JLL Capital Markets Senior Managing Directors Richard Swartz and Jay Wagner, Director Jim Dooley and Associate Jack Griffin were part of the Investment Sales and Advisory team, while Managing Director Allison Holland arranged the financing.

READ ALSO: What to Expect for Senior Housing in 2024

An extensive range of amenities and services

Franklin Park Alamo Heights comprises 117 independent living units, 64 assisted living units and 40 memory care units. The luxury community includes a four-story building dedicated to independent living units that connects to a four-story assisted living building. The latter extends into a single-story memory care wing. The facility provides transportation services, on-site medical and dental care, wellness screenings, assistance with everyday activities, concierge services and a full-service kitchen.

The Class A property incorporates one-, two- and three-bedroom floorplans ranging between 908 and 1,684 square feet. Common-area amenities include a swimming pool, a fitness center, a business center, a game room, library, a theater, a grand ballroom, a beauty salon, a dining room and barbecue areas.

Located on West Sunset Road, Franklin Park Alamo Heights is in the heart of Alamo Heights, Texas, near the intersection of Route 281 and Interstate 410, which provide direct access to downtown San Antonio. Alamo Quarry Crossing Shopping Center, North Star Mall and San Antonio International Airport are all within a 2.5-mile radius of the property.

The post San Antonio Senior Community Scores Recap With New Investor appeared first on Multi-Housing News.

Clarkson Estates is part of New York’s $1.4 billion Vital Brooklyn initiative. Image courtesy of CetraRuddy Architecture

CAMBA Housing Ventures has broken ground on Clarkson Estates, a 328-unit permanently affordable passive housing development in Brooklyn, New York. The project is part of New York’s $1.4 billion Vital Brooklyn initiative focusing on multiple community improvement segments. Completion is expected in spring 2026.

Financing for the $237.9 million project includes:

• $104.8 million in New York State Housing Finance Agency Private Activity Bonds
• $101 million in federal LIHTC equity from Goldman Sachs Asset Management syndicated by CREA
• $2.5 million from the Clean Energy Initiative
• $13.6 million from the Federal Housing Trust Fund
• $10 million from the New York State Office of Temporary and Disability Assistance through the Homeless Housing Assistance Program
• $2.5 million from the Federal Home Loan Bank of New York Affordable Housing Program
• Rental and service subsides for the supportive units from Empire State Supportive Housing

Designed by CetraRuddy the nine-story property will comprise one-, two- and three-bedroom floorplans. Apartments are reserved for individuals earning at thresholds of 30, 40, 50 and 70 percent of the area median income, with 164 of the units being classified as supportive housing for formerly homeless people and formerly incarcerated individuals. Amenities at the community will feature laundry facilities on every floor, community rooms, computer room, bike storage and basketball gym.

The development also includes 30,000 square feet for supportive facilities such as CAMBA’s Economic Development and Workforce Training Center, Health Homes and Screening Center, Adult Education and Financial Literacy Office, CURE Violence Prevention and Medication Center and the Youth Education and Development Center, along with a food pantry, café and childcare facility.

Affordable housing development in Brooklyn

Located at 329 Clarkson Ave. in Brooklyn’s Flatbush neighborhood, the Opportunity Zone site previously served as a parking lot for SUNY Downstate Medical Center. Being adjacent to Kings County Hospital and close to Prospect Park, the lot was previously owned by The Health Science Center at Brooklyn Foundation.

As of June, Brooklyn’s under-construction residential pipeline included 18,879 units, of which 27 percent belonged to the fully affordable segment, according to a recent Yardi Matrix report. During the first half of the year, construction started on six properties totaling 1,849 units—representing 12.7 percent of stock. In the same period, only one 135-unit community came online in the borough, the same source shows.

The post CAMBA Breaks Ground on Brooklyn Affordable Community appeared first on Multi-Housing News.

Ironwood Homes at Rosefield will open in 2025. Rendering courtesy of Sunstone Two Tree

A joint venture of Capital Square and Sunstone Two Tree—the company that resulted from the merger between Sunstone Properties Trust and Two Tree Capital—has broken ground on Ironwood Homes at Rosefield in Glendale, Ariz.

The 320-unit single-family rental project will be developed through Capital Square’s project-specific platform, Capital Square Glendale BFR, an entity launched in March with the aim to raise roughly $49 million in equity from SFR-BTR investors.

Ironwood Homes at Rosefield is set to encompass 102 detached homes averaging 1,655 square feet and 218 townhomes averaging 1,257 square feet. All residences will be two stories high, with direct garage access and private yards. Common-area amenities are slated to include a swimming pool, spa and fitness center, along with barbecues, parks and sports courts. Completion of the project is anticipated in the summer of 2025.

READ ALSO: What’s on the Horizon for the SFR Market?

Located at the intersection of Northern Parkway and North Sarival Avenue, the 29-acre lot is next to the Luke Air Force Base and roughly 30 miles west from Phoenix. The upcoming property will also be directly adjacent to the Wildlife World Zoo Aquarium & Safari Park and some 13 miles from the Phoenix-Goodyear Airport.

Sunstone Two Tree currently has nine single-family-rental communities under development in Arizona, totaling some 1,500 units. The company has recently opened a 103-unit townhome property in Phoenix’s Avondale suburb, also operating under the Ironwood brand.

The post Capital Square JV Breaks Ground on Phoenix SFR Project appeared first on Multi-Housing News.

The 123-unit project will cater to active adult seniors. Image courtesy of JLL Capital Markets

United Group of Cos., through borrower UW Senior LLC, has received $35 million in financing for The Arbella at Bramble Hill, a 123-unit senior housing project in Worcester, Mass. JLL Capital Markets secured the construction loan from Washington Trust, on behalf of the borrower.

Other partners involved in the project include Marchionda & Associates, Syvertsen Rigosu Architects and Campanelli Associates Construction Corp. The construction of the three-building development is set to be completed by the beginning of 2025, with the upcoming community catering to active seniors over the age of 55.

According to Worcester Business Journal, United Group purchased the development site in June for $4.9 million from Premier Property Group of Dracut. Allerton Development Group sold the lot to Premier in 2018 for $820,000, as reported by MassLive.

The Arbella at Bramble Hill is set to encompass one- and two-bedroom floorplans, an 8,500-square-foot clubhouse, elevators, ample green space. Located at 757 Salisbury St., the development will be within walking distance of Kinney Woods and Holbrook Forest, and near the intersection of interstates 290 and 190, which provide direct access to downtown Boston.

Recently, JLL Capital Markets arranged another loan for a senior housing community in Smithtown, N.Y. Sculptor Real Estate and Benchmark Senior Living secured $29 million in financing for Whisper Woods of Smithtown.

The post Central Massachusetts Senior Housing Project Gets $35M appeared first on Multi-Housing News.

Huntington Towers will undergo renovations valued at $16.1 million. Image courtesy of Yardi Matrix

Standard Communities has acquired Huntington Towers, a 214-unit fully affordable age-restricted community in Mount Prospect, Ill., a suburb of Chicago. The transaction’s total capitalization is approximately $74.9 million, including $16.1 million in planned renovations. The deal extends and preserves the property’s affordability for 30 years.

The seller was A & R Katz and the asset changed hands for $45 million, Yardi Matrix data shows. The sale involved two loans from the Illinois Housing Development Authority totaling $41.2 million, according to the same source.

Completed in 1978, the six-story community comprises studio, one- and two-bedroom floorplans ranging from 580 to 750 square feet. Renovations are slated to include upgrades to interiors, as well as expansion of resident amenities with a new fitness center and business center and the installation of a rooftop solar system. Current facilities include four laundry rooms, a swimming pool, a picnic area and tennis courts.

Located at 571 W. Huntington Commons Road, Huntington Towers is roughly 23 miles from Chicago. It is also some 10 miles from the O’Hare International Airport and adjacent to the Golf Plaza shopping center.

Investing in affordable properties

Standard Communities operates a portfolio of nearly 19,500 units nationwide, of which more than 2,400 are in the Chicago Metropolitan Area. Recently, the firm acquired a six-property portfolio in Los Angeles, in a transaction with a total capitalization of $122 million, preserving the communities’ Section 8 affordability and extending it for 20 years.

Multifamily transactions in Chicago have slowed down considerably in 2023, the metro registering $1.3 billion in total investment volume year-to-date through July, which represents a $38.2 percent year-over-year decrease, according to a recent Yardi Matrix report. Per-unit prices did however see a 11.6 percent uptick, reaching $208,239—12.6 percent above the national average.

The post Standard Communities Buys Chicago-Area Affordable Asset appeared first on Multi-Housing News.

The self storage facility is taking shape in the Franklin suburb of Nashville, Tenn. Image courtesy of Go Store It

Go Store It, an affiliate and storage provider of Madison Capital Group, has broken ground on a Class A, 109,000-square-foot storage facility in Nashville, Tenn. The development will mark Go Store It’s ninth property in the state and within its portfolio when completed.

The team includes general contractor BenCo Construction and architect Smith Gee Studio, with the project set for delivery next fall.

At full build-out, the Go Store It property will encompass more than 1,000 climate-controlled units in a four-story building that will rise on 9.4 acres. Typically, Go Store It facilities have units ranging between 25 and 300 square feet, and amenities that include 24-hour video surveillance, moving supplies, dolly and flatbed carts, security fencing and lighting, and online bill pay, among others.

Serving a fast-growing suburb

The property is taking shape at 2406 Goose Creek Bypass in the Franklin suburb, providing access to Interstate 65. Located some 23 miles from downtown Nashville, the facility will be the only storage asset on a 3-mile radius, providing residents 8.5 rentable square feet per capita. Berry Farms Town Center, a master-planned mixed-use community is right next to the upcoming storage facility.

As of early December, Nashville had four self storage projects under construction, set to add a total of 212,037 rentable square feet to the existing inventory, Yardi Matrix data shows.

Madison Capital Group is also building a storage facility in Paramount, Calif. Earlier this year, the company received $13.7 million in construction financing for the development of the 845-unit project which will also operate under the Go Store It brand.

The post Go Store It Kicks Off 109 KSF Suburban Nashville Project appeared first on Multi-Housing News.

The Chelsea at Washington Township marks the company’s second property opened in the last two months in Bergen County. Image courtesy of Chelsea Senior Living

Chelsea Senior Living and Capitol Seniors Housing have opened The Chelsea at Washington Township, an 85-unit senior housing community in Washington Township, N.J. The property marks Chelsea Senior Living’s second community in Bergen County, 18th in New Jersey and 23rd overall.

The developers broke ground on the project in late 2021. Meyer served as the main architect, KBE Building Corp. as general contractor and Longstone Gardens as landscape architect, while Concord Engineering and Bala Consulting Engineers provided engineering services.

The Chelsea at Washington Township features assisted living and memory care units, providing health and wellness programs, a 24-hour emergency response system, weekly housekeeping and laundry services, concierge services, expert clinical care, 24/7 professional services, on-site therapy services from Fox Rehab and three restaurant-style meals per day.

The 76,700-square-foot, two-story building incorporates studios, one- and two-bedroom floorplans. Common-area amenities include a fitness center, a movie theater, a media lounge, a social lounge, community gardens, walking paths and parking spaces.

Located at 620 Pascack Road, The Chelsea at Washington Township is close to Graden State Parkway, which provides easy access to downtown Jersey City. Hackensack Meridian Health Pascack Valley Medical Center, The Valley Hospital and Bergen New Bridge Medical Center are within a 3.4-mile radius. Bethany Community Center, Schlegel Lake, Demarest Farms and Senior Park are within walking distance from the community.

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Effective apartment marketing ideas unfold in the digital space as well as offline. Image by Darlene Alderson via Pexels.com

Marketing is so much more than advertising and promotion, it’s a comprehensive approach that involves understanding customer needs, delivering value and building lasting relationships to ensure the overall success of a business or organization. While it feeds on data, it is powered by creativity, so here are tested apartment marketing ideas that will help attract renters and make your community stand out in the competitive rental market.

Create (and maintain) an online presence

Start with a strong website. Think of the website as the foundation of your house—it’s essential and has to be sturdy enough to sustain everything else. Hire someone experienced to create a website that is accessible from a technical perspective and also from a customer perspective. Optimize your website for search engines to increase its visibility when potential renters are looking for apartments in your area. It has to be mobile-friendly, too.

Once the website is up and running, add information that is correct, concise and clear, and update it as frequently as needed. Include photos and videos of your properties, virtual tours and video walkthroughs. Highlight every environmentally friendly feature in your community because eco-conscious living is slowly becoming the norm.

Include a section that offers information about the neighborhood. List and link to local restaurants and businesses, grocery stores, parks, schools, hospitals, medical centers and veterinary clinics, as well as public transportation.

Congratulations, now your “house” now has walls, windows and a roof, and you’ve added the furniture and appliances. It’s time to invite guests over!

Create (and maintain) a presence in real life

While the digital era takes a big chunk of our everyday lives, real-life socialization and networking are important. Things get done with people, for people.

Host events at your community: seasonal events, workshops, movie nights, cooking contests, reading club—there are so many ways to get your residents together! You can also have your residents RSVP with a +1 for some of these events. This way you can showcase the lifestyle in your community.

Collaborate with local businesses. Go around the neighborhood and partner with local businesses to offer exclusive discounts and promotions to your residents.

Get involved in community affairs, participate in local events, or sponsor community activities to increase your brand visibility.

Offer loyalty programs to long-term residents. These can be special perks or discounts on rent renewals. Offer special promotions such as limited-time discounts on the first month’s rent or waive the application fees to attract attention.

Stay true to your word and deliver on your promises. The pictures of the units and the prices that you post on your website should always match reality. Keep your promises that work orders will be handled promptly. Have the digital presentation of your community match the reality exactly.

Make good use of digitalization

Encourage satisfied residents to leave positive reviews on your website and platforms such as Google, Yelp, or apartment listing websites. More so, build an email list and send regular newsletters with updates, promotions and community and local news to keep existing and potential renters engaged.

Use analytics. Data shows that nowadays U.S. people spend more than two hours every day on social media. Become a fraction of that time and brush up your social media presence, infiltrate people’s feeds.

Start by reviewing your Google My Business page. If set up right, it will appear on top of the page when you run a Google search by your company/community’s name. It should link to your website, show your location’s address alongside directions via Google Maps, and display your business hours of operation and phone number.

Create and maintain social media pages on the platforms that you think are used by your targeted demographic. Place ads in the local media outlets and run targeted ads on platforms such as Google Ads or social media to reach a wider audience. In addition, you can also contact local media to announce renovations and upgrades at your property.

Create a community for your apartment community, in other words, stay active on social media. Post often, engage residents; make posts public to engage nonresidents. Have fun on your social media pages, launch online contests, offer prizes—here is where your partnership with other businesses comes in handy—share local news that might interest your residents, stay on top of things.

In tune with current trends, partner with local influencers or bloggers to review and promote your community to their followers. It’s the type of word-of-mouth marketing that can go a long way.

The post Apartment Marketing Ideas Checklist appeared first on Multi-Housing News.

Jessica Fiur

“No.”

For such a simple word, it sure is hard to say sometimes.

It’s something I personally struggle with—between being a people pleaser and not wanting to appear mean, it’s sometimes difficult to say no. (And as a female professional, I especially struggle to not be perceived as the “B” word that’s far too often said about assertive women in the workplace.)

I’ve been working on it, though. Because, sometimes, that’s what the answer is. You know what helped? Having kids. You have to say no all the time with kids: for their safety (“No, don’t run out to get that ball in the middle of the street!”), for their health (“No, ice cream doesn’t count as dinner”) and for your own sanity (“No, you can’t stay up late—it would make Elsa, Bluey and Spiderman so sad that they would run away and never come back!”).

I’m far from the only one who sometimes finds it hard to say “no.” According to Psychology Today, many people find it difficult because they have a fear of conflict or don’t want to disappoint someone.

No. No, no, no no. No. I guess it wasn’t that hard after all. Image courtesy of Davyd Bortnik via pexels.com

For property managers, saying “no” can sometimes be hard as well for the reasons above (and also throw in a dash of “the customer is always right” mentality). But sometimes it’s necessary. For example, maybe they’re requesting to use their unit as an Airbnb while they’re on vacation, but that goes against their lease agreement. Or they ask to be able to pay rent late again (without having a valid reason). Or they’re trying to claim that their 3-ft python is their emotional support animal even though they present no supporting documentation.

So how can property managers overcome the difficulty and lean in to saying “no” when necessary? Here are a few tips.

Give them the reason. As with kids, we’re not saying no just to annoy them (OK, sometimes with kids we are). Maybe they want to put up shelves in their unit, but that will damage the walls. Or they want to reserve a common area for a party, but a “scream at the top of your lungs at 3 a.m. event” might disturb some of the other residents. It’ll be easier for you to say no—and easier for residents to accept the answer—when you have a good reason.

Try a “No, but…” Think of this as a sibling to the “yes, and…” rule of Improv that keeps the scene going. You’re saying “No,” but you’re also giving them other options, making it an almost yes. For example, “No, you can’t reserve the amenities room for a “scream at the top of your lungs at 3 a.m. event” because it might disturb some of the other residents, but I can certainly help you plan something for 3 p.m. in the courtyard.”

Be polite. But firm. In resident-facing positions, you do need to stay polite and professional. But if and when you need to say “no,” make sure you don’t leave yourself open for debate. No “if it were up to me…” or “I know it’s a silly rule, but…” That leaves the door open for the resident to try to ask in a different way. 

Be consistent. Don’t say yes “just this once,” if the answer should be no. Then it makes it harder to say no to other residents. For example, if your community doesn’t allow for big dogs, but you let Bob in 2G have his Mastiff, Fluffy, because Fluffy is the sweetest and doesn’t bark, how are you going to tell Carol in 5B that she can’t have her Saint Bernard? And then, soon, the building has more dogs than humans, and that’s just so much poop to pick up.

Refer to the lease agreement. It’s easier to stand your ground when you have the answer there in writing. And then you’re not the bad guy, it’s the big, scary lawyer who drafted it who’s the bad guy, and sorry, your hands are tied. 

Do you sometimes find it hard to say no to resident, or in general? I’d love to hear your thoughts on this. Send a tweet to @MHNOnline or @jfiur, send a Threads message to @jfiur, or send me a message on LinkedIn. 

The post 5 Ways to (Politely) Tell Residents ‘No’ appeared first on Multi-Housing News.

The 113-homesite project will break ground soon. Image by Nick Night, via Unsplash

UMH Properties has expanded its partnership with Nuveen Real Estate by forming a joint venture for the ground-up development of a manufactured housing community in Honey Brook, Pa. The 113-homesite project is expected to break ground over the next few weeks, with completion scheduled for early 2025. 

The new manufactured housing community will span across 61 acres that UMH Properties purchased in November 2022. The lot is now being sold to the joint venture. The development will be close to two manufactured housing communities managed by UMH Properties that have a 98 percent occupancy rate, according to prepared remarks from the company’s President & CEO Samuel Landy. The two partners expect strong sales and lease-up at the new property once completed.

A strong commitment

UMH Properties will retain a 40 percent ownership stake through the joint venture, while also serving as developer, operating and managing member. Nikita Rao, portfolio manager of Nuveen’s U.S. Cities Multifamily Fund, said in a prepared statement that the development marks the Fund’s first foray into the MHC sector and Nuveen Real Estate’s third investment with the REIT.

The joint venture was originally established in late 2021, with a clear focus to acquire recently completed manufactured home assets in the U.S., and an initial capital commitment of $170 million. In early 2023, the partnership picked up a property in Sebring, Fla., marking its second deal in Florida.

The post UMH, Nuveen Expand Partnership in Philly appeared first on Multi-Housing News.

Year-over-year multifamily rent growth, all asset classes. Chart courtesy of Yardi Matrix

The seasonal winter slowdown led to tepid performance across the U.S. multifamily market, with the average national asking rent declining $6 to $1,713 in November, down for the third consecutive month, according to the Yardi Matrix’s latest survey of 140 markets. On a year-over-year basis, the U.S. rate rose 0.4 percent, unchanged from September. Meanwhile, the occupancy rate remained at 94.9 percent. Rents declined in the SFR segment, too, down $8 to $2,117 in November, for a 0.7 percent year-over-year increase. Occupancy was unchanged in October, at 94.9 percent.

Since March 2020, the average asking rent increased 23.5 percent, boosted by markets in the Sunbelt and the suburbs of primary metros. Examples include low-cost and fast-growing metros such as Knoxville (51.5 percent), Albuquerque (45.5 percent), Savannah (44.9 percent), Charleston (41.8 percent) and Mobile (40.7 percent); second and retirement homes areas such as Southwest Florida Coast (49.1 percent), West Palm Beach (43.3 percent) and Asheville, N.C. and Tucson (both 40.1 percent). Large and expensive markets saw the smallest growth (San Jose (4.0 percent), Urban Los Angeles (10.3 percent), New York City (12.0 percent), Urban Chicago (14.4 percent) and Urban Philadelphia (16.9 percent). More so, Urban San Francisco is the only market with rents below pre-pandemic levels (-2.5 percent).

Rent growth split geographically between gains and losses

Rent performance was uneven across the map but balanced enough between year-over-year gains and losses. Among Yardi Matrix’s top 30 metros, the Northeast and Midwest regions led gains, with New York City (6.2 percent year-over-year), Kansas City (4.0 percent), New Jersey (4.0 percent), Columbus (3.4 percent) and Chicago (3.2 percent) posting the highest advances. In contrast, Sunbelt and West metros lagged. More so, negative rent growth is intensifying, with seven of Yardi Matrix’s top 30 metros posting rent contractions of 3.0 percent or more year-over-year, with most of these located in Sunbelt markets where developers brought online robust volumes of deliveries. Occupancy declined or remained flat year-over-year as of October in all but four markets: Chicago (up 0.4 percent), Denver (0.3 percent), Seattle (0.1 percent) and Washington, D.C. (0.1 percent). Atlanta posted the largest occupancy decrease down 1.3 percent.

On a monthly basis, the U.S. multifamily asking rent declined 0.3 percent in November, down 0.2 percent in the Renter-by-Necessity segment and down 0.4 percent in the Lifestyle segment. Specifically, rent growth was negative in 27 of the top 30 metros in Lifestyle and 20 in the RBN segment. The largest declines in both segments were recorded in Raleigh (-1.1 percent in Lifestyle and -1.3 percent in RBN) and Charlotte (-0.9 percent in Lifestyle and -1.1 percent in RBN). Only five metros posted gains in month-over-month rent growth, led by Kansas City (0.6 percent), New York (0.5 percent) and Houston (0.4 percent). Austin, Nashville and Charlotte led in completions as a percentage of stock, which caused significant rent and occupancy declines.

Renewal rent growth moderated to 6.0 percent year-over-year in September, down 40 basis points from August. With a few exceptions, the highest renewal rents were in metros where asking rents increased, such as New York (8.2 percent), Boston (7.4 percent), Indianapolis (7.2 percent), Kansas City (6.9 percent) and New Jersey (6.8 percent). Bottom-ranking metros were San Francisco (2.5 percent), Phoenix (2.6 percent) and Dallas (3.2 percent)—in these metros asking rents turned negative. Meanwhile, the national lease renewal rate clocked in at 65.2 percent in September, hovering between 64.7 percent and 66.0 percent for the last five months. The highest rate was recorded in New Jersey (81.5 percent) and the lowest in Los Angeles (47.6 percent).

Single-family rents declined $8 in November to $2,115, a 0.7 percent year-over-year increase, down 30 basis points from October, marking the largest one-month decrease in years. Rent growth was entirely sustained by the RBN segment, up 3.2 percent year-over-year, while Lifestyle rents slid 0.1 percent during the period. Meanwhile, occupancy stood at 95.9 percent for the fifth consecutive month in October. According to Yardi Matrix’s database, 58,000 SFR properties were under construction in November. Leading in construction pipelines were Jacksonville (2,256 units underway), Orlando (1.365 units), Savannah, Ga. (1.343 units) and Huntsville, Ala. (1,142 units).

Read the full Yardi Matrix multifamily real estate report.

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Buena Vista became subject to a $25 million Fannie Mae loan in 2020. Image courtesy of Yardi Matrix

Infinity BH has purchased Buena Vista, a 240-unit multifamily community in Tampa, Fla., from Westside Capital. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction and procured the buyer.

The purchase price could not immediately be learned. The asset previously traded in 2019 for $21.3 million, according to Yardi Matrix data. In 2020 it became subject to a $25 million fixed-rate Fannie Mae loan originated by Berkadia, the same source shows.

Completed in 1985, the property encompasses 10 three-story buildings comprising studio, one-, two- and three-bedroom floorplans, ranging between 450 and 950 square feet. Apartments feature private balconies or patios and walk-in closets, along with in-unit washers and dryers for select layouts. Common-area amenities include a swimming pool, fitness center and clubhouse.

Located at 4610 N. Armenia Ave., Buena Vista is some 4 miles from downtown Tampa and 6 miles from the Tampa International Airport. It is also within walking distance of St. Joseph’s Hospital.

Tampa multifamily sales volume contracts

IPA Senior Vice President Sean Williams and First Vice President Justin Basquill, along with Executive Managing Director Shelton Grande and Senior Managing Director Luke Wickham brokered the deal on behalf of the seller. The same team was recently involved in the $53 million sale of a multifamily community in central Florida, near Daytona Beach.

In the first five months of the year, multifamily sales in Tampa totaled $440 million—marking a considerable drop form the same period in 2022, when the investment volume reached $3.1 billion, according to a Yardi Matrix report. The average price per unit clocked in at $176,074, which, although down 24.6 percent from last year’s record-setting $233,476, was still $3,300 above the national average, the same source shows.

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Cortona at Forest Park has two pools. Image courtesy of Passco Cos.

Passco Cos. has purchased Cortona at Forest Park, a 278-unit community in St. Louis, from Invesco Real Estate. JLL Capital Markets facilitated the transaction, while KeyBank Real Estate Capital originated a $33.7 million Fannie Mae loan, public records show.

The purchase price could not immediately be learned. The previous owner acquired the building in a two-asset portfolio transaction in 2021, Yardi Matrix data shows, and took out a $45 million permanent loan from Metropolitan Life Insurance. The Class A property was 93 percent occupied at the time of the current sale.

Dating back to 2014, the five-story building encompasses studio, one- and two-bedroom layouts, varying between 575 and 1,264 square feet. Apartments feature washers and dryers, together with private balconies or patios in select units.

Common-area amenities at the 4.8-acre community consist of a fitness center, business center, clubhouse, community room and a spa. In addition, the are two swimming pools with cabanas, a coffee bar, a dog park and some 350 parking spaces.

Located at 5800 Highlands Plaza Drive, the building is close to Forest Park and several dining options. Brentwood Pointe, Brentwood Square and a Target are within 4 miles, while downtown St. Louis is 6.2 miles away. St. Louis Downtown Airport is 10 miles southeast.

The JLL Capital Markets team involved in the transaction included Senior Director Kevin Girard, Managing Director Mark Stern and Director Zach Kaufman. Earlier this fall, the same team brokered the $95 million sale of Woodlands of Crest Hill, a 730-unit community in Crest Hill, Ill.

Sales in the St. Louis metro decline

According to a Yardi Matrix report, the St. Louis market remains steady, with an under-construction pipeline of 4,464 units as of August. In terms of supply, some 1,230 apartments came online through October, accounting for 1.0 percent of the existing stock. A total of 2,506 units are expected to be delivered until the end of the year, the same source shows.

However, multifamily transactions in the metro saw a steep decline, from $823 million in sales during the first eight months of 2022, to $404 million in the same period this year.

The post Passco Buys 278-Unit St. Louis Community appeared first on Multi-Housing News.

Woda Cooper Cos. and co-developer Housing Services Alliance have officially opened Haven Crossing, a 57-unit fully affordable and age-restricted housing community in Walton, Ky.

The newly built property serves residents over the age of 55, earning between 30 and 80 percent of the area median income.

Grimm Architecture designed the three-story building, with Woda Construction Inc. serving as general contractor and Chadan Engineering as civil engineer. Woda Management & Real Estate will handle the community’s leasing and property management.

Financing for the $13.2 million project came from multiple sources:

• Low-Income Housing Tax Credits were provided by Kentucky Housing Corp.;
• Marble Cliff Capital also invested in tax credits to provide equity financing;
• First Financial Bank invested in the project via MCC, providing an $8 million construction loan;
• Cedar Rapids Bank & Trust, the development’s permanent debt financing provider, originated a $2.3 million construction loan;
• Support also came from the city of Walton.

Woda Cooper Cos. has recently broken ground on Breton Grove, a 90-unit affordable multifamily community in Grand Rapids, Mich. 

READ ALSO: What to Expect for Senior Housing in 2024

Affordable and luxurious

Haven Crossing incorporates one- and two-bedroom floorplans ranging between 686 and 880 square feet. Amenities include a fitness center, a business center, a community garden, laundry facilitates, a gazebo, barbeque areas, a craft room and a grandchildren’s playroom. Unit interiors feature washer and dryer connections, Energy Star appliances and luxury vinyl tile flooring.

The senior housing community also provides two units designated for residents with sight/hearing disabilities and six units for residents with physical disabilities. Mayor Gabe Brown said in prepared remarks that Haven Crossing provides quality homes with modern amenities, barrier-free access for those with mobility challenges, as well as community amenities that encourage residents to socialize.

Located at 12800 Towne Center Drive near Interstate 75, the community provides direct access to downtown Cincinnati. Haven Crossing is within walking distance of Walton Community Park and multiple retail centers.

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There are several moments when it’s just right to say “thank you” to your residents and improve their satisfaction. Image by Towfiqu barbhuiya via Pexels.com

Paying attention to the human element, and fostering a sense of appreciation and community are crucial for an effective property management strategy. With turnover rates at a staggering 50 percent, sometimes simply saying “thank you” to your residents is not only a sign of respect and gratitude but it can also be a game-changer for your retention rates.

Residents pay attention to the amount of communication from property managers, with a third of them wishing their managers would communicate more, according to a J Turner Research survey. As such, thanking residents at the right time is not only polite but also an effective way to cater to their needs, improve their satisfaction level and build community cohesion.

Here are five situations when saying “thank you” could be beneficial.

1. On move-in day

Besides the tour of the property, the move-in day is the moment when your residents’ journey starts within your community. Move-in day can be stressful and daunting, so this might be just the right moment to showcase how welcoming your community is. By handing them a handwritten note saying “thank you,” you’re already setting the tone for the rest of their stay and establishing a cordial resident-manager relationship.

Move-in day is also a good moment to make your new residents feel valued and appreciated for choosing your community. There are multiple, simple ways to show gratitude to your residents on day one, including a brief note expressing your excitement or a small gift basket. Think about some useful items that they might need in these stressful times, such as snacks, supplie or a welcome guide. Both alternatives can make a great impression upon their arrival.

2. Lease renewals

Lease renewals are more than just a contract, they’re also a sign that residents enjoy their experience with you and trust you. Think about it as a win-win situation for both parties—they get to live in a place they like and you keep your occupancy rate high. Remember that any positive interaction between the two of you can highly contribute to them staying longer at your property. Ignoring resident communication and a lack of attentiveness and responsiveness are among the most common mistakes property managers make.

Lease renewals are a great time to express gratitude to your tenants for their continued support of your property and essentially for being loyal to you. As token of appreciation, you could give them a small gift or a discount on their rent. Another option is sending a handwritten note outlining your appreciation and reminding them of the best community amenities they can enjoy. These simple gestures can foster a sense of community and loyalty among your residents, and also improve their experience.

3. Participation in community events

Hosting events is one of the most common ways to foster a sense of community among your residents. However, you wouldn’t be successful if they didn’t participate, would you? So, don’t overlook the importance of thanking them for actively being a part of the community. Activities such as social gatherings, neighborhood clean-ups or holiday-themed parties promote a sense of togetherness and increase their sense of belonging.

Thanking residents for their engagement not only acknowledges their dedication but also promotes more participation, strengthening the community’s overall cohesion. Sending a follow-up message after a community event can contribute to building positive relationships with your residents, and it can also be the perfect time to ask for feedback.

4. Holiday season

What better time of the year to show appreciation to your residents if not during the holidays?

Festive seasons are a great because you can go beyond “thank-you” notes when it comes to showing gratitude. To create a warm and inviting atmosphere, you can easily decorate communal spaces, host some holiday-themed events or send out holiday greetings to create an enjoyable living experience.

Holidays are also a great opportunity to show your residents that you care about their happiness and well-being. Offering them small treats such as cookies, hot cocoa or a gift card can make their holiday season a little brighter and is a simple yet effective way to build positive relationships, increase resident satisfaction and boost retention rates.

5. Referrals and recommendations

Reviews, referrals and mouth-to-mouth recommendations are pivotal for transparency and business growth in general. Think about it as another form of organic marketing that you can benefit from and that is invaluable for keeping and attracting residents. People who live at your properties are essentially acting as ambassadors for your community, so you should take the chance to thank them when you can.

When residents refer your property or company to friends or family members, it means they value and trust their living experience within your community. Essentially, this is an opportunity for you to expand your potential resident pool. Therefore, don’t hesitate to thank current residents for referring your properties and acknowledge their role in attracting new residents. You can send them a gift card or a note, and make them feel appreciated.

The post 5 Times You Should Thank Your Residents appeared first on Multi-Housing News.

A business complex south of Dallas-Fort Worth Airport during Winter Storm Uri in February 2021. Image courtesy of NOAA National Weather Service, Dallas-Fort Worth Office

In February 2021, Winter Storm Uri blanketed North America with severe icy and dangerous conditions. Freezing temperatures and a lack of heat due to an offline power grid caused pipes to burst in apartment communities, houses and offices.

Uri caused deaths and billions of dollars’ worth of property damage. Multifamily communities in Texas were caught off guard. Their swimming pools are typically left open throughout the winter given the state’s historically mild temperatures. By failing to winterize these features—draining water-circulating equipment or emptying pools—owners incurred considerable damage. It was a powerful wake-up call that changed how multifamily teams everywhere approach winterizing their communities. The best policy for apartment communities to prevent potential damage is to expect the unexpected and take proactive measures.

Year-round planning

It’s never too early to think about winterization. This process should start in the spring when you de-winterize from the previous winter, according to Paul Rhodes, manager of maintenance learning at Brookfield Properties and the founder of Directional Maintenance. Rhodes suggests making a journal with notes and taking pictures during both the winterization and the de-winterization processes. “That will help in six to seven months when you have to winterize again,” he said.

Paul Rhodes, Senior Manager of Maintenance Learning, Brookfield Properties

When you’re clearing out the areas where you stored winter supplies, such as snow shovels, ice melt or a snow plow or blower, make a note of their condition. “You can take advantage of off-season pricing in the same way that you buy your winter coat in the summer,” suggested Rhodes. Supplies like pet-friendly ice melt need to be ordered early before they sell out. You should also procure freeze-warning signage early. If you wait too long, it will have to be custom printed and might not be ready in time for the season.

In the spring, when you’re opening the pool, think about what you can do in the winter to make it easier 12 months from now. “We’re talking about pool furniture, the plaster surface or the concrete decking itself and supplies like swimming pool chemicals and cleaning equipment,” said Rhodes.

“Depending on where you operate, winterization might be a longer process than it is here in coastal Virginia, where we have mild winters, but I prefer to start a few weeks ahead of the first frost,” noted Donje Putnam, an experienced regional property manager and currently the director of marketing and training at Senex Law, PC. “By using a Frost Map, you can find the date in your area when you can expect the first frost, and plan ahead accordingly.”

Lines of communication

Aside from storms, there are other winter pitfalls to prepare for. Many problems can be mitigated with solid communication practices. According to Rhodes, employee turnover rates for the industry are 45 percent to 50 percent. “Not all the people winterizing the property one year will be there the following year.” Record keeping is key.

RPM Living compiles their winterizing procedures in a checklist, which starts with proactive actions like ensuring contact lists and emergency shut-off maps are up to date. It goes into detailed cold weather preparations for pool areas, irrigation, riser rooms and much more. “Preparation should always be ongoing because if you’re waiting for the season, that’s the worst time to find something faulty or not working,” recommended Tami Fossum, the company’s vice president of operations. Scott Haney, RPM’s facilities director has monthly meetings with his service team and starts talking about winter prep in September.

Expect the unexpected

Regular, year-round inspections of the property will reveal problem areas that can be addressed before winter arrives. Are there trees touching buildings that should be trimmed back before winter? Are there street lights or building lights that, when trees are frozen and wet and they fall over, could block or obscure lighting and make it unsafe for residents? “Consult your landscaper. They will be a good resource,” noted Rhodes. Also, before snow is expected, mark the location of curbs and fire hydrants.

For properties with a compactor in the dumpster area, preventive maintenance needs to be done in the fall. “If water gets in the hydraulics, it will wreak havoc when the temperature freezes,” said Rhodes. Stairways that will be exposed to ice melt should be inspected for potential repair needs before the winter.

The building inspection should also include a check of gutters and downspouts to make sure drainage is clear. A clogged gutter can cause melting snow to run over and create icicles or—even worse—pool into icy patches that are fall hazards.

“Inside the property, you’ll want to oil and service any motors that run your boilers and inspect duct work if you haven’t in a while,” adds Putnam. “You may need to bleed radiators. And of course, if you have forced air heat, check the filter.”

According to Putnam, entry doors in common areas should be inspected not only for leaking air and worn weather strips but also to make sure floor mats are in good shape. In addition to planning snow removal, Putnam recommends creating a winter plan map. Sometimes it’s hard to see the places that will be dangerous, but if you mark them on your winter plan map, you’ll know where they are next year.

Extreme cold snaps can cause sprinkler pipes to break inside walls.  “I’ve found that using remote control thermostats in attics and other voids where sprinkler (or any pipes) are located is an inexpensive way for your maintenance supervisor to monitor the temperature during severe weather,” said Putnam.

Haney stresses the importance of checking attics to make sure all pipes are insulated. “When exposed pipes freeze and break, the claim for the damage can be much more than the cost of the insulation,” advised Haney. Also watch out for the insulation on sprinkler systems. Some operators put heat strips on sprinkler pipes in the attic to prevent freezing. Exterior water hose bib areas can be problematic too, according to Fossum. If they are not turned on to drip or they do not have insulation covers, they can flood downstairs units.

Involving residents

Residents can also play an important part in a successful winterization by adhering to policies and procedures communicated by management teams. “We send a letter to residents when there’s a freeze warning in the market,” said Fossum. “We ask them to turn on their faucets to just a trickle. Moving water is less likely to freeze.” Some operators also put up signage near the entrance of the property to let residents know when they need to drip their faucets.

“We ask residents to keep their thermostats set no lower than 55,” adds Fossum. They also need to open the kitchen and bathroom cabinets, especially if the water wall where the pipes come in is an exterior wall or up against dirt. Opened cabinet doors let the warmer air circulate around those plumbing pipes.

In most leases residents have the responsibility to keep their apartment at a reasonable temperature to prevent pipes from freezing. However, according to Putnam, the holidays are particularly dangerous because residents leave and turn off their heat. It’s a good idea to send out multiple reminders for them to keep the heat on even if they are away. These guidelines also apply to vacants. The National Apartment Association created a checklist that drills down on what to do for vacants.

Hampton Roads has a large military population who are often deployed for long periods of time. “We try to emphasize to our residents to let us know when they are out of town for more than a few days. Two of my major pipe bursts were occupied apartments in which the military member was deployed,” said Putnam.

Whatever preparation you do, you can’t predict the future, according to Rhodes. “If you get in three-and-a-half pallets of ice melt, it never snows. When you get one bag of ice melt, it’s a blizzard for three months.” Either way, it’s a good idea to foster relationships with a remediation contractor before winter happens. Just in case.

The post Preparing Apartment Properties for Freezing Temps appeared first on Multi-Housing News.

Oak Grove Vista will include 40,000 square feet of retail space. Image courtesy of Vista Residential Partners

A joint venture of Atlantic American Partners, Township Capital and Vista Residential Partners has commenced construction on the first phase of Oak Grove Vista, a mixed-use development in McDonough, Ga. Financed by Trustmark Bank and First National Bank, the project’s initial phase will comprise 302 units.

The two-stage Oak Grove Vista development is set to create a total of 348 residential units, along with 40,000 square feet of retail space. The property will encompass one-, two- and three-bedroom floorplans averaging 1,000 square feet, along with eight carriage homes with direct-access garages. Common-area amenities will include a swimming pool, coworking space, fitness center and pet park.

The developers acquired the 33-acre site in September last year. Vista Managing Director Chase Beasley stated in prepared remarks that Oak Grove is the developer’s second community in the area.

Located on Jonesboro Road just off Interstate 75, the site is roughly 30 miles south of Atlanta, some 25 miles from the Hartsfield-Jackson Atlanta International Airport and close to the Henry Marketplace shopping mall.

Atlanta ranked among the top markets for multifamily deliveries during the first half of 2023, as developers completed 6,178 units across 29 properties—representing 2.3 percent of total stock, Yardi Matrix research shows. Of these new deliveries, 68 percent are located in suburban areas. During this same period, 38 properties broke ground in the metro, accounting for a total of 10,380 total units.

The post Vista JV Breaks Ground on 348-Unit Atlanta-Area Project appeared first on Multi-Housing News.

Click on the links below to read experts’ forecasts for the year ahead:

Supported by high demand, absorption and occupancy are expected to continue to increase in the upcoming year, despite headwinds such as a slowing economy, inflation and high interest rates. Senior housing experts discuss what’s in store for the sector.

For those in the condominium sector, 2023 was particularly difficult, mainly due to the prolonged monetary tightening, combined with stricter legislation in several parts of the country. Will next year be better?

The headwinds impacting the affordability of homeownership were tailwinds for the SRF market. These add to the product’s main attributes—plenty of space, mobility, an amenity package found in luxury apartments and no worries about the high costs of homeownership—and help to convert increasing numbers of apartment renters into SFR residents. But will the trend hold?

This list will be updated to include more stories as they’re published

The post Housing Market Predictions for 2024 appeared first on Multi-Housing News.

Multi-Housing News hosted a reception on Nov. 30 to honor the winners of the 2023 Excellence Awards, which recognized the year’s most outstanding projects, professionals and programs. MHN awarded 87 gold, silver and bronze awards across 34 categories.

Check out our developing coverage of this year’s awards:

• MHN Announces 2023 Excellence Awards Winners
• Daryl Carter Details All-American Journey in MHN Excellence Awards Keynote

The post MHN’s 2023 Excellence Awards appeared first on Multi-Housing News.

Lincoln Avenue representatives, community leaders and financing partners attended the Residences at Chestnut groundbreaking. Image courtesy of Lincoln Avenue Communities

Lincoln Avenue Communities has broken ground on The Residences at Chestnut, a 142-unit affordable housing community in Manchester, N.H., in the Boston area. PC Construction is the project’s general contractor and Market Square Architects provided designs.

The development is partly financed through the $3 million in federal funds approved last year for income-restricted developments in the city. Completion is expected in 2025.

The Residences at Chestnut will comprise two buildings with studio, one- and two-bedroom floorplans. Of the total, 106 units will target households making less than 60 percent of the area median income and 36 will receive project-based vouchers, with 30 of them being reserved for veterans. Common-area amenities will include a pet spa, community kitchen, fitness center, rooftop lounge and a dog park.

Located at 351 Chestnut St., the site is close to Interstate 293 and within access range of Interstate 93, roughly 55 miles north of Boston. The property will take shape in downtown Manchester, within walking distance of The Palace Theatre, and various retail options. It will also be some 5 miles from the Manchester-Boston Regional Airport.

Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, last month commenced construction for an income and age-restricted community in Illinois. The company is currently operating a portfolio of more than 22,000 units across some 120 properties throughout 26 states.

The post LAC Breaks Ground on 142-Unit Boston-Area Affordable Project appeared first on Multi-Housing News.

The Vickery will rise on the former location of a roofing company. Image courtesy of Trademark Property Co. and SCOA Real Estate Partners

Trademark Property Co. has partnered with SCOA Real Estate Partners for the development of The Vickery, a 321-unit community in Fort Worth, Texas. The joint venture already purchased the land and First United Bank provided a $61 million construction loan for the project, set to break ground early next year.

A Walker & Dunlop Capital Markets team advised Trademark on the joint venture development. In 2022, the Tax Increment Finance 4 board provided $3.3 million towards streetscape and public improvements at the site, including sidewalks and lighting. GFF is the project architect.

Designed according to LEED Bronze standards, the five-story community is set to encompass 307 apartments and 14 townhomes, along with a 5,300-square-foot restaurant building with a second-floor lounge. Common-area amenities will include a pickleball court, two dog parks and public green space. In addition, there will be a coworking lounge, EV charging stations, a rooftop lounge and a swimming pool.

The community will rise at 800 W. Vickery Blvd., close to several dining and retail options and 0.8 miles from Fort Worth T&P railway station. University Park Village, Texas Christian University and University of North Texas Health Science Center are within 3 miles of the site, while downtown Fort Worth is less than a mile away. The community will be roughly 10 miles from Range West, a 261-unit project that broke ground in October.

The Walker & Dunlop Capital Markets team was led by Senior Director Heather McClure and Managing Director Jonathan Paine.

Fort Worth’s growing inventory

According to Yardi Matrix data, there are currently roughly 60 properties under construction and 69 in planning stages in the Fort Worth metro. Ten communities are expected to come online before the end of the year, adding approximately 2,000 units to the inventory.

Trademark Property is waiting for final approvals for two other multifamily projects in the Fort Worth market, the same source shows. Upon completion, these developments are expected to generate some 400 units.

The post Trademark, SCOA to Develop 321-Unit Fort Worth Community appeared first on Multi-Housing News.

A rendering of the constructed towers. Image courtesy of ImageFiction

Tishman Speyer will break ground on the first of two residential towers comprising its latest multifamily asset in Jersey City, N.J., later this month. Standing next to the Goldman Sachs Tower on the city’s waterfront across the Hudson River from Manhattan, 55 Hudson Street is expected to be online in early 2027, with a second tower to follow.

The developer secured approvals for the development from the Jersey City Planning Board in late 2022, recently landing a $300 million construction loan from Otera Capital. Tishman Speyer tapped Handel Architects and Marchetto Higgins Stieve Architects as the project architects, Hollander Design and Melillo Bauer Carman as landscape architects, and Michaelis Boyd as interior designer.

Once completed, the 58-story 55 Hudson will offer 1,017 units in studio and one- and two-bedroom floorplans. The developer is aiming for Fitwel certifications and will include Energy Star-certified appliances in the units. The community is expected to include approximately 75,000 square feet of indoor and outdoor amenities, along with approximately 60,000 square feet of retail space. Future tenants will be a short boat ride to Lower Manhattan. The property will also be adjacent to the NJ PATH train station, which reaches Lower Manhattan in less than 10 minutes, as well as near a Light Rail stop for travel within New Jersey.

Along with 55 Hudson, Tishman Speyer has plans for a second residential tower that will also bring new rental apartments, public open spaces and retail space. The second project, 50 Hudson, will be a 48-story community with 924 units, indoor and outdoor amenities, and roughly 12,000 square feet of retail space. Once fully completed, the two building development will total nearly 2,000 apartments, more than 70,000 square feet of retail, and offer a 32,000-square-foot waterfront plaza.

Developing throughout the NYC metro

Along with its 50 and 55 Hudson Street projects, Tishman Speyer already has numerous residential projects within the New York City metro area. Through its affordable housing development arm, TS Communities, the company is developing a fully affordable 237-unit community in Queens, N.Y. The community is scheduled to deliver in 2025 and will be part of a larger affordable housing complex called Edgemere Commons.

Beyond its famed New York City portfolio, which includes assets like Rockefeller Center, Tishman Speyer has a portfolio with properties in 36 key markets in the U.S., Europe, Asia and South America. The company has built a diverse portfolio that includes market-rate and affordable communities, mixed-use campuses and commercial properties. Earlier this year, Tishman Speyer acquired the 502-unit Avia at North Springs outside Atlanta.

The post Tishman Speyer to Break Ground on Jersey City Waterfront Tower appeared first on Multi-Housing News.

The Columns at Westchase last traded in 2018. Image courtesy of ECI Group

ECI Group has sold a 318-unit community in Houston to Mosaic Residential. Located at 3354 Rogerdale Rd., The Columns at Westchase was originally acquired by ECI Group in 2018 for $35 million, CommercialEdge data shows. The company conducted capital renovations throughout the property, which was first built in 1999.

Homes at The Columns at Westchase include washers and dryers and new flooring, cabinetry and plumbing fixtures. Select units include garages and/or carports and private patios or balconies. Community amenities include a clubhouse, pool, fitness center and grilling pavilion. Apartment layouts include one-, two- and three-bedroom units. The community is 94 percent occupied.

Located on a 13-acre site, The Columns at Westchase is 14 miles west of downtown Houston with dining, entertainment and retail options. Nearby stores and retailers include a Kroger, Aviva Wholesale & Retail, H Mart, The Home Depot, Target and Starbucks. Newmark’s David Mitchell represented the seller in the deal.

Houston’s steady activity

According to October Yardi Matrix data, the Houston area experienced 0.7 percent rent growth on a year-over-year basis. Compared to other metros where rent growth turned negative despite high demand, the area’s multifamily numbers are continuing to fare well.

Additionally, Houston ranked in the top 10 markets for multifamily deliveries in the first half of 2023. Coming in 10th place, the city had 17 projects deliver. In the second half of the year, more communities came online.

Ascendant Development recently opened its 200-unit, 649-bed luxury student property near the University of Houston. Standing 16 stories, the community features a pool, clubhouse, yoga center and outdoor kitchen.

The post ECI Group Sells 318-Unit Houston Property appeared first on Multi-Housing News.

Lew Sichelman

Most tenants pay their rent on time. Moreover, most would like to see their on-time payments recognized in their financial records.

A recent Fannie Mae survey found that four out of every five renters would like their promptness factored into their credit scores. For that reason, Fannie Mae has decided to keep in place its pilot program of reporting on-time payments to the three credit repositories for all of 2024.

At the same time, Fannie Mae’s regulator has again lowered the multifamily loan purchase caps for both Fannie and Freddie Mac to $70 billion each, resulting in a total of $140 billion in the 2024 calendar year.

The decreasing multifamily loan ceiling

This is the second consecutive year that the multifamily loan ceiling has been cut down. In 2022, it was $78 billion; In 2023, it was $75 billion. According to the The Federal Housing Finance Agency (FHFA), these lower levels are appropriate considering current market conditions.

The agency said that it will monitor the market and increase the ceilings if necessary. However, it won’t reduce them any further should the market be any smaller than initially projected.

The FHFA will continue to require that at least half of the government sponsored enterprises’ multifamily lending will be mission driven affordable housing. The caps ensure that Fannie and Freddie support liquidity in the multifamily sector, especially the affordable and underserved portions, without crowding out private capital.

To promote preservation projects, loans classified as supporting workforce housing are exempt from the ceilings.

Rental payment reporting

Nancy Atwell, multifamily chief operating officer & senior vice president at Fannie Mae, said in prepared remarks that the positive rent payment program not only helps renters improve their credit ratings but also shows positive results for property owners and operators by reducing tenant turnover and lowering the cost of evictions.

Since the pilot was launched in September, more than 100 owners have enrolled, at no cost, some 2,170 properties financed by Fannie Mae. Together, these properties total some 435,000 units, according to Atwell.

Three vendors–Esusu, Jetty and Entrata–work with owners to report on-time payments of tenants who opt into the program to credit bureaus. Renters who miss a payment are automatically unenrolled. Fannie Mae covers the cost of collecting and reporting rent payment data for a year.

To gauge the effectiveness of the program, the government-sponsored enterprise polled a representative sample of renters. It found that 87 percent of respondents believe that having a good credit score is important and that 82 percent who always pay on time would expect to see an immediate bump in their scores should their rental histories be reported.

Moreover, 79 percent realize that having a higher score equates to great financial opportunity and 78 percent agreed their scores would be more consistent if their rent payments were reported.

Extending the pilot supports Fannie Mae’s objective of accelerating the adoption of rental payment reporting industry-wide, Atwell said. Credit scores that reflect such reporting are an important part of a renter’s ability to obtain quality rental housing, automobile loans, credit cards, student loans and mortgages.

So far, according to Atwell, almost 58 percent of the 240,000 or so tenants who are participating in the program have seen their scores increase. Those who already had a score when they signed up have seen their scores jump by an average of 40 points, though the company noted that some of that improvement may have been the result of factors beyond their rental histories.

The post Pilot Extended, Lending Caps Lowered appeared first on Multi-Housing News.

A combined 66 percent of respondents agreed that the policies have been successful in reducing inflation, which has come down nearly threefold since its 40-year high in July 2022. Those numbers are divided between 33 percent who think that Fed policy has not been aggressive enough in combatting inflation, while the other 33 percent believe regulators should be wary of future rate hikes. Chair Jerome Powell did not rule out the possibility of another increase before the year’s end.

READ ALSO: Development Is Financeable If You Have What Lenders Want

The final third of respondents believe that the Fed’s actions have been unsuccessful and their policies around reducing inflation inconsistent, with some predicting that they could plunge the nation into the very recession that the Fed seeks to avoid. Additionally, the economy faces larger problems than inflation, with uncertainties stemming from domestic and international political strife. While rates have increased, the multifamily transaction market is in the gutter, while property values have slumped nationwide.

Click here to see MHN’s latest poll and the results of previous surveys.

The post Poll Results: Assessing the Fed’s Policies appeared first on Multi-Housing News.

Daphne Corbin. Image courtesy of The Life Properties

The list of new and upcoming tools for multifamily marketers is evolving every day. AI chat bots, virtual leasing agents, virtual tours… how does anyone keep up? Well, one top marketer knows.

Daphne Corbin is the vice president of marketing for The Life Properties. She first joined the company in 2019 with more than eight years of multifamily experience under her belt. At The Life Properties, she oversees marketing and branding initiatives for the company’s entire portfolio, along with advertising, website development, reputation management, trend analysis and more.

In this episode of Top Marketers, Corbin and Multi-Housing News Associate Editor, Jordana Rothberg, dive into how The Life Properties is staying ahead of the curve. Listen in as Corbin discusses exactly what she wants out of her virtual assistants and why she isn’t afraid to make some changes along the way.

Tune in to hear about:

• Corbin’s background, coming from retail sales (1:00)
• The rewarding process of building a marketing team from the ground up (4:00)
• Ensuring the successful onboarding of onsite team members (6:20)
• Implementing marketing into new properties using a brand kit (7:40)
• The tech of the brand kit (10:00)
• How Corbin utilizes virtual tours (11:45)
• Virtual leasing assistants and how they help internally (15:30)
• Selecting a virtual leasing assistant (20:00)
• Keeping up with the ever-changing world of AI (23:00)
• Advice to anyone that’s hesitant to dive into technology (26:30)

The post Top Marketers: Keeping Pace With Virtual appeared first on Multi-Housing News.

The SFR market brazenly accepted its position between “yet unreachable homeownership dreams” and “more than an average apartment renter’s capabilities.” In other words, the headwinds impacting the affordability of homeownership are, in fact, tailwinds for the SRF market. These add to the product’s main attributes—plenty of space, mobility, an amenity package found in luxury apartments and no worries about the high costs of homeownership—and help to convert increasing numbers of apartment renters into SFR residents.

Challenges that shaped 2023 (and fuel growth)

The financial landscape of 2023 created a set of challenges that affected all real estate segments.

“A tough capital markets environment, coupled with rising expenses, has made it challenging to find opportunities that fit the return thresholds of today’s marketplace,” Mitch Rotta, senior managing director at TruAmerica Multifamily, told Multi-Housing News.

Rotta has been leading the company’s BTR development division since its launch in early 2022, when the SFR-BTR market was booming. 

Coming on the heels of 2022, a year described by Tower Capital Co-Founder & Managing Partner Kyle McDonough as the strongest on record for BTR development, many lenders have stopped funding construction loans because of deteriorating market conditions. Yet, Tower Capital experienced elevated levels of activity throughout 2023, as the market continued to show strong growth and demand. And this demand was mainly fueled by the shortage of affordable housing options in the most desirable areas of the country, according to George Maravilla, senior vice president at the structured finance firm.

READ ALSO: Build-to-Rent Units Move Into Master-Planned Communities

“Ultimately, we’re still lacking the necessary housing in our country,” said Rotta. And this will likely continue to drive SFR/BTR demand for years to come. Institutional investors are drawn to single-family rentals due to the undersupply, and also because these communities operate like multifamily assets.

“The appeal for investors is the exceptional renewal rates, and BTRs appeal to a wide range of renters,” said McDonough. “Consumers also favor these communities because they tend to be higher-end properties that live like a single-family residence.”

Making the best of what is

This year has kept most investors, operators and developers focused on ensuring that their existing projects are properly capitalized, considering the difficult environment where equity and debt are not a foregone conclusion, as Sudha Reddy of Haven Realty Capital puts it. As the sector continues to adapt to the “higher for longer” interest rate environment, operators with projects that are in the lease-up phase or fully stabilized are mainly focusing on ensuring efficient operations and maximizing results, particularly as demand ebbs and flows with seasonality.

Meanwhile, as consumer attraction to SFR/BTR housing projects continues to drive demand for new developments, more builders are pursuing financing for this product type. However, uncertainty regarding how to obtain favorable financing persists, noted Doug Ressler, manager of the business intelligence department at Yardi Matrix. He explained that each of the four phases of construction—pre-construction, construction, stabilization and the operational phase—expose the lender to distinct credit risks.

“It is crucial for the BTR sponsor to demonstrate to financiers that the project will scale up, stabilize and become cashflow positive over the mid- to long-term during a defined period,” Ressler said.

TUNE IN: Unlocking SFR’s Potential: A Forecast for a Growing Sector

Fundamentally, developers must understand the area and market conditions in which they wish to build. Hence, BTR developers need to diligently study the region’s supply and demand metrics, and include in their research aspects such as social diversity, schools, retail and grocery, and demographic diversity. The BTR product must prove its appeal and ability to provide a fiducial cash flow in relation to other housing asset classes, and competition is harsh because residential housing is among the assets with the lowest investment risk thanks to high occupancy and growing demand amid an increase in the supply-demand gap. The projects that are receiving financing are likely lower leverage with experienced sponsors, noted Reddy.

What is the SFR market outlook for 2024?

Implementing strategies, scaling and delivering products during these troubled times is tough.

“Volatility in the marketplace is really the toughest aspect to address right now,” believes Rotta. Hence, a primary objective is uncovering opportunities that work.

“Optimists are looking for more stability in the marketplace in the first two quarters of 2024, and should that transpire, it is expected to provide more investor confidence,” he added. Nonetheless, he believes that the first half of the upcoming year is shaping up to be a period of “staying patient and disciplined” so that whatever opportunities are chosen, are the ones that can weather the storm.

Reddy expects to see declining operations and decreasing economic occupancy, should the economy weaken, and a recession ensue.

“On the flip side, a weakening economy would probably lead to a decline in interest rates, which would provide some much-needed relief on the debt side,” he added.

Unless there is a substantial decline in interest rates and the economic environment suddenly improves, Reddy expects current rate levels to provide for similar conditions in 2024 as in 2023.

Another big factor to pay attention to next year is supply conditions across both multifamily and single-family markets.

“A tough debt market on the refinance side and increased supply could be a perfect storm to create some challenging situations for developers,” warned Rotta.

READ ALSO: Trends in Single-Family BTR Communities

All thing considered, next year will be anything but dull for the real estate industry. Labor market shortages, inflation, high interest rates and changing regulatory environments will keep SFR/BTR owners and operators busy. Ressler pointed out that expenses outpacing rent growth will be a major concern in 2024, the severity of which will depend on the depth of a likely recession. Yardi Matrix data shows that the average expense per SFR unit rose to $9,149 in September 2023, marking a 12.2 percent year-over-year increase. This large cost jump pushes operators to focus on operational efficiency, especially since insurance costs are also growing rapidly, particularly in markets located in climates prone to natural disasters.

The post What’s on the Horizon for the SFR Market? appeared first on Multi-Housing News.

The student community is part of a bigger project, dubbed Tiger Park. Image courtesy of the University of Memphis

University of Memphis has partnered with The Annex Group for the development of a 540-bed, on-campus student community. The apartment-style housing property is slated for completion by fall 2026.

The project is part of a multi-phase master plan called Tiger Park, which consists of a 60,000-square-foot hub set to include a dining center, academic and student-athlete services, as well as a 20,000-square-foot soccer-track stadium with approximately 1,500 seats, on-site team locker rooms and training areas.

The student community will be available to both students and student-athletes. Apartments are set to feature studio, two- and four-bedroom layouts. Communal amenities will include study spaces, social spaces, outdoor living areas and grab-and-go dining options, along with approximately 300 parking spaces.

The property will take shape on the Park Avenue Campus, close to several dining options and Memphis Botanical Garden. Oak Court Mall, Laurelwood Shopping Center and Eastgate Shopping Center are within 3 miles from the campus, while Memphis International Airport is some 8 miles southwest.

There are currently four student housing communities serving the University of Memphis, amounting to 420 units or 1,322 beds, Yardi Matrix data shows. In 2021, The Annex Group opened an 85-unit, 208-bed student community in Memphis, Tenn.

ZDC Properties is awaiting final approvals for a student community within walking distance from the University of Memphis, same source shows. That property is set to include 92 units—or 267 beds.

Student housing experiences growth

According to a recent Yardi Matrix student housing report, 14 universities within Yardi 200 were more than 40 percent preleased as of October, compared to only two markets during the same period last year.

The student housing sector is seeing consistent growth in rent development, which reached 6.6 percent in October, up 190 basis points year-over-year. However, the universities that failed to reach 90 percent occupancy by fall 2023, including University of Memphis, saw rents down 4.7 percent in October.

The post University of Memphis to Develop 540-Bed Student Community appeared first on Multi-Housing News.

The Flats at Dupont Circle Apartments in Washington, D.C. Image courtesy of Equity Residential

Equity Residential has landed a major refinancing for its portfolio of five communities located across the U.S. Regions Bank arranged the $350 million, fixed-rate, 10-year Fannie Mae credit facility.

The portfolio includes five Class A mid-rise communities totaling 1,623 units. According to Regions Bank, the communities’ vintages range between 1968 and 2019, while the overall portfolio has an occupancy rate of 95.9 percent. Equity Residential Management has been given the role of property manager for each of the communities.

In Washington, D.C., the portfolio includes The Flats at Dupont Circle Apartments, which offers studio and one- and two-bedroom units. The apartments are located in the city’s Dupont Circle neighborhood, providing residents with quick access to nearby retail, restaurant and transit options.

In the Seattle area, Equity Residential refinanced Mark on 8th Apartments and Notch Apartments. Located in Seattle’s South Lake Union neighborhood, Mark on 8th Apartments offers studio and one- and two-bedroom units within walking distance of popular attractions like the Space Needle. The Notch Apartments also offers studio and one- and two-bedroom units, but are in the Newcastle, Wash., suburb of Bellevue.

In the San Francisco area, the portfolio includes both SoMa Square Apartments and Park Place at San Mateo Apartments. SoMa Square Apartments offers studio and one-, two- and three-bedroom units near downtown San Francisco. Further south, Park Place at San Mateo Apartments offers one-, two- and three-bedroom units near downtown San Mateo.

Rentals across the U.S.

The Chicago-based Equity Residential has built up a portfolio of rental apartment communities across the U.S. totalling more than 78,000 units. The multifamily firm focuses on urban and high-density suburban locations, with several communities in New York, Washington, D.C., Boston, Seattle, Denver, Atlanta, California and Texas.

Last month, Equity Residential sold the 280-unit Somerset Village in Chatsworth, Calif. for $106.7 million after more than 25 years of ownership. Earlier in the year, the firm bolstered its multifamily presence in San Diego by acquiring Jefferson Pacific Beach from JPI Cos. That San Diego acquisition came on the heels of Equity Residential’s February acquisition of two communities in Denver, Colo.

The post Equity Residential Lands $350M Refi for 5 Communities appeared first on Multi-Housing News.

Launchpad Apartments in Colorado Springs, Colo. Image courtesy of Merchants Capital

A joint venture of Cohen-Esrey Development Group and nonprofit The PLACE has obtained $23 million in total financing for the construction of a 50-unit permanent supportive housing development in Colorado Springs, Colo. Launchpad Apartments is the first Transition Aged Youth, or YAT, development in the primary market area. Financing was furnished by financial services provider Merchants Capital. The partners will provide housing and services for youth dealing with homelessness. Services will include job placement assistance, life skills, health care and counseling.

The property will be restricted to TAY households at 30 percent or less of the area median income, as well as 18- to 24-year-old individuals who are either dealing with homelessness or at risk of becoming homeless. Merchants Capital provided $10.9 million in federal Low-Income Housing Tax Credit equity for the project. Merchants Bank provided a $12.1 million construction bridge loan.

Step forward

“This project is a transformational step forward in providing safe and adequate housing for vulnerable young people in the Colorado Springs community,” Julie Sharp, executive vice president, tax credit equity, at Merchants Capital, told Multi-Housing News.

“Given the powerhouse team of Cohen-Esrey and The PLACE, as well as the comprehensive services and mission of Launchpad Apartments, bank investors were eager to be involved and support a critical need in this community. Launchpad Apartments was one of the highlights of our spring 2023 multi-investor fund, and the balance of the equity in the transaction is expected to close into Merchants Capital’s fall 2023 multi-investor fund.”

“One of the challenges faced on this deal was the perception of affordable housing in the neighborhood,” said Linda L. Hill, executive vice president, tax credit equity, at Merchants Capital. “The project faced what we believed to be unwarranted NIMBYism that delayed the project from closing and breaking ground. But we had a great developer partner and as well significant support from the city, county, state and investors that were committed to the project and remained patient as we worked through the process.”

In other recent news in Colorado Springs, Andover Properties has added a self-storage facility to its portfolio in the municipality.

The post JV Lands $23M for Colorado Supportive Housing appeared first on Multi-Housing News.

The community is located in Saratoga Springs, Utah. Image courtesy of Toll Brothers

Toll Brothers has expanded its presence in the Salt Lake City area with a new community in Saratoga Springs, Utah. Bob Flaherty, division president of Utah at Toll Brothers, told Multi-Housing News that the build-to-order homes of Toll Brothers at Wildflower opened for sales as of October.

The single-family community will offer residences ranging from approximately 1,900 to 5,900 square feet. The homes were built with open-concept floor plans, high ceilings, sliding glass doors, kitchen islands, walk-in pantries, walk-in closets, dual-sink vanities and in-unit laundry machines. Located at 797 W. Harvest Moon Drive, the community is near the area’s major employer centers, outdoor recreational areas and retail options.

Toll Brothers at Wildflower is located within a master-planned community that offers a dog park and trails, playgrounds, greenbelts, parks, walking and biking trails and pickleball courts. The Wildflower master-planned community includes single-family homes, townhomes and apartments that are being built over the next few years. Besides Toll Brothers, developers like Lennar and EDGEhomes are also constructing communities within Wildflower.

A growing Utah presence

Including the newly-opened Toll Brothers at Wildflower, Flaherty told MHN that the company has seven communities in the Salt Lake City metro and two in the St. George, Utah, area. Toll Brothers’ Utah portfolio includes the Westlake Vistas by Toll Brothers that’s also located in Saratoga Springs.

The company has also been active in Arizona, opening its 403-unit Callia community in Phoenix earlier this year. Beyond its Utah and Arizona communities, Toll Brothers’ overall portfolio includes properties in more than 60 markets across 24 states.

The post Toll Brothers Opens Utah Community appeared first on Multi-Housing News.

Daryl Carter. Image by Jordana Rothberg

Daryl Carter, winner of Multi-Housing News’ 2023 Lifetime Achievement Award, has decades of well-known achievements: founder of Avanath Capital Management, past chair of the National Multifamily Housing Council, and leading affordable housing innovator, among other accomplishments. Yet as his keynote address at last week’s MHN Excellence Awards revealed, his personal journey and only-in-America success story are equally compelling.

A Detroit native, Carter is the son of parents who moved north from Mississippi. “My parents were both from big families,” Carter recalled. “My mom was one of 13, my dad was one of eight, and they followed siblings to Detroit to get jobs in the auto industry.” Watching his father and uncles work side jobs doing repairs or hanging drywall or painting was an early lesson in entrepreneurship. “Hard work was the number one value in the Carter family,” he said. “The second value was education.”

READ ALSO: The Full List of Winners

Carter, along with his sister and several cousins, represented the first generation of his family to graduate from college. He earned a bachelor’s degree from the University of Michigan and two post-graduate degrees from the Massachusetts Institute of Technology. Yet his roots in real estate were planted in Detroit, where his Aunt Jessie, his father’s sister, owned a collection of small rental properties. Carter’s Uncle Howard, his father’s sister, served as the principal contractor.

On a visit home, the newly degreed Carter, appalled to learn that his aunt’s tenants did not sign leases, asked her how she screened her tenants. “When I have a vacant unit,” she told him, “I put a notice on the church bulletin board. If they are in God’s house, that’s good enough for me.” He pressed her further. “Now I ask the follow-up question and I’m really concerned: ‘What happens if they don’t pay rent?’”

“Easy,” his aunt replied. “I put a notice on the church bulletin board that they haven’t paid rent. And they pay,” Carter recalled to audience laughter. Despite his reservations about the approach, he can’t recall his aunt ever having an eviction.

A sense of community can continue to play a role in residential dynamics today. Increased focus on resident stability over promoting turnover by means of excessive rent increases can do a lot for a property, Carter noted. While resident turnover is typically 40 to 60 percent, he noted that Avanath’s is 15 percent. “Less turnover means safer communities. People know their neighbors, which is a good thing, and when people know their neighbors it’s much safer.”

Around the turn of the century, Carter’s aunt passed away, leaving him her portfolio of 150 houses and small apartments on Detroit’s West Side with the instruction that he sell the properties to help finance family members’ education. His Uncle Howard helped him with the renovations, showing him how to make cost-effective decisions—something that has an ultimate impact on affordability for residents.

“It is unfortunate that my Aunt Jessie and Uncle Howard did not have the same access to capital or education that I’ve had,” said Carter. “They would have created an incredible portfolio. Nevertheless, I’ve been blessed by their wisdom. My aunt treated every one of her tenants like a family member. My uncle realized that every dollar saved in renovation will help make the rent more affordable.”

Creating opportunity for renters

When Carter started out in the sector, large institutional investors did not invest in apartments. Fast-forward to today, and 25 to 30 percent of institutional capital flows into the sector. Despite this, apartment operators are not always viewed favorably. “We sometimes rank below used car dealers and personal injury attorneys in terms of honorable professions,” Carter noted.

Some of this damage can be undone while providing real improvements for residents, said Carter, stressing the importance of investing in properties to minimize maintenance issues and rewarding renters for on-time payments. “At a minimum, we should facilities reporting to credit authorities. There are a lot of emerging proptech companies that help us report this data. Many times, our renters do not get the same political and economic advantages as homeowners because they don’t have a credit standing with the agencies.”

Carter also prodded owners who are able to accept more Section 8 vouchers. “About 50 percent of our households receive Section 8 payment assistance,” he noted, noting that Avanath’s default rate on Section 8 payments is negligible. “It’s less than 10 basis points. Unfortunately, Section 8 residents have a bad reputation—although it is my strong contention that there are very few poor Section 8 tenants, there are bad Section 8 owners and managers, and that is why the program has a bad reputation.”

Meanwhile, there could be ways to allow residents to co-invest alongside fund investors as a wealth-creation opportunity in the future, said Carter, who thanked his colleagues at Avanath and paid tribute to past MHN Lifetime Achievement winners Doug Bibby, Tom Bozzuto and Ron Terwilliger. The award, first given three years ago, recognizes those who have, over a career, made significant contributions to, and reshaped, the multifamily space.

If one thing is sure, it is that Carter will keep contributing to the exchange of ideas in multifamily. “The last few years, I have been somewhat outspoken on a few industry issues,” said Carter. “I make few apologies for being outspoken. It’s my contention that I’m too old to worry about what people think of me and, generally, at 6’7″ I’m too big for them to do anything about it.”

The post Daryl Carter Details All-American Journey in MHN Excellence Awards Keynote appeared first on Multi-Housing News.

An interior of a Woodside Preserve residence. The community will be located on the east side of Orlando. Image courtesy of Toll Brothers

Toll Brothers will construct a new community called Woodside Preserve in Orlando, Fla., with plans calling for 53 residences. The property will include one- and two-story homes. Work has begun on model homes and the sales center and home sales are expected to commence in the spring of 2024.

Purchasers of the new homes will have a selection of nine flexible floor plans that will range in size from 2,411 to 3,277 square feet of living space. Prices for the new homes are expected to start in the mid-$600,000 range. Woodside Preserve’s location will provide home buyers with quick and easy access to Downtown Orlando and other central Florida municipalities. State Roads 408 and 417 are easily accessible, simplifying commutes to central Orlando, as well as Winter Springs and Oviedo.

The University of Central Florida is also located nearby, as are several shopping centers, like Conway Commons, Dover Shores Shopping Center and Curry Ford Centre. Demetree Park, Mayor Carl T. Langford Park, Delaney Park, Lake Eola Park and Fort Gatlin Recreation Complex are all situated within five miles of the community. Orlando International Airport is located less than 10 miles away.

Last month, Wendover Housing Partners moved forward with Catchlight Crossings, a 1,000-unit affordable and mixed-income housing development in Orlando.

The post Toll Brothers Plans New Luxury Homes in Orlando appeared first on Multi-Housing News.

Reserve at Watters in Allen, Texas Image courtesy of Southgate Homes

Southgate Homes, a luxury homebuilder in the Dallas-Fort Worth area and a subsidiary of Green Brick Partners, has opened two residential communities in Allen and McKinney, Texas.

Painted Tree Lakeside South, located in a sought-after master-planned community in McKinney, is planning to build 67 homesites along Painted Tree Lake. Prices will start from the mid-$800s for floorplans that range from four to five bedrooms and 3.5 to 5.5 bathrooms. The homes will be within walking distance of The Outpost, the community’s main recreation hub, including a pool.

The community is located near several golf courses including Oak Hollow Golf Course and WestRidge Golf Course. Nearby shopping options include Historic Downtown McKinney, which has more than 120 boutique businesses and two dozen restaurants, McKinney Town Crossing and Allen Premium Outlets. There are several grocery stores in the area including Kroger, Market Street, Sprouts Farmers Market and Trader Joe’s. McKinney has more than 50 miles of hiking and biking trails and a 289-acre wildlife sanctuary.

Reserve at Watters, located at Watters Drive and Stacy Road in Allen, features 124 homesites and floorplans that also range from four to five bedrooms and 3.5 to 5.5 bathrooms. Both communities feature three-car garages. Community amenities at Reserve at Watters include an event lawn and playground. Prices for Reserve at Watters start in the low millions.

Located 25 miles north of downtown Dallas, Allen has more than 1,300 acres of parkland, 70 miles of hiking and bike trails and 60 city parks. The City of Allen has seven recreation facilities, including a large outdoor skate park and municipal golf course. Nearby shopping destinations include Allen Premium Outlets, The Village at Allen and Fairview Town Center. Grocery stores in the area include Trader Joe’s, Tom Thumb, Sprouts Farmers Market and Whole Foods.

Southgate Homes also has luxury residential communities in Frisco and Prosper, Texas, where it is featuring new floorplans at Windsong Ranch.

The post Southgate Homes Debuts 2 DFW Communities appeared first on Multi-Housing News.

On Nov. 30, Multi-Housing News held its 17th annual Excellence Awards ceremony, honoring some of the year’s most outstanding multifamily developments, business strategies and professionals. During the event, hosted at Resource Furniture in New York City, MHN awarded a total of 87 gold, silver and bronze awards in 34 different categories.

Daryl Carter, chairman & CEO of Avanath Capital Management, took home the editorially determined Lifetime Achievement Award, recognizing his contribution to the industry during 41 years in multifamily investment, development and operations. The judges named J. David Heller, president, CEO & co-founder of The NRP Group, as Executive of the Year.

The panel of industry experts judging this year’s award submissions included:

• Chelsea Dora-Shibley, HPA Design Group
• Jamie Gorski, GID-Windsor Communities
• Justin Koeppler, AG Architecture
• Brent Little, Fountain Residential Partners
• Todd Watkins, RailField Partners

Here are the 2023 MHN Excellence Award Winners:

Best Adaptive Reuse

• Gold: The Chelsea, Chasen Companies
• Silver: Chronicle Mill, Armada Hoffler
• Bronze: The Abbey, DJR Architecture, Sentinel Management Company, W+Noordijk Inc., Yellow Tree Development, Studio BV

Best Amenities

• Gold: Cortland East at The Highlands, Hickok Cole
• Silver: Broadstone Atlas at Park & Paseo, AO
• Bronze: The Hadley, Prometheus Real Estate Group

Broker of the Year

• Gold: Adrienne Barr, Berkadia

Most Effective DEI Program

• Gold: Presidio Bay Ventures

Best Development & Design: Affordable

• Gold: Hudson Village, Housing Trust Group, Corwil Architects, Gomez Construction LLC
• Silver: Ventana Residences, Presidio Bay Ventures
• Bronze: 290 Malosi Street, LDP Architecture, Mercy Housing, The Related Companies of California, Nibbi Brothers General Contractors

Best Development & Design: Affordable (Workforce)

• Gold: Schiller Place Apartments, Bailey Edward Architects, Evergreen Real Estate Group, Structured Development

Best Development & Design: High-Rise

• Gold: Lilia Waikiki, Jules Wilson Design Studio
• Silver: 44 East Ave, Page
• Bronze: Eleven, Ryan Companies US Inc., Robert A.M. Stern Architects LLP, Ryan A+E Inc., Arcadia

Best Development & Design: Low-Rise

• Gold: Hiro Apartments, Prometheus Real Estate Group

Best Development & Design: Mid-Rise

• Gold: Olmsted Savannah, Olmsted Savannah LLC, RPM Living, Studio Architects, Samet Corporation, Legacy Capital Partners
• Silver: Halcyon House, Hendy
• Bronze: The Sterling, CBT

Best Development & Design: Mixed-Use

• Gold: Nexton
• Silver: MiLine Miami, ZOM Living
• Bronze: Aster College Park, Bozzuto Development Company, Terrapin Development Company, JPMorgan, Willard Retail

Best Development & Design: Senior Housing

• Gold: Revel Legacy, Private Label International, The Wolff Company
• Gold: Revel Folsom, Private Label International, The Wolff Company, CSI Construction Company, Studio 15 Architecture Inc.
• Silver: Lakeside at Waterman Village, AG Architecture Inc.
• Bronze: Stevenson Oaks, AG Architecture Inc.

Best Development & Design: Single-Family Rental

• Silver: BB Living Harvest, KTGY | BB Living

Best Development & Design, Student Housing

• Gold: Theory U District, Ankrom Moisan Associated Architects Inc., PeakMade Real Estate
• Silver: 55 H St., N.W., American Campus Communities
• Bronze: Union on Broadway, Ankrom Moisan Associated Architects Inc.

Development Company of the Year

• Gold: Related Group
• Silver: Jefferson Apartment Group
• Bronze: Aimco
• Bronze: Presidium

Best ESG Program

• Gold: Veris Residential
• Silver: AIR Communities
• Bronze: The Beach Company

Executive of the Year

• J. David Heller, The NRP Group

Facilities & Maintenance Manager of the Year

• Gold: Marcus Hammill, The Breeden Company
• Gold: Eddie Cruz, Veris Residential
• Silver: Domonique Robinson, The Breeden Company
• Silver: Julie Bayer, The Breeden Company

Humanitarian Award

• Gold: Havenpark Communities
• Silver: Ability Housing

Best Interior Design

• Gold: The Wescott, Page
• Silver: Broadstone Atlas, Hendy
• Bronze: Eleven, Ryan Companies US Inc., Robert A.M. Stern Architects LLP; Ryan A+E Inc., Arcadia

Leasing Professional of the Year

• Gold: Hanadi Helwa, The Breeden Company
• Silver: Wesley Jones, Kane Realty Corporation
• Bronze: Yalem Haile, Westminster

Lifetime Achievement

• Daryl Carter, Avanath Capital Management

Best Marketing Campaign

• Gold: Sounds of Summer 2022, ARIUM
• Silver: Happy Place Campaign, PeakMade Real Estate
• Bronze: Committed, Cardinal Group Management

Marketing Executive of the Year

• Gold: Joya Pavesi, RKW Residential
• Silver: Justin Choi, Sequoia Equities Inc.

Best Marketing Strategy

• Gold: Development Marketing Team, Snaplistings
• Silver: Fogelman Properties

Best Operations

• Gold: Channel Club, The Bainbridge Companies
• Silver: Minneola Hills, The Bainbridge Companies
• Bronze: The Jasper, The Beach Company

Property Management Company of the Year

• Gold: Marquette Management Inc.
• Silver: ZRS Management
• Bronze: Windsor Communities

Property Manager of the Year

• Gold: Andrea Stewart, Stonemark Management
• Silver: Jessica Dempsey, The Breeden Company
• Bronze: Hallie Cambridge, Gables Residential

Rising Star

• Gold: Madeleine Roy, The Domain Companies
• Silver: Brontë Prins, Southern Land Company
• Bronze: Madison Meier, Cardinal Group Companies

Best Social Media Strategy

• Silver: Channel Club, The Bainbridge Companies

Best Technology

• Gold: Snappt
• Silver: Dwellwell Analytics
• Bronze: Zark

Best Transaction

• Gold: Harborside 1,2, and 3, Veris Residential
• Silver: Residences at the Agora, PACE Equity
• Bronze: Salina RAD Homes LP, Knight Development, Salina Housing Authority

Best Unbuilt

• Gold: St. Regis Residences, Related Group
• Silver: Cloud Apartments, AO
• Bronze: Gallery at West Brickell, Related Group
• Bronze: Nomad Residences, Related Group

Best Value-Add Renovation

• Gold: Atrio, Cityview, Clarion Partners
• Silver: The Hamilton, Aimco
• Bronze: St. Martin Apartments, Knightvest

Best Website

• Gold: Morgan Properties

The post MHN Announces 2023 Excellence Awards Winners appeared first on Multi-Housing News.

The KTGY-designed property will offer 150 units, including micro-units and one- and two-bedroom apartments. Image courtesy of KTGY

Urban Alfandre and Garner Batt have completed Slate, a 150-unit mixed-use community offering micro-units in addition to its more traditional one- and two-bedroom apartments. The community is located at 915 Washington St. in Salt Lake City’s growing Central Ninth neighborhood.

KTGY was the lead architecture firm that designed the transit-oriented development, which is geared toward students, young professionals and families. Construction of the five-story property began in May 2021.

An urban infill development, Slate’s developers leveraged underutilized land near transit and city amenities to construct the pedestrian-oriented project. The property, which has ground-floor retail and coworking spaces, is located next to the 900 South TRAX station. Two other UTA TRAX light rail lines are also close by, and bus service is also available. Slate is within walking distance of neighborhood restaurants, shops and bars and near the city’s Central Business District and downtown. The University of Utah is less than 4 miles from Slate, while the Salt Lake City International Airport is about 6 miles away. The airport is accessible via a 30-minute tram ride.

Slate’s studio, one- and two-bedroom floorplans range in size from 346 to 933 square feet. Amenities include a courtyard with a spa, two-level clubhouse and fitness and wellness areas that include a sauna, hot tub and mediation room. The property also has a pet wash and bicycle storage. The property has 58 parking spaces.

Attention to detail

Located on 0.73 acres at the intersection of Washington Street and 900 South, the infill site was an assembly of four parcels and wraps around an existing building where “The Shop” at 227 West is situated. KTGY Principal Nathan Sciarra described the architectural and aesthetic influences for Slate as traditional and industrial in prepared remarks, noting the attention paid to detail, including the building’s intricate brick detailing and corrugated metal siding, balconies and awnings. Murals painted by local artists adorn the sides of the building, softening its scale and giving it a spark of personality, Sciarra added.

The post Transit-Oriented Development Wraps in Salt Lake City appeared first on Multi-Housing News.

Editor’s Note
Focus on Value-Add Renovations for Big Gains

Deals & Data
City Pages, MHN Poll

Transactions
Major Sales and Financing Deals

Feature
Breathing New Life Into Older Properties

Marketing
How to Develop a Top-Notch Marketing Team 

Trend
Handling the Holidays With Inclusivity and Fun

Ranking
2023 Top Multifamily Developers

Leaf through the Multi-Housing News digital digest for a quick read.

The post The December Digital Issue of MHN Is Now Available! appeared first on Multi-Housing News.

Booth Residences was built in 1981 and renovated in 2006 using Low Income Housing Tax Credits. Image courtesy of JLL Capital Markets

The Salvation Army has secured $11 million in U.S. Department of Housing and Urban Development financing that will be used for upgrades at Booth Residences, a 150-unit affordable senior housing property in Cincinnati.

The eight-story property at 6000 Townevista Drive was built in 1981 and renovated in 2006 using Low Income Housing Tax Credits. The Section 42 LIHTC tax credits were applied to the property in 2009, enabling rent to be restricted through at least 2039, according to Yardi Matrix data. In October 2006, the Ohio Housing Financing Agency issued nearly $6.3 million in Multifamily Housing Revenue Bonds, 2006 Series D, with the Huntington National Bank as trustee.

The Salvation Army will utilize the $11 million financing to make accessibility and ADA upgrades, as well as unit and building improvements. The property has mostly one-bedroom apartments measuring 535 square feet and several two-bedroom units totaling 734 square feet. Common areas will also be renovated. The upgrades are expected to take about one year. Situated on 15.03 acres, Booth Residences has a community room, laundry facilities and 95 parking spaces. The property is served by a standalone rental office.

JLL Capital Markets arranged the financing and worked on behalf of the borrower to secure a HUD 223(f), fixed-rate loan with a rate of 5.7 percent that fully amortizes on a 35-year schedule, according to Yardi Matrix data. The loan will mature on Aug. 1, 2058. Yardi Matrix also reported that the City of Cincinnati provided $750,000 in financing.

Senior Director Anson Snyder led the JLL Debt Advisory team. Snyder, in a prepared statement, said the JLL team was tasked with providing a long-term, fixed-rate, non-recourse loan solution that would allow The Salvation Army the ability to make required upgrades that would directly assist the residents.

The Salvation Army helps nearly 23 million Americans each year overcome poverty, addiction and economic hardships through a range of social services including housing. While the privately funded, direct-service nonprofit is active all year, they are highly visible during the holiday season.

The post Salvation Army Lands Loan for Affordable Senior Community appeared first on Multi-Housing News.

Yosemite Apartments in San Fransisco. Image courtesy of Enterprise

Enterprise Community Partners has closed Enterprise Housing Partners Funds XLI and XLII. The investment vehicles raised a combined total in excess of $444 million, garnering commitments from 19 investors. The low-income housing tax credit funds will back the preservation and construction of 3,500 homes for almost 9,200 households at 30 properties in 16 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Ohio, Oregon, Texas, Washington and Wisconsin.

The investments are destined to generate more than 5,200 new jobs, according to Enterprise, which expects the funds will deliver an estimated $795 million in wages, tax revenue and business income to their surrounding communities. “The Enterprise team successfully navigated the challenging economic landscape of 2023, marked by banking liquidity issues and escalating interest rates, to successfully close two large multi-investor funds during the first half of the year,” Danielle Hammann, vice president for multi-investor fund operations at Enterprise Housing Credit Investment, told Multi-Housing News.

“Our team demonstrated exceptional agility and strategic prowess while navigating an ever-evolving economic environment,” said Hammann, describing the fundraising process as “seamless”.

The funds’ wide range of investments are reflected in two affordable properties: Yosemite Apartments, a 32-unit property in San Francisco, will undergo the first major renovation in its 99-year history with funds from EHP 41. The construction of Escalante Meadows, meanwhile, will be backed by an investment from EHP 42. That property will replace an aging 52-unit public housing development in rural Guadalupe, Calif., with a new 80-unit apartment property. Both projects are slated for completion in February and August 2024, respectively.

Earlier this month, Enterprise Community Development obtained financing for a pair of affordable developments in Silver Spring, Md., preserving affordability for those earning 60 percent of AMI.

The post Enterprise Raises $444M Across 2 LIHTC Funds appeared first on Multi-Housing News.

Jessica Fiur, Editor-in-Chief

At the end of a year, it seems like we’re pressured to make resolutions for the next one. But, sometimes, we’re in such a rush to plan for the new, that we don’t take the time to celebrate what we accomplished during the current year.

What are you proudest of that you accomplished in 2023?

For me, there are professional successes and personal achievements. But, when I look back, there’s one, small thing I did that leaves me fulfilled, gives me confidence and makes me smile: I did a push-up.

Yup, a push-up.

I’ve run marathons. I was on the swim team in high school. But I had never been able to do a push-up before. In school, when we were forced to do them during the Presidential Fitness Test, I (barely) did one, but it was with my knees on the ground (which used to be called “girl push-ups,” but the less we say about that sexist term the better), and I couldn’t get all the way down.

But this year, I did it—knees off the ground, chest all the way down to the mat, and back up. It took me months to get there. Lots of strength training. And push-ups on my knees. And telling myself to try, and that if I couldn’t get back up, that would be OK. Lots of times I couldn’t. And then I could. And now I can.

Similarly, for multifamily owners, developers and operators, I know the tendency is to also look to what’s coming next: Where should we build our newest property? What’s the newest hot amenity? But it’s also important to take stock of your current communities and celebrate successes there. And, especially in a tough market, it might to be a good strategy to focus on value-add renovations rather than new builds.

As Gabe Frank details in “Breathing New Life Into Older Apartment Properties,” value-add renovations can “keep properties’ affordability and accessibility intact.”

“We are trying to target well-located, physically differentiated Class B apartments that have been capital-starved or undermanaged, and we are investing in them to return them to their rightful place in the competitive set,” Joshua Grossman of GID explained to Frank.

Whether it be adding new signage and landscaping to attract new renters, or conquering a new athletic feat, sometimes it’s the smaller things you do during a year that will bring you the most returns in the next one.

I hope you all have a festive holiday season and a happy New Year. And I hope you take the time to celebrate all your accomplishments, no matter how (seemingly) minor.

Read the December 2023 issue of MHN.

The post Focus on Value-Add Renovations for Big Gains appeared first on Multi-Housing News.

You can also read our other Top Development rankings.

* As of June 30, 2023

Key: L=Luxury; M=Market rate; A=Affordable; St=Student; Mi=Military; Se=Senior; X=Other

Though we make every effort to include all major multifamily developers, several notable firms (among them Alliance Residential, AvalonBay Communities, Fairfield Residential, Mill Creek Residential and Wood Partners) did not participate this year.

To be included in upcoming surveys, email Agota Felhazi at agota.felhazi@cpe-mhn.com.

MF Development Activity Remains High

Image by JARAMA/iStockphoto.com

This year, multifamily development has been robust. According to a recent supply update from Yardi Matrix, nearly 460,000 units are expected to deliver by the end of the year and more than 510,000 in 2024. Completions are projected to taper off in the years to follow, falling to as low as 365,000 units in 2026, as elevated interest rates and construction costs render projects more difficult to finance.

However, demand for multifamily remains strong, given the current U.S. housing shortage and record-high mortgage rates that have priced many homebuyers out of the market. These factors support capital appreciation within the sector despite current economic challenges.

This year’s Multi-Housing News’ Top Multifamily Developers ranking reflects confidence in the multifamily market. Of the 53 companies surveyed, 81 percent stated that they expect their firm to undertake either the same, more or significantly more development activity over the next six quarters. While a few companies expect to undertake less activity, no firms stated that they expect to undertake significantly less.

Leading the pack in recent development activity is Greystar, which has held the No. 1 spot for several years. The company boasts an impressive portfolio of multifamily units throughout the United States and internationally. Over the past three years, the firm has delivered over 28,000 units worth nearly $30 billion in total. Greystar recently expanded its footprint with its first build-to-rent community in Minnesota and completed groundbreaking for its first modular housing project in Pennsylvania. The latter aims to provide quality and affordable housing to those in essential fields, such as education and nursing.

This year’s respondents included a range of firms of different sizes that reported both regional and international activity. Many companies develop multiple property types, from senior housing to affordable to luxury, but most focus on market-rate units.

—Brittney Peacock, Senior Research Analyst, Yardi Matrix

Methodology

The 2023 MHN Top Multifamily Development Firms ranking is based on self-reported data for all firms. Our rankings utilize weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of projects completed and under construction and geographic and property diversification. The ranking represents what we feel is a logical balance between firm growth and market share.

Read the December 2023 issue of MHN.

The post 2023 Top Multifamily Developers appeared first on Multi-Housing News.

Expert holiday planning at multifamily properties is more than good business—it’s the law. In 1995, the U.S. Department of Housing and Urban Development released a memorandum that addressed Fair Housing Act holiday decorations and provided clarity for managers and residents of apartment communities.

READ ALSO: What the US Can Learn From Europe’s ESG Practices

HUD determined that Hanukkah menorahs, Christmas trees and Santa Claus are not religious, and their use is not a violation of the Fair Housing Act. The Kwanzaa kinara candleholder is also deemed cultural rather than religious.

From organizing a decorating committee to making trendy wreaths to having a post-holiday happy hour, there are plenty of ways to include all residents in the spirit of the season.

The Fair Housing Institute has compiled best practices to help managers prepare for fully inclusive holidays. One tip is realizing that no matter how careful you are, there may be a resident who complains. The team needs to understand how Fair Housing laws could apply and why. Address all complaints of religious discrimination. This includes complaints among neighbors. Listen to the resident, address the issue and document everything.

Image by Ksenia Valyavina/iStockphoto.com

Keeping it secular

According to The Fair Housing Institute, the use of secularized terms or symbols relating to religious holidays does not constitute a violation of the Fair Housing Act. The long list of seasonal decor that is OK to use includes indoor and outdoor lights, wreaths, garlands, snowmen, snowflakes and reindeer.

READ ALSO: HUD Clarifies ‘Discriminatory Effects’ for Rental Housing

“When it comes to holiday decor at apartment communities, the number one rule to keep in mind is use no religious symbols,” noted Anne Sadovsky, Fair Housing expert & multifamily consultant. “That means no crosses or nativity scenes, no Stars of David, no Baby Jesus or manger—even angels are ‘iffy.’ Play no hymns or religious music in the office. Rudolf and Grandma Got Run Over by a Reindeer are OK.”

Sadovsky warns, “One challenge is our words. It’s best to say Happy Holidays and not Merry Christmas.” Also, remember that property managers cannot control what residents use on their balconies, patios, in their windows and on their doors. “In these agitated times, we never know what is going to provoke hostile people or how the residents will react.” Sadovsky suggests that properties have guidelines in their Community Policies to disallow any political posters/pictures in/on their windows and doors. If wreaths are allowed on their doors, every resident can choose a theme as long as it is not political.

Promoting DE&I

Multifamily owners/operators with a strong DE&I framework in place year-round can easily segue into the holiday season with empathy and awareness. “I am very proud to be part of an organization that lives DE&I ideals every day,” said Erin Foley, vice president & managing director of multifamily operations at McKinley.

In 2023, McKinley hosted its first women’s luncheon to celebrate talent and provide a forum for female team members to engage, encourage and empower one another. For many years, the company has actively participated in the Pulse Organization commUNITY Rainbow Run, as well as donated to several LGBTQIA organizations.

READ ALSO: Apartment Reviews and Ratings Matter

“During the holidays, we organize our community events which include food, activities and partnerships with donation drives and local gift giving services,” added Foley. “I find that one of the most inclusive things anyone can do during the holidays is connect with people and give back. When it comes to engaging with our teams and our customers, we don’t steer away from ideas—we listen to them. When you can relate to your customers, being inclusive comes naturally.”

The Harbor Group Management Company team keeps the holidays inclusive for residents with branded cookies baked in the brand color. Image courtesy of Harbor Group Management Co.

Keeping it generic

Gables Residential has implemented a company-wide protocol regarding the holidays, according to Gigi Giannoni, senior vice president of customer experience and marketing. As part of its ongoing efforts to practice equity and inclusion, Gables’ corporate offices and all its apartment communities are tasked with representing the joy of the holidays without specific symbolism or decor associated with any single religion or culture.

“We typically do generic decor such as wreaths, bows, reindeer, decorative balls and battery-run candles,” said Giannoni. “When we host resident events, we leave it to the discretion of our regional and general managers to determine the flavor of the celebration,” she added. “When we have the opportunity, we always promote and encourage diversity, equity and inclusion not only in our on-site events, but also in our resident communications.”

Holiday social media campaigns are an excellent community relations tool. Inclusivity also involves encouraging residents to socialize on social media and in person through events or parties at a time of the year when they might feel lonely.

Gables has hosted holiday dinners and brunches, holiday gift exchanges, ugly sweater parties and gift wrapping events. Gingerbread house building competitions have also been popular. “We do put up some holiday trees, but they’re decorated in a general holiday theme,” added Giannoni. “We are revisiting the trees moving forward.”

Sense of community

Harbor Group International’s marketing team takes inclusivity seriously and plans out the whole year in advance.

“We have a diverse community of people from different areas of the business who work together to come up with a calendar of events and recognition for our employees. They also provide a variety of perspectives related to what our residents would want,” mentioned Jenn Williams, vice president of marketing for Harbor Group Management Co.

Gingerbread house competitions are a favorite way to celebrate the holidays with team spirit and bring apartment residents together for seasonal fun. Image courtesy of Harbor Group Management Co.

For December in particular, HGI is inclusive of all beliefs, but the team sticks to generic terminology. According to Williams, the preferred term is “holidays,” and they stay away from any particular December date. They schedule any gifts and communication for mid-December regardless of when certain holidays fall.

“At our specific locations, we’re hoping to build a sense of community,” mentioned Williams. “And so, residents really drive what decor we might want in our clubhouses. We want residents to be comfortable there. It really depends on what they want to see, so it could be different depending on the demographics of the people that are living here.”

Fair Housing is a big driver in everything that HGI does. “Even something as simple as holiday decoration can actually cause problems from a Fair Housing perspective, if you’re not really careful about it,” Williams pointed out.

Some HGI property teams put up a Christmas tree. Some display wreaths and menorahs. “Whenever we do holiday gatherings, we stick to our brand color which is a cobalt blue so that we’re not leaning toward any one side of things. It’s the same for any flyers or other holiday communications that we put out to the properties,” added Williams.

Of course, everybody loves twinkly lights. HGI also does ugly sweater competitions— including but not limited to Christmas sweaters—gingerbread house contests and holiday playlists. Residents are also invited to contribute to non-holiday playlists.

HGI has sent residents hot cocoa just because they’re heading into the winter months. Branded cookies are another way to celebrate the time of year when people do cookie swaps. For potluck dinners during the holidays, residents just naturally bring the dishes that are culturally significant to them. According to Williams, “There are things we can do that don’t have a religious connotation, but that are at the heart of what the holidays mean to people.”

She added, “I think the important thing is to keep it organic, make people comfortable, make sure that anything they want to celebrate, anything that they want to share with people they feel comfortable doing. I think that’s at the heart of inclusivity and belonging… There’s definitely some leeway given to different property managers in different places. It’s hard to speak unilaterally for everyone.”

Read the December 2023 issue of MHN.

The post Handling the Holidays With Inclusivity and Fun appeared first on Multi-Housing News.

“Marketing is the lifeblood of any successful apartment community,” said Matthew Mehon, director of marketing for Marquette Management in Naperville, Il. “It’s the engine that drives leads, fuels conversions and ultimately defines the triumph of a property. In a competitive landscape, effective marketing is the key to differentiating yourself from the rest of the pack.”

Here’s how to create a top-notch marketing team, what skills and experience to look for in new hires and how to develop the next generation of marketing leaders.

Image by katleho Seisa/iStockphoto.com

Structure Varies

The size and structure of marketing teams vary greatly among apartment operators. A small operation may need just one full-time employee to handle marketing, while an institutional owner with thousands of units may require a large team with specialized skills.

Michael H. Zaransky, managing principal of MZ Capital Partners in Northbrook, Ill., has one director of marketing, who works centrally but is supported by the community manager of each of his seven communities. Bozzuto, on the other hand, has 42 corporate marketing professionals for the 320 communities and nearly 100,000 units it has under management, according to Kelley Shannon, the firm’s senior vice president, marketing and customer experience.

Bozzuto’s marketing department consists of four teams. The largest is Performance Marketing, responsible for optimizing marketing to make sure it’s as efficient as possible. There’s also Brand Development, Digital and Customer Experience professionals to provide a balanced overall marketing strategy for the communities under management.

Doreen Jaworski, co-president of TRG Management Co. in Miami, said that while her actual marketing team consists of three people in her in-house digital team, five marketing managers and a vice president of marketing, she considers all employees to be part of the marketing team. “Those who work on site are the face of TRG Management and a reflection of our company as a whole,” she said. “This includes everyone from the leasing team to the porters and housekeepers. We all represent the brand.”

Collaboration among TRG staff at all levels is key to successful marketing, Jaworski said. During the lease-up of Wynwood 25, Related Group’s first market-rate rental community in Miami’s Wynwood neighborhood, the on-site team offered employees of local businesses a gourmet lunch from a local eatery and a 25-minute community tour. “Our on-site team collaborated together to successfully provide our prospective residents with the full Wynwood 25 experience in just under 25 minutes,” she said. “This was one of our most-successful lease-ups due to the efforts of not only our creative marketing department, but also our retail and neighborhood partners.”

Marquette Management’s marketing team consists of a director of marketing, a marketing manager and a digital marketing manager, Mehon said. In addition, Marquette has identified on-site “marketing ambassadors” for each community—the community manager or a leasing specialist responsible for responding to online reviews, creating social media content and interacting with residents and prospects.

When marketing Wynwood 25, Related Group’s first market-rate rental community in Miami’s Wynwood neighborhood, TRG Management’s marketing team adopted a collaborative approach to promote the community to area professionals, offering them a gourmet lunch as well as a 25-minute tour of the apartments. The efforts of the marketing department and neighborhood partners led to a successful lease-up. Image courtesy of The Related Group

The Skills for Success

Apartment professionals say that the skills needed for successful marketing have evolved over time.

Zaransky used to look for new hires with marketing degrees and the ability to create logos and printed materials. But those skills are less important now. “Now, I look for someone who is internet and technology savvy who has worked at the property level and understands the leasing process,” he said. “The industry experience, especially on the leasing side, is important.”

Lisa Gunderson, vice president of asset management for Bristol Development Group in Franklin, Tenn., also looks for digital expertise—someone who understands search engine optimization, PPC and websites. But she also looks for project-management skills that enable an employee to see a project through from start to finish and manage third parties, ensuring deliverables are received in a timely manner.

Many apartment professionals look to their own on-site teams when they need marketing staff. “A lot of times we fish from our sales and leasing agents for our junior marketing positions,” said Shannon. “At that point, they’ve been with Bozzuto a couple of years, they understand our core values, tools, technology, how we operate and client service, and then we just have to teach them to be a great marketer.”

Next-Gen Marketing

 How can apartment owners and managers develop the next generation of marketing leaders? Strategies vary depending on the size of the organization and its budget. Leaders of small marketing teams often develop the careers of their employees by encouraging continuing education, such as in-person or online courses, and attendance at industry conferences where they can hone their skills and learn from others through networking. Larger organizations often have more structured programs.

TRG Management emphasizes continual training for its nine-person marketing team. “We attend conferences, pay for continuing education for our team members and have a centralized policy program and training center for every employee,” said Jaworski. “We also do a lot of role-playing exercises to help train our employees.”

“Education and training are a key to developing the next generation of marketing leaders, and providing access to workshops and seminars helps them think beyond today,” said Maureen Vaughn, vice president of marketing and communications for Habitat in Chicago. “I am a big proponent of mentorship—pairing young marketers with experienced professionals, who can expose them to all aspects of the business to foster a holistic understanding of the role.”

Read the December 2023 issue of MHN.

The post Marketing 101: How to Develop a Top-Notch Team appeared first on Multi-Housing News.

In light of these struggles, value-add projects and financial models are often attractive options. If investors can find the right properties in need of upgrades and make aesthetic and functional changes that appeal to renters, they can often achieve significant boosts to their resident profiles and asking rents. At the same time, they can keep the properties’ affordability and accessibility intact.

Signage and sightings

With these issues in mind, aesthetic appeal and branding are the name of the game, and many aspects of it are low-hanging fruit for attracting renters. “We want to be outward facing, so that people walking by or looking at us online immediately see the enhancements that we have made,” explained Jariel Bortnick, Founder & Principal of Quad Property Group.

For Quad Property Group, these cosmetic upgrades take the form of new signage and landscaping upgrades, as well as freshening amenity spaces, leasing offices and clubhouses. These upgrades have a distinct advantage in attracting renters due to their “surety of execution” and their relative immunity to permitting delays and labor availability, according to Bortnick.

Tyler McWilliams, Chief Operating of Ashland Greene, sees exterior and branding upgrades as important as unit improvements, particularly in a market as competitive as Dallas-Fort Worth, where most of the firm’s investments are located. “When a renter pulls up into an apartment complex, and they see siding falling off, paint that looks really bad, branding that doesn’t draw them in and shingles falling off a rood, that’s their first impression of the property,” he told MHN. “They are not going to walk into a leasing office and pay a premium for the unit that we just renovated.”

Enhancing interiors

In the same vein, quality of life investments are necessary to create properties that offer long-term appeal to renters, and a nuanced look at why the competition can charge higher rents is vital for value-add investors.

“If the kitchens at competing properties have granite countertops and stainless steel appliances and are receiving $200 to $300 higher monthly rents than our property, then we will seek to add those types of enhancements,” said Eric Henrickson, vice president of acquisitions at CREC Real Estate.

As such, the countertops have become important, but so too have the way they complement the space. When GID changes a countertop, often topping one with quartz, they also lower them, giving way to a more open space between a kitchen and living area. As an example, “Someone could be cooking and engaging with family members or friends who are sitting and watching TV in the living room,” Grossman noted.

In the kitchen, the new owners often replace yellowing laminated wooden cabinets with painted boxes and replace the cabinet doors with painted fronts. That gives the interiors a warmer, more relaxing feeling. Larger, single-bowl sinks often replace dual-bowl setups to better accommodate pots and pans.

Around the units, renovations include installing wooden plank—style flooring, a fixture of higher-end communities. “We find that it saves on operating expenses going forward, because the hard-surface flooring does not need to be cleaned or replaced nearly as often as carpet,” Grossman reported.

Smart amenities

When selecting amenities, combining new offerings with the tried-and true is a successful strategy. A cinema may look nice in a property brochure, but larger gym space may be more attractive to renters. Understanding this, GID removed the theater in the gym at one property, making room for a larger fitness area. “It was a smaller gym, and nobody was using the theater, and we have created a bigger (one) with all kinds of equipment that tenants think is fantastic,” Palmer said.

Similarly, outdoor amenity spaces are evolving as well, reflecting both newer and longstanding recreational habits. Pickleball courts remain a winner, and pet parks make a good enhancement to underutilized yard space. Both upgrades are both relatively quick and inexpensive.

“You find a patch of grass, spend about $10,000 on fencing and $5,000 on pet equipment, and you have a very popular amenity,” Bortnick reported. GID shares this approach, often tackling landscaping as the first action item of a value-add. A similar exterior aesthetic improvement: private, fenced-in yards. “If there is a nice flat area outside of a patio, we (can) fence that in and add nine to ten feet of grass, and that will be a personal private yard,” Palmer said.

Grounded in reality

Despite the allure that a full property facelift presents for value-add investors, the projects are not without struggles. In light of several high-profile bank failures earlier this year, coupled with borrowing costs frequently exceed cap rates, investors have financed recent value-add deals with agency lending, on top of preferred equity. “The bridge product is challenged, to put it mildly,” Bortnick pointed out.

From the lender’s perspective, agency lending is often preferred. “The reason we underwrite based on agency loans is due to the regional banks’ appetite for commercial loans,” said Marcia Kaufman, CEO of Bayport Funding.

Labor and material shortages can also hamper value-add projects. Hiring local contractors is often a way to save time and money. “Whenever we install cabinets, our vendors are cutting them on-site,” reported McWilliams of Ashland Greene.

For its part, Quad Property Group sometimes runs into countertop shortages. The solution? “Make sure that it’s available in bulk, and budget accordingly with a healthy reserve,” Bortnick advised.

Read the December 2023 issue of MHN.

The post Breathing New Life Into Older Apartment Properties appeared first on Multi-Housing News.

Zia Sunnyside. Image courtesy of Walker & Dunlop

To have your transaction featured, submit details to Agota Felhazi at agota.felhazi@cpe-mhn.com.

Read the December 2023 issue of MHN.

The post Transactions: December 2023 appeared first on Multi-Housing News.

One Riverwalk has 303 apartments. Image courtesy of Passco Cos.

Passco Cos., alongside joint venture partner Greystone, has acquired One Riverwalk, a 303-unit luxury multifamily community in Knoxville, Tenn., from developer Southeastern for $120.7 million. The deal represents the largest apartment acquisition in Passco’s history.

The new owners also assumed a 10-year $64.3 million Freddie Mac loan bearing a 3.12 percent fixed rate with more than three years of interest-only periods remaining. Assumption of the debt was key to both firms finding mutually beneficial motivations for the transaction during a time when multifamily deals are down nearly 75 percent since last year, Passco said in a statement.

Located at 151 E. Blount Ave., One Riverwalk was completed in 2019 and was 97 percent occupied at the time of the sale. The 3.35-acre waterfront property has views of downtown Knoxville and the Tennessee River. It is adjacent to the Riverwalk and public event space. The community has two five-story buildings offering a mix of studio and one- and two-bedroom units which average 884 square feet. Community amenities include a business center, conference room, fitness center, clubroom, saltwater pool, grilling area, dog spa and electric vehicle charging stations.

Expanding portfolio

Passco has a long-term relationship with Southeastern, the developer of One Riverwalk, and was able to negotiate the direct purchase of the property. This is the third direct transaction between the two firms since 2019. Passco acquired One Hampton Lake, a 330-unit Class A community in Bluffton, S.C., in September 2020 for $78 million and Grand Oaks at Crane Creek, a 300-unit Class A community in Augusta, Ga., in August 2019 for $58 million. Passco currently has $4 billion in assets under management across the country and is actively growing its portfolio in primary and secondary markets.

The purchase of One Riverwalk expanded Passco’s holdings in the Knoxville market. The privately held Irvine, Calif.-based firm also owns Tapestry Turkey at Creek and Trustwell Living of West Knoxville.

One Riverwalk is built on a former hospital site in what was once an underutilized and blighted part of town which has since transformed, Passco said in a statement. The acquisition is also part of an ongoing collaboration between the firm and Greystone, which made a minority investment in Passco in 2022.

The post Passco, Greystone Acquire Knoxville Luxury Asset for $121M appeared first on Multi-Housing News.

Colina West Homewood will offer 310 units. Image courtesy of Williams Blackstock Architects

Dobbins Group is looking to further grow its presence in the Birmingham, Ala., metro with a new pair of projects. The firm will soon begin construction on Colina West Homewood and Colina Hillside, having recently secured construction financing for both properties. Colina West Homewood is expected to be complete in fall 2025, the developer told Multi-Housing News. Colina Hillside will be online in summer 2026.

The developer has tapped Williams Blackstock Architects as the architect for both projects, while Lorberbaum McNair will be tasked with landscape architecture and Catori Design House will handle interior design. Dobbins Group also tapped Forestry Environmental and Capstone Building Corp. to construct both communities, the firm told Multi-Housing News.

Trustmark, First US Bank and Metro Bank provided $45 million in debt financing for Colina West Homewood, while Protective Life provided $73 million in debt financing for Colina Hillside, the firm told MHN.

Residences at the 310-unit Colina West Homewood will average 963 square feet and be split between three-story buildings and two-story carriage homes. The one-, two- and three-bedroom units will be built with smart access controls, glass-door showers, oversized windows and walk-in closets. Residents will also have access to a pool, coworking space, car wash area, grab-and-go market, lawn game area, central green space, dog spa and park, a clubhouse with a resident lounge and package lockers, as well as grilling stations and outdoor kitchens and hiking trails.

Apartments at the 475-unit Colina Hillside will be spread throughout four- and five-story buildings. The one-, two- and three-bedroom units will average 955 square feet and will be built with kitchen islands, private patios, washer and dryer units and walk-in closets. Community amenities will include a fitness center, a two-story clubhouse, outdoor amenity green space, coworking spaces, two pools, outdoor kitchens, pet parks, grilling stations, electric vehicle charging stations and firepits.

Growing southeastern footprint

While its two latest projects are located in Alabama, Dobbins Group mainly focuses on the southeastern U.S., including Florida, Tennessee, Kentucky and Louisiana, as well as Alabama. In March 2019, Dobbins Group sold its 306-unit apartment community,  The Henry at Fritz Farm, in Lexington, Ky. for $62.4 million. Besides Colina West Homewood and Colina Hillside, Dobbins Group has delivered several other communities in the Birmingham metro. The firm completed the 280-unit Estelle in 2021, the 204-unit Easterwood in 2022 and the 96-unit Axel Row also in 2022. All three properties are located in Birmingham.

The post Dobbins Group Starts Work on 2 in Alabama appeared first on Multi-Housing News.

Reserve on Park Place expects completion in April 2025. Rendering by R3B Architecture, courtesy of Merchants Capital

A partnership between Brown Capital Group, Leo Brown Group and Rogers Development Group has obtained $17.4 million in LIHTC equity financing for the development of Reserve on Park Place in Fort Wayne, Ind. Merchants Capital provided the funds for the fully affordable, age-restricted project. Completion is scheduled for April 2025.

The project also received financing from the Indiana Housing and Community Development Authority: $24 million in bonds, $1.6 million in tax credits and $500,000 from the Development Fund.

Upon completion, the three-story property will comprise studio, one- and two-bedroom floorplans. All residences will cater to adults aged 55 and over who earn at thresholds of 40, 60 and 80 percent of the area median income. Apartments are designed to support special needs and include handrails, grab bars, intercoms and video surveillance.

Located at 4795 Park Place Drive, the site is close to Interstate 69 and roughly 10 miles from central Fort Wayne. The property is close to numerous health-care facilities, including the Dupont Hospital, and also near large green spaces and parks.

Merchants Capital recently has been investing in midwestern affordable properties, being the primary equity provider for a Michigan development led by Woda Cooper Cos., and also securing financing for the rehabilitation of a 142-unit income and age-restricted property in Gary, Ind.

The post Indiana Affordable Project Obtains $17M LIHTC Financing appeared first on Multi-Housing News.

Wendover Housing Partners has released new images of Catchlight Crossings, a 1,000-unit affordable and mixed-income housing community in Orlando, Fla. Construction started earlier this month, with the first phase expected to come online in 2026.

The pedestrian-oriented master plan is the result of Universal Destinations & Experiences’ Housing for Tomorrow program, designed to address the need for economically diverse and affordable housing. The theme park company donated the 20-acre land and selected Wendover as developer and manager of the nine-building live-work-play community. A total of 75 percent of the units will be reserved to households earning 60 percent or less of the area median income.

Financing of the project included a $29.1 million construction loan from JPMorgan Chase. The development team consists of master planner and architecture firm Beyer Blinder Belle, executive architect BDG Architects, interior designer Palmetto Interiors and landscape architect RVi Planning + Landscape Architecture. AVCON serves as civil engineer and Structures One as structural engineer.

A transit-oriented community

Designed according to LEED standards, the transit-oriented development is set to comprise several on-site services, including medical offices, tuition-free preschool, learning classrooms, community amenities and some 16,000 square feet of retail space. 

Common-area amenities will comprise a community garden, 4 acres of green space, two swimming pools, fitness centers and technology cafés. The property will also feature a transportation center that will include buses, ride sharing and employer shuttles.

Taking shape at the intersection of Destination Parkway & Universal Boulevard, the development is close to Lake Cay Commons business center, along with several dining options. Skyview Plaza and The Florida mall are within a 5-mile radius, while downtown Orlando is some 14 miles northeast.

The post Wendover Moves Forward on Affordable Orlando Project appeared first on Multi-Housing News.

Susan McPeak, Corporate Ambassador, The REMM Group

Triple Threat

The REMM Group has centralized several key assets of our business to ensure efficiency, consistency and streamlined operations. Centralization is primarily achieved through three key pillars: policy and procedures; software; and training.

1. Policy and Procedures:  
   • Comprehensive policies and procedures centralization through documented policies helps maintain consistency across different teams and departments.
2. Software: Yardi Voyager, Rent Cafe, Commercial Cafe, Vendor Cafe, Compliance Depot, Forecast IQ, Orion BI, Knock, Respage, Smartsheet, Google Suite, Zoom, etc. 
   • Leveraging advanced software solutions, we have centralized critical business functions. Our integrated software platform serves as a centralized hub for managing diverse operations, including finance, customer relationship management, project management, and more. This ensures real-time collaboration, data accuracy, and a unified view of our business processes.
3. Training: Aspire REMM University, In Person and Virtual Training Workshops
   • Centralization of our business practices is reinforced through comprehensive training programs. We invest in training our teams to ensure that everyone follows standardized procedures and understands the core principles outlined in our policies. This not only promotes uniformity in our operations but also enhances the skillset of The REMM Group workforce, contributing to overall organizational efficiency. —Susan McPeak, Corporate Ambassador, The REMM Group

Mary Cook, founder & president, Mary Cook Associates

Creative Endeavors 

Over the last couple of years, we reimagined our processes to better support our design teams. We developed a studio model that is led by a senior designer and includes a team of cross-functional talent and expertise. Designers working together are like an artist colony. This centralized approach provides a framework that nurtures and cultivates the best of their creative genius while still operating in an efficient and structured environment.

We realized everyone had a different way of storing drawings and project  information so we also created a centralized way to file and label things. It’s now a one-stop location to find what’s needed. We’re currently working on centralizing our procurement process. Easy access to vendor and product information will help us be more agile and cost-efficient in the midst of rising costs and accelerated  —Mary Cook, President, Mary Cook Associates

The post MHN Executive Council: How to Ensure Efficiency With Centralization appeared first on Multi-Housing News.

Arrowwood is another community within The Quad. Image courtesy of Yardi Matrix

LCOR has received $92.3 million in financing for the development of Parcel H, a 354-unit luxury project in North Bethesda, Md. Sumitomo Mitsui Banking Corp. provided the four-year, floating-rate loan. JLL Capital Markets represented the borrower in the deal.

The community is the final component of The Quad, a four-property, 1,312-unit project developed by LCOR under the North Bethesda Master Plan agreement signed with the Washington Metropolitan Area Transit Authority. Apart from Parcel H, The Quad also includes 294-unit Arrowwood, the 341-unit Aurora and the 312-unit Wentworth House, all three completed between 2008 and 2021.

The JLL Capital Markets Debt Advisory team included Senior Managing Directors Jon Mikula, Jim Cadranell and Jamie Leachman, together with Associate Ryan Carroll. Earlier this year, another JLL team secured $94 million in financing for a 307-unit project in New Rochelle, N.Y., also developed by LCOR.

The final community within The Quad

Design Collective provided architecture services for Parcel H. The 12-story building is set to comprise one-, two- and three-bedroom layouts, as well as nine penthouse units, averaging 881 square feet. Apartments will feature washers and dryers, HVAC thermostats and quartz countertops.

Common-area amenities are set to include a fitness center, outdoor swimming pool, courtyard, resident lounge with coworking stations, meeting rooms and children playrooms. In addition, there will be a penthouse lounge with gaming areas and a golf simulator.

The transit-oriented community will rise at 5400 McGrath Blvd., close to the Pike & Rose shopping mall. Montrose Crossing Shopping Center, Towne Plaza and Federal Plaza, offering a host of dining and retail opportunities, are less than 2 miles away. Downtown Washington, D.C., is some 12 miles southeast, while Dulles International Airport is within 24 miles.

The post LCOR Lands $92M for Metro DC Luxury Project appeared first on Multi-Housing News.

The View was converted from hospitality to multifamily use in 2013. Image courtesy of Yardi Matrix

A joint venture between MWest Holdings and BentallGreenOak has received $47.5 million for the refinancing of The View, a 168-unit luxury community in Los Angeles. CIM Real Estate Debt Solutions arranged the loan on behalf of a CIM-managed fund.

The partnership acquired the property for $73.3 million in 2018, Yardi Matrix data shows, financing the purchase with a $46.6 million loan from Principal Financial Group. The note was due to mature in January 2024.

A Koreatown community

The 13-story building came online in 1965 as a hotel. In 2013, CIM Group acquired the property that had been converted to multifamily use through the implementation of a $25.5 million capex plan.

The community encompasses studio, one- and two-bedroom floorplans ranging between 518 and 1,357 square feet, together with 3,000 square feet of retail on the first floor. Apartments feature modern kitchens with granite countertops and stainless appliances, in-unit washers and dryers, along with private balconies or patios in select units.

Common-area amenities include a fitness center, community room, yoga studio, library, screening room, outdoor lounge and swimming pool with sundeck, daybeds and private cabanas. In addition, there are EV charging stations and more than 200 parking spaces.

The 0.9-acre property is at 3460 W. Seventh St. in the Koreatown district. Koreatown Plaza, Rodeo Galleria Shopping Center and Western Plaza are 1 mile away, while Wilshire/Normandie metro station is within walking distance. Hollywood is 3.9 miles northwest, while downtown Los Angeles is some 4 miles southeast.

The location is also 3 miles from a 438-unit luxury development approaching completion. First move-ins are expected in early 2024.

The post BentallGreenOak JV Lands $48M Refi for LA Community appeared first on Multi-Housing News.

The Ridge was constructed in 1987. Image courtesy of Fourth Avenue Capital

Fourth Avenue Capital has grown its presence in the Portland, Ore., metro with the acquisition of an 80-unit community in nearby Vancouver, Wash. The company acquired The Ridge in an off-market transaction for nearly $14.8 million, the buyer told Multi-Housing News. Fourth Avenue declined to disclose the identity of the seller.

The property’s large floorplans and the area’s affordable rent levels relative to the cost of buying a home made the acquisition a compelling one, Davis Vaughn, managing partner at Fourth Avenue, said in a statement.

The Ridge was built in 1987 as a Class B community with 10 residential buildings. The one-, two- and three-bedroom units range from 680 to 1,118 square feet and were built with private garages, soaking tubs, electric fireplaces and washers and dryers. Select units also have vaulted ceilings and private backyards. The community’s amenities include a pool, clubhouse and playground, but the new ownership is planning to enhance the existing amenity spaces, as well as update the unit interiors.

Located at 6208 NE 17th Ave., the community is roughly four miles away from downtown Vancouver and its ongoing $1.5 billion waterfront project that will transform 32 acres into a mixed-use neighborhood with office, retail, hotel and park space. The Ridge is approximately 12 miles away from downtown Portland and cultural institutions like the Keller Auditorium, the Portland Art Museum and Providence Park.

Expanding in Portland

With the acquisition of The Ridge, Fourth Avenue now owns 18 assets, four of which are located in the Portland metro. The company started building out its portfolio with the acquisition of the 33-unit Blanton Commons in Beaverton, Ore., in May 2020 and the 52-unit Bell Tower at Old Town Square in Wilsonville, Ore., in June 2022. More recently, the company acquired the 71-unit Residences at Butler Creek in Gresham, Ore., in May 2023.

The company plans on buying and developing many more communities in both the Portland metro and the Northwestern U.S. in the coming years, Fourth Avenue told MHN. Being headquartered in Seattle and Spokane, Wash., Fourth Avenue focuses primarily on middle-market multifamily assets in the Pacific Northwest, including apartment rentals, townhomes and student housing communities.

The post Fourth Avenue Capital Acquires Portland-Area Community appeared first on Multi-Housing News.

Bainbridge celebrates the opening of Nona North. Image courtesy of The Bainbridge Cos.

The Bainbridge Cos. has debuted a new apartment community in Orlando, Fla. Bainbridge Nona North, which is situated at 2410 Canopy Breeze Circle in the Lake Nona neighborhood, has 252 units. The property offers one-, two- and three-bedroom apartments, ranging in size from 795 to 1,466 square feet, as well as 24 detached garages and 50 storage spaces.

Units are outfitted with smart thermostats and keyless entry technology, as well as full-sized washers and dryers. A coworking café with private office space is one of the property’s amenities.

Central location

Bainbridge Nona North is located near many restaurant, shopping and retail options and is an easy commute from many local offices. Lake Nona Creekside, Landstar Commerce Center and Landstar Marketplace all provide nearby retail options. The property is 8 miles from Orlando International Airport.

The project is also less than a half-hour from four colleges and universities: The University of Central Florida, Everest University and the Sand Lake and Osceola campuses of Valencia Community College. Bear Creek Recreation Complex, Meadow Woods Park, Airport Lakes Park, Barber Park-Orlando and Cypress Grove Park are all within a 20-minute drive, as well.

The Central Florida Greeneway and the Florida Turnpike are easily accessible from the community, as is Interstate-4, which is located just west of the property and offers easy access to Disney World, Discovery Cove, Aquatica Orlando and SeaWorld Orlando. Downtown Orlando is 10 miles north of the property, while Kissimmee is approximately 6 miles to the southwest.

The Orlando multifamily market has been busy in recent months. Last month, Thompson Thrift announced plans to enter the Orlando area with 300-unit apartment community Standard441 in Lady Lake, Fla.

The post Bainbridge Unveils New Orlando Community appeared first on Multi-Housing News.

The 237-unit community is located in Miami’s Allapattah neighborhood. Image courtesy of Neology

Neology Development Group has topped out its newest luxury residential property, Fourteen Allapattah Residences. The project, located in Miami’s Allapattah neighborhood, is expected to be online in 2024. The developer broke ground on the community in November 2022.

Neology is developing the community alongside AOZA Fund and has tapped JAXI Builders, Behar Font Architects and designBAR for its project team. Once completed, Fourteen Allapattah Residences will offer 237 units in a mix of studio and one- and two-bedroom floorplans ranging from 450 to 1,000 square feet. The units will be split between a larger 14-story building and an adjacent five-story building and will include smart home tech and in-unit washers and dryers.

Community amenities will include a pool deck, clubhouse, multipurpose lobby, indoor and outdoor fitness center, dog park with dog wash area, media lounges, coworking spaces and conference rooms, as well as smart package lockers and a parking garage with electric vehicle charging stations. Located at 1470 NW 36th St., Fourteen Allapattah Residences will be near several prominent cultural institutions, including the Rubell Museum, the Perez Art Museum Miami and the Superblue art museum, as well as popular venues like Marlins Park and the American Airlines Arena.

The community’s location gives residents direct access to the Allapattah Metrorail Station, as well as the Brightline commuter rail station offering connections to Fort Lauderdale, West Palm Beach and Orlando. Fourteen Allapattah Residences is also located near many of the area’s major employers, including the University of Miami Health System, Jackson Memorial Hospital, and the Miami-Dade College Medical Center.

Third Allapattah community

The topping off of Fourteen Allapattah Residences comes several months after Neology topped out another luxury residential tower in Miami, The Julia, a 323-unit luxury community. Before these properties, Neology delivered the 192-unit No. 17 Residences Allapattah in April 2021. That project marked the developer’s first project in the Allapattah neighborhood. The developer more recently secured a $31 million refinancing loan for No. 17 that was provided by Fannie Mae. Neology has upwards of 1,200 recently built or under-construction units in Miami, with another 1,600 units that are about to enter into development. The company’s development pipeline includes 2,000 additional units.

The post Neology Tops Off Latest Miami Luxury Property appeared first on Multi-Housing News.

Post District is being built over the site of the former Salt Lake Tribune newspaper distribution facility. Image courtesy of MVE + Partners

Bridge Investment Group and Lowe Property Group have secured $157.5 million in loan proceeds to refinance Post District, a 580-unit, mixed-use development in downtown Salt Lake City.

Affinius Capital LLC and Clarion Partners provided the financing for the three-phase project, which will be used to repay existing debt, fund future construction costs and repatriate equity. According to Yardi Matrix data, the developers took out a $116 million construction loan from Wells Fargo Bank in 2020.

Walker & Dunlop arranged the transaction and co-originated the loan. Managing Director Sean Reimer, Senior Managing Directors Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring, all from the Walker & Dunlop New York Capital Markets team, worked on behalf of the developers.

Construction on the 488,754-square-foot development began in mid-2020. Designed by MVE + Partners, the project consists of four buildings linked by elevated skyways: The Register, Post House North, Post House South and 801 Flats.

LISTEN TO: Podcast—Multifamily Needs Stability to Start 2024 Strong

A transit-oriented development

Located on the complete block from 500 South to 600 South and from 300 West to 400 West, the 13-acre pedestrian-friendly development was designed as a self-sustaining urban environment. Situated in an Opportunity Zone in the Granary neighborhood, Post District will be close to Salt Lake Center Station, Route 89, interstates 80 and 15, providing easy access across the Salt Lake City metropolitan area.

Post District is set to comprise studios, one-, two- and three-bedroom apartments, ranging between 373 and 1,433 square feet, two private outdoor courtyards with indoor and outdoor pools, a 5,604-square-foot fitness center and approximately 26,000 rentable square feet of retail space. Common-area amenities are slated to include four rooftop decks with fire pits, a business center, a clubhouse, a media room, two spas, an outdoor bar and lounge, grill areas, elevators, controlled access and parking spaces.

The post Downtown Salt Lake City Development Gets $158M Refi appeared first on Multi-Housing News.

Health and wellness amenities have become more of a priority for residents, Ziv stated. Image courtesy of El-Ad National Properties

This year has been more challenging than many real estate specialists initially predicted. For those in the condominium sector, 2023 was particularly difficult, mainly due to the prolonged monetary tightening, combined with stricter legislation in several parts of the country.

The high mortgage rates—a by-product of the Federal Reserve’s effort to tame inflation—the ample divide between buyers and sellers, and a limited amount of listing inventory have all led to a slowdown in sales.

Many housing market experts forecast mortgage rates to remain elevated for the remainder of the year and through the first part of 2024. Noam Ziv, the CEO of El-Ad National Properties, believes that buyers will soon adapt to high mortgages, and eventually jump back in the market as supply slowly increases. 

“As condo inventory rises and new listings increase, we should begin seeing a more balanced seller-buyer condo market,” Ziv told Multi-Housing News. 

South Florida has remained one of the most sought-after areas for condominium development, and Ziv expects the market to remain strong, backed by demand coming from cash buyers and out-of-state in-migration. In Boca Raton, Fla., El-Ad National Properties is currently developing ALINA Residences, its first ground-up new development. The 303-unit condo project is set to encompass three buildings, with the first structure already completed and sold out. The second phase of the project is currently underway, 70 percent sold and expected to deliver ahead of schedule next summer. 

Due to its EB-5 designation, the 254-unit Nexo Residences development has been particularly appealing to foreign buyers. Image courtesy of Fortune International Group, Blue Road

A bit to the south in North Miami Beach, a partnership of Fortune International Group and Blue Road recently broke ground on Nexo Residences in North Miami Beach. The development is also 70 percent sold, and continues to attract buyers due to its short-term rental offerings and EB-5 investment component. 

But the success of these developments doesn’t mean that condo developers in general have been immune to higher construction costs and supply chain issues that impacted the whole multifamily industry.

“Builders and developers have been working diligently to minimize the challenges and move forward with their projects,” Ziv commented. “As the supply chain normalizes and budgets are kept tight with minimal waste, we should see more projects moving forward and staying on schedule,” he added.

Increased expenses on the horizon

Many big cities—from New York City to Miami—are implementing more stringent energy codes and benchmarking requirements to reduce reliance on fossil fuel, and curb carbon emissions. To keep costs under control and abide by the new standards imposed, condo associations and owners need to make their properties and residences more energy efficient—from transitioning to LED bulbs, smart thermostats to weatherization projects—these changes can reduce energy costs overall, according to Kelly Dougherty, president of FirstService Energy.

(Clockwise from top left) Hector Vargas, Kelly Dougherty, Robert Smith, Landy Labadie. Images courtesy of FirstService Residential

“We’re also seeing communities come together to invest in sustainability programs, from installing EV chargers to investing in water conservation measures,” Dougherty said. “These low-hanging fruit projects will not be enough to meet their climate goals and larger, more expansive projects like the conversion to electricity of heating and domestic hot water production will have to be planned,” she added. 

Most of these changes and updates will come at an added cost. Issues regarding climate change and flood protection, particularly the rising sea water levels for buildings on the waterfront and on low-lying land, are putting increased pressure on new projects.

In Florida, another factor that will add to condo associations and owners’ expenses is the statewide recertification of condominiums over three stories tall, a new legislation passed as a response to the Surfside condominium collapse in 2021. The law requires many buildings’ initial milestone inspection be performed before the end of next year, which will be adding to condo owners-operators’ costs.  

“We’re dealing with the legislature imposing new requirements around structural integrity and reserve funding, insurance premium increases, mandates on energy consumption and so many other external factors that are out of the property manager’s control,” Hector Vargas, the president of the High-Rise Division at FirstService Residential Florida, told MHN.

Focus on amenities: What’s next for condos?

And while developers strive to find creative ways to overcome all these challenges, those who are looking for a condo apartment have refined their needs and wants. Before COVID-19, location was among the most important factors for buyers searching for a home. While that still matters, preferences changed post-pandemic, and buyers are now more interested in having top amenities and modern residences. Fitness centers, swimming pools, work-from-home spaces and dog parks are still among the most sought-after, but health and wellness amenities are becoming more of a priority for residents, Ziv noticed.

“Another condo trend we’re seeing is a desire for high-level concierge services and amenities. In the wake of the pandemic, people have refined the meaning of home,” Robert Smith, region president at FirstService Residential Florida, told MHN.

Buyers expect the same level of service, amenities and conveniences at their residences that they find at resorts and hotels—from five-star Forbes Hospitality Training standards to food and beverage options, and the latest in tech and fitness, according to Landy Labadie, vice president of community solutions for the same company.

READ ALSO: Condo Property Management Strategies With FirstService Residential

“Let’s not forget about creative kids’ clubs, pet programs and so much more…Think grab-and-go food concepts, trash valet services, dog walking services and technology for ease of payment, scheduling and tracking,” Labadie told MHN.

And with buyers increasingly interested in benefitting from the perks of hotel living, it is no wonder that another trend is gaining popularity in the condo sector: hotel-branded residences. These developments are mainly built for high- and ultra-high-net worth individuals who seek an elevated lifestyle, with all they need readily available. 

Move-in ready spaces and indoor-outdoor living spaces will continue to be in high demand in 2024, Martin said. Image courtesy of Terra

“Condominium trends seen in 2024 will continue to push boundaries on finishes, amenities and lifestyle offerings whether in a branded or non-branded building,” believes Terra’s CEO David Martin.  

Last month, Terra broke ground on THE WELL Bay Harbor Islands, a luxury condo and office development in Miami’s Bay Harbor Islands that will be the first THE WELL-branded condo and office development. The eight-story residential building is set to encompass 54 condominiums and a 102,000-square-foot, four-story office component. More than 22,000 square feet of amenities will be available to both residents and office users, including a wellness center, community gardens, a rooftop decks and outdoor fitness classes programs. 

Martin expects communities with a focus on ample indoor-outdoor living spaces and tech amenities to be in high demand in 2024 and beyond. 

“I believe smart appliances and home automation systems will only become more essential for buyers of luxury condos,” he stated.

The post 2024 Condominium Trends: What to Keep an Eye On appeared first on Multi-Housing News.

Image by skynesher/iStockphoto.com

The student housing sector kicked off the new leasing season on an exceptionally high note, according to the latest report by Yardi Matrix. As of October, preleasing at Yardi 200 universities stood at 25.2 percent—significantly outperforming last year’s record of 10.4 percent for the month.

Asking rents for the 2024-2025 school year increased by 6.6 percent year-over-year at Yardi 200. The schools that have some of the fastest growing preleasing rates already recorded 15-25 percent increases in rents. Investment activity was still significantly slower than at this point last year, with the average price per bed also down.

Yardi Matrix has also started gathering enrollment rates, with the first findings indicating a rebound in enrollment growth, compared to the prior academic year. Based on data from 118 schools, the average growth in enrollment reached 0.9 percent on a year-over-year basis.

Inspired by the market’s strong performance, operators began preleasing earlier this year. As of October, more than one in every four beds across Yardi 200 was preleased for the fall 2024 school year.

Student housing preleasing was up 15 percent year-over-year

Rent growth is already significantly ahead of previous Octobers. Image courtesy of Yardi Matrix

A total of 14 universities across Yardi 200 were more than 40 percent preleased as of October, significantly higher than the two markets recorded at that point last year. Rent growth at these schools was also high, averaging 10.8 percent. At the other end of the spectrum, 33 markets with four or more properties haven’t started preleasing yet or had a 0 percent preleasing rate at the end of October.

October rent growth was exceptionally strong, reaching 6.6 percent and outperforming last year’s average of 4.7 percent. Rents at Yardi 200 hit $854 per bed, up by $53 compared to October 2022 levels.

A total of 37 markets across Yardi 200 institutions registered double-digit rent growth on a year-over-year basis, averaging at 15.1 percent, while 34 markets showed rent declines.

Some of the largest primary state universities that performed exceptionally well last year had the highest rent growth, including Purdue University, the University of Tennessee, Arizona State University and the University of Arkansas. These large schools closed the fall 2023 leasing year with a more than 99 percent occupancy rate and boasted a 20 percent average rent growth in October.

Read the full Yardi Matrix report.

The post National Student Housing Report – November 2023 appeared first on Multi-Housing News.

A rendering of the completed Park Ridge BTR project. Image courtesy of Cushman & Wakefield

Trilogy Investment Co. has acquired Park Ridge, a build-to-rent project in Myrtle Beach, S.C., from BFF. Slated for completion next year, Park Ridge features 122 cottage-style townhouses.

Louis Smart, John Phoenix and Richard Gore of Cushman & Wakefield represented the seller in the deal. “This was a difficult transaction in that it was a forward sale, or pre-sale of to-be-completed units,” Smart, a director at Cushman & Wakefield, told Multi-Housing News.

“[That] is a tougher investment from both a debt and equity perspective, sitting somewhere on the real estate investment risk spectrum between acquisition and development. It was also marketed during a time of capital market uncertainty, with extreme interest rate volatility.”

“Our team worked diligently upfront to cast the widest net possible in terms of buyer pool within the BTR investment space,” added Smart. “And once the deal was under contract, we managed a clear line of communication between seller and buyer, as forward transactions are longer and more fluid than a normal acquisition.”

Features of residences include full-size washers and dryers, smart home technology and stainless-steel appliances. Common-area amenities include a family-friendly swimming pool. Nearby attractions include the 162-acre North Myrtle Beach Sports Complex, as well as an adjacent wake park, the largest on the East Coast.

Myrtle Beach is a growing market, partly due to its appeal to both millennials and baby boomers, both groups that prefer the freedoms of single-family renting at a time of soaring real estate costs. Earlier this month, a joint venture announced plans to build a BTR community in the Myrtle Beach area.

The post Trilogy Acquires Myrtle Beach BTR Community appeared first on Multi-Housing News.

A rendering of kitchen interiors at the new tower. Image courtesy of The Related Group

The Related Group has broken ground on Tower II of The Ritz-Carlton Residences, Tampa, the second of two 30-story luxury bayside towers in the city. The new building will have 94 condominium homes and six villas with open-floor plans measuring up to 5,700 square feet.

Sixty percent of the residences at the tower are already under contract and prices for the remaining units start at $1.7 million. The building is slated for delivery in 2026. The first tower, which has 89 residences and 12 villas, is nearing completion. Prices for the Tower I homes ranged from $1.6 million to $5.1 million.

The Tampa project marks the first time that Miami-based Related Group has joined forces with hotel brand Ritz-Carlton. Architecture firm Arquitectonica, design company Meyer Davis and Swiss landscape architect Enzo Enea also contributed to the luxury development on Tampa’s Bayshore Boulevard.

High-end finishes

Tower II at The Residences features floor-to-ceiling windows and wrap-around balconies, offering views of Hillsborough Bay and Downtown Tampa. Kitchens feature custom-designed Italian cabinetry and high-end finishes, including Sub-zero and Wolf appliances. Other unit features include 10-foot high ceilings, keyless entry door locks and other aspects of smart home technology, as well as spacious walk-in closets, full-size top-of-the-line washers and dryers and Kohler plumbing fixtures.

The Ritz-Carlton brand’s service and amenities will include a personalized concierge, on-demand spa service treatment rooms, separate steam rooms and saunas for men and women, a state-of-the art gym and a fitness studio. Amenities also include a swimming pool, spa and full-service food and beverage options, a playroom and entertainment area for children, a business center with conference and office space, media lounge with sports simulators, demo kitchen for entertaining and wine room with temperature-controlled storage. The property will have a rooftop terrace and bar, tennis and pickleball courts, a dog park and dog washing stations.

Related’s South Florida activity

Established in 1979, Related Group is a leading developer in Florida and across the country, with a development portfolio valued at more than $40 billion. The firm has built, rehabilitated and managed more than 100,000 condominium, rental and commercial units.

Earlier this fall, Related Group and partner Alta Developers began construction on Casa Bella Residences by B&B Italia, a condominium tower with 319 units in downtown Miami’s Arts and Cultural District. Arquitectonica is also the architect for this project, which is slated for completion in 2025. More than 80 percent of its units have already been sold. In May, Related Group started development of Casamar Residences, a 21-story, 119-unit luxury condo project in Pompano Beach, Fla. The project is expected to deliver in 2025.

The post Related Breaks Ground on Tampa Tower appeared first on Multi-Housing News.

The first residents will move into Toll Brothers at The Nations in Nashville next year. Image courtesy of Toll Brothers

Toll Brothers will soon be adding another Nashville community to its portfolio of Tennessee properties. The developer is planning to open Toll Brothers at The Nations in the coming months, with construction at the property already underway. Sales are expected to commence in spring 2024.

The master-planned community will offer 97 units in three- and four-bedroom floorplans ranging from 1,544 to 2,607 square feet. Units will be divided as 68 two-level condominiums and 29 three-story townhomes. While there will be five floorplans with different builds, the units will offer a covered deck, kitchen island, walk-in pantry, in-unit laundry, walk-in closets, office space and attached garages.

Located at 731 41st Ave., Toll Brothers at The Nations will be within walking distance of the Charlotte Pike, home to many restaurants, breweries and entertainment options. Residents will be a short drive from downtown Nashville and its many cultural attractions and retail options. The community’s location near Interstates 40 and 440 will also provide residents with easy access to area parks and nearby employers, including Vanderbilt University.

Developing across the Sun Belt

Besides The Nations, Toll Brothers has developed another master-planned community offering single-family homes in the Nashville suburb of Mount Juliet. Beyond its Tennessee communities, the developer has built residential properties in more than 60 markets across 24 states, from California to Massachusetts. Toll Brothers has recently grown its footprint with several Sun Belt properties, including projects in Arizona and Georgia.

Last May, Toll Brothers topped out on the 376-unit Momentum Midtown community in Atlanta’s Midtown neighborhood alongside joint venture partner PGIM Real Estate. The Atlanta community will welcome its first residents in early 2024. Earlier this month, the developer began construction on the 456-unit Lumara luxury community in Phoenix alongside Willton Investment Management. The Phoenix community is expected to open in early 2025.

The post Toll Brothers to Open Nashville Community appeared first on Multi-Housing News.

A rendering of the completed residences. Image courtesy of ARK Homes for Rent

ARK Homes For Rent has kicked off leasing for its latest build-to-rent community in Jacksonville, Fla., which is expected online early next year. The new project is located across the street an existing ARK property.

The developer began construction on Kaeleigh’s Crossing in late 2022, delivering the first units in October 2023, Jordan Kavana, founder & CEO of ARK Homes For Rent, told Multi-Housing News. With leasing underway, Kavana also told MHN that all the units are expected to be completed by April 2024.

The 79-unit community will offer three- and four-bedroom floorplans, ranging from 1,711 to 1,975 square feet. The units will be built with open kitchen designs featuring stainless steel appliances, modern countertops and designer wood cabinets. Located within Jacksonville’s Settlers Landing submarket, Kaeleigh’s Landing will be within two miles of several large retailers, including Target, Publix, Walmart, Costco and Winn Dixie. The community is also located near one of the area’s major employers, the Naval Air Station Jacksonville.

ARK plans to offer an app to assist residents with paying rent, submitting maintenance and work orders and receiving HOA information. The app also gives residents access to the ARK Living platform that offers preventative health content and on-demand wellness features.

Expanding footprint

ARK’s Settlers Preserve community is located across the street from Kaeleigh’s Crossing. That neighboring community marked ARK’s entry into the Settlers Landing market of Jacksonville, which Kavana notes has been expanding due to growing population and a robust job market.

Overall, ARK has focused on newly-built single-family rentals across the Sun Belt states. Besides its Jacksonville communities, the company has invested in properties in Alabama and North Carolina, with a majority of its portfolio located in Georgia and South Carolina. Like several other developers, ARK made plans to invest up to $2 billion in single-family rentals and BTR communities earlier this year.

”We are constantly evaluating opportunities to expand our holdings with accretive investments in the Jacksonville, Central and Southwest Florida areas,” Kavana told MHN. “We expect to grow our portfolio over 2024 and beyond in our target markets.”

The post ARK Launches Leasing at Jacksonville BTR Community appeared first on Multi-Housing News.

The Pullman will be located in Union City, Ga., near Atlanta. Image courtesy of Thompson Thrift

Thompson Thrift will break ground on The Pullman, a 276-unit, Class A multifamily community, next month. Situated in the Atlanta suburb of Union City, Ga., in Fulton County, the project is slated to deliver in spring 2025.

This project marks Thompson Thrift’s entrance into Georgia as the developer continues to expand its national footprint. Several weeks ago, the company announced it was starting construction on Refinery at Pointe17, a 224-unit luxury community in Phoenix that will be part of the Pointe17 mixed-use development. That project is expected online in 2025. In October, the firm began pre-construction development work on Standard441, a 300-unit luxury community in the Orlando suburb of Lady Lake, Fla., which is due online in 2024.

The Pullman

The gated, garden-style apartment community will have one-, two- and three-bedroom floorplans with detached garages. Units will feature stainless steel appliances, tile backsplashes, kitchen pantries, hardwood-style flooring, patio and balcony options, full-size washers and dryers and a suite of Alexa-compatible smart home technology.

Select “Signature Collection” apartment homes will have upgraded options, including premium appliances, a dry bar, deluxe closet system with shelving, walk-in shower with full tile surround and glass doors, smart thermostats and premium lighting.

Community amenities will include a 24-hour fitness center, resort-style heated swimming pool, gas firepits with seating area, community grilling areas and a pickleball court, as well as a social hub, private focus suites, billiards, a dog park and a pet spa.

Situated on a 15-acre property near Highway 92 and South Fulton Parkway, The Pullman is a short commute from Atlanta and offers easy access to employers in the area, including Chick-fil-A and Coca-Cola headquarters, Amazon, the Camp Creek Business Center/South Fulton Industrial and Hartsfield-Jackson Atlanta International Airport. The property will be less than 2 miles from a Publix supermarket and is near retail options at Parkway Village, Shannon Square and Camp Creek Marketplace.

Atlanta’s underserved southern region

Josh Purvis, managing partner for Thompson Thrift, noted in a prepared statement that new developments have not kept pace with demand.

Atlanta has seen excellent job growth in recent years, adding more than 615,000 jobs in the past decade, an annual average of 24 percent. More than 350,000 households have been added to the market in the same timeframe. Meanwhile, there is a significant shortage of new apartment deliveries, especially in the Southern Crescent area where The Pullman will be located. According to Thompson Thrift, the Southern Crescent has received less than 8,300 market-rate units of multifamily housing compared to the 92,000 units delivered in Atlanta’s northern region.

The post Thompson Thrift Breaks Ground on Atlanta Asset appeared first on Multi-Housing News.

Multifamily Matters

Tune in every Saturday to Houston’s AM – 1070 at 11:00 AM CST to listen to the show’s Host & Executive Producer, Paul Marks, CAS, and multifamily industry experts discuss topics and issues that affect the apartment industry.

This week’s show

Peter Roisman. Image courtesy of Multifamily Matters

On this week’s show we are discussing a topic that is important and timely for the multifamily industry.  It will air at 11:00 AM CST this Saturday, December 2^nd and is entitled The Power of Optimized Leasing in a Challenging Multifamily Market.

Suan Tinsley. Image courtesy of Multifamily Matters

Our special guests this week include a fabulous long-time multifamily industry veteran, who is a Past President of the Houston Apartment Association and a member of the HAA Hall of Fame, Suan Tinsley, and Peter Roisman, Co-Founding Principal, President, and CEO of REV, The Multifamily Leasing Company.

Other ways to listen

You don’t have to listen to Multifamily Matters only on the radio…here are some other ways you can listen:

• Listen to a live stream Saturday’s at 11:00 AM CST on the AM – 1070 website – https://am1070theanswer.com/
• Listen live Saturday’s at 11:00 AM CST on the iHeartRadio app or on the AM – 1070 app
• Listen to any archived episode anytime at the Multifamily Matters radio show website’s Episodes page –www.multifamilyradio.com
• You can listen to any episode on the Apple Podcasts, Stitcher, Spotify, TuneIn and Google Podcast platforms

Please go to our website and follow us on LinkedIn and Facebook.

The post This Week’s Multifamily Matters! appeared first on Multi-Housing News.

Construction on the project is expected to begin in the third quarter of 2024. Image courtesy of LYND

A joint venture between LYND and Dania Beach Marina Corp. has received a $12 million loan to refinance a 2.91-acre development site in Dania Beach, Fla., in metro Miami.

The partners are planning to use the land for the construction of The Aileron, a 380-unit multifamily tower across from Spirit Airlines’ headquarters. Work on the project is expected to begin in the third quarter of 2024.

Kast Construction is the general contractor, while Nichols Brosch Wurst & Wolfe serves as the project’s architect. The 15-story tower is the first phase of a larger development that is set to include a second 380-unit building.

Upon completion, The Aileron will feature studio, one-, two- and three-bedroom layouts, ranging between 627 and 2,222 square feet. The high-rise will also comprise some 20,000 square feet of ground-floor retail space.

Common-area amenities will consist of a fitness center, two swimming pools, a spa, a yoga and a Pilates studio, along with a community lounge, community kitchen and a rooftop bar. In addition, the project is set to include approximately 700 parking spots. Dania Beach Marina Club, adjacent to the property, will provide boat slips and electronic boat rentals.

Located at 90 S. Bryan Road, the property will be close to Dania Pointe Shopping Mall and a host of dining options. Oakwood Plaza and a Publix will be a mile away, while Fort Lauderdale-Hollywood International Airport will be some 2.5 miles north. Downtown Miami is 22.5 miles southwest from the site. The development is within walking distance of Oasis Pointe Residences, a 301-unit community that was refinanced earlier this year.

The post LYND JV Lands Refi for Miami-Area Project Site appeared first on Multi-Housing News.

The opening date of Haven at Elgin was pushed back from September. Image courtesy of Ascendant Development

Ascendant Development has opened Haven at Elgin, a 200-unit, 649-bed luxury student community that will serve the University of Houston.

Ascendant broke ground on the project in 2021. The development team included The Clerkley Watkins Group as architect and R.G. Millers as civil engineer; Key Bank provided construction financing.

The community rises 16 stories—12 residential ones atop four levels of parking—and comprises one-, two-, four- and five-bedroom layouts ranging between 497 and 1,985 square feet. In-unit features include stainless steel appliances, granite countertops, washers and dryers. Community amenities at the 1.3-acre property include a fitness center, clubhouse, swimming pool, yoga room and outdoor kitchen, together with more than 250 parking spaces.

Located at 3719 Elgin St. in Houston, the student community is across from the university’s main campus. TDECU Stadium, as well as a host of dining options, are within a 1-mile radius. Texas Medical Center is 5 miles away, while downtown Houston is 4 miles northwest.

Earlier this year, a student housing community near the University of Houston changed hands. Axonic Properties purchased the 347-bed asset, located roughly 2 miles from Haven at Elgin, from Trimont LLC.

There are more than 10 completed student communities serving the UH in Houston, amounting to roughly 5,730 beds, according to Yardi Matrix information. Only one community appears to be in the planning stages; upon delivery, it will add 810 beds to the university’s inventory.

The post Luxury Student Community Opens in Houston appeared first on Multi-Housing News.

Bonaventure is rebranding the Norfolk property it just bought as Attain Downtown East. Image courtesy of Bonaventure Realty Group

Through its multifamily fund, Bonaventure Realty Group has purchased Monticello Station Apartments, a 121-unit community in Norfolk, Va., for $42 million. S.L. Nusbaum sold the asset, according to Yardi Matrix information. The new owner will rebrand the property under its upscale flag, Attain, dubbing it Attain Downtown East.

The property is part of a 1.3 million-square-foot mixed-use development that includes Wells Fargo Center, a 22-story office tower. The community also comprises 33,000 square feet of ground-floor retail.

Dating back to 2011, the Class A community encompasses three four-story buildings on 1.3 acres. Apartments include one- to four-bedroom floorplans, ranging from 770 to 1,610 square feet. Common-area amenities comprise a fitness center, swimming pool, conference room, storage units and EV charging stations.

Located at 380 E. Freemason St., in the downtown area, the property is close to Norfolk Scope Arena, along with numerous dining and retail options, including the MacArthur Center shopping mall. Norfolk State University is less than 1 mile away, while Old Dominion University is within 3 miles.

Bonaventure’s extensive Richmond-area portfolio

Bonaventure owns 20 communities in the Richmond-Tidewater market, with an additional four projects in the pipeline, Yardi Matrix data shows. Earlier this year, a Bonaventure private REIT acquired two assets in Virginia as part of a three-property portfolio transaction. Located in Richmond and Norfolk, the properties encompass 341 units.

Richmond-Tidewater year-to-date transactions as of October amounted to almost $660 million, a steep decline compared to the $2.8 billion registered through the same period of last year, Yardi Matrix also shows. The per-unit price also dropped to $151,069 over the first ten months of this year, from $170,352 during the same time frame of 2022.

The post Bonaventure Pays $42M for Hampton Roads Asset appeared first on Multi-Housing News.

Casa Bella Residences will total 319 units. Image courtesy of Related Group

Related Group, in partnership with Alta Developers, has secured $240 million in construction financing for Casa Bella Residences by B&B Italia, a condominium project currently underway in Miami’s Arts and Cultural District. Cain International originated the loan. Newmark arranged the transaction.

Casa Bella Residences by B&B Italia broke ground earlier this month and will include 319 luxury units, with completion scheduled for 2026. Located at 1400 Biscayne Blvd., the 56-story condominium tower will feature one- to four-bedroom units equipped with kitchens, paneled dishwasher, master bathrooms and powder rooms.

READ ALSO: Why Hotel-Branded Residences Are a Hit

The condominium development already has more than 80 percent of its residences under contract, with Fortune International Realty as exclusive sales and marketing agent. Earlier this year, the project set a price record of $12.6 million, or $2,138 per square foot, for a 5,893-square-foot triplex penthouse, representing one of the neighborhood’s most expensive condominium deals on a price-per-square-foot basis.

The project includes the Casa Bella Penthouse Collection, composed of 10 homes with seven distinct floorplans, equipped with private rooftop terraces, spa pools, indoor and outdoor summer kitchens and panoramic water views. The collection will be located on the tower’s 54th floor, which will also include a pair of duplex penthouses spanning 4,100 square feet and 4,560 square feet.

A sought-after luxury condo project

Common-area amenities, spread across two full floors, will include a private theater, coworking spaces, a wellness center, spa facilities with on-demand services and a wine room. Casa Bella Residences by B&B Italia will also feature an outdoor amenity package, which will include a pool deck, a swimming pool, private cabanas, lounge areas, a poolside bar café and a rooftop swimming pool and terrace on the tower’s 56th floor.

Newmark’s Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly, together with Executive Managing Director Nick Scribani, and Analyst Holden Witkoff arranged the financing.

Related Group has another luxury condo project underway in the area. In May, the company broke ground on Casamar Residences, a 21-story building in Pompano Beach, Fla. Designed by Arquitectonica and The Rockwell Group, the 119-unit condo development is scheduled for delivery in 2025.

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Local real estate developers, community partners and residents attended the grand opening of Cowan Place Senior Living. Image courtesy of Federal Home Loan Bank of Dallas

Fort Worth Housing Solutions has opened Cowan Place Senior Living, a 174-unit fully affordable and age-restricted community in Fort Worth, Texas. The senior housing community caters to seniors over the age of 62.

Development partner McCormack Baron Salazar worked alongside the main architect, Bennett Benner Partners. Cowan Place Senior Living represents Phase I of the Stop Six Choice Neighborhood Initiative, a transformation plan designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities.

The development was built with the assistance of a $750,000 Affordable Housing Program subsidy provided by the Federal Home Loan Bank of Dallas through Texas Capital Bank. According to Yardi Matrix data, the financing for the project included a $20 million loan originated by Trinity River Public Facility Corp. through BOKF Bank, a $15.7 million HUD loan from Mason Joseph Co. and a $9 million self-financed construction loan originated by Forth Worth Housing Solutions.

The four-story building incorporates one- and two-bedroom floorplans ranging between 596 and 900 square feet. Common-area amenities include a fitness center, a community room, a courtyard, a library, a salon, a recreation room, a theater, four laundry facilities and controlled access. The community also features spaces for private meetings with health-care professionals.

Located at the intersection of East Rosedale St. and Andrew Ave., Cowan Place Senior Living is within the Stop Six neighborhood. The community is near the intersection of Interstate 820 and Intestate 30, which provide easy access across the Fort Worth metropolitan area.

The Stop Six Choice Neighborhood Initiative

The Stop Six Choice Neighborhood Initiative plan will replace the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. Cowan Place marks the first of the planned phases of affordable housing for this southeast Fort Worth community.

McCormack Baron Salazar serves as the Housing lead partner for the initiative, while Urban Strategies Inc. is leading the People portion of the revitalization plan and the City of Fort Worth is leading the Neighborhood piece. The improvements will include a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for other support services.

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Lincoln Avenue representatives, community leaders and financing partners attended the Willis Senior Lofts groundbreaking. Image courtesy of Lincoln Avenue Communities

Lincoln Avenue Communities has broken ground on Willis Senior Lofts, a 60-unit fully affordable senior community in Rochelle, Ill., in Ogle County. Completion is scheduled for the spring of 2025.

Project financing includes 9 percent LIHTC, a first mortgage and $4.9 million in soft funds from the Illinois Housing Development Authority and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, while Chase will provide a construction loan.

The property will comprise 45 units restricted to tenants making less than 60 percent of the area median income and 15 units restricted to individuals earning up to 30 percent of AMI. All residences will cater to adults aged 55 and over.

Upon delivery, Willis Senior Lofts will have one- and two-bedroom apartments across a four-story building that was designed to achieve Green and Net-Zero certifications. Amenities will include a fitness center, theater room and community garden.

Located at 400 Willis Ave., the 2-acre site is just north of Interstate 88, adjacent to Drexler Park and 27 miles south of Rockford, Ill. The property is less than 2 miles from central Rochelle and roughly 2.5 miles from the Rochelle Community Hospital.

Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, currently operates a portfolio of more than 22,000 units across some 120 properties in 26 states. Earlier this month, the firm broke ground on a 252-unit income-restricted project in Reno, Nev.

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Walnut Hill came online earlier this year. Image courtesy of Yardi Matrix

Garden Communities has secured $49.5 million for the refinancing of Walnut Hill, a 177-unit luxury multifamily community in Clark, N.J. Working on behalf of the borrower, JLL arranged the 10-year fixed-rate loan provided by Nationwide. Proceeds retire a $38 million construction loan originated by PNC Bank in 2021, according to Yardi Matrix data.

Completed earlier this year, the property comprises two buildings with one- and two-bedroom floorplans ranging from 942 to 1,964 square feet. Of the total, 28 residences are designated as affordable. Apartments feature in-unit washers and dryers, 9-foot ceilings and private balconies or patios, along with fireplaces in select layouts. Common-area amenities include a clubhouse, swimming pool, fitness center and resident lounge, as well as covered parking and EV charging stations.

Located at 35 Walnut Ave., in northern New Jersey, Walnut Hill is off Garden State Parkway and roughly 22 miles from New York. The property is some 12 miles from the Newark Liberty International Airport and Clark Commons Shopping Center is within walking distance.

Northeastern markets lead in rent growth

JLL Senior Managing Director Evan Pariser, Managing Director Matthew Pizzolato and Vice President Jackie Ferrer led the team which arranged the financing. Pariser was recently involved in securing a $42 million loan for a condominium development in Manhattan.

While average rents decrease in more and more metros, northeastern markets are leading in terms of growth, with New York registering 5.8 percent year-over-year increase as of October, and New Jersey clocking in at 4.1 percent, far above the national rate of 0.4 percent over the past 12 months, according to a recent Yardi Matrix national report. The average asking rent in the U.S. was $1,718 in October, a $3 drop from September.

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Charlie Kokernak

Almost all financing requests in the current cycle involve a sobering moment of transparency with borrowers as to where the lending world is today. If you are an apartment investor or developer delivering a new build or value-add project, or an investor who purchased into high leverage tied to non-materializing future performance expectations, you’re probably already feeling or at least preparing for the sting from the higher price of capital, volatile rates, decreased leasing velocity, cooling rents, or rising materials, labor, and insurance costs. For many, it will likely be a story blending some, if not all, of the above.

The pullback of many traditional banks continues to compound anxieties of what’s next. Debt funds, while remaining opportunistic and accessible in the current cycle will still be seeking to exit existing short-term bridge and construction financing loans and are underwriting any new financings to stricter standards. Credit unions also provide an option, but one that typically have recourse requirements and do not fit all entity structures. So, what options does that leave us?

This is where multifamily properties will enjoy a unique benefit of the asset class, as Agency lenders remain active in the market alongside life company lenders. The key for successfully executing a financing strategy in this climate will ultimately rest on deliverability as much as plausibility, and both sources are known for their dependability. These lenders take a longer view and are keenly aware of current market dynamics. Their funding isn’t tied to the ebb-and-flow of depositors or investor covenants and tend to embrace a long view on returns.  They are also now providing creative options to navigate new loans to qualifying borrowers.

The following are some of the ways we are getting in front of 2024 and ensuring capital continues to flow from all sources.

Market timing

It used to be standard to start a financing review 60 to 90 days from maturity. That confidence was for an era of historically low rates and a seemingly endless pool of capital sources. Now we are recommending at least 180 days or more to maximize options and prepare for all eventualities. While liquidity remains accessible, debt service coverage at these higher rates will force many sponsors to revisit their proformas to determine how to best right-size their loan. This will require a holistic approach to review both resources on hand and capital available from the market.

Holistic portfolio review

Identifying lending options should include a full analysis of a sponsor’s existing portfolio, maturing loan structures and timing, operational cash flows, and local market fundamentals. It may be that some properties currently performing with lower rate financing in place could be refinanced to free up proceeds, cross collateralized, or have second position loans added. If the long-term goal is to return a full portfolio to profitability and hold on to a property for its upside potential in future market conditions, it may make sense to do this. Only a deep analysis will tell, and this is what Gantry is performing daily for our clients.

Creative capital

Sponsors unable to currently meet an approximately 1.25 debt service coverage from existing operations at the new higher rate threshold will need to choose a direction moving forward: sell or creatively recapitalize. Depending on the potential of a property, refinancing existing debt could require committing more direct equity, taking on mezzanine debt, or bringing in a partner. The latter of which could dilute potential upside but also preserve existing equity and ultimately save the asset.

Agencies

The government agencies remain a viable option for most if not all currently performing multifamily properties, and they are especially generous with properties that meet affordability standards in their local markets. They are approaching the higher rate climate by incorporating interest only periods for a portion or entirety of the loan, exploring rate locks during lease up, or even providing variable rate financing at attractive rates, an option worth considering if you believe we have reached the peak of Fed Rate increases.

Participation loans

Life companies and other lenders have introduced loans that act essentially as mezzanine debt or a cash-in partnership, wherein they offer a reduced interest rate to participate in the profits generated from operational cash flow and potential gains upon the sale. These loans are worth exploring for a borrower who wants best of class support and participation from their capital partner, a fixed rate, and certainty of execution.

This past year has been a cycle shift of epic proportions. To survive and thrive in 2024, I encourage borrowers to be creative, diligent, and prepared. We may be in a significantly higher rate era, but we are working through the correction. The key is to keep your options open, analyzed, and accessible.

Charlie Kokernak is director, Gantry.

The post Why Multifamily Solvency Will Demand Transparency appeared first on Multi-Housing News.

Kevin Grani is using his 30-year experience in property management to oversee and expand SAMC’s operations throughout California. Image courtesy of CHOC

As California continues to battle high living costs, stubborn inflation and rising insurance expenses, providing sustainable and affordable housing solutions is proving very challenging.

“More funding for housing development and more subsidies for rent are desperately needed,” according to Kevin Grani, president of Sterling Asset Management Co., the property management arm of Community Housing Opportunities Corp.

Grani is responsible for overseeing CHOC’s affordable housing portfolio throughout California, and expanding the firm’s property management footprint across the state and into new affordable and market-rate communities.

With more than three decades of experience, Grani has lots of insights into the complicated realm of property management in California, one of the most supply-constrained housing markets in the country. Multi-Housing News asked him to talk about the most pressing challenges he’s facing today and the multifaceted dynamics of the affordable housing crisis in the state.

READ ALSO: Behind the Project—Tackling San Francisco’s Affordability Crisis

While there is a nationwide shortage of affordable housing, California’s crisis is notorious. What unique challenges do affordable housing property managers in this state have today?

Grani: Property management in general comes with a unique set of challenges, and in affordable housing properties these challenges are not entirely new or unique. In fact, the challenge today is simply the lack of attainable affordable housing, given how long it takes to build. The common challenges we’ve seen for years have been people losing their jobs, not having an income that stacks up against housing costs and, of course, the lack of subsidies for the properties. We also often face the challenge when trying to find people to manage sites—due to budget restrictions—which are all driven by the rents that are controlled by California state agencies.

In your view, what can be done to alleviate the housing crisis besides building more? Can affordable housing managers help in any way?

Grani: There are so many different components to resolving this crisis but what it comes down to is supply and demand, and simply building more. It’s less of a management question and more about the development of housing and providing supportive services to residents, which is where management can help. Things like financial literacy, guidance with finding food and rental assistance. You start with basic needs and then move to financial literacy and, eventually, self-sufficiency.

Are there any programs that could be implemented to increase the availability of affordable housing across California?  

Grani: There are things currently on the governor’s desk that could have a transformative impact. Our team at CHOC is also developing unique strategies, but overall, more funding for housing development and more subsidies for rent are desperately needed.

What’s your take on rent control and rent stabilization laws? How are the current regulations and policies governing affordable housing in California impacting your daily activity?

Grani: As an organization, CHOC, and by extension Sterling, supports rent control and rent stabilization laws because without them the number of people both experiencing and at risk of experiencing homelessness would increase. We manage multifamily affordable housing. As such, Sterling doesn’t interact with the rent control or rent stabilization process. Rent-controlled housing is different than totally affordable multifamily housing. The former is generally a private landlord who owns a building.

How can organizations such as CHOC and its property managers maintain affordable rental rates when costs rise, particularly in a market like California?

Grani: Frankly, it’s incredibly difficult. Many in our industry are of the mind that it’s not possible to keep rental rates lower as costs rise. As a property manager, CHOC does not set rental rates. The rates are set by state and federal agencies. Despite that, our hope is that we can develop more affordable housing to counteract this issue and, ideally, house as many people as we possibly can.

Could you share a couple of examples of affordable housing properties in California that have effectively navigated challenges, achieving positive outcomes for both residents and owners?  

CHOC broke ground on the 110-unit Placita Dolores Huerta community last year. The nonprofit developer dedicated the project to social justice icon Dolores Huerta. Image by Noe Montes

Grani: Our goal was to do just that with our soon-to-open community, Placita Dolores Huerta, which is located in the Coachella area of California. We took the property—which was older and in need of attention—demolished it, provided temporary housing for residents, and built a brand new property that will last for decades.

Another example is the work we completed at our Walnut Windmere community in Davis, Calif. We’d begun renovating the property’s 134 units just before the pandemic began, utilizing tax credit funding; we had a 2-year window to complete the work or we’d need to return these tax credits. As such, we worked efficiently to repair siding, replace windows and repair roofs for these units.

During the renovation process, we briefly relocated small groups of residents to on-site hoteling units for two weeks, completing this work, as well as light interior renovations. Once these particular units were completed, CHOC immediately moved residents back in, moving onto the next small group. This process enabled us to renovate the exterior of the building, as well as interiors, without the costly, en masse relocation of residents for a month or longer.

What are your short- and medium-term goals at Sterling? 

Grani: Our short-term goals include the ongoing development and investment in our property management team, across our portfolio, maximizing efficiencies wherever possible. However, that’s only half the equation. Longer term, the resident experience is primary, so we’ll be seeking opportunities to bring high-value resident services, energy services, construction and solar to our base property management offering, from CHOC’s Community Impact, CHOC Energy and CES Integrated divisions, respectively.

How do you expect the state’s affordable housing crisis to evolve? 

Grani: Unfortunately, as things stand, it will get worse before it gets better. It’s essential that the state develops permanent sources of funding, in order to help organizations like ours develop and sustain multifamily affordable housing for as many people as possible.

The post It Will Get Worse Before It Gets Better, a California Property Manager Warns appeared first on Multi-Housing News.

Starhill. Image courtesy of the New York Governor’s press office

The New York City Housing Authority Permanent Affordability Commitment Together Union Avenue Consolidated project, or PACT, has obtained $225 million in financing to support a large-scale refinancing and rehabilitation of seven affordable housing developments. Collectively, those developments encompass 18 buildings and a total of 983 apartments.

Merchants Capital’s Freddie Mac Capital Markets Execution, or CME, loan will be used to refinance and rehabilitate the apartment units. Building-wide improvement plans will include upgrades of kitchen counters, appliances and cabinets. The rehabilitation will also encompass plumbing enhancements and maintenance of common areas.

Social services

Capital needs and repair expenses, from heating infrastructure to security improvements, will also be covered by the financing. The funds will also provide for the implementation of a social services program customized to individual needs of the Union Avenue community. Affordability will be preserved, as will residents’ rights and protections. Commencing in October 2023, construction work is expected to be complete in September 2025.

Three entities comprise the Bronx Housing Preservation Experience joint venture: The Arker Companies, Dabar Development Partners and SBV RE Investments, formerly Omni NY. Along with Merchants Capital, these sponsors have logged significant experience in working with NYCHA, including in the collaboration on the NYCHA PACT Brooklyn Bundle II. This earlier project undertook substantial repairs and renovations to nine Brooklyn developments.

Most recently, Merchants Capital furnished $320 million to support comprehensive renovations at Edenwald House, the state’s second largest NYCHA property. Two months ago, Phase I of a $189 million affordable development to provide 326 units topped out in the Bronx.

The post JV Lands $225M For Affordable Bronx Development appeared first on Multi-Housing News.

Spartan Village on the Paseo will include 124 affordable beds. Image courtesy of San José State University

A partnership between Throckmorton Partners and San Jose State University is converting the south tower of the Signia by Hilton San Jose hotel into a 700-bed student community. Plans call for immediate renovations, with delivery expected by August 2024.

Throckmorton Partners purchased the building for $73 million, according to The Registry. The university will lease the 264-unit building, with the option to purchase it after two years.

As part of the Higher Education Student Housing program, SJSU received access to $89 million in debt relief capacity. According to the university, some $40 million are expected to be spent on improvements, taxes and fees.

The redevelopment, currently known as Spartan Village on the Paseo, will include 11 residential stories, together with ground-floor retail. A total of 124 beds will be designated as affordable. Community amenities—which will be located on the second floor—are set to include dining facilities, communal kitchen, study lounge and study space, as well as a games room and a fitness center.

Located at 170 S. Market St. in downtown, the 14-story building is half a mile from the university’s main campus. A host of dining options are within walking distance, while Grand Century Shopping Mall, San Jose Vietnam Town and a Walmart Supercenter are roughly 2.5 miles away. San Jose Mineta International Airport is 3.7 miles northwest.

SJSU grows bed inventory

SJSU is working on Campus Village 3, a development that will add 1,007 beds to its inventory and a 900-person dining hall. The two-phase construction is expected to begin next year, with completion slated for the summer of 2027.

The Core Cos. is awaiting city approvals for a 569-unit, 1,651-bed student community that will rise 1.3 miles from the university, Yardi Matrix data shows. The project is set to include 135 affordable units. A student community by Urban Catalyst, which would add 644 beds upon delivery, is also in the planning stages.

According to a Multi-Housing News white paper based on Yardi Matrix information, some 41,000 beds are expected to be delivered between 2023 and 2027 across the U.S. Currently, there are almost 20 student communities planned or under construction in California, adding up to nearly 14,00 bedrooms, the same data provider shows.

The post San Jose State Turning 264-Unit Hotel Into Student Housing appeared first on Multi-Housing News.

Park Montgomery West will rise some 8 miles from downtown Washington, D.C. Image courtesy of Soto Architecture & Urban Design

Enterprise Community Development has started the renovation process at Park Montgomery and the development of Park Montgomery West in Silver Spring, Md. Soto Architecture & Urban Designs serves as architect and CPJ & Associates as civil engineer, while Harkins Builders is the general contractor.

The two adjacent affordable housing communities will total 217 units. All residences will cater to individuals earning up to 60 percent of the area median income.

Financing for the $74 million project includes 4 percent LIHTC funds for the renovation and 9 percent LIHTC funds for the new construction, along with housing assistance vouchers from the Montgomery County Housing Opportunity Commission and funds from the State of Maryland Community Development Administration and Montgomery County Department of Housing. In addition, Bellwether Enterprise provided senior debt.

More affordable housing coming to Washington, D.C.

Park Montgomery, the existing 15-story building, originally came online in 1971 and comprises one- to three-unit floorplans averaging 877 square feet, Yardi Matrix shows. Planned upgrades at the 141-unit property include new finishes, new fire and safety systems and increased energy efficiency and air quality.

Park Montgomery West will replace an existing parking garage and rise five stories. The community will include one-, two- and three-bedroom floorplans ranging from 559 to 1,081 square feet, according to Yardi Matrix data. Common-area amenities will comprise a playground, community center, laundry facility and playground.

Located at 8860 Piney Branch Road, the properties are some 2 miles from downtown Silver Spring and roughly 8 miles north of downtown Washington, D.C. The location is also about 1 mile from the Langley Park Plaza shopping mall.

Greater Washington, D.C., had 345,410 multifamily units in its inventory as of November, according to Yardi Matrix information. The fully affordable stock accounted for only 14.7 percent of the total.

The post $74M Makeover Commences at DC Affordable Properties appeared first on Multi-Housing News.

The Kahului Civic Center Mixed-Use Complex will break ground in 2027. Rendering courtesy of EAH Housing

The Hawaii Housing Finance and Development Corp., in partnership with nonprofit developer EAH Housing, will develop the 303-unit Kahului Civic Center Mixed-Use affordable housing development in Kahului, Hawaii, on the island of Maui. The project is expected to break ground in 2027 and completion for the first phase is slated for 2029.

The community will encompass two residential buildings featuring one-, two- and three-bedroom floorplans for individuals and families earning between 30 and 60 percent of the area median income. Common-area amenities are slated to comprise two fitness rooms, one for each building, laundry facilities and community rooms for social and educational events. The project also includes a transit hub and civic center component, developed with the State of Hawaii Department of Accounting and General Services.

Affordable housing shortage in Hawaii

Located along Kaahumanu Avenue, Kahului Civic Center will be within reach of the Maui Memorial Medical Center and the University of Hawaii Maui College. The avenue includes large retail options such as the Maui Sunday Market and the Queen Kaahumanu Center shopping mall.

In a recent interview with Multi-Housing News, EAH Housing Chief Real Estate Development Officer Welton Jordan stated that the firm plans to develop more affordable properties over the next five years than it has during the past 25, as the company has shifted its focus to new development rather than preservation. Welton also mentioned that Hawaii has a deficit of roughly 27,000 affordable units and that with a new administration heading the state, a stronger emphasis on housing seems to be emerging.

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St. Regis Residences rises 22 stories in Boston’s Seaport. Image courtesy of Cottonwood Group

Cronin Development has obtained $240 million for the refinancing of St. Regis Residences, a 114-unit luxury condominium tower in Boston. Cottonwood Group provided the senior mortgage.

Previous property debt includes a $306.5 million construction loan from JPMorgan Chase Bank and a $34.5 million equity partnership with the JCM Opportunity Fund I LLC. In addition, JP Morgan and Mack Real Estate provided another $294 million in construction financing.

Cronin broke ground on the project in 2018 and building came online earlier this year. John Moriarty and Associates served as contractor, while Elkus Manfredi Architects designed the 22-story tower according to LEED Silver standards. Also in 2018, the developer signed a licensing agreement with Marriott International—which was not involved in the project—for the St. Regis-branding of the property.

Residences vary from one-bedroom apartments to multi-bedroom penthouses ranging between 968 and 3,107 square feet. In-unit features include floor-to-ceiling windows, Sub-Zero appliances, polished marble counters and heated floors in master baths.

Community amenities comprise a fitness center, lounge, business center, sports simulator, private bar, a terrace with swimming pool and waterfall edge, along with a spa, sauna and steam room. The building also features two guest suites and a 10,000-square-foot restaurant.

Located at 150 Seaport Blvd., the condo tower is 1 mile from downtown Boston and Faneuil Hall Marketplace, while Boston Logan International Airport is roughly 3 miles northeast. The property is also less than 2 miles from a 168-unit luxury condominium building that opened in November of last year.

The post Cronin Lands $240M for Boston Luxury Condos appeared first on Multi-Housing News.

Ben Evans and Jonathan Harwitz

Monstrous wildfires, relentless heat waves and unprecedented storms mean millions of U.S. homeowners face sharply higher insurance premiums and, in some cases, limited coverage options for the gravest threats. Natural disasters are becoming so frequent and severe that insurance companies say they simply can’t remain solvent at current rates.

At the same time, taxpayers are picking up increasingly massive tabs for recovery. This is likely just the beginning of a new normal that eats further into government budgets while threatening the affordability of home ownership in America, particularly for low- and middle-income households.

READ ALSO: Extreme Weather’s Influence on Multifamily Insurance Costs

One of the best strategies for addressing this emerging crisis—along with reducing the greenhouse gas emissions that are exacerbating the disasters—is to begin building homes and buildings to modern codes that better withstand disasters. To protect households and taxpayers, it’s time for the federal government to play a stronger role in making sure that happens.

Because we have a hodgepodge of state and local building codes around the country, we still build hundreds of thousands of houses every year that leave occupants vulnerable. This not only puts people at risk physically and financially, it drives up insurance losses and government costs that we all eventually pay for.

At the same time, the federal government plays a big role in supporting home ownership through mortgages backed by Fannie Mae and Freddie Mac and programs at agencies like the Departments of Veterans Affairs, Housing and Urban Development, and Agriculture. Federal agencies, of course, also spend billions of dollars every year helping to rebuild communities stricken by disasters. The Federal Emergency Management Agency has spent $34 billion and counting so far this year.

In other words, U.S. taxpayers have a lot of skin in the game, and with the toll of disasters growing at an alarming rate, the government has a responsibility to limit financial risk as well as loss of life. The answer lies in stronger building requirements.

Federal support

The Biden administration took a key step forward by proposing recently to require the latest building energy codes for much of the new housing supported by HUD and USDA programs. Building energy codes, which establish minimum energy efficiency and envelope requirements, are just one of many codes covering everything from electrical wiring and plumbing to floodplain regulations. But energy codes deliver multiple benefits.

They can keep residents warm enough to survive in storms like the 2021 Texas winter freeze that killed nearly 250 people and reduce deaths from heat waves that are by far the most lethal weather events. They can prevent pipes from freezing and floors from buckling in extreme temperatures, and mold from growing inside walls. Strengthened wall assemblies, added insulation, and better windows create stronger structures in the face of hurricanes and tornadoes.

The HUD-USDA proposal is expected to impact nearly 170,000 new homes per year, or almost 15 percent of the new-construction market.

Meanwhile, the Federal Housing Finance Agency has a chance to influence a much larger swath of the market by applying the same requirements to Fannie and Freddie-backed new housing. The decision could be game-changing, covering a majority of new single-family and multifamily home construction in the U.S.—enough to make modern codes the norm rather than the exception.

Our organizations recently joined with others in calling for FHFA to do just that. Aside from disasters, building energy codes are also good for everyday household budgets. Study after study shows that while there is an upfront cost, houses built to the latest energy codes save more money on monthly energy bills than the relatively small upfront cost adds to a monthly mortgage payment. A recent federal analysis found that updating to the latest code would deliver net savings of $500 per year for a single-family home through lower energy costs, with lifecycle net savings of $14,500 on a typical 30-year mortgage. For multifamily buildings, the analysis found lifecycle net savings of $6,000 per unit or $188,000 per building for a mid-rise building with 32 units. Additionally, homebuilders can now receive generous tax incentives under the Inflation Reduction Act for building energy-efficient homes.

Housing affordability, improved energy efficiency, and disaster resilience are benefits that all homeowners want. They also should be top priorities on both sides of the political aisle. FHFA and the Biden administration have a golden opportunity to change housing for the better. Given that homes built today will likely be in use for at least 50 to 100 years, there’s no time like the present.

Ben Evans is federal legislative director at the U.S. Green Building Council and Jonathan Harwitz is director of public policy at the Housing Assistance Council.

The post It’s Time to Modernize Home Construction in the US appeared first on Multi-Housing News.

A rendering of the completed properties in downtown Salt Lake City. Image courtesy of Cushman & Wakefield

Dart Interest has acquired two parcels of land in downtown Salt Lake City and plans to develop a pair of high-rise apartment buildings on the site. The company purchased the 2.3 acres for $19.7 million.

One parcel measures 1.03 acres and is blanketed by a surface parking lot, while the other 1.29-acre parcel is the site of a vacant data center consisting of 305,000 rentable square feet. Cushman & Wakefield brokered the sale.

“The sale of the data center site was challenging for several reasons,” Kip Paul, Cushman & Wakefield vice chair and one of three firm employees representing the seller in the transaction, told Multi-Housing News.

“First, we encountered environmental challenges. Second, the apartment market in Downtown Salt Lake City is beginning to experience an increase in concessions and increasing vacancy rates. Third, construction costs still remain high. And fourth, interest rates continued to increase. We were able to keep the transaction together with a slight price reduction and reinforcement of the uniqueness of the site.”

Weakening national economic trends have recently caught up with Salt Lake City, a Yardi Matrix report found earlier this year.

Flexible zoning

The D1 zoning the site received does not include a maximum density restriction. That enables groups to maximize design and building efficiencies. D1 zoning also permits buildings no less than 100 feet in height and no more than 375 feet in height as of right, making it the most flexible zoning ordinance regarding maximum heights limits.

The property is in a very walkable area with much of downtown Salt Lake City easily accessible on foot. Additionally, Utah’s freeway infrastructure can also be accessed easily from the site, with both Interstates 15 and 215 situated within 1.5 miles of the property. Salt Lake City International Airport is a 10-minute drive away. The Library TRAX Station, meanwhile, is within two blocks of the property.

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The property is located in the Lincoln Square neighborhood near New York’s Lincoln Center. Image courtesy of The Dermot Co.

The Dermot Co. and joint venture partners Affinius Capital and PPGM have landed a refinancing for a recently renovated luxury property on Manhattan’s Upper West Side. The funds backing the community at 101 West End Avenue were provided by accounts managed by KKR. Meridian Capital Group secured the debt on behalf of the joint venture.

The 35-story community, which was built in the 2000s, has 502 units ranging from studio to three-bedroom apartments. Residences feature in-unit washers and dryers and community amenities include an indoor basketball court, fitness center and children’s playroom, as well as a resident lounge, theater room, billiards room, party room, workspace and poker room. The property also includes a landscaped roof deck. According to Yardi Matrix data, the community is 94.1 percent occupied.

Dermot recently completed a significant renovation program, which included upgrades to both units and common areas.

Located in the Lincoln Square neighborhood, the community is several blocks from both Riverside Park South and Central Park. Residents also are a short walk away from the area’s cultural attractions, like the Lincoln Center for the Performing Arts and Terminal 5. The community offers residents easy access to the 66 St-Lincoln Center subway stop, as well as the West Side Highway.

Repeat partnership

While Dermot was founded in 1991 as an investment and management company focused on multifamily assets, it has since expanded into a fully integrated operation that also develops communities. The New York City-based company’s portfolio now includes approximately $4 billion in assets representing upwards of 6,000 apartments.

Dermot previously worked with PGGM on the acquisition of a 302-unit community in Brooklyn’s Midwood neighborhood. The two companies were also joined by Principal Real Estate Investors in a joint venture acquisition of The Vitagraph for $180 million. More recently, Dermot announced plans to develop a 44-story multifamily tower in Miami’s Park West district alongside EDEN Multifamily.

The post Dermot Lands Refinancing For Manhattan Community appeared first on Multi-Housing News.

Lew Sichelman

A warehouse known as the Big Box Store of its day. A hospital reputed to have spectral residents. A giant department store that once rivaled Macy’s. An ancient courthouse. A factory that was once an assembly line for automobiles. A gold processing plant now catering to the golden years of seniors.

What do these old, unused buildings have in common? They are all now, or will soon be, multifamily housing, sterling examples of the creativity developers are bringing to adaptive reuses.

Considering that many of these are Historic Tax Credit deals, the requirements of the National Park Service or State Historic Preservation Offices to keep historic details in place mean that some of the new renters have very unusual apartments, indeed.

The NPS, which administers the federal Historic Tax Credit program, wanted courtrooms preserved at the old Worcester Courthouse in Worcester, Mass., so one fortunate resident’s apartment is a whole courtroom, including preserved wall and ceiling finishes. The resident has a judge’s bench, stenographer’s space and two raised spots where juries sat—but no jury box.

Actually, all 118 residents at the Courthouse Lofts benefit from the large amounts of space extant in the four old court buildings. For instance, a resident’s lounge is two stories high to match the original architecture. In another unique touch, the project houses its museum, dedicated to Marshall “Major” Taylor, a bicycle champion from the 19th century known as the “Worcester Whirlwind.”

Innovative adaptive reuse cases

According to local legends, the Copley Memorial Hospital in Aurora, Ill., had residents even before developers decided to turn the place into apartments. The residents—spirits, allegedly—never paid rent and could be quite noisy.

It isn’t quite possible to make a cause-and-effect case that those who abandoned the hospital were thoroughly spooked, but workmen starting to turn the old hospital into 152 apartments did find that an expensive piece of imaging equipment had been left behind.

Renters living in the transformed hospital now apparently aren’t feeling spectral presences. The spooks are said to have been spooked themselves by all of the noise and dust of construction and have moved on to quieter places to haunt.

A development in the works in Attleboro, Mass., gives an ironic twist to residents living out their golden years. That’s because Gardner Terrace I Apartments, catering to seniors, occupies a building that once actually processed gold.

Attleboro used to be quite the jewelry hub, dating back to the arrival of a legendary “Frenchman” (possibly a French Huguenot) during the 18th century. The old Makepeace Co. building in Attleboro, dating to the 1800s, had its share of gold destined to be used in jewelry come through its factory.

In fact, not once but twice, subsequent owners have torn up the floors looking for embedded gold dust they could recycle. The most recent gold rush turned up dust valued in the six figures.

The Sibley Building in Rochester, N.Y., is a former gigantic department store that rivaled Macy’s in size at more than one million square feet. Its ongoing metamorphosis is changing the old retail workhorse into an “Everything Building” because—well—it has everything but the kitchen sink. Scratch that, it does have a kitchen sink, in a “demonstration” kitchen planned for the space.

The Sibley has four different kinds of multifamily housing—workforce, affordable, market-rate and senior —totaling hundreds of units. Those folks aren’t going to have to go far to get a lot of the things they need. There is retail space, a grocery store, market/food space inspired by the historic Fanueil Hall in Boston (kitchen sinks included) and even room for a college facility.

To fit all these uses under one roof, creative lawyers had to construct ten “condominium” structures. They had a bit of good karma befall them, though. It turns out part of the Sibley is on land formerly owned by abolitionist Frederick Douglass, a much better past than, say, a project built over an old burial ground.

Detroit has more than its share of abandoned factory buildings. In fact, it has so many that people who like that sort of thing come to the Motor City on tours of ruined buildings. However, scratch one of those old structures off the list.

The Fisher 21 auto plant, which did body and chassis work for General Motors back in the day, is set to be converted into 433 apartments and thousands of square feet of retail space. It had been empty for so long that there was some question as to whether or not it should have been torn down. Eventually the city gave the go-ahead on the adaptive reuse and the building proved sturdy enough for the rehab.

The large ex-factory will have a two-acre roof full of amenities and, faithful to its automotive past, 130 enclosed parking spaces.

The giant Butler Brothers warehouse in St. Louis was like the IKEA or Amazon of its 19th and 20th century days, fulfilling orders for retailers like Ben Franklin Stores. Close to the major St. Louis Train station, it was known for speedy shipping and also for an IKEA-like demonstration space on its lower floors where customers could place immediate orders.

There were no Swedish meatballs to be had there, unfortunately. But what will be there soon are 384 apartments in a rebuilt city downtown facility with a new soccer stadium next door.

My associate Mark Fogarty provided writing and reporting for this article.

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CPP plans to renovate existing buildings and build a new common space. Image courtesy of CPP

Community Preservation Partners has expanded its footprint in the downtown Pittsburgh market with the acquisition of Cambridge Square Apartments. The developer plans to renovate the 204-unit community and add a new amenity building.

CPP is planning to pour more than $18.8 million into the renovation of the property, which is acquired for $16.6 million. The company’s total investment in the affordable community will total approximately $47.2 million.

Thomas Gibson, director of special projects for CPP, said in prepared remarks that the company is moving forward on the project after more than two years of planning. The project has earned support from the Pennsylvania Housing Finance Agency, which issued a bond and awarded 4 percent low-income housing tax credits, as well as KeyBank, which provided debt financing through Freddie Mac.

Major renovations planned

Cambridge Square Apartments comprises eight two-story residential buildings that were built in 1974. Units range from one-, two- and three-bedroom floorplans with all units designated as affordable. The community’s amenities include a playground, laundry rooms and 329 surface parking spots. Located at 120 Cambridge Square Drive, the community is 14 miles east of downtown Pittsburgh. The community is currently 96.6 percent occupied, according to CPP.

CPP’s plans for Cambridge Square Apartments includes reconstructing one of the 28-unit buildings that was lost to a fire earlier this year. The renovations also call for updates to accessibility throughout the community, mechanical system replacements, building envelope upgrades and energy efficiency enhancements. CPP will also renovate the units, installing new kitchen countertops, appliances and flooring, while updating bathrooms with new vanities, fixtures and shower surrounds, as well as reglazed tubs.

While the majority of the plans call for renovations, CPP will construct a new community building that will be used for resident meetings and gatherings, maintenance storage space and leasing offices. Once completed, CPP is also planning to partner with American Healthcare Group to provide tenants with supportive services.

Expanding in downtown Pittsburgh

Cambridge Square Apartments represents CPP’s second investment in Pennsylvania. The company acquired Allegheny Commons, also located in Pittsburgh, for $46.4 million in May.  More recently, CPP acquired two affordable housing communities in Santa Fe, N.M., for $41.8 million and has similar plans to invest more than $93.7 million in renovations. The company’s overall portfolio now totals more than 11,000 affordable multifamily and senior housing units across the U.S.

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Garfield II is slated for completion in the winter of 2024. Rendering courtesy of Pennrose Properties

Pennrose Properties has broken ground on Garfield Housing Phase II, a 60-unit affordable housing project for seniors in Phoenix. The development team includes the City of Phoenix, Butler Housing Co., CBC Financial Corp. and the Arizona Department of Housing.

The architect is Dekker Perich Sabatini, W.E. O’Neil serves as general contractor and Dunlap & Magee is the property manager. The community’s completion is scheduled for winter 2024.

Financing of the $28 million project encompasses:

• LIHTC equity and construction loan from Bank of America
• Permanent loan from Cedar Rapids Bank and Trust
• HOME loan from the City of Phoenix
• $500,000 in Congressional Program Funds.

The four-story community will encompass studio and one-bedroom apartments totaling 58,000 square feet. All residences are reserved for seniors of 55 and over, earning between 20 and 60 percent of the area median income. Common-area amenities are slated to comprise a fitness room, multi-purpose room, management suite and outdoor recreation area. The project will also provide supportive services facilitated by local nonprofit Greater Phoenix Urban League.

The project’s initial phase is Garfield Commons, a 100-unit affordable community for veterans. It was delivered in 2014 as the redevelopment of the historic Sacred Heart nursery home, built in 1958. Butler Housing Co. President & Owner Reid Butler stated in prepared remarks that the project’s third phase, slated for delivery in 2025, will create an additional 60 affordable units.

Phoenix’s robust development pipeline

Located at 1510 E. Portland St., the development is off Interstate 10 and roughly 3 miles from downtown Phoenix. It is also some 4 miles from the Phoenix Sky Harbor International Airport and less than 2 miles from the Banner – University Medical Center.

Year-to-date through July, 5,892 units came online in the Phoenix metro, accounting for 1.8 percent of existing stock, according to a Yardi Matrix report. At that point in time, the market had 37,606 units under construction, along with 92,000 units in planning an permitting stages. Fully affordable developments represented roughly 5 percent of the pipeline, while 94 percent belong to the Lifestyle segment, the same source shows.

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Multifamily Matters

Tune in every Saturday to Houston’s AM – 1070 at 11:00 AM CST to listen to the show’s Host & Executive Producer, Paul Marks, CAS, and multifamily industry experts discuss topics and issues that affect the apartment industry.

This week’s show

On this week’s show we are discussing a topic that is important and timely for the multifamily industry.  It will air at 11:00 AM CST this Saturday, November 25th and is entitled Keeping The Human Touch While Embracing Technology.

Our special guests this week are two longtime multifamily industry veterans, who are both sought after educators and national speakers, Charlotte Pisciotta, Corporate Leasing and Resident Experience Trainer with Friedman Real Estate, and Stephanie Oehler, Founder of Savvy Leasing.

Other ways to listen

You don’t have to listen to Multifamily Matters only on the radio…here are some other ways you can listen:

• Listen to a live stream Saturday’s at 11:00 AM CST on the AM – 1070 website – https://am1070theanswer.com/
• Listen live Saturday’s at 11:00 AM CST on the iHeartRadio app or on the AM – 1070 app
• Listen to any archived episode anytime at the Multifamily Matters radio show website’s Episodes page –www.multifamilyradio.com
• You can listen to any episode on the Apple Podcasts, Stitcher, Spotify, TuneIn and Google Podcast platforms

Please go to our website and follow us on LinkedIn, and Facebook.

The post Tune In to This Week’s Multifamily Matters! appeared first on Multi-Housing News.

The property is located in Carmel, Ind. Image courtesy of CREC Real Estate

CREC Real Estate, a private equity real estate investment firm, has emerged as the seller of a stake in VER at Proscenium, a 196-unit luxury property that is part of a mixed-use development in downtown Carmel, Ind. Sterling Group has acquired the interest.

Located at the intersection of Rangeline Road and West Carmel Drive, VER was completed in 2021 and features four multifamily buildings alongside two onsite restaurants. CREC said it acquired its stake in VER in 2019. Construction had already begun on the mixed-use retail portion of the 5.3-acre site but not on the multifamily units, CREC President Aaron Dixon said in prepared remarks. Yardi Matrix data shows the property was 95.9 percent occupied at the time of the sale to Sterling Group.

VER’s four adjoining buildings vary in style, from urban modern to industrial and art deco, and include studio and one- and two-bedroom floorplans, ranging from 601 to 1,356 square feet. The apartments have condo-grade contemporary finishes and in-unit washers and dryers. Private balconies or patios are available in select units. Rents range from $1,409 to $2,625, with an average price of $1,856, according to Yardi Matrix data.

Community amenities include an outdoor resort-style pool, a multistory virtual simulator, putting green fitness center, clubhouse with a 24/7 beer tap, business center and coworking space. The property is within walking distance of Rangeline Crossing business center and 1 mile from Merchant’s Square shopping mall. Downtown Indianapolis is some 15 miles to the south.

Mixed-use development

The multifamily property is part of Proscenium, an $85 million mixed-use development spread across 7 acres developed by Birkla Investment Group and Woolpert. The project includes Agora at the Proscenium, a 100,000-square foot building with office space and 40,000 square feet of retail space, and REV at Proscenium, a 22-unit condo building. The $29 million second phase of Proscenium is already underway and is slated to add 48 rental apartments, seven penthouse condos and some 16,000 square feet of restaurant and office space. Plans also call for Proscenium Tavern, a 4,600-square-foot building that will host a steakhouse and a wine and coffee bar.

CREC’s investments

In February 2022, a partnership between CREC and Rincon Capital Partners acquired Ascent 1829 Apartments, a 180-unit community in North Phoenix, for $48 million. Two months earlier, CREC closed its second real estate fund targeting value-add communities in secondary markets across the United States. The fund, CREC Real Estate Fund II LP, closed with $80 million in investor commitments. Fund II targeted markets seeing job and population growth along with an undersupply of housing. Communities where Fund II made investments included Columbus, Dallas, Atlanta, Cincinnati, Seattle, Phoenix, Tucson, Ariz., Hilton Head Island, S.C., and Charlotte, N.C.

The post CREC Sells Stake in Indiana Multifamily Property appeared first on Multi-Housing News.

Sixth & Jackson received LEED Gold certification in September. Image courtesy of Ivanhoé Cambridge

A joint venture between Ivanhoé Cambridge and Shea Properties has completed and opened Sixth & Jackson, a 518-unit community in San Jose, Calif. Partners on the project included general contractor Swenson Builders, architecture firm Ankrom Moisan and CDC Designs as the interior designer.

In December 2018, the joint venture landed a $137 million construction loan provided by Wells Fargo Bank, Yardi Matrix data shows. Construction on the two-building property started in January 2019.

The pair of six-story buildings encompass studio, one-, two- and three-bedroom layouts, together with 19,000 square feet of ground-floor retail space. Apartments range between 457 and 1,718 square feet, featuring quartz countertops, washers and dryers, along with private balconies and patios in select units.

Common-area amenities at the 3.8-acre property include a swimming pool and spa, clubhouse, fitness center, coworking space, as well as a hammock garden and outdoor lounges. In addition, the community features more than 820 parking spaces and EV charging stations.

Located at 620 N. 6th St. in the Japantown district, the community is adjacent to Heinlenville Park. San Jose Made shopping mall is within walking distance, while San Jose Market Center and downtown San Jose are within a 2-mile radius. San Jose Mineta International Airport is some 3 miles away. The property is also less than a mile from Vespaio, a 162-unit community that traded earlier this year.

The post Ivanhoé Cambridge JV Opens 518-Unit San Jose Community appeared first on Multi-Housing News.

The student community will comprise 350 units with two-bedroom layouts, as well as community amenities on the ground floor. Image courtesy of Florida A&M University’s Office of Facilities, Construction, and Safety

Florida A&M University has received the approval of The Florida Board of Governors for the construction of an $80 million, 700-bed residence hall on its Tallahassee, Fla., campus. Construction will start by March of next year, while completion is expected by August 2025.

FAMU’s Office of Facilities, Construction, and Safety will oversee the implementation of the project. Plans call for a $102.9 million loan from the U.S Department of Education’s Historically Black Colleges and Universities Capital Financing Program.

The student community will comprise 350 units with two-bedroom layouts, as well as community amenities on the ground floor. Some of the planned amenities include laundry facilities, conference rooms, study spaces and lounge spaces.

The project is part of a $238 million master plan that will add some 4,000 beds to the university’s campus. Currently, there are two more communities in the planning stages that are slated to comprise some 1,300 beds.

In the beginning of this academic year, there were roughly 2,700 on-campus beds available. In 2019, Florida A&M University partnered with Finfrock for the construction of another 700-bed student community that came online the following year. During the last academic year, the university purchased two communities, adding 234 beds to its inventory.

Earlier this year, FPA Multifamily has purchased a 1,557-bed student housing community in Tallahassee, Fla., for $68 million. That property is adjacent to Florida State University and some 3 miles from Florida A&M University.

The post Florida A&M University to Develop $80M Student Community appeared first on Multi-Housing News.

Stephanie Wiggins expects the bid-ask spread to narrow next year as people become more realistic about valuations. Image courtesy of PGIM Real Estate

High inflation, epic rise in interest rates, declining valuations, looming regulatory changes and a great divide between buyers and sellers—this cocktail of factors has created an unfavorable environment for multifamily transactions in 2023. And Stephanie Wiggins, managing director & head of production for agency lending at PGIM Real Estate, believes there’s not enough daylight left in the year to make up for the loss in volume that the industry has experienced, despite recent improvements in Treasury yields.

“We’ve had bad times before, but I can’t recall a time where there is just this absolute dearth, lack of transactions,” Wiggins said during the November episode of the Mission Success: Women in Multifamily podcast series. “I would say that this kind of pipeline fallout, especially if you look at the FHA numbers, is unprecedented,” she noted.

READ ALSO: MBA Forecast—Commercial/Multifamily Lending

Today, Wiggins leads loan originations for Fannie Mae, Freddie Mac, affordable and FHA multifamily loans, but she came into the multifamily business in 1988, so she has been through multiple downturns over the years. However, she admits that there’s never been so much volatility, and lack of predictability and stability. This hasn’t made her less optimistic, though. She believes that in 2024 the bid-ask spread between buyers and seller will mitigate as they become more realistic about valuations. She feels that experienced borrowers will change their mindset and adjust their expectations about interest rates.

“If all those things come together, 2024 should be better,” she said.

In the second part of her conversation with Multi-Housing News Senior Editor Laura Calugar, Wiggins also talks about how she followed in her family’s footsteps and chose a career in CRE originations. Despite the competitive environment that is specific to this industry, she had lots of Black and female role models who have showed her that working in multifamily originations can be fun and dynamic.

Tune in now to find out the secret ingredients of her long-term success!

Here’s a snip of what you’ll hear about once you hit the Play button:

• PGIM Real Estate’s activity in 2023 (1:15)
• How high interest rates and inflation have impacted agency lending in terms of volume (4:12)
• Is affordable housing still a priority? How are state and local officials addressing affordability? (8:12)
• Creative ways to structure a loan today (11:50)
• The Fed’s next move (13:05)
• What does the multifamily lending market need for a good start of the new year (14:49)
• What’s it like for Wiggins to work in multifamily originations (16:45)
• The secret of her success and long-term career in the industry (20:02)
• Diversifying the ranks of CRE originators (20:49)

Follow MHN’s podcasts on Apple Podcasts and Spotify!  

The post Mission Success: Multifamily Needs Stability to Start 2024 Strong appeared first on Multi-Housing News.

NOVO Broadway is less than 3 miles from ASU. Image courtesy of MG Properties

MG Properties has acquired NOVO Broadway, a 324-unit multifamily community in Tempe, Ariz., for $100.3 million. The seller was Evergreen Devco Inc. The transaction involved a $65.2 million Freddie Mac loan originated by Manufacturers and Traders Trust Co., according to Yardi Matrix data. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and sourced the financing.

Completed earlier this year, the four-story property comprises studios and one- to three-bedroom floorplans ranging from 632 to 1,262 square feet. Residences feature in-unit washers and dryers, private balconies or patios, air conditioning, ceiling fans and ceilings ranging between 9 and 14 feet. Common-area amenities include a swimming pool, fitness center, barbecue pavilion, dog park and pet wash station.

Located at 711 W. Broadway Road, in an Opportunity Zone, NOVO Broadway provides direct access to Interstate 10. The 37.3-acre property is roughly 10 miles from downtown Phoenix, some 5 miles from downtown Tempe and less than 3 miles from Arizona State University. Tempe High School and Tempe St. Luke’s Hospital are within walking distance.

Per-unit prices decrease in Phoenix

IPA Executive Managing Directors Cliff David and Steve Gebing represented the Evergreen Devco., while Senior Managing Director Cameron Chalfant and Executive Managing Director Brian Eisendrath sourced the acquisition loan. Eisendrath and Chalfant were also recently involved in arranging financing for MG Properties’ $62 million acquisition of a Seattle-area asset.

Multifamily transactions in Phoenix totaled $1.3 billion in 2023’s first seven months; 22 properties have traded during the period, a recent Yardi Matrix metro report shows. The price per unit in the metro registered a slight year-over-year drop to $263,389, compared to the $280,736 figure registered during the same period in 2022. However, the value was 34 higher than the one recorded on a national level.

The post MG Properties Pays $100M for Phoenix-Area Asset appeared first on Multi-Housing News.

North Branch Meadows includes 132 homesites. Image courtesy of Four Leaf Properties

Four Leaf Properties has purchased North Branch Meadows, a 132-homesite manufactured housing community in North Branch, Mich. The property changed hands from a private individual, according to Lapeer County public records.

Located at 6800 Lydia Blvd., the community is 8 miles from Deerfield Plaza, 39 miles from Flint, Mich., 44 miles from Bishop International Airport and within 67 miles of Detroit.

The pet-friendly mobile home community includes double-wide homesites and, under the new ownership, it will also feature new and pre-owned homes. The additional homes will be energy efficient, but the community is also set to encompass drywall luxury homes equipped with kitchen islands and walk-in closets, according to a prepared statement from Four Leaf Properties Managing Partner Michael Callaghan.

READ ALSO: How Havenpark Is Enhancing the MHC Resident Experience

The new homes at North Branch Meadows will be ranging in size from 1,200 to 1,500 square feet, featuring three- or four-bedroom designs, mudrooms and flex space.

North Branch Meadows is an all-age manufactured housing community built in 1995, with common-area amenities including a clubhouse, a playground, parking spots, an on-site office and an event field. Four Leaf Properties is implementing its FLPlife Resident Lifestyle Experience at the property, a program that provides events and activities meant to foster a sense of community.

The post Four Leaf Properties Buys Detroit-Area MHC appeared first on Multi-Housing News.

Patricia Will, Founder & CEO of Belmont Village Senior Living, attended the ribbon-cutting ceremony. Image courtesy of Belmont

Belmont Village Senior Living and Baptist Health South Florida have celebrated the opening of Belmont Village Senior Living Coral Gables, a 232-unit luxury senior housing community in Coral Gables, Fla.

Vince Lago, Mayor of the city of Coral Gables attended the ribbon-cutting ceremony, joined by Patricia Will, CEO & founder of Belmont Village Senior Living, Ana Lopez-Blazquez, executive vice president & chief strategy officer of Baptist Health South Florida, and Bo Boulenger, president & CEO of Baptist Health South Florida.

Corwil Architects designed the 350,000-square-foot mixed-used project, for which Moss Construction was the general contractor. The property has achieved the National Green Building Standard Gold certification, featuring environmental standards for energy, water and resource efficiency.

Belmont Village Coral Gables provides independent living, assisted living and memory care units, with 24/7 health and wellness support. The community will also offer access to Live Healthy by Baptist Health, which will provide comprehensive care and access to medical professionals.

The 10-story building comprises 18,500 square feet of ground-floor retail space. Common-area amenities include a swimming pool, a fitness center, a game room, an outdoor lounge, an outdoor movie lawn, a dining area, a restaurant, a putting green, a dog park and approximately 209 parking spaces. The community also features concierge, valet and transportation services.

Located at 4111 Salzedo St., the property is within the Southeast Gables neighborhood. Belmont Village Senior Living Coral Gables is near Route 1, which provides direct access to downtown Miami. Shops at Merrick Park and the Douglas Road Metrorail are within walking distance of the property.

Belmont Village Senior Living and Baptist Health formed their partnership back in 2019. In prepared remarks, Lopez-Blazquez said that the companies’ common goal is to focus on the quality of life of seniors and providing compassionate care through innovative programming and collaborations.

The post Luxury Senior Living Community Opens in Miami Suburb appeared first on Multi-Housing News.

The Woodbridge property opened to residents this year. Image courtesy of Toll Brothers

Regency at Woodbridge, Toll Brothers’ newest active adult property for those ages 55-plus, has opened in its namesake Connecticut municipality. The property offers “quick move-in homes” to buyers seeking to move late this year or early in 2024.

The community offers a half dozen carriage-style townhome designs with units featuring up to three bedrooms and 2.5 baths. Floorplans range from 1,938 to more than 2,486 square feet.  Residences offer home offices, large kitchens, tech niches and first-floor primary suites. Prices begin in the upper $500,000s. Among the extensive array of amenities is an outdoor swimming pool with lounge seating. The Sales Center is situated at 50 Bradley Road.

Regency at Woodbridge is also located near shopping and retail options, with various recreational attractions like Lake Wingergreen, West Rock Ridge State Park, Sperry Falls Park, Osbornedale State Park and Yale Golf course also nearby.

Woodbridge, which features a country-like setting, is only 20 minutes from Yale University and colleges, as well as a number of biotech companies.

Quick move-in on offer

Highways to Boston, Providence and New York City are easily accessed from the property, which is close to Interstates 95 and 91, Route 8 and Merritt Parkway.

Buyers will be able to move into new Regency at Woodbridge residences as soon as late this year or early next. Toll Brothers has made a selection of quick move-in homes with designer features available to interested buyers.

The company also offers one-stop shopping at its Toll Brothers Connecticut Design Studio, which allows purchasers to select from a broad variety of options that include lighting, hardwood flooring, cabinets and home automation. Toll Brothers’ professional design consultants are also available to assist customers.

Several months ago, Dwight Capital provided $34 million in construction debt for a new 123- unit community in Mystic, Conn.

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