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CORAL GABLES, FL - A new online tool, launched by the University of Miami with support from Citi, reveals roughly 500 million square feet – roughly the size of Manhattan – of underutilized, publicly owned land in Miami-Dade potentially suitable for the development of affordable housing.
The new tool, called Land Access for Neighborhood Development (LAND), is a free, online mapping tool that provides a real-time snapshot of the location, size, and ownership of thousands of parcels of publicly or institutionally owned vacant or underutilized land across Miami-Dade County and its 34 municipalities. These are parcels of developable land that could be assembled across jurisdictions and along transportation hubs to house lower-income residents who are being priced or pushed out of the rapidly gentrifying housing market.
The tool was publicly unveiled yesterday at an event at the Beacon Council that featured remarks by City of Miami Mayor Francis Suarez, Director of Miami-Dade County Public Housing and Community Development Michael Liu, Community & Economic Development Advisor of the Federal Reserve Bank of Atlanta Ann Carpenter, and Annie Lord, Executive Director of Miami Homes for All.
“The launch of the Land Access for Neighborhood Development tool is part of our holistic approach to improving quality of life, creating a pathway to prosperity, and becoming a more resilient city,” said Miami Mayor Francis Suarez. “This will allow us to map out underused land throughout Miami to identify spaces for affordable housing, parks, and other elements that will directly impact countless lives.”
“Our goal in developing this free tool is to show the incredible resources available across the county for the development of affordable housing,” said Robin Bachin, director of UM’s Office for Civic and Community Engagement, which founded the Miami Housing Solutions Lab. “By being able to visualize this land, policymakers can more easily create evidence-based strategies for conveying land to promote housing affordability and equitable community development.”
“There is both a huge need and rising local support for innovative new approaches to affordable housing, but the missing ingredient has been access to developable land,” said Ines Hernandez, South Florida Market Manager for Citi Community Development. “By gathering this previously unavailable information and making it accessible to the public for the first time, this new LAND tool will unlock the tremendous opportunity for creating and preserving permanently affordable housing for families across Miami-Dade County.”
"Never before have we been able to see, with as much breadth and detail, publicly and institutionally owned vacant lands across Miami-Dade County,” said Annie Lord, Executive Director of Miami Homes for All. “This tool will, for the first time ever, allow us to have a collective, transparent, inclusive conversation about what to do with this land owned by our public institutions. At a time when we're facing a dire affordable housing crisis, it's incumbent on all of us to make sure the land is managed responsibly."
To access the LAND tool, visit land.ccs.miami.edu
03/19/2019 09:08 AM
DALLAS, TX - The Praedium Group, a New York City-based national real estate investment firm, today announced the sale of Legends at Chase Oaks in Dallas, TX. The property was acquired in 2014. The announcement was made by Peter Calatozzo, Managing Director of The Praedium Group.
Built in 1997, this low-density property is surrounded on three sides by Watters Creek golf course and has access to the highly rated Plano Independent School District. The property consists of 32 two-story buildings with a majority of the units having direct access garages.
Praedium successfully executed a comprehensive capital upgrade program targeting both the common areas and the unit interiors. Praedium modernized the clubhouse by installing new hardwood flooring throughout, adding new furniture, art and light fixtures, and completing a remodel of the leasing offices, clubhouse bathrooms and demonstration kitchen.
This renovation also included installing an outdoor fire-pit and pool-side lounge area, expanding the equipment in the fitness center and repurposing a maintenance shed into a "Wellbeats" virtual fitness studio. Praedium renovated over 20% of the unit interiors by installing stainless steel appliances, granite countertops, faux wood floors, updated hardware, modern lighting and two-inch blinds.
With the sale of Legends at Chase Oaks, Praedium has now fully liquidated Praedium VIII Multifamily Value Fund, L.P., its eighth flagship investment vehicle which was comprised of 19 properties totaling 5,200 units and had a total cost of approximately $1 billion. Praedium VIII was comprised of properties constructed from 1997 to 2015, and the Fund was invested between 2013 and 2016, across 16 different markets throughout the United States.
03/19/2019 08:59 AM
KING OF PRUSSIA, PA - Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced it officially ranks as Pennsylvania’s largest multifamily owner and operator following its historic portfolio acquisition of 10 apartment communities with 4,130 apartments spanning Philadelphia and Northern Virginia. This acquisition brings Morgan Properties’ Pennsylvania portfolio to 9,300 units and its total unit count reaches 50,000 units for the first time since its inception in 1985. This landmark acquisition marks the largest multifamily transaction in Philadelphia to date and expands the company’s already growing presence in the Northeast and Mid-Atlantic Region.
Morgan Properties plans to invest an additional $20 million into renovations and amenity upgrades in these properties. Morgan Properties has successfully completed recent acquisitions in both markets including the Mark Center Portfolio, a $509 million acquisition comprised of 2,664 units in Alexandria, Virginia; and Chesterfield Apartments and Curren Terrace Apartments, a combined $71 million portfolio acquisition in suburban Philadelphia. Morgan Properties currently owns 5,000 units in Northern Virginia.
“We are extremely proud of our organization in achieving this significant milestone of reaching 50,000 units. We considered this portfolio a once in a lifetime acquisition opportunity as it marks the largest multifamily transaction in Pennsylvania to date and officially makes us the top multifamily owner in our home state,” said Jonathan Morgan, President of Morgan Properties JV. “This transaction solidifies the geographic concentration in two of our Core Markets of suburban Philadelphia and Northern Virginia. We are confident in the strong fundamentals of the multifamily industry and are very well positioned for the future. Our team is looking forward to hitting the ground running on this one. Since 2012, Morgan Properties has purchased over $5 billion in total acquisition volume comprised of over 30,000 units.”
The Philadelphia assets in this portfolio consist of seven apartment communities totaling 2,346 units. Stonegate at Devon and Villas at Bryn Mawr, both located in the coveted Main Line neighborhoods of Devon and Bryn Mawr, total 947 units. The remaining five assets, totaling 1,399 units, are situated in Conshohocken, West Chester, Downingtown, Jeffersonville, and Bensalem in suburban Philadelphia.
The Northern Virginia sub-portfolio consists of three apartment communities totaling 1,784 units. Mount Vernon Square in Alexandria, Virginia represents the largest property in the portfolio, with 1,387 units. The apartment community is considered the anchor asset to Morgan Properties’ rapidly growing presence in Alexandria, Virginia. East Meadows and Village of Potomac Falls round out the Northern Virginia sub-portfolio. The properties, located in Fairfax and Sterling, total a combined 397 units. Both assets are located within two miles from the Dulles Airport with convenient access to the Reston-Herndon employment centers and the growing Dulles technology corridor.
“This acquisition is a game-changer for our organization,” said Jason Morgan, Principal at Morgan Properties. “We aspire to get better with every acquisition and our team is excited about the economies of scale this brings to our portfolio. We closed this transaction using our own internal sources of equity, secured very attractive long-term, fixed-rate financing and view this portfolio as generational hold. We continue to be selective on acquisition opportunities but realize that these portfolios of critical mass rarely come on the market in suburban Philadelphia given the multifamily ownership composition is primarily comprised of families. We also look forward to owning over 5,000 units in Northern Virginia.”
As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages 50,000 units in 11 states throughout the country. The company targets multifamily properties in infill, high-barrier markets where its operational expertise can quickly add value for its residents and investors.
03/18/2019 09:28 AM
AUSTIN, TX - Endeavor Real Estate Group and joint venture partner MetLife Investment Management (MIM), MetLife Inc.’s (NYSE: MET) institutional asset management business, have broken ground on a 30-story mixed-use tower in the Rainey Street District.
The Quincy will include: Ground-level retail with separate, dedicated residential and office lobbies. The retail space totals approximately 10,360 square feet and includes one level of below-grade parking. Seven floors of above-grade parking, including an office parking ratio of up to three spaces per 1,000 square feet. Three floors of Class A office space, totaling approximately 77,540 square feet. Features include outdoor terraces with lake views, secured bike storage, a dedicated ground floor lobby separate from the residential tower, and showers on every floor. 19 floors of residential units, with a total of 347 apartment homes for lease. Resort-style amenities designed to take full advantage of the outdoors, including: a lush terrace complete with a pool, firepit, cabanas, observation deck and an exercise lawn. Coupled with a 30th floor indoor/outdoor sky deck overlooking Lady Bird Lake, there will be a dog grooming spa, sports lounge, media room, large co-working space and business center, ample package lockers, as well as a lounge to serve as a waiting area for transportation networking companies like Uber and Lyft.
The Quincy is anticipated to open in the first quarter of 2021, with market analysts noting that the tower will be the first in the Rainey Street district to combine retail, office and residential uses all in one building within that district. The entire building will merit two stars from the Austin Energy Green Building rating system.
“The Rainey Street District has evolved into a thriving, organic, walkable neighborhood full of unique bars, restaurants, hotels and housing adjacent to Lady Bird Lake on the hike and bike trail. The Quincy will weave nicely into the fabric of the neighborhood and establish a new front door to the district,” said Jamil Alam, managing principal for Endeavor.
Kurt Day, managing director, Real Estate, MetLife Investment Management said: “Since first investing in the downtown Austin market more than 30 years ago, we have continued to see the city evolve into an attractive convergence market. This partnership opportunity with Endeavor on The Quincy pulls together many of our favorite traits about mixed-use developments, and we are excited about contributing to the evolution of the Rainey Street district.”
The Quincy’s site on Red River Street is bounded by Driskill Street to the north and Davis Street to the south, where two parking lots presently reside. Nearby, a new Whole Foods Market is slated for Saltillo, another Endeavor project, located between 4th and 5th Streets, along IH-35. Even closer are the Austin Convention Center and two major hotels, Hotel Van Zandt and Fairmont Austin. Some of the region’s hottest restaurants, like El Naranjo, Emmer & Rye, and Iron Works Barbecue, are a short walk away. Additionally, the site offers immediate access to Lady Bird Lake – along with its renown Ann and Roy Butler Hike & Bike Trail.
Ziegler Cooper Architects designed the 360-foot-tall tower, while Kimley Horn is serving as the project’s engineer, Brockette Drake Davis is acting as the structural engineer and Blum Consulting Engineers is acting as the MEP engineer. IBC Bank is the lender on the project and Rogers-O’Brien Construction Company Ltd. has been brought on to serve as general contractor. Endeavor will handle retail and office leasing for the project.
03/15/2019 08:19 AM
RICHMOND, VA - HHHunt Corporation, a diversified regional leader in real estate development, building and management for over 50 years, announced a $128.4 million investment in the development of new senior living communities.
One of the Mid-Atlantic's largest regional real estate leaders, HHHunt is committed to continuing its intentional, strategic growth. The company's revenue surpassed $500 million in 2018 and has grown by over 70% in the past five years. HHHunt is actively pursuing new development opportunities in 2019.
"HHHunt has over two decades of experience in the senior living sector and we are committed to continued growth. Our focus is on innovative ideas that will best meet the changing needs of the senior population," said Dan Schmitt, president and COO of HHHunt.
HHHunt's Senior Living division will open two new communities this year in Maryland, including Spring Arbor of Croftonand Spring Arbor of Frederick. Construction of a third new senior living community in Maryland, Spring Arbor of Olney, is underway.
HHHunt also plans to begin construction on a new community in Virginia dedicated to memory care needs, Spring Arbor Cottage of Fredericksburg. These four new senior living communities in Maryland and Virginia will serve more than 365 residents and represent $128.4 million in total investment in these senior living communities.
"Our vision is to improve the world and how people live," said Janet Riddlebarger, president of HHHunt's Asset Management Group. "Our growth and continued investment highlight our confidence in the quality communities we develop and our incredible teams."
HHHunt currently owns and manages 21 senior living communities.
03/15/2019 08:15 AM
DENVER, CO - TruAmerica Multifamily has acquired in separate transactions, Loretto Heights, a 312-unit apartment community in Denver, CO for $72.25 million and Legends at Lake Mary, a 272-unit apartment community in Orlando, FL for $54 million.
Following an active 2018 with acquisition volume of nearly $1 billion, TruAmerica has now made more than $300 million in multifamily investments in the first two months of the year, including its first in the state of Georgia. With Loretto Heights and Legends at Lake Mary, the Los Angeles-based multifamily investment firm increases its already substantial footprints in two of the strongest multifamily markets in the country, according to Head of Acquisitions and Co-Chief Investment Officer Matthew Ferrari.
“Both Denver and Orlando benefit from sound multifamily fundamentals including continuing job and population growth, and a limited supply of new rental housing to meet demand,” said Ferrari. “The ability to acquire both properties at a significant discount to new construction allows us to improve the properties to compete with higher priced product in the area, but still keep rents in line for our residents.”
TruAmerica now owns and operates five properties in Denver totaling approximately 2,000 apartments.
Built in 1988, Loretto Heights is located 15 minutes from Downtown Denver, which is home to 133,000 daytime employees and has experienced a 74 percent increase in tech employment since 2010. It is also centrally located to a variety of major employers such as Oracle, United Healthcare, and TransAmerica. Denver has one of the most diverse economies in the country, with no major industry making up more than 18 percent of its total employment.
With only 61 of the 312 apartments fully upgraded, Loretto Heights, represents an attractive value-add opportunity. In addition to bringing the remaining homes to fully renovated status with new stainless steel appliances, hard-surface flooring, stone countertops and modern lighting and plumbing fixtures, TruAmerica will upgrade the exterior and common areas to enhance the property’s overall curb appeal.
HFF’s Denver office led by Jordan Robbins and Anna Stevens represented both parties in the transaction.
As a Freddie Mac Select Sponsor, TruAmerica leveraged the acquisition with attractive financing through the agency’s 10-year floating rate program, arranged by Charles Halladay, Michael Gigliotti and Jamie Kline of HFF.
Legends at Lake Mary is TruAmerica’s eighth asset in Orlando and increases its Florida holdings to more than 4,400 apartments. Other assets are located in Boynton Beach, Fort Myers and Tampa-Clearwater.
Legends at Lake Mary is a low-density community (8.3 homes per acre) located in one of the most affluent submarkets in the Orlando MSA. Bordering the Timacuan Golf Club, the property features 18, two-story wood frame buildings housing a mix of one-, two-and three-bedroom homes, each with an attached garage.
“Rising construction and land costs have made it economically unfeasible to replicate this type of property in the current market environment, which truly makes Legends at Lake Mary an irreplaceable asset,” added Ferrari.
Over the last five years, Orlando has averaged job growth of 3.9 percent, far surpassing the national average. Additionally, Orlando’s population grew by 17.6 percent from 2010-2017, making it the third fastest growing city in the country.
While the property has been well maintained only a small percentage of the homes have been upgraded since its construction in 1997. In addition to full interior unit renovations including new appliances and modern finishes, TruAmerica also will make improvements to the community’s numerous amenities including the clubhouse, fitness center, tennis and volleyball courts, and pool areas in order to improve the quality of living for the residents.
03/14/2019 07:49 AM
ST PETERSBURG, FL - Walker & Dunlop announced that it structured $65,200,000 in financing for The Hermitage Apartment Homes. The property is a newly-developed, 348-unit, Class A apartment community in the heart of downtown St. Petersburg, Florida, one of Tampa Bay's premier submarkets. Home to Florida's Innovation District, the city contains a cluster of higher education, marine science, healthcare, business incubation, and media institutions, including Johns Hopkins All Children's Hospital, Bayfront Health, and the University of South Florida St. Petersburg.
Alison Williams and Matt Baldwin, both Tampa-based members of Walker & Dunlop's Capital Markets team, completed the debt transaction on behalf of the client, Brass Enterprises. Drawing on their extensive experience in financing multifamily properties, the team identified Freddie Mac as the ideal lender for the acquisition and structured the seven-year loan with an attractive interest rate and full-term interest-only payments.
Prior to the debt transaction, the property was marketed and sold for $107,625,000 by Brian Moulder and Chris Chadbourne of Walker & Dunlop Investment Sales, who represented the seller.
"We are very excited about the acquisition of a premier asset in one of the nation's strongest and fastest-growing markets. The Hermitage is future-proof, boasting an unrivaled location in the heart of Downtown St. Petersburg's Art District, high quality construction, and state-of-the-art, resort-style amenities," commented Yisroel Weiser, Vice President of Brass Enterprises. "It was a pleasure working with the Walker & Dunlop team, led by Alison Williams. As always, great service combined with smooth execution."
Positioned across from a newly-built Publix, The Hermitage enjoys exceptional walkability to office buildings, restaurants, entertainment, museums, and abundant green space, including a seven-mile string of beautifully manicured parks. In addition to its unparalleled location, the highly amenitized community includes a rooftop resort style pool and hot spa, state-of-the-art gym, outdoor kitchen and sky deck, library and demonstration kitchen, pet spa, courtyard oasis with large outdoor fireplace, electric car charging stations, and an eight-floor gated resident parking garage. Units are outfitted with the latest finishes, furnishings, and fixtures.
"We have had the privilege of working with Brass Enterprises for the past seven years and this acquisition fits perfectly into its portfolio of luxury apartments in thriving submarkets. The project's construction, luxury amenities, and exceptional walkability make it the preeminent community for residents of all ages," said Ms. Williams.
03/14/2019 07:43 AM