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SAN DIEGO, CA - Affirmed Housing breaks ground on Bluewater; 80 new affordable homes for families earning 50%-60% AMI. Bluewater will offer 32 one, 24 two and 24 three-bedroom apartment homes.
Features will include energy star appliances, indoor and outdoor community space, central heating & air conditioning and solar Photovoltaic panels to offset resident utilities.
The building will feature elevated common area amenities and outdoor open space, a community kitchen, multi-purpose space, and gathering areas oriented to enliven the space with natural sunlight. Resident apartments will average 817 square feet and feature modern, durable finishes with high energy-efficient standards to keep utility costs low.
Designed by Studio E architects to embrace walkability and connectivity, this new community will provide much needed high-quality, affordable living in a San Diego “choice” community with a host of urban amenities and access to high-frequency, public transportation.
“At a time when the housing crises is at a pinnacle, affordable housing is in demand now more than ever. This new development will offer quality, affordable homes to San Diego County residents in a prime location,” states James Silverwood, President and CEO of Affirmed.
Headquartered in San Diego, Affirmed Housing is dedicated to improving and sustaining the viability of California through the development of affordable housing.
01/19/2018 01:28 PM
INDIANAPOLIS, IN - A VIP Preview Party and Ribbon-Cutting Ceremony will be held for Hellenic Senior Living of Indianapolis, a new affordable assisted living community for older adults that is opening next month.
This $23 million development was designed for seniors who have a financial need and need some help to maintain their independence.
“We will be providing older adults with a wonderful alternative to a nursing home or to struggling alone at home,” said Hellenic Administrator John Robison.
The community will combine residential apartment-home living with the availability of personal assistance, help with medications, and a variety of convenience and support services, such as meals, housekeeping, laundry and on-site physical therapy.
Residents will live in private apartments that they will furnish and decorate to their tastes. Each of the apartments will feature a kitchenette, spacious bathroom with shower and grab bars, individually controlled heating and air conditioning and an emergency alert system.
In addition, Hellenic Senior Living offers several areas for residents to enjoy, including an activity room, beauty salon/barber shop, convenience store, fitness room, library, café, TV lounges and a theater room.
Certified nursing assistants, working under the direction of a licensed nurse, will be on-duty 24 hours a day, seven days a week. "Residents also will benefit from all of the opportunities that will be available to socialize with friends and neighbors and to participate in activities and special programs," says Robison.
When fully occupied, the community will provide 63 full-time and part-time jobs. Annual payroll with benefits is projected to be $1.8 million.
Hellenic will be certified to operate through the Division of Aging and regulated by the Indiana State Department of Health.
"Our focus," says Rod Burkett, CEO of Gardant Management Solutions, the company that will manage the community, "is to provide Hellenic residents with the love, compassion and dignity they deserve and the help and assistance they need. Our emphasis is on helping each resident achieve and maintain as much independence as possible for as long as possible."
Another property, Hellenic Senior Living of New Albany, is under construction and expected to open this winter.
Communities managed by Gardant are the Belvedere Senior Housing in Merrillville, Oasis at 30th in Indianapolis and Silver Birch of Hammond.
01/19/2018 10:43 AM
CHICAGO, IL - With enrollment hitting record-setting levels at the University of Illinois at Chicago this fall and projected numbers of new students climbing by as many as 10,000 over the next decade, a new “living-learning” community will be built to provide necessary residential and academic spaces for students.
A groundbreaking ceremony for the 10-story tower took place on Jan. 16, at 1:00 p.m. near Harrison and Morgan streets. The building will stand along I-290 adjacent to the Chicago Transit Authority’s recently renovated Peoria Street Bridge and Blue Line Station, with views of Chicago’s skyline.
The $100 million facility is part of a public-private partnership with American Campus Communities, an Austin, Texas-based company and the nation’s largest developer, owner and manager of high-quality student housing communities. The project is financed primarily through a tax-exempt bond issuance with Collegiate Housing Foundation, a non-profit 501c3 organization, serving as the borrower and owner of the project. The development was designed by Chicago-based SCB architects.
“This new facility will revitalize campus housing and provide much-needed amenities to our students,” said UIC Chancellor Michael Amiridis. “By creating innovative public-private partnerships we are able to address our capital infrastructure needs in the current fiscal environment.”
By the time the building is finished in July of 2019, it will hold 83,000 square feet of residence space, housing 550 beds in a mix of traditional dorm rooms and suite-style units. Currently, there are nine dorms on the UIC campus, the last built in 2007.
In addition, the building will house 16,000 square feet of shared spaces including lounges for studying and student interaction, offices, laundry rooms, a fitness center, a 10th-floor sky lounge, as well as 1,600 square feet of retail space expected to house a coffee shop.
The plans also call for 51,000 square feet of academic space in the structure, including three large lecture halls, four classrooms, several small group study rooms, a tutoring center, computer stations and collaboration spaces.
“The new Academic and Residential Complex will give our students a place where they can engage and interact with their peers in an inviting, welcoming environment in the heart of Chicago and the West Loop neighborhood,” said Vice Chancellor for Student Affairs J. Rex Tolliver. “Enhancing the student experience is one of our top priorities and it’s what makes UIC a first-rate option for students and their families.”
“UIC is a forward-thinking educational institution, fiercely pursuing its mission set forth by Chancellor Amiridis to provide an innovative residential experience for its students,” said Jamie Wilhelm, American Campus Communities executive vice president of public-private partnerships. “We’re thrilled to partner with UIC to bring one of the leading mixed-use student developments in the country to fruition.”
The project is part of a new decade-long master plan to bolster the physical development of UIC. The plan is in the final stage of development and addresses the university’s capital infrastructure needs as total enrollment – including graduate and professional students – continues to grow, exceeding 30,500 students this fall for the first time in UIC’s history. Undergraduate students also showed an 8.3 percent increase from 2016 figures, including a 23 percent increase in new freshmen.
To meet the needs of the increasing number of students enrolled in engineering and computer science programs, UIC also broke ground in November for a 50,000-square-foot Engineering Innovation Building that will house instructional space, research labs and staff offices. It will also include the university’s first high-bay structural research lab where researchers can perform tests on large-scale structures.
The building, near Taylor and Morgan streets, will concentrate the College of Engineering in one area on the east side of campus by the fall of 2019. It will provide room for the chemical, mechanical and industrial engineering, as well as the civil and materials engineering departments.
Additional infrastructure projects are in the planning phase and will be presented as part of the overall master plan later this spring.
01/18/2018 11:46 AM
ORLANDO, FL - TruAmerica Multifamily, in joint venture with Citymark Capital, has acquired the 362-unit Central Park Apartments in Orlando, FL. The investment is TruAmerica’s first with Citymark Capital, a Cleveland-based institutional private equity real estate fund manager whose investors are a mix of institutional clients and family offices. TruAmerica, one of the largest apartment investors in the United States, has grown its Florida multifamily portfolio to more than 2,600 units with 1,700 located in the Orlando area.
“Citymark Capital is delighted to partner with an industry leader like TruAmerica to invest in attractive, institutional quality apartments in the Greater Orlando area,” said Daniel Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform, which invests in leading U.S. markets and takes a disciplined approach to generating solid returns for our investors.”
Built in 1992 with a second phase completed in 2000, the gated community features a mix of one-, two- and three-bedroom units, each with a private garage. Common area amenities include a swimming pool and spa, fitness center, business center and dog park. The asset has tremendous upside potential with the opportunity to improve the operational performance with interior unit upgrades as well as the thoughtful renovation of building exteriors and common areas, according to TruAmerica Managing Director Matt Ferrari who heads the firm’s East Coast operations.
“By taking advantage our of vertically integrated platform and scale in the market, we will be able to cost-effectively make much needed improvements to this extremely well located community, and keep rents in line for working class families who are flocking to the Orlando area,” said Ferrari. “Central Park is a good example of our investment strategy to acquire value add opportunities in first ring submarkets outside of major metros exhibiting strong economic growth. Orlando continues to post some of the highest job growth figures in the nation and we will continue to look at investment opportunities here.”
Central Park Apartment is located at 525 One Center Boulevard in the northern Orlando suburb of Altamonte Springs. It is within walking distance to a wide variety of shopping, entertainment and recreational options including the 1.15 million square-foot Altamonte Mall and Cranes Roost Park and Plaza. It is also served by the nationally ranked Seminole County Public School District, which was ranked #1 in STEM (Science, Technology, Engineering and Math) in the state of Florida.
Shelton Granade, Luke Wichham and Justin Basquil in the Orlando office of CBRE represented both parties in the transaction. The acquisition was financed by a Freddie Mac Value-Add agency loan through its Green Up Program arranged by Brian Eisendrath, of CBRE in Los Angeles.
01/18/2018 11:42 AM
IRVING, TX - The greater Dallas market is sure to see economic growth for the foreseeable future, and the area's most productive multifamily developer, JPI, is poised to grow along with it. Expanding its footprint in the Galleria area of Farmers Branch, the North Texas developer announced that it has purchased land along Dallas Parkway that will be developed into the Jefferson East Branch luxury multifamily property.
"Our data and research, along with our longstanding tradition of keeping our ears to the ground, convinced us a few years ago that Farmers Branch was certain to offer us a prime area to invest," said Matt Brendel, senior vice president and development partner at JPI. "Jefferson East Branch will join that submarket's JPI inventory of Jefferson Landmarkand Jefferson Boardwalk."
Jefferson East Branch be constructed in two phases, the first providing 390 apartment homes and a host of amenities for its residents, including: Quality upgraded interiors in each unit; Walkability to a host of retail, shopping and dining options such as Galleria Dallas; Convenient access to Addison Circle, which encompasses over 80 acres – including over half a million square feet of office space and 120,000 square feet of retail space.
"JPI has a transformational vision for this area, one that aligns seamlessly with the city's vision," said Farmers BranchMayor Robert C. Dye. "We are eager to see the opportunities that this community will provide to our residents."
Construction on phase one of Jefferson East Branch is scheduled to begin in late 2018, with first occupancy planned for the summer of 2020. Phase two construction is scheduled to begin in the spring of 2020, bringing 351 additional apartment homes to the community.
01/18/2018 11:39 AM
NASHVILLE, TN - CapStack Partners, the alternatives-focused investment bank and investment advisor, announced the acquisition of a three-property, 475-unit multifamily portfolio in Nashville, Tennessee.
This is the first transaction that CapStack has executed within the scope of the investment mandate it secured in August to acquire value-add and opportunistic multifamily assets across the Southeast, both directly, as well as with established local operators and developers. CapStack partnered with MACC Venture Partners, a Southeast-focused multifamily operator, to complete this transaction.
"This acquisition directly aligns with our investment parameters," said David Blatt, CEO of CapStack. "Each property is exceptionally well-located, has a stable operating history and offers a significant value-add opportunity. We intend to reposition the portfolio into high-quality workforce housing to capitalize on the strong demand for this type of product in Nashville."
The Nashville portfolio includes The Vistas, a 205-unit property; Fawnwood Apartments, a 158-unit property; and Archwood Meadows, a 112-unit property. The garden-style communities are located in desirable, high-growth submarkets of Nashville. CapStack plans to implement a multi-million dollar renovation and repositioning program across the portfolio to unlock embedded value and cash flow opportunities.
Blatt continued, "When I launched CapStack, the broader vision was always to build an institution that blends highly informed capital markets advisory with investment management solutions for clients seeking alternative investments like real estate. Over 2017, we managed to achieve this goal through a series of strategic initiatives that have strengthened our platform, diversified our offerings, and positioned us for continued growth into 2018."
CapStack enjoyed a banner year in 2017, having successfully grown and diversified its business to meet the needs of its evolving roster of clients. Most notably, CapStack launched its agency loan origination platform in March and added investment advisory to its financial services capabilities in July, enabling it to tailor and manage investment solutions on behalf of its clients.
01/18/2018 11:37 AM
LOS ANGELES, CA - After over a half-century as a sophisticated leader in urban workforce housing in the San Francisco Bay Area, Mosser Companies is proud to announce a thrilling new chapter. As the company has grown and sharpened its abilities, it has become apparent that ever more markets are ready for Mosser's proven strategies in the value-add, multifamily real estate space. In addition to thriving properties in San Francisco and Oakland, the company has now established a strong presence in Southern California's premier locale: Los Angeles.
Mosser Companies has acquired 6 properties in the Los Angeles area in some of the most preeminent locations nearest to and including Downtown LA. Across West and East Hollywood, from Koreatown to Westlake and Mid-Wilshire, the Mosser name will mark the region's best in urban living. Mosser Companies' experienced team is ready to take on this exciting new frontier where the glitz and glamour of Los Angeles provides the newest backdrop for our proven urban management expertise.
As with Mosser's Bay Area properties, there will remain a continual focus on serving a dynamic, industrious renter base with living that offers proximity to all of city life's necessities and conveniences. Much like their counterparts in Oakland and San Francisco, residents of Mosser properties in LA will enjoy contemporary living in fast-growing areas, boosted by a long history of successful development and management.
"We are excited about these initial acquisitions, as they are a perfect fit with our portfolio as we look to grow our presence in Los Angeles. We look forward to modernizing these properties while maintaining the character of the neighborhood. As always, we've got an eye on enhancing the living experience for current and future residents as well as that of our new neighbors," says Neveo Mosser, CEO of Mosser Companies and Co-Founder and CEO of Mosser Capital.
Mosser's deep focus and expertise in this field promise continually strong performance, even throughout economic downturns, thanks to proven techniques that have made Mosser a top name in the highly competitive Bay Area.
"The Los Angeles market is one we're all extremely excited to work within. Mosser Companies' emphasis on transforming undermanaged properties in supply-constrained markets makes this latest step a particularly attractive opportunity for investors. We'll continue to seek risk-adjusted returns through the acquisition, improvement and repositioning of multifamily properties in these highly promising emerging neighborhoods in Los Angeles," said Co-Founder and Principal of Mosser Capital, Jim Farris.
Leadership was effusive with praise for the entire team. "Nothing gets done in this business without having the right personnel in place," continued Farris. "That we were able to expand Mosser's regional footprint so effectively is a testament to our truly dedicated and talented team."
01/17/2018 10:10 AM