Multi-Housing News

Multi-Housing News Multi-Housing News on Facebook, facilitated by the editors of MHN, is where the multi-housing community can exchange ideas, best practices and news. We seek to encourage thought leadership among our members as well as networking opportunities.

Development firm McCormack Baron Companies has broken ground on a 438-unit mixed-income housing community in Caguas, Pue...
05/17/2019
Puerto Rico Mixed-Income Community Breaks Ground

Development firm McCormack Baron Companies has broken ground on a 438-unit mixed-income housing community in Caguas, Puerto Rico.

Construction has begun on the Jose Gautier Benitez development in Caguas, a 438-unit residential development on the site of a former housing project.

The first phase of the $49.5 million development in Tallahassee, Fla., spanning 182,000 square feet, will include two fo...
05/17/2019
Finfrock Breaks Ground on $50M Florida Residence Hall

The first phase of the $49.5 million development in Tallahassee, Fla., spanning 182,000 square feet, will include two four-story student residence buildings, each one offering 350 double-occupancy bedrooms.

The 700-bed property at Florida A&M University will cover 182,000 square feet. The U.S. Department of Education is backing the project in Tallahassee via a large loan.

The new ownership also secured $126.9 million in fixed-rate financing for the property through MetLife.
05/15/2019
JV Closes on $228M Community Near Amazon HQ2

The new ownership also secured $126.9 million in fixed-rate financing for the property through MetLife.

A partnership between Polinger Development Co. and an unnamed investor has acquired Meridian at Pentagon City, a 534-unit property in Arlington, Va.

Solar developer OYA Solar Inc and Crauderueff & Associates, a New York affordable solar developer, have partnered to ori...
05/15/2019
JV to Bring Solar-Plus-Storage to LMI Communities in NY

Solar developer OYA Solar Inc and Crauderueff & Associates, a New York affordable solar developer, have partnered to originate and develop 200 solar-plus-storage community projects on the rooftops of low-income communities across New York City.

The partnership aims to equip more than 2,500 regulated affordable housing buildings across New York City with solar and storage installations.

The apartment community, located on SE Foster Road in the Lents Town Center Urban Renewal Area, is being developed and r...
05/15/2019
REACH Community Development Opens Portland Affordable Housing Property

The apartment community, located on SE Foster Road in the Lents Town Center Urban Renewal Area, is being developed and run by REACH Community Development, an affordable housing nonprofit serving the Portland Metro.

The $24 million project has 101 units catering to both seniors and families with children, as well as 8,900 square feet of retail space.

The transaction included a $23.4 million Freddie Mac loan originated by Newmark Knight Frank, due to mature in 2029.
05/14/2019
Tampa Bay Community Trades for $32M

The transaction included a $23.4 million Freddie Mac loan originated by Newmark Knight Frank, due to mature in 2029.

Balfour Beatty Communities has acquired the 278-unit property as part of a joint venture. The company’s Florida portfolio has increased to more than 3,500 residences.

The $235 million first mortgage was financed through Deutsche Bank and was arranged by Hodges Ward Elliott. Ackman Ziff ...
05/14/2019
Carlyle Group, Stonehenge Land $235M Recap for NYC Tower

The $235 million first mortgage was financed through Deutsche Bank and was arranged by Hodges Ward Elliott. Ackman Ziff represented Carlyle Property Investors—a real estate fund sponsored by The Carlyle Group—in the deal.

The newly formed joint venture will invest in upgrades to The Ritz Plaza, a 479-unit residential community in Times Square.

PCCP LLC has provided a $36.5 million senior loan for the refinance of Bayou on the Bend, a Class A community in Houston...
05/14/2019
Houston Property Receives $37M Refi

PCCP LLC has provided a $36.5 million senior loan for the refinance of Bayou on the Bend, a Class A community in Houston.

Arel Capital will use the senior loan provided by PCCP to refinance Bayou on the Bend, a 241-unit multifamily asset in the city’s Memorial neighborhood.

The first phase of the development will include 350 residential units, a 99,000-square-foot Wegmans supermarket, 263,000...
05/13/2019
Hines JV to Build 2.5 MSF North Carolina Project

The first phase of the development will include 350 residential units, a 99,000-square-foot Wegmans supermarket, 263,000 square feet of retail, nearly 150,000 square feet of office space and a 175-key hotel.

Along with co-developers Columbia Development Group and USAA Real Estate, the firm is building Fenton, a 92-acre mixed-use project in the Raleigh-Durham area.

The 43-story tower was built in 1989 and has been owned and managed by Stonehenge NYC since 1996, when the firm purchase...
05/13/2019
Carlyle Group, Stonehenge Land $235M Recap for NYC Tower

The 43-story tower was built in 1989 and has been owned and managed by Stonehenge NYC since 1996, when the firm purchased the property for $77 million.

The newly formed joint venture will invest capital into upgrades to The Ritz Plaza, a 479-unit residential community in Times Square.

Despite rising costs, construction activity will continue for some time. But slowdowns in key economic and retail indica...
05/13/2019
CRE Development in Uncertain Times

Despite rising costs, construction activity will continue for some time. But slowdowns in key economic and retail indicators signal caution ahead, says Bill Tryon of Partner Engineering and Science, Inc.- Headquarters.

Despite rising costs, construction activity will continue for some time. But slowdowns in key economic and retail indicators signal caution ahead, says Bill Tryon of Partner Engineering and Science.

Berkadia arranged the deal for the property, Hanover Mission Gorge, on behalf of the seller.
05/13/2019
Luxury San Diego Community Changes Hands for $149M

Berkadia arranged the deal for the property, Hanover Mission Gorge, on behalf of the seller.

Berkadia handled the sale of the 374-unit property to Mission Gorge Investors, an entity controlled by R & V Management. The 2018-built asset was sold by Hanover Co.

A joint venture of MRP REALTY and FRP Development Corp. has secured $191.8 million in joint venture equity and construct...
05/10/2019
DC Development Gets $192M in Financing

A joint venture of MRP REALTY and FRP Development Corp. has secured $191.8 million in joint venture equity and construction financing for Phase I of Bryant Street, a 1,500-unit mixed-use project being developed in Washington, D.C.

A joint venture of MRP Realty and FRP Development Corp. is building Bryant Street, a 1,500-unit, mixed-use property in the northeast area of the city.

RADCO Residential sold the properties, which encompass a total of 789 units, to two separate buyers—McDowell Properties ...
05/10/2019
Atlanta Multifamily Portfolio Trades for $105M

RADCO Residential sold the properties, which encompass a total of 789 units, to two separate buyers—McDowell Properties and Vukota Capital Management.

In separate deals, McDowell Properties and Vukota Capital Management each purchased portions of the three-property portfolio in Newnan, Ga., from RADCO Residential.

Freddie Mac drew on its vast trove of unit-level data to analyze the multifamily markets in the more than 8,700 economic...
05/10/2019
Freddie Mac Was Targeting Opportunity Zones Before They Existed

Freddie Mac drew on its vast trove of unit-level data to analyze the multifamily markets in the more than 8,700 economically distressed areas designated as Opportunity Zones as part of the 2017 tax overhaul.

The government-sponsored enterprise found that its financing activity in what are now designated as qualified opportunity zones grew more than 75 percent faster than in other areas since 2010.

#YardiMatrix | Mostly due to strong supply, Washington, D.C.’s multifamily market underperformed against U.S. averages f...
05/09/2019
Washington, D.C. Multifamily Report – Spring 2019

#YardiMatrix | Mostly due to strong supply, Washington, D.C.’s multifamily market underperformed against U.S. averages for the better part of this cycle.

However, the city’s solid job gains during last year’s second half have helped the metro’s rent gains rebound to 2.8 percent year-over-year.

Read the full report! #MHNResearchCenter

Despite a boost in development, absorption has kept up pace and the occupancy rate in stabilized properties inched up 20 basis points year-over-year, to 95.3 percent.

As the cost of home ownership continues to price middle-income earners out of the buyers’ market and into the rental mar...
05/09/2019
Keep Bridge Loans in Your CRE Finance Arsenal

As the cost of home ownership continues to price middle-income earners out of the buyers’ market and into the rental marketplace, multifamily owners continually invest in their properties to attract this group and grow profits.

As banks raise their requirements and construction costs rise, these loans have become an even more useful tool in the value-add and redevelopment space, says Calmwater Capital's Tristine Lim.

In MHN's latest interview, George Smith Partners Principal & Managing Director Jonathan Lee shares his in-depth view on ...
05/09/2019
What You Should Know About Construction Lending

In MHN's latest interview, George Smith Partners Principal & Managing Director Jonathan Lee shares his in-depth view on the biggest challenges lenders and borrowers face when it comes to financing ground-up multifamily projects.

Read the full interview and follow #MHNTalks for more Q&As.

George Smith Partners Principal & Managing Director Jonathan Lee shares his in-depth view on the biggest challenges lenders and borrowers face when it comes to financing ground-up multifamily projects.

A survey by the National Apartment Association found that local community resistance is seen as the top obstacle to new ...
05/08/2019
The Biggest Bottleneck to Multifamily Supply: NIMBY-ism

A survey by the National Apartment Association found that local community resistance is seen as the top obstacle to new apartment construction.
Big coastal cities are among the toughest places to build.

A survey by the National Apartment Association found that local community resistance is seen as the top obstacle to new apartment construction. Big coastal cities are among the toughest places to build.

Check out MHN's latest #YardiMatrix report on Raleigh-Durham multifamily market. Demand in Raleigh-Durham is on an upswi...
05/08/2019
Raleigh-Durham Multifamily Report – Spring 2019

Check out MHN's latest #YardiMatrix report on Raleigh-Durham multifamily market. Demand in Raleigh-Durham is on an upswing, boosted by favorable demographic trends and a diversifying economy.

Read the full Yardi Matrix report.#MHNResearchCenter

The metro's multifamily market is on the upswing, boosted by favorable demographic trends and a diversifying economy.

Have you ever wonder what do residents want when it comes to outdoor amenities? In this month’s partnership with Kingsle...
05/08/2019
The Outdoor Amenities Residents Love

Have you ever wonder what do residents want when it comes to outdoor amenities?

In this month’s partnership with Kingsley Associates, we reveal the outdoor amenities and features that residents love most in their communities—and what’s on their wish lists for the future.

Residents speak out on what they enjoy most in their communities and what they’d like to see added in the future.

After completing a $5 million renovation at a 120-unit #affordablehousing community in Council Bluffs, Iowa, Dominium ha...
05/07/2019
Affordable Houston Community Reopens Following Rehab

After completing a $5 million renovation at a 120-unit #affordablehousing community in Council Bluffs, Iowa, Dominium has also reopened Quail Chase in Houston.

Dominium completed a $7 million interior and exterior overhaul at Quail Chase, a 248-unit development in the northern part of the metro.

Princeton Properties-Apartments in MA, NH and ME has secured a $164 million Fannie Mae portfolio loan for 14 residential...
05/07/2019
New England Portfolio Scores $164M Refi

Princeton Properties-Apartments in MA, NH and ME has secured a $164 million Fannie Mae portfolio loan for 14 residential properties totaling 1,620 units and spread across the Boston metropolitan area and suburban New Hampshire.

The 14 communities adding up to 1,620 units are spread across Greater Boston and suburban New Hampshire. PGIM Real Estate Finance originated the Fannie Mae loan.

MHN has a new poll! We want to know which type of community events perform the best at your property.
05/07/2019
Poll: Community Events

MHN has a new poll! We want to know which type of community events perform the best at your property.

MHN has a new poll! We want to know which type of community events perform the best at your property. 

Multifamily developer and operator Jefferson Apartment Group has teamed with New York Life Insurance Company’s indirect,...
05/06/2019
JAG, New York Life Investment Management Form $100M Acquisition Venture

Multifamily developer and operator Jefferson Apartment Group has teamed with New York Life Insurance Company’s indirect, wholly-owned subsidiary New York Life Investment Management LLC to establish a $100 million GP acquisition venture.

Formed by Jefferson Apartment Group and New York Life Insurance Co., the investment venture targets the acquisition of 4,000 apartment units and plans to leverage third-party capital partners as it grows.

Tech and e-commerce continue to fuel Seattle’s economy, keeping the metro among the country’s top-performing multifamily...
05/06/2019
Seattle Multifamily Report – Spring 2019

Tech and e-commerce continue to fuel Seattle’s economy, keeping the metro among the country’s top-performing multifamily markets, says the latest #YardiMatrix report.

Check out the full report below. #MHNResearchCenter

The metro remains one of the country’s top-performing multifamily markets, fueled by persistent growth in tech and e-commerce.

Lifestyle Communities has received a $79.9 million loan to refinance its existing debt on LC Murfreesboro, a Class A, 58...
05/06/2019
$80M Financing Awarded to Metro Nashville Property

Lifestyle Communities has received a $79.9 million loan to refinance its existing debt on LC Murfreesboro, a Class A, 580-unit apartment community located in Murfreesboro, Tenn.

KeyBank originated Freddie Mac financing for Lifestyle Communities to refinance a 580-unit asset in Murfreesboro, roughly 35 miles from Nashville.

#YardiMatrix | Boston’s multifamily market remains healthy, thanks to a strong concentration of high-paying jobs support...
05/06/2019
Boston Multifamily Report – Spring 2019

#YardiMatrix | Boston’s multifamily market remains healthy, thanks to a strong concentration of high-paying jobs supported by a knowledge-based economy, household formation and a high barrier to homeownership.

Read the full Yardi Matrix report. #MHNResearchCenter

Considering the 8,250 units slated to come online in 2019, which would mark a new development cycle high, rent growth is expected to moderate slightly, to 2.7 percent for the year.

Rooney Properties is building Timnath Trail at Riverbend Apartment Homes, the first multifamily development in Timnath, ...
05/03/2019
New Luxury Community Underway in Northern Colorado

Rooney Properties is building Timnath Trail at Riverbend Apartment Homes, the first multifamily development in Timnath, Colo., with the first of 176 planned units due to deliver in June.

Developed by Rooney Properties, the 176-unit Timnath Trail at Riverbend Apartment Homes is the first multifamily development in Larimer Country’s rapidly growing town of Timnath.

The suburban properties represent the first tranche of a larger $461 million, 2,113-unit multifamily portfolio acquisiti...
05/03/2019
WashREIT Closes First Tranche of $461M Multifamily Deal

The suburban properties represent the first tranche of a larger $461 million, 2,113-unit multifamily portfolio acquisition that the REIT has dubbed “Assembly.”

The trust paid $379.1 million to acquire five communities totaling 1,685 units in Northern Virginia, as part of a larger portfolio acquisition that will be funded through the sale of office and retail assets.

JDS Development Group has scored $664.1 million in financing to finish construction of what will be the tallest skyscrap...
05/03/2019
JDS Lands $664M Loan to Build Brooklyn’s Tallest Tower

JDS Development Group has scored $664.1 million in financing to finish construction of what will be the tallest skyscraper in New York City’s outer boroughs.

The developer is moving forward with construction of the 575-unit residential skyscraper, which will rise 1,066 feet upon completion, making it the loftiest New York City building outside of Manhattan.

A survey of executives at some of the top multifamily firms and REITs in the country revealed a snapshot of the current ...
05/03/2019
Multifamily Tech Hits Fever Pitch

A survey of executives at some of the top multifamily firms and REITs in the country revealed a snapshot of the current tech landscape in the industry—from the wave of new tech hitting the market to a need for renewed focus on sales training.

Colorado-based consulting firm D2 Demand Solutions conducted the survey, the first of its kind by the company, at a recent real estate tech conference.
⬇️Check it out⬇️

A revealing survey by consulting firm D2 Demand Solutions gets answers from multifamily executives across the country about the major issues facing the industry.

#YardiMatrix | San Diego continues to attract new residents with growing biotechnology, defense and professional and bus...
05/03/2019
San Diego Multifamily Report – Spring 2019

#YardiMatrix | San Diego continues to attract new residents with growing biotechnology, defense and professional and business services sectors, all while being a less costly alternative on the California coastline.

Read the full Yardi Matrix report. #MHNResearchCenter

As a less costly alternative on the California coastline, the metro continues to draw in new residents with its growing biotechnology, defense, and professional and business services sectors.

Situated at 14 N. Bishop St., the 32-residence, five-story for-sale community is scheduled to deliver in 2020’s third qu...
05/02/2019
Chicago Condo Development Breaks Ground

Situated at 14 N. Bishop St., the 32-residence, five-story for-sale community is scheduled to deliver in 2020’s third quarter.

Named from the French word for Bishop, Eveq was designed by Sullivan Goulette & Wilson Architects and will feature 32 residences in the West Loop.

State and local governments across the country have advanced legislation and trumpeted plans to foster the development o...
05/02/2019
ULI Sees “Attainable Housing” Crunch for Middle Class

State and local governments across the country have advanced legislation and trumpeted plans to foster the development of affordable homes.

But there’s another crisis brewing in America’s residential market, one that affects the middle class: a dearth of “attainable housing,” or modestly priced new homes for sale. According to a new report by the Urban Land Institute (ULI), it’s a category that has nearly disappeared in most areas of the country over the past decade.

In a finding with far-reaching implications for the multifamily sector, ULI reports that modestly priced, new for-sale homes have nearly disappeared in most areas of the country, leaving middle-income Americans in the lurch.

A joint venture between Pearlstone Partners and Newgard Development Group has secured an $87.9 million construction loan...
05/02/2019
Austin Condo Project Scores $88M Loan

A joint venture between Pearlstone Partners and Newgard Development Group has secured an $87.9 million construction loan for the development of a 33-story, 249-unit condo project in downtown Austin.

Pearlstone Partners and Newgard Development Group will use the construction financing to break ground on the 249-unit property in the city's Rainey Street District by the end of June.

Coral Rock Development Group and Arena Capital Holdings have broken ground on a nine-acre mixed-use project in the city ...
05/02/2019
Major Miami Mixed-Use Project Breaks Ground

Coral Rock Development Group and Arena Capital Holdings have broken ground on a nine-acre mixed-use project in the city of Hialeah, Fla., in Miami-Dade County.

Coral Rock Development Group and Arena Capital Holdings are building the residential and retail property in Hialeah, which will feature 260 rental apartment units along with a Wawa convenience store.

🔝5️⃣ Miss any of our articles? Catch up with five of our most popular posts for the month.You can check them by clicking...
05/02/2019
Multi-Housing News

🔝5️⃣ Miss any of our articles? Catch up with five of our most popular posts for the month.

You can check them by clicking the slideshow below⬇️

The Richman Group, Bridges Development Group and Monadnock Construction, Inc. are behind the 19-story One East Harlem, w...
04/30/2019
NYC Mixed-Use Project Breaks Ground

The Richman Group, Bridges Development Group and Monadnock Construction, Inc. are behind the 19-story One East Harlem, which will also include 65,000 square feet of commercial space, 5,000 square feet of cultural facilities, 5,000 square feet of retail and 10,000 square feet of public space.

A trio of developers are behind a 19-story building that will offer more than 400 mixed-income apartments in the East Harlem neighborhood.

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