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 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 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 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 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 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.
Camden has acquired The Millennium Rainey from The Dinerstein Companies for slightly more than $120 million.
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 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 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 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 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.
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, 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.
Copaken Brooks and Altus Properties have opened Arterra, a 126-unit luxury community in downtown Kansas City, Mo.
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, 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 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, 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 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 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 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 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 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 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 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 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 the slideshow below⬇️
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.
Steer clear of the coasts and invest in the Midwest—that’s one possible takeaway from Compound Asset Management Inc.’s new ranking of the nation’s largest urban residential real estate markets.
Cities in Ohio and Texas dominated Compound Asset Management's top-10 list of the most attractive metro areas as residential investment targets. California accounted for the four worst.
🚧Affirmed Housing has broken ground on Della Rosa, a new 50-unit housing community designed to address chronic #homelessness and the needs of low-income households in Orange County.
Della Rosa in Orange County, Calif., will serve as permanent supportive housing for the chronically homeless and families earning up to 50 percent of the area median income.
The city of New York is currently poring over the results of a process that could officially bring the co-living business into the affordable housing field.
“We are doing a great job financing the preservation and new construction of traditional affordable housing, but we also want to start exploring opportunities that address the changing demand and changing demographics,” said Leila Bozorg, deputy commissioner of neighborhood strategies for the NYC Department of Housing Preservation & Development (HPD).
ShareNYC is a pilot program designed to bring a new and much-needed apartment type to the city's affordable stock.
Check out our May digital issue!
⬇️READ THE DIGEST VERSION⬇️
Now you can get trend and strategy insights two different ways: Leaf through the Multi-Housing News digital digest for a quick read, or click on individual articles for an in-depth look at each of the topics that most interest you.
The number of middle-income seniors in the U.S. will surge over the next decade, and many of them will need the level of care that only a senior housing community can provide.
But there’s a snag: Most of the 14.4 million people in this cohort won’t be able to afford it.
A new report by the National Investment Center for Seniors Housing & Care finds that 54 percent of middle-income elderly won't be able to pay for assisted living and out-of-pocket medical costs by 2029.
#YardiMatrix | Multifamily demand has stayed strong in Los Angeles, sustained by steady employment growth and household formation.
Read the full Yardi Matrix report. #MHNResarchCenter
A spate of new supply over the past three years has put a damper on rent growth, which nonetheless remains above the national average.
Severe housing cost burden affects health and is linked to barriers to living long and well, according to the 2019 County Health Rankings, an annual report that ranks the health of counties nationwide.
The ranking was recently released by the Robert Wood Johnson Foundation and the University of Wisconsin-Madison Department of Population Health Sciences and measures vital health factors to provide a snapshot of how where we live, work and play influences our health.
The recently released annual County Health Rankings emphasizes the undeniable connection between health and housing. Basically, how long and well we live depends on where we live.
NXT Capital has closed a $61 million loan to refinance a 400-unit, Class A, mid-rise apartment community in Dallas.
The 400-unit community is located in the city’s Design District and is just one of several financing transactions secured by the Chicago-based firm in the busy Dallas-Fort Worth multifamily market in recent months.
The New York City Acquisition Fund has provided a $15.1 million loan to acquire and preserve three apartment buildings in Queens as affordable housing, marking the city’s first deal under the Neighborhood Pillars Program that aims to safeguard the affordability of existing buildings.
Stakeholders from the government, non-profit and private sectors worked together to buy three apartment buildings in Queens, which will be kept rent-stabilized under the Neighborhood Pillars Program.
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Nowadays, prospective residents are more educated on the benefits of health and wellness and are looking to live in a community that offers more than the traditional definition. Watch the video below and read the full article here: https://www.multihousingnews.com/post/multifamilys-wellness-transformation/
🚧 Kaufman Lynn Construction has topped out 321 at Water’s Edge, an eight-story condominium project on Fort Lauderdale’s Intracoastal Waterway in Florida.
Color, functionality and a social atmosphere are three very important aspects when designing a community for the younger generation, according to Jules Escalona, art director at Straight Designs. Another key feature is the revamped version of the classic business center. In case you missed the story, you can read it on the link below: https://www.multihousingnews.com/post/multifamily-design-trends-workspaces-in-the-lobby/
Now you can get trend and strategy insights two different ways: Leaf through the Multi-Housing News digital digest for a quick read, or click on individual articles for an in-depth look at each of the topics that most interest you.
Welcome to Placemaking: Building Stronger Communities! #CPEMHNAwards18
Now you can get trend and strategy insights. Read the June digital issue of Multi-Housing News! Find it here: https://www.multihousingnews.com/digital-magazine-archive/
Now you can get trend and strategy insights. Read the May digital issue of Multi-Housing News! Find it here:https://www.multihousingnews.com/digital-magazine-archive/
The largest multifamily owner in Richmond has a footprint of approximately 7,700 units across 33 properties. Read the full article here: https://www.multihousingnews.com/post/top-10-apartment-owners-in-richmond/
Presented by smart access technology leader Latch and other experts, the webinar will show you new ways to capture revenue from: -On-demand service amenities such as dog walking and house cleaning -Owner-controlled short-stay rental options like corporate housing and home sharing --Unattended leasing Package delivery and handling Register now: https://bit.ly/2rgaCyf
Now you can get trend and strategy insights. Read the April digital issue of Multi-Housing News! Find it here: https://www.multihousingnews.com/digital-magazine-archive/
10 Largest Multifamily Properties in LA The metro still enjoys a thriving economy and a fast-growing employment sector. However, facing affordability issues, the city continues to price residents out of the market.
We’re live at Resource Furniture for #CPEMHN17
Getting ready for our awards!
A tour of the NAA Student Housing Conference & Exposition. Check out all of our conference coverage here: https://www.multihousingnews.com/post/2017-naa-student-housing-conference-coverage/
Daryl Carter of Avanath
How CityView Adds Value for Investors
MHN Associate Editor, Andie Lowenstein interviews Bob Kettler, CEO of Kettler, Inc., and Bob Clark, president of Peak Campus Management about their upcoming projects and trends at the 2015 Excellence Awards.
Donald Shields, P.E., American Water/Applied Water Management, describes the water recycling processes at The Visionaire in New York City. This LEED Platinum condo was developed by The Albanese Organization and designed by Pelli Clarke Pelli.
Kristin Hurd, director of sales at The Residences at Dixon Mills, takes MHN on a tour of the property located at 158 Wayne St. in Jersey City, New Jersey.
