LIHTC Program on the Verge of Major Expansion Thanks to Strong Investor Interest, Bold Tax Credit Proposals

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November 2, 2021  •  Issue 34

Dish

CBRE Arranges Sales of Four Multifamily Properties in Metro Chicago for $370M

Bernardin
Pictured is The Bernardin, a 171-unit property with 21,000 square feet of retail space in Chicago. An East Coast-based institutional pension fund sold the asset.

CHICAGO — CBRE has arranged the sales of four multifamily properties totaling 1,033 units in metro Chicago for a combined $370 million. CBRE’s John Jaeger, Dan Cohen and Justin Puppi represented the sellers in each transaction.

 

Redwood Capital Group sold Dwell at Naperville, a 400-unit property in Naperville. An institutional advisor sold The Retreat, a 295-unit townhome property in Wheaton, to an East Coast-based pension fund advisor. An East Coast-based institutional pension fund sold The Bernardin, a 171-unit asset in Chicago.

 

Lastly, The Opus Group purchased a development site in Downers Grove. Plans call for a 167-unit luxury apartment complex that is scheduled to open in early 2023. CBRE’s Pete Marino and John Parrett assisted in securing the joint venture equity capitalization for Opus.

 
NJ-MF
Rent-Tango
 

Arden Group, Spitzer to Build $150M Multifamily Project in Jersey City

JERSEY CITY, N.J. — A partnership between investment management firm Arden Group and developer Spitzer Enterprises will build a $150 million multifamily project within one of Jersey City’s opportunity zones. The 26-story, 390-unit building will be located adjacent to the Journal Square PATH station and will include ground-floor retail space and onsite parking. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity partnership between the two firms. Completion of the project is scheduled for 2024.

 

 

 

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

The_Clayson
A partnership between Origin Investments, Draper and Kramer and LEM Capital sold The Clayson after completing capital improvements.

PALATINE, ILL. — Turner Impact Capital has purchased The Clayson, a 448-unit apartment complex in Palatine formerly known as Village Park of Palatine, for an undisclosed price. A partnership between Origin Investments, Draper and Kramer and LEM Capital was the seller, which acquired the asset in December 2016 and embarked on a $9 million capital improvement program.

 

The partnership upgraded the amenities, landscaping and common areas, and addressed deferred maintenance issues such as roof replacements, parking lot resurfacing and balcony replacements. Roughly half of the units were upgraded with new appliances, cabinets, countertops, flooring, carpeting and paint. The Clayson is spread across 15 buildings. Units range from 706 to 1,225 square feet. Marty O’Connell and Kevin Girard of JLL represented the sellers.

 
Essel
TD
 

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

Hillock
Project costs for Ecumen's new development, The Hillock, are estimated at $24 million.

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income (AMI). Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is planned for fall 2022.

 

Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

 
HAI
R4_Capital
 

Onicx Breaks Ground on $65M Multifamily Development in Orlando’s Lake Nona District

East_Park_Village
East Park Village Apartments is a 264-unit multifamily development in the Lake Nona neighborhood of Orlando.

ORLANDO, FLA. — Onicx Group, a Tampa-based private real estate firm, has broken ground on East Park Village Apartments, a 264-unit multifamily development in the Lake Nona neighborhood of Orlando. The project will cost approximately $65 million and will be complete in early 2024.

 

East Park Village will be part of a $200 million mixed-use development called East Park Village Development, which will include a 50,000-square-foot medical office building, a 150-room hotel and 15,000 square feet of retail space. The community will comprise one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool with an outdoor kitchen and recreational area, fitness center with spin/yoga room, business center, detached garages and a playground.

 

Located at 10735 Moss Park Road, the project is situated about eight miles from Orlando International Airport, approximately 17 miles from downtown Orlando and 24 miles from Walt Disney World Resort.

 

The Lunz Group, a Lakeland, Fla.-based architectural firm, designed the property. Live Oak Contracting is the general contractor for the project.

 

Texas Multifamily & Affordable Housing Business — September/October Issue

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In this issue:

  • Tech Boom in Texas Capital Creates Jobs, Demand for Apartments. 
  • Texas Incentivizes Multifamily Owners to Replace HVAC Systems
  • How Multifamily Owners Can Handle Emerging Cyber Threats 

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Talos Holdings Sells Multifamily Community Near Pensacola Beach for $60.5M

The_Sound
Built in 2017, The Sound at Navarre Beach is located at 7381 Navarre Parkway on 15.5 acres. Talos Holdings sold the property to Brookview Cos.

NAVARRE, FLA. — Scottsdale, Ariz.-based Talos Holdings has sold The Sound at Navarre Beach, a 250-unit apartment community in Navarre, about 17 miles east of Pensacola Beach. The Brookview Cos. purchased the property for $60.5 million. Luis Elorza, Justin Hofford, Trevor Koskovich and Jesse Hudson of NorthMarq represented Talos in the transaction.

 

Built in 2017, The Sound at Navarre Beach is located at 7381 Navarre Parkway on 15.5 acres. The property includes one-, two- and three-bedroom units.

 

Community amenities include a pool, outdoor kitchen with grills, clubhouse with coffee bar and business center, fitness center, garage parking and a community bark park. Units feature stainless steel appliances, granite countertops, shaker-style cabinets, pendant lighting, balcony/patio and plantation-style blinds.

 
AHIB
Ecologic
 

KeyBank Secures $53.7M Refinancing for Multifamily Community in Largo, Maryland

Truman_Park
Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The Dolben Co. is refinancing the asset.

LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co.

 

Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite.

 
IFMFSE
MT
 

PCCP Provides $40M Acquisition Loan for One38 Apartments in Downtown San Jose

One38
One38 Apartments in San Jose, Calif., features 101 apartments, 145 parking stalls, a community clubhouse, dog park and fitness center. An affiliate of Carmel Partners has acquired the asset. 

SAN JOSE, CALIF. — PCCP has provided a $40 million senior loan to an affiliate of Carmel Partners for the purchase of One38 Apartments, a multifamily property located at 138 Balbach St. in downtown San Jose.

 

Situated adjacent to the San Jose Convention Center, One38 Apartments features 101 apartments in a mix of one-, two- and three-bedroom layouts and one level of subterranean parking with 145 stalls. On-site amenities include a community clubhouse, dog park, fitness center and package lockers.

 
Columbia-Pacific
IFMFSLC
 

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— FROM THE MAGAZINES —

LIHTC Program on the Verge of Major Expansion Thanks to Strong Investor Interest, Bold Tax Credit Proposals

Rupco
LIHTC syndicator National Equity Fund provided $11.7 million in federal and state LIHTC equity for Energy Square, a $22 million net-zero project in Kingston, N.Y. The project opened in 2020. 

By Joe Gose
 

It’s not a stretch to say that affordable housing is getting more attention today than perhaps at any other time in the past. Politicians are pushing for an historic increase in funding and incentives to support the industry.

 

At the same time, widespread civil unrest in reaction to incidents involving police and people of color last year heightened interest in socially driven ESG (environmental, social and governance) and impact investing in affordable and equitable housing for low-income earners.

 

Most importantly, like multifamily assets in general, affordable rental housing properties came through the pandemic relatively unscathed, say observers.

 

Whereas low-income renters struggled, affordable housing landlords and property managers tapped into some $46 billion in federal emergency funds to help residents stay in their units and pay for other expenses such as utilities, internet service and trash removal.

 

Meanwhile, the average vacancy rate in LIHTC properties, which ended the second quarter flat at 2.5 percent, is expected to remain in its traditional 2 percent to 2.6 percent range for the foreseeable future, according to Moody’s Analytics Reis.

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More Multifamily & Affordable Housing Business News

Embrey Partners Acquires 280-Unit Retreat at Chelsea Park Apartments Near San Antonio

KWA Construction Tops Out 217-Unit Multifamily Project in Burleson, Texas

Blueprint Brokers Sale of 123-Bed Alaska Gardens Skilled Nursing Facility in Tacoma, Washington

Arden Group, Spitzer to Build $150M Multifamily Project in Jersey City

CBRE Arranges Sale of 331-Unit Apartment Community in Burlington, Massachusetts

Taurus Investment Holdings Buys Apartment Community in Ashland, Massachusetts for $53.6M

Procopio Cos. to Develop 290-Unit Multifamily Project in Haverhill, Massachusetts

Associated Bank Provides $16.9M in Financing for Development of Affordable Housing Community Near Madison

Skender Breaks Ground on 48-Unit Affordable Housing, Health Clinic Project in Lansing, Illinois

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

Velocis Acquires 208-Unit Highline Apartments in San Antonio

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

TMG Arranges Sale of 126-Unit Multifamily Property in Houston


Onicx Breaks Ground on $65M Multifamily Development in Orlando’s Lake Nona District

Talos Holdings Sells Multifamily Community Near Pensacola Beach for $60.5M

Castle Lanterra Acquires Two Long Island Multifamily Properties Totaling 315 Units

Taylor Street Negotiates Sale of Osborn 17 Apartment Community in Central Phoenix

 
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