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Detroit Multifamily Report – Winter 2019
Demand is steady in Detroit, bolstered by household formation and job gains. Drawn by the metro’s low entry costs and attractive yields, investors are targeting assets with a value-add component.
New York City Luxury Tower Gets $215M Refi
The 450-unit residential building, the tallest tower in Queens, opened in 2017 and was developed by Heatherwood Luxury Rentals.
$124M Salt Lake City Project Starts Construction
A joint venture between The Domain Cos. and Giv Development broke ground on The Exchange, a mixed-use development with 412 residential units and more than 14,000 square feet of retail space.
Friedkin Realty Group Buys 2 Long Island Communities for $151M
The purchase of The Allure and Hudson House in Mineola marks the highest price per unit achieved in Nassau County.
Podcast: ULI’s Christopher Ptomey on Affordable Housing
The new head of the Terwilliger Center for Housing discusses the organization’s efforts to lower the barriers to building multifamily units for low- and moderate-income families.
European JV Closes $396M Student Housing Fund
A joint venture between Europa Capital and Generation Student held a first close after raising $132 million in new capital for the U.K.-focused fund.
CBRE Arranges $700M Refi for National Portfolio
The nine Class A+ assets in the Modera collection are owned by a partnership of Rockwood Capital Corp. and Mill Creek Residential.
Colliers International Handles $70M Sale of AZ Property
P.B. Bell sold Laguna Village, a 31-building Class B community in Chandler, to Bridge Acquisitions. The new owner will complete the modernization of the property to increase the asset’s market value.
FL Luxury Asset Commands $108M
Walker & Dunlop arranged both the sale and a $65.2 million Freddie Mac loan for the 348-unit Hermitage Apartment Homes in St. Petersburg, which was acquired by Brass Enterprises.
Boca Raton Community Receives $126M in Financing
Developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital, the South Florida project encompasses 456 luxury units and more than 150,000 square feet of retail space.