http://www.multifamilybiz.com Latest Press Releases from MultifamilyBiz.com en-us © 2024 MultifamilyBiz.com 1 /pressreleases http://www.multifamilybiz.com/images/multifamilylogosmall.png 144 33 Multifamily Industry Press Releases - MultifamilyBiz.com RSS Feed CHICAGO, IL - Kiser Group is excited to announce the successful sale of Ravenswood Gardens, a distinctive portfolio sale consisting of 151 units across seven California-style buildings located in the Sheridan Park Historic District in the Uptown neighborhood on Chicago s north side. The property was sold for $17,210,000 and is being repositioned by the new owner. This transaction was brokered by Kiser Group Advisors Katie LeGrand, Lee Kiser, and Jacob Price, who navigated complexities amidst challenging market conditions. Initially marketed in the summer of 2023, the property went under contract but did not close due to market volatility. The seller, continuing their strategic exit from Chicago, revisited the sale in 2024. The buyer, who had previously expressed interest but was unable to proceed, found the timing right one year later and successfully completed the transaction. A notable component of this deal was the buyer s assumption of the seller s existing loan, a sub-4% interest rate locked in for the next five years. This financing structure enables the buyer to achieve strong cash returns from the outset. The buyer, who now owns over 400 units in Uptown, has chosen to rename the property Sheridan Park, reinforcing its growing brand in the Market. This sale also underscores a growing trend in Chicago's real estate market, with 30% of the 2024 closings by Jacob Price and Katie LeGrand involving assumable financing—a factor that is ncreasingly appealing to buyers in the current economic climate. https://www.multifamilybiz.com/pressreleases/17346/kiser_group_facilitates_1721_million_sale_of_151un... Wed, 04 Sep 2024 08:35:00 GMT 0bee5823-2edd-40c9-bd10-3fb88cbae239 PALM BEACH GARDENS, FL - Eastwind Development, a premier multifamily development company with a proven track record across South and Central Florida, announces the addition of Adam Schmitt as Vice President of Asset Management. He is based in Eastwind s Palm Beach Gardens corporate headquarters and is responsible for leading and executing asset management strategies to optimize asset performance across Eastwind s expanding portfolio. Schmitt oversees operations and leasing across all of Eastwind s properties, while providing key support with acquisitions, development coordination and dispositions. We are excited to bolster our team with the arrival of Adam Schmitt, Eastwind President Jack Weir said. Adam s vast experience and deep knowledge of all aspects of owning and operating real estate are extremely beneficial as we continue our growth plans across Florida. Prior to joining Eastwind, Schmitt served as Vice President of Asset Management at Pebb Capital, leading operations for various properties across multiple asset classes, performing investment due diligence and handling investor reporting. Schmitt contributed to the successful execution of business plans and dispositions of assets valued at over $300 million. Before Pebb, Schmitt held the position of Finance and Portfolio Manager at multibillion-dollar real estate investment firm Westbrook Partners. Schmitt earned a Bachelor of Business Administration (BBA) in Management and Accounting and a Master of Professional Accounting from the University of Miami. He is a licensed Certified Public Accountant and Real Estate Sales Associate in Florida. Eastwind has an incredibly appealing combination of institutional resources with an entrepreneurial approach, Schmitt said. I am eager to work closely with Eastwind s impressive team to maximize the performance of our best-in-class multifamily assets. About Eastwind Development: Headquartered in Palm Beach Gardens, Florida – with a regional office in Orlando, Eastwind Development specializes in the acquisition and development of high-quality multifamily communities throughout Florida and the Southeast U.S. Founded in 2007, Eastwind primarily focuses on the development of market rate, workforce and active adult communities. Its leadership has a successful track record completing top-tier multifamily communities throughout several real estate cycles. Eastwind has a portfolio of more than 5,000 units completed, under development or in the pipeline. For more information, visit www.eastwinddevelopment.com https://www.multifamilybiz.com/pressreleases/17344/eastwind_development_strengthens_expanding_team_wi... Tue, 03 Sep 2024 08:28:00 GMT 9dfbb465-bd19-42fb-af93-4ffb35afca60 CHICAGO, IL - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of a 75% ownership interest in The Landing at Town Center, a premier mixed-use community in Vernon Hills, Illinois. Eastham Capital has invested through its current fund, Eastham Capital Fund VI, LP. The acquisition also includes a significant renovation budget. Chicago-based Bender Companies, who has partnered with Eastham Capital on multiple projects, will manage the property and oversee its enhancements. We are thrilled to be partnering again with Bender in The Landing at Town Center. This transaction reaffirms our ongoing commitment to high-quality investments in thriving markets, said Matthew Rosenthal, founder and managing partner of Eastham Capital. This property s prime location, robust local economy, and strong tenant demand align perfectly with our strategic investment goals. Located at 1255 Town Center Rd, Vernon Hills, IL 60061, The Landing at Town Center features 85 upscale residential units and 10,609 square feet of ground-floor retail space. Completed in 2010, the property comprises a mix of 34 one-bedroom, 46 two-bedroom, and 5 three-bedroom apartments. The development also offers modern amenities, including a fitness center, community lounge, stainless steel appliances, in-unit washers and dryers, and nine-foot-high ceilings. There are also three of the five ground-floor retail units currently occupied by a salon and spa, a dental office, and a pizza restaurant. The property benefits from its location in Vernon Hills, one of the top-ranked suburbs in the Chicago area. The Landing s assigned school district is ranked #1 in the nation, and it is convenient for those commuting to downtown Chicago and other areas of Chicagoland with a Metra Rail station and the Tri-State Tollway located nearby. The venture has plans for a modest renovation to further elevate the property s appeal. These upgrades will include restore to core enhancements across all units, positioning them competitively within the local rental market. https://www.multifamilybiz.com/pressreleases/17342/eastham_capital_fund_vi_acquires_majority_interest... Tue, 03 Sep 2024 08:15:00 GMT 08e6da51-096a-4811-a7df-4dfb935c0fe1 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided an $18,620,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 204-unit multifamily property in Fort Worth, Texas. The financing was originated by John Williams, Managing Director at Greystone. Constructed in 2003, The Residences of Diamond Hill in Tarrant County is a 40-building garden-style apartment community featuring two-, three- and four-bedroom apartments. More than half of the apartments are designated for low-income (below 60% area median income, or AMI) and extremely low-income (below 30% AMI) residents. The property has land-use restriction agreements (LURAs) requiring limits on resident income and rent restrictions on 121 apartments. The $18.6 million Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan carries a 10-year term and 35-year amortization, with interest-only payments for the first five years. The property s amenities include a fitness center, swimming pool, outdoor grill and picnic area, playground and an after-school program. Greystone is passionate about helping clients find the right financing to bring quality, affordable housing to working families in their communities, said Mr. Williams. We are deeply committed to being part of the solution for our nation s affordable housing crisis and are proud that our multi-faceted and extensive multifamily lending platform equips us with the tools and resources to do so. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17341/greystone_provides_186_million_in_fannie_mae_dus_f... Mon, 02 Sep 2024 09:07:00 GMT 819d8c5b-058e-44a7-b4e0-671abd66bc57 CORAL GABLES, FL - The Henry Torres-led Astor Companies is meeting the glaring need for attainable rental options in the City of Miami. Astor achieved lease-up stabilization at its Douglas Enclave as it prepares to expand the Enclave brand with a new development. The 11-story, 199-unit Douglas Enclave is 95% leased and on track to reach fully leased status in the coming weeks. The 61 NW 37th Ave. community spans a 1.1-acre city block between Flagler Terrace and Northwest First streets along Douglas Road (37th Avenue). Its location at the nexus of Miami and Coral Gables is attracting renters who work or study in both cities. We are proud of Douglas Enclave s role in providing attainable rental housing to the City of Miami, Torres said. From corporate professionals to service industry workers and college students, the renter response to our community has been tremendous. We are eager to build on the momentum Douglas Enclave created with our next development, Havana Enclave. Astor is scheduled to begin construction of Havana Enclave during the fourth quarter of 2024. The 179-unit rental project will be developed on 1.17 acres at 315 NW 27th Ave. Completion is targeted for mid-2026. Douglas Enclave includes a mix of studios, one and two-bedrooms and townhouses for rent. Individual apartments feature vinyl-wood flooring, open-concept kitchens, stackable washer/dryer units and efficient appliances. Select units have patios or balconies. Community amenities include a club lounge, fitness center, electric vehicle charging stations, bike racks, gated parking garage, dog washing station, saline pool, business center with computer stations and a package delivery room. Douglas Enclave provides on-site management and maintenance staff to meet the real-time needs of residents. The building is extremely transit-friendly, as the property is located adjacent to a Coral Gables Trolley stop. University of Miami students who live at Douglas Enclave can hop on the trolley, take a quick ride along Douglas Avenue to a Metrorail station and get to campus two train stops later. Douglas Enclave also allows easy access to downtown Miami and Brickell, as residents can take the Gables Trolley to Coral Way and transfer to the Miami Trolley to complete a seamless and driving-free commute. About Astor Companies: Founded by Henry Torres in 2002, The Astor Companies is a full-service real estate development firm based in Miami. Torres launched Astor with the motivation that everyone should be able to afford a luxurious new home in an appealing location. With that in mind, Astor has been a pioneering developer throughout its two-decade history, identifying emerging and untapped Miami neighborhoods like Little Havana, The Roads and South Miami – among others. Astor s portfolio of successful projects include Brickell Vista and InTown in Little Havana, Gateway to the Grove in Coconut Grove, Merrick Manor in Coral Gables, Nordica in The Roads neighborhood and Valencia in South Miami. For more information, visit www.astorcompanies.com https://www.multifamilybiz.com/pressreleases/17340/the_astor_companies_announce_successful_leaseup_of... Mon, 02 Sep 2024 09:02:00 GMT ddc644c0-3b0c-4559-8427-feb590e8284c DENVER, CO - CBRE has arranged the sale of Bell Cherry Hills, a 306-unit apartment community in Englewood, Colorado. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller, Bell Partners, in the transaction. Located at 3650 S. Broadway St., the two-building, four-story property was built in 2015 and is made up of studio, one-, two- and three-bedroom units. Each unit features granite countertops, ENERGY STAR rated appliances, energy saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, EV charging stations and two controlled access parking garages. Bell Cherry Hills garnered a ton of attention throughout the marketing process from both institutional and private investors alike given its attractive vintage and location, said CBRE s Chris Hart. Due to current market conditions, we ve seen more and more investors gravitate towards ‘core-plus profile assets like Bell Cherry Hills, that provide strong day one cashflow and a story, whether that be a relative discount to what it would cost to build a similar property today, potential upside through marginal unit upgrades or bringing rents in line with comparable properties in the area. Bell Cherry Hills checked several of these boxes and will continue to perform well as the Englewood City Center area continues to evolve over time. Bell Cherry Hills sits at the intersection of S. Broadway and Highway 285; with access to over 401,000 jobs within a 15-minute drive of the property. Residents have easy access to some of Denver s top employment hubs, which include Swedish Medical Center, Craig Hospital and the Denver Tech Center Business Corridor, by car and the Englewood City Center Light Rail Station. The property is also near a variety of local and national dining, entertainment and retail options. Metro Denver s multifamily market fared well in Q2 2024, driven by strong renter demand, according to CBRE Research. The metro s multifamily occupancy remains unchanged from Q1 2024, sitting at 93.9% in Q2 and positioning Denver in the top quartile for occupancy resilience across all U.S. markets measured by CBRE. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com https://www.multifamilybiz.com/pressreleases/17335/cbre_arranges_sale_of_306unit_bell_cherry_hills_ap... Fri, 30 Aug 2024 08:27:00 GMT ed10b90b-7ffd-4625-9f6b-2e98b4d2651b NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $28,159,600 HUD-insured 221(d)(4) loan to finance the construction of a 192-unit multifamily community in Traverse City, Blair Township, Michigan. The financing was originated by Brian Jones, Managing Director at Greystone, on behalf of JHT Wallick Holdings LLC. Corners Crossing is a planned construction project being co-developed by Wallick Communities and Homestretch Nonprofit Housing Corporation. The community will be geared toward middle-income residents, with rents ranging from 80-120% of area median income (AMI). In addition to the $28.2 million FHA loan from Greystone, the property will be financed with funds from the American Rescue Plan Act (ARPA) awarded by Grand Traverse County and the Michigan State Housing Development Authority (MSHDA). Additionally, Blair Township passed its first ever PILOT (Payment in Lieu of Taxes) ordinance for the project which creates a fixed rate for the development s real estate taxes. This new $45 million development will have 96 one-bedroom, 78 two-bedroom, and 18 three-bedroom apartment homes. The 192-unit community will include eight, three-story walk-up buildings. Each building will have 24 apartments. Corners Crossing also will have a clubhouse with an on-site management office and resident amenities, including a fitness center, office and computer center and patio. The community also will have a playground and dog park. Construction is anticipated to take approximately 24 months and be completed in Q2 2026. The HUD-insured long-term financing is such an ideal option for developers due to its lower rates and longer loan terms, particularly in the face of rising construction costs today, said Mr. Jones. As a leading HUD lender for multifamily housing, Greystone has proven time and time again that it is the preferred lender for executing on developers visions for new multifamily housing, particular workforce and affordable communities. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17334/greystone_provides_282_million_in_hudinsured_finan... Fri, 30 Aug 2024 08:21:00 GMT d364b125-408a-4dd2-b160-41df2573b333 MINNEAPOLIS, MN - Zach Shope out of the Colliers Mortgage Atlanta office worked with a repeat client closing a Fannie Mae loan to refinance three market rate multifamily properties in Cincinnati: 54-unit Jadaro, 18-unit Werk, and 16-unit Broadwell. All three properties are near each other, and since 2021 all have undergone extensive unit renovations and exterior and interior refurbishments. The loan carries a 10-year term. About Colliers Mortgage: Colliers Mortgage is distinctively positioned to help meet our clients financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of commercial property types nationwide. Our professionals work collaboratively to provide solutions that best fit each client s unique needs, offering access to federal agency loan programs, commercial finance solutions, and identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $14.0 billion of loans. About Colliers: Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of more than $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn. https://www.multifamilybiz.com/pressreleases/17331/colliers_mortgage_closes_fannie_mae_refinance_loan... Thu, 29 Aug 2024 08:17:00 GMT d7b78c25-69b4-448a-9c12-ddf66eed2697 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, announced it has been recognized by Realcomm with a 2024 Digie Award for Best Use of AI in Commercial Real Estate. Greystone was recognized for its implementation of AI to transform real estate processes and significantly reduce manual efforts, by 85%, in its audits and data reconciliation. Greystone applied AI tools for the extraction, comparison and analysis of data in lease documents and third-party reports in order to streamline and enhance decision-making capabilities. AI has proven to be a valuable tool for the CRE sector that helps reduce redundancy in tasks and increase efficiency, ultimately enabling our transaction teams to work more strategically, said Beth Hamilton, Executive Vice President, IT Strategy & Operations. We thank Realcomm for this honor and the recognition of our efforts. The Digie award winners were announced at Realcomm | IBcon 2024. Since its inception in 1999, this prestigious award recognizes outstanding companies, real estate projects, technologies and the next generation of smart, connected, high-performance, intelligent building systems, that have gone above and beyond to positively impact and transform our industry using technology, automation and innovation. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17330/greystone_recognized_by_realcomm_with_prestigious_... Thu, 29 Aug 2024 08:13:00 GMT e56b9c96-77e4-445f-8b8b-21091a204c23 RESEDA, CA - The Mogharebi Group (TMG) has successfully arranged the $17.6 million sale of Pinetree Terrace Apartments, a 58-unit multifamily community in Reseda, CA. Otto Ozen, Executive Vice President, and Brian Nakamura, Senior Vice President, represented the seller. In a significant demonstration of changing market dynamics, this transaction emphasizes the trend of multifamily assets being converted into affordable housing to provide more affordable rents. The sale underscores a rising inclination toward converting market-rate properties to affordable housing options. Built in 1978 and on the market for the first time, the Pinetree Terrace apartment community is 100% occupied and sits on a large lot with 280 feet of frontage at 7940 Reseda Boulevard. The property comprises five two-story apartment buildings featuring a mix of one-, two-, and three-bedroom floor plans ranging from 900 to 1,263 square feet, each equipped with washer and dryer hookups. Pinetree Terrace is a well-appointed community offering amenities such as a pool and spa, fitness center, laundry room, leasing office, and subterranean parking. The seller, GLS Building Corp, who also developed the property, decided to divest from the Los Angeles multifamily market and reallocate investments into other asset classes. This strategy mirrors a broader trend where investors mitigate risk and capitalize on different market opportunities, while also addressing challenges associated with the ULA tax imposed in April 2023. The nonprofit buyer, Foundation for Affordable Housing, is experienced in conversion projects and intends to transform the property to offer long-term affordable housing solutions for local community members, especially social workers and teachers. "Despite the challenges in the current economic environment, our team's persistence and in-depth knowledge of the affordable housing sector enabled us to achieve a successful outcome," said Ozen. "Ultimately, we secured an Affordable Housing Buyer, which exempted the seller from the 5.5% ULA Mansion Tax, saving them nearly $1 million in ULA taxes. We anticipate that the trend of converting market-rate multifamily assets to affordable housing will continue to grow." About The Mogharebi Group: The Mogharebi Group (mogharebi.com) is a leader in real estate investment and advisory, specializing in the multifamily property sector throughout the Western U.S. with nationwide reach. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $850 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds. https://www.multifamilybiz.com/pressreleases/17329/the_mogharebi_group_secures_176_million_for_sale_o... Wed, 28 Aug 2024 09:04:00 GMT c6b97653-191d-4e24-ae58-9f43e1e88fb0 WARRENVILLE, IL - Just one year since sales began, Lexington Homes has announced Lexington Trace 2, a community of 48 single-family rowhomes in west-suburban Warrenville, Ill., is down to its final remaining homes including two models and two early-delivery homes. Adjacent to Lexington Trace, the builder s successful development of 106 rowhomes, this new community offers maintenance-free living and three-story floor plans from Lexington s popular and time-tested Mews Collection. The two models are ready for quick move-in, while the early-delivery homes will be available by November and December. The builder is currently covering closing costs for all four remaining homes, as well as one full year of HOA dues, which is a $3,000 value. Sales went very quickly for the first 44 rowhomes at Lexington Trace 2, thanks to high demand for new-construction options in this prime west-suburban location, said Jeff Benach, principal of Lexington Homes. Buyers have told us they appreciate the proximity to commuter corridors, all the great options for shopping and dining in nearby Naperville, and the plentiful green space and recreational venues including direct access to the Illinois Prairie Path that runs right through the community. Most importantly, our homes offer modern, sophisticated finishes and design features at an accessible price point, he added. And, as the housing market remains tight and interest rates pose a challenge for some buyers, we are happy to be able to offer the special incentives of no closing costs and a year s worth of HOA fees on these final few homes to help buyers who may need a little extra support. This is a great opportunity to purchase now and get settled into a new home by this fall. Known for their highly efficient use of square footage and flexible spaces, the Mews floor plans at Lexington Trace 2 measure 1,758 to 1,914 square feet. The four remaining homes feature the Coventry and Warrington floor plans and have two to three bedrooms, 2½ to 3½ baths, balconies and rear-facing attached garages. The homes are priced from $461,285. The Coventry model, priced at $509,990, is a 1,914-square-foot home with three bedrooms and 2½ baths. The lower level includes a flex space, storage closet and access to the attached two-car garage, while the main living level features an open-concept kitchen, dining and living area as well as a powder room. Upstairs is a primary suite with upgraded spa bath and vaulted ceiling, along with two secondary bedrooms, a full hall bath, linen closet and the laundry room. This beautifully finished model home showcases many of the great upgrades we offer and is perfect for a buyer looking for a turnkey opportunity to move into a home where professional designers have made all the selections for a stylish, modern home, said Benach. We pulled out all the stops in the kitchen and included an oversized quartz waterfall island, contemporary vented hood, Sublimity pattern tile backsplash and a built-in buffet with added storage in the dining area. The home features custom crown molding and window treatments, and the neutral color scheme throughout the home is accented with fun pops of color from wallpaper and paint. Priced at $529,990, the Warrington model has two bedrooms and 2½ baths and measures 1,758 square feet. The home s upper level features dual primary suites with spa baths and large walk-in closets as well as a laundry room with cabinetry, while the lower level offers a flex space, storage closet and access to the two-car garage. On the main living level, the kitchen features a white color scheme along with veined quartz countertops, an oversized kitchen island, a stylish picket backsplash and extra-tall, stacked cabinetry that goes up to the ceiling with crown molding. Another decorator-appointed model home complete with a number of sought-after optional features, this residence is an end-unit, which means residents will enjoy added natural light from extra windows and serene views of the walking path and protected green space at the community, said Benach. And, for buyers who work remotely, this home has an office/den space on the main level, close to the kitchen, dining and living areas but with French doors to create a bit of privacy. This is our last Warrington floor plan at this community, so anyone looking for a home with a great private workspace should check out this model before it s gone. The two remaining early-delivery homes feature the 1,914-square-foot Coventry design. In both homes, the main level includes an open-concept kitchen/dining room/great room, a powder room, coat closet and a balcony. Upstairs is a primary bedroom suite, two secondary bedrooms, a full hall bath, linen closet and laundry room. The finished lower level of the homes features a flex space, large storage closet and access to an attached two-car garage. One of the homes, which is available for move-in by November 1, is an end unit with three bedrooms and 2½ baths, priced at $461,285. It includes upgraded subway tile backsplash and a built-in buffet in the kitchen area. The second Coventry available for move-in is priced at $494,500 and also includes three bedrooms and 2½ baths. This home will be ready for move-in by December. These final homes are ideal for buyers looking to be settled into a new home by the holidays, said Benach. Located at the southwest corner of Butterfield Road and Route 59, Lexington Trace 2 affords residents quick access to multiple shopping, recreation and transportation corridors. One mile north of Interstate 88, the community is minutes from many large employers lining the expressway. The community s location, just 10 minutes from popular downtown Naperville, provides access to flagship retail stores, unique boutiques and cutting-edge restaurants, along with the Naperville Riverwalk. Additionally, residents will be located in the highly rated Community Unit School District 200, which includes Wheaton Warrenville South High School. Lexington Trace 2 is 10 minutes from multiple Metra stations – including West Chicago and Winfield – on the Union Pacific West (UP-W) railway line, which takes commuters to Chicago s Ogilvie Transportation Center. The nearby Route 59 Metra station, on the Burlington Northern Santa Fe (BNSF) Railway Line, brings commuters to Chicago s Union Station. For more information on Lexington Trace 2, please call (630) 919-2700 or visit www.lexingtonchicago.com About Lexington Homes: A premier name in Chicago real estate, Lexington Homes is one of the city s most successful private builders. In the past four decades, Lexington Homes real estate development team has built more than 42,000 homes in Chicago and its surrounding suburbs, solidifying its reputation for excellence and innovation in homebuilding. https://www.multifamilybiz.com/pressreleases/17327/lexington_homes_announces_delivery_of_final_homes_... Wed, 28 Aug 2024 08:01:00 GMT 3e389955-eec1-4003-95f0-3421a6f0946f ROSEMONT, IL - McShane Construction Company has completed Manor Scottsdale, a 286-unit apartment complex in Scottsdale, Arizona. Related Group chose McShane to construct the five-story wrap-style building positioned on a 6.5-acre site. We re proud to announce the completion of Manor Scottsdale to accommodate the rising multi-family demand in Phoenix, shared Scott Salyer, Vice President & Regional Manager at McShane. This development integrates a mix of charming units with luxury resort-style amenities. Units are offered in one-, two-, and three-bedroom layouts and boast sleek quartz countertops, smart home technology, and private balconies for every residence. There are 32 penthouse apartments and 19 apartments with mountain views. There are also 24 Kosher apartments. Amenities include a state-of-the-art fitness center with yoga and spin rooms, a wellness center with a sauna, a club room kitchen, and a game room with an arcade and golf simulator. Outside, residents can enjoy a resort-style swimming pool, grotto, and summer kitchens, and pet owners can take advantage of the dog park and pet spa. The community also offers electric vehicle charging stations and a smart package room with cold storage. About McShane Construction Company: Established in 1984, McShane Construction is a national award-winning general contractor that provides design-build and build-to-suit construction services for the multi-family, industrial, commercial, health & fitness, and institutional markets. A female-owned and led business, McShane is headquartered in Rosemont, IL, with regional offices in Nashville, TN, Auburn, AL, Irvine, CA, Madison, WI, and Phoenix, AZ. For more information, visit the firm s website at www.mcshaneconstruction.com https://www.multifamilybiz.com/pressreleases/17326/mcshane_construction_completes_286unit_manor_scott... Tue, 27 Aug 2024 08:54:00 GMT eb0f13a1-2936-4cfa-8ff2-b07d0b751cf1 CHARLESTON, SC - Woodfield Development, one of the nation s top 20 developers of Class A multifamily communities, celebrated the completion and opening of The Ames, an upscale multifamily community in Downtown Nexton. A mixed-use community located in Summerville, Nexton is recognized as the No.1 master-planned community in the U.S. by the National Association of Home Builders (NAHB). Woodfield s history as a development firm is deeply rooted in the Carolinas. The Ames represents Charleston-based Woodfield Development s seventeenth development in South Carolina, having delivered over 4,300 units totaling over $1 billion in the state over the past 15 years. Having announced leasing in February, the response to The Ames has been nothing short of extraordinary, with over 50% of the community leased. As longtime Charleston residents, we are thrilled to officially introduce our newest residential project in Summerville s burgeoning Downtown Nexton community, said Mike Schwarz, partner at Woodfield Development. The property s name, The Ames, means ‘friend and our team has worked diligently to deliver a one-of-a-kind lifestyle and amenity-driven project with the primary objective of connecting residents and the Nexton community in a warm, inviting, and enriching environment. We are excited about the instrumental role The Ames will undoubtedly play in the future of Downtown Nexton and its continued path of tremendous success and growth. Situated on approximately 10.5 acres at 3800 Zephyr Road, The Ames consists of 304 well-appointed apartment residences offering a mix of studios and one-, two- and three-bedroom units, featuring open layouts, modern kitchens with stainless steel appliances, custom built-ins, plank flooring, and private balconies and patios. The amenity-rich community features a resort-style pool with full lap lanes and tanning shelves, a courtyard, grill stations, and a 1,500-square-foot pool cabana with a bar area. The unparalleled living experience continues with a two-story club building with a large fitness area, dedicated yoga and cycling room, club kitchen and dining space, rooftop patio, business center with co-working spaces and work pods, and multiple outdoor green spaces, plus a movie projection lawn. The Ames also includes a dog park and pet washing station, two pickleball courts, an outdoor amphitheater, and electric vehicle charging stations. Recognized as South Carolina's most innovative and walkable community, Nexton is comprised of 5,000 acres of housing, destination dining, retail, commercial, and office space. Located in the buzzing epicenter of Downtown Nexton, The Ames is an easy walk or pedal from all the best that Nexton has to offer – from South Carolina s finest dining options like Poogan s Southern Kitchen and Hall s Chophouse, to Nexton Square s boutique shops, and a myriad of opportunities to experience vibrant culture, such as the Jazz Music Festival at Brown Family Park. The project team for The Ames included CF Evans, Housing Studio, Seamon Whiteside, Shah Architecture and Interiors, S Wilkins Interior Design, PGIM Real Estate, and BMO Harris Bank. https://www.multifamilybiz.com/pressreleases/17325/woodfield_development_expands_its_south_carolina_f... Tue, 27 Aug 2024 08:49:00 GMT 625ff879-8b68-4d26-bb46-854aef1d8802 MEMPHIS, TN - Fogelman, one of the country s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce Tim Berger as the company s new Senior Vice President of Information Technology. Berger brings 25 years of experience in IT, including 10 years in multifamily, to his new role at Fogelman. As SVP of IT, Berger is responsible for creating, executing and supporting the overall business strategy for information technology, multifamily software platforms and next-generation technology to position the company for future business growth. Berger will be based in the Memphis Fogelman office and lead multiple teams including IT infrastructure, shared services, data/reporting, revenue management and telecom. "We are thrilled to welcome Tim to our team as the new Senior Vice President of IT," expressed Melissa Smith, Chief Administrative Officer at Fogelman. "Tim's extensive expertise will greatly benefit Fogelman as we continue to centralize our technology and implement new forms of AI to align with the dynamic and ever-changing industry landscape." Berger most recently served as the Chief Information Officer at Walton Communities in Atlanta, Georgia, where he led the integration of automation strategies, oversaw cybersecurity programs and launched new company innovations such as ServiceNow and Yardi Data Connect. Berger also served as Senior Director of IT Infrastructure and Operations at Mid-America Properties and the Director of IT at Oxford Industries. He earned a Bachelor of Science degree in Electrical Engineering with a minor in Computer Science from the University of Alabama before transitioning to his current career path. For more information about Fogelman Properties, visit www.fogelman.com https://www.multifamilybiz.com/pressreleases/17324/fogelman_expands_executive_team_with_appointment_o... Mon, 26 Aug 2024 08:38:00 GMT 7836f6ad-9ad4-436d-8514-e06478cae1da JACKSONVILLE, FL - EDEN Living just delivered brand-new, Class A build-to-rent (BTR) product to the rapidly growing Jacksonville market. The development venture completed construction of EDEN at Kendall West, a 265-unit community on 20 acres in Jacksonville. Leasing and resident move-ins are in full swing at EDEN at Kendall West, which is located at 9105 Tredinick Pkwy. The 265 units consist of 193 single-story, cluster apartment homes and 72 two-story townhomes. Each unit has a private backyard, with the townhomes also including private garages. The one, two and three-bedroom units range in size from approximately 700 to 1,300 square feet. Community features include a fully amenitized clubhouse, fitness center, resort-style pool, dog grooming station and dog park, walking trails and club room. We are thrilled to complete our first BTR development in Jacksonville, said Jay Jacobson, CEO of EDEN Living. The response to our initial leasing campaign has been tremendous. Jacksonville has the largest market by population in the Southeast U.S., and its continued growth creates intense demand for Class A rental options. The delivery of EDEN at Kendall West comes as EDEN Living nears final completion of EDEN at Heritage Lakes in West Melbourne, Florida and EDEN Magnolia Village in Wildwood, Florida. Leasing is underway at both communities. EDEN has another 1,000-plus units in the development pipeline across Florida. Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021. The venture develops one-story cottages (and two-story townhomes in some projects) that provide enhanced privacy, exterior living space, courtyards and private landscaped backyards. Residents will be able to access their homes with no sharing of breezeways or elevators. Projects are expected to include amenities that are on par with what is found in traditional Class A multifamily communities. EDEN Living is actively seeking new development sites between 10 and 30 acres throughout its target markets. For direct inquiries, contact EDEN Living VP of Land Acquisition Jacky Sasson at jacky@edenmultifamily.com. About EDEN Living: EDEN Living is a partnership between EDEN Multifamily principals Jay Jacobson and Jay Massirman and America s Capital Partners (ACP) Principal Sergio Socolsky. The partnership was formed to develop for rent, single-story detached horizontal apartment homes and two-story townhomes around the State of Florida and the Southeast, with future plans to expand the platform nationally. For more information on EDEN Living, visit www.edenliving.com https://www.multifamilybiz.com/pressreleases/17323/eden_living_completes_construction_of_265unit_hori... Mon, 26 Aug 2024 08:34:00 GMT 0edd599c-9665-4ff9-8428-9f63a9806331 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $74,576,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 672-unit multifamily property in Burleson, Texas. The financing was originated by Avi Kozlowski, a Managing Director at Greystone. Constructed in 2023, Shannon Creek Apartments in Johnson County is a garden-style community with 24 buildings featuring one- and two-bedroom units. Property amenities include a clubhouse, fitness center, business center, game/media room, yoga room, resort-style swimming pool, barbeque area, dog park and care station, and sports courts. The $74.6 million non-recourse, fixed-rate financing is part of Fannie Mae s Green Building Certification program and features a five-year term and 30-year amortization, with full-term interest-only payments. We leave no stone unturned when finding financing solutions that help our clients achieve their goals for their properties, said Mr. Kozlowski. We leverage our well-diversified lending platform and lean into our multifamily experience for every transaction, so every Greystone client can achieve exceptional outcomes. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17320/greystone_provides_746_million_in_fannie_mae_dus_f... Fri, 23 Aug 2024 08:42:00 GMT fa3d57c4-8839-4951-af3f-4c1f54f6e430 INDIANAPOLIS, IN - The Annex Group, a leading impact housing developer that creates affordable, workforce, student, active adult, and market-rate housing communities, announced it has hired Nicole Nass as Vice President of Property Management to lead the company s property management division. In this position, Nass will provide the leadership, guidance and tools needed to ensure that the residents living in any of The Annex Group communities are positively impacted during their time there. Nass joins The Annex Group with more than 16 years of experience in the multifamily real estate industry including six specializing in affordable housing. Nass has overseen a vast portfolio of communities ranging from 400 to 1,000 units in more than 21 states. Joining The Annex Group to lead property management operations is a natural fit for me, and a career move that I find both professionally and personally gratifying, said Nass. Working with this team of professionals who put so much emphasis on doing good is inspiring and exciting. I m looking forward to helping The Annex Group continue to make good on its meaningful, impact-driven mission. The Annex Group began offering property management services for select properties in 2022, with all remaining properties coming on board in 2023. By taking property management services in-house, The Annex Group is better able to execute on the company mission of making an impact in the lives of all who live in, work at, or are involved with its communities. Jenni Yeagley, who led the initiative to in-house property management as Vice President of Property Management, is stepping into a new role within the company which will be announced later this year. Property management is a crucial component of our communities because it allows us to provide not just a great space for people to live in, but a great overall community experience, said Kyle Bach, CEO of The Annex Group. Nass has extensive, relevant experience that allows her to hit the ground running to help improve the lives of our residents. We are thrilled to have her on the team and are excited to see how she is able to help us better serve our residents throughout the United States. ABOUT THE ANNEX GROUP The Annex Group is a leading impact housing developer that creates affordable, workforce, student, active adult and market-rate housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn. https://www.multifamilybiz.com/pressreleases/17319/the_annex_group_adds_nicole_nass_as_vice_president... Fri, 23 Aug 2024 08:37:00 GMT 4c3ac65d-9f65-42eb-8dd8-17f76b82b19f MADISON, WI - Weidner Apartment Homes, a real estate investment and property management company recognized industry-wide as a creative developer of new housing, closed a dual community deal in Madison, WI, by acquiring 515 @ Royster Apartments and Royster Commons Apartments. Royster Commons is a two-building, four-story, 86-unit property built in 2019 that sits atop the Madison Public Library and Options in Community Living. 515 @ Royster is a singular, 88-unit, three-story apartment building built in 2022. The assets are on the same block with a combined surface-level parking lot. Due to the property's proximity, Weidner combined the assets into one community, offering 151,781 SF of rentable space, and renamed the assets Royster Commons Apartments. Each building enjoys its own set of amenities, including extensive community patios with grills and lounge seating, luxury clubhouses, and gyms with modern equipment. The units feature gourmet kitchens, stainless steel appliances, and stone countertops. Select homes have large private balconies and/or 270-degree floor-to-ceiling windows. Royster Commons offers upscale apartments in Madison s vibrant Eastside neighborhood. The community is ideally located 15 minutes from downtown Madison to the west and large regional employers, including American Family Insurance, Baker Tilly, and UWHealth, to the north. Located along Cottage Grove Road, a primary east/west thoroughfare, the properties are minutes from I-90 to Chicago and I-94 to Milwaukee. Closer in, residents live within walking distance of lakefront Olbrich Park, San Damiano Park, and Woodman s Grocery. Weidner is the owner and manager of Royster Commons Apartments. The company is excited to enter the Madison, WI rental market and provide the community with high-end, quality rental homes. About Weidner Apartment Homes: Founded by W. Dean Weidner in 1977, Weidner Apartment Homes is a real estate investment and property management company recognized as an efficient provider of quality rental apartment homes and a creative developer of new housing. The company is headquartered in Kirkland, WA, and its portfolio covers 13 U.S. states and four Canadian provinces. Please visit our website at www.weidner.com https://www.multifamilybiz.com/pressreleases/17317/weidner_apartment_homes_enters_the_madison_rental_... Thu, 22 Aug 2024 08:23:00 GMT 23cd158c-0fec-4105-a2c6-8f6f9449b02b ORLANDO, FL – Cushman & Wakefield announced the commercial real estate services firm is strengthening its multifamily practice throughout Central & Northern Florida with the addition of Joey Blakley who will serve as Senior Director and be based in the firm s Orlando office. He will join the firm s existing Florida Multifamily Group led by Vice Chairs Mike Donaldson and Nick Meoli. The group will collectively represent institutional, private capital, and developers throughout Florida. Wanda Riley, Cushman & Wakefield s Managing Principal of Florida, said, We continue to invest for the long-term in various markets and sectors throughout the state, including our multifamily practice in the Central and Northern Florida markets. Joey s experience in leading investment sales across a variety of property types is extremely valuable to our work and ability to serve clients in this space. We are thrilled to have Joey join the team and provide additional support to our clients throughout central and north Florida, noted Donaldson. With two decades in the real estate industry and extensive experience working with developers throughout the state, Joey will be a significant asset to the Cushman & Wakefield multifamily platform. While we have transacted on over 24,000 units throughout Florida within the last three years, we anticipate a significant uptick in sales velocity in the near term as a result of improved market conditions and we look forward to enhancing our advisory services for our clients by welcoming Joey to the team, added Meoli. I am excited to join Cushman & Wakefield and the Florida Multifamily Group. This asset class is uniquely poised for growth in Florida thanks to increasing urbanization and the rising demand for rental housing, and I look forward to partnering with Mike and Nick to help institutional investors and private capital groups take advantage of the favorable climate that s driving the industry, said Blakley. With two decades of experience in commercial real estate, Blakley has managed numerous significant transactions across various property types, including multifamily, retail, office, religious, educational, industrial, and land. His expertise extends to complex adaptive reuse and redevelopment projects, where he has successfully represented clients through zoning, environmental and subdivision processes. Blakley previously served as Senior Vice President of Foundry Commercial s Mission Property Group where he oversaw brokerage operations throughout Florida and Ohio. He provided strategic guidance to clients in the disposition, acquisition, and consulting of religious and educational real estate portfolios and individual assets. Blakley also led the firm s private and charter schools practice, facilitating transactions that often involved unique regulatory and operational considerations. https://www.multifamilybiz.com/pressreleases/17314/cushman__wakefield_strengthens_central_and_norther... Thu, 22 Aug 2024 08:19:00 GMT 43ef59c5-d9e2-4545-b3a1-8688274d29f2 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $14,500,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 216-unit multifamily property in Hoover, Alabama. The financing was originated by Rob Meehan, Managing Director at Greystone, with HKS Capital Partners acting as correspondent. Constructed in 1983, 700 Riverchase in Shelby County is a garden-style apartment community with 12 buildings featuring one-, two- and three-bedroom units. The property s amenities include a fitness center, laundry facilities, swimming pool, outdoor grill center, dog park, playground and pickleball court. The $14,500,000 non-recourse, fixed-rate financing features a five-year term and 30-year amortization, with interest-only payments for the full term of the loan. Greystone s well-diversified lending platform and our longstanding multifamily experience mean that we can get creative when helping our clients find the right financing terms in most markets, said Mr. Meehan. Our goal is to help our clients bring the vision for their properties to life, and we work to ensure that every phase of loan transaction is executed seamlessly. Our experience with Greystone was incredible – our team understood our needs quickly and crafted the right financing solution for our property, said Mr. David Topping, principal of the borrower. We appreciated their insights, expertise and attention to detail at every stage, and we look forward to working with them in the future. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17313/greystone_provides_145_million_in_fannie_mae_dus_r... Wed, 21 Aug 2024 09:07:00 GMT 620a9476-c643-43e9-b774-bc553e33c11f ROSEMONT, IL - McShane Construction Company completed the construction of Fox Valley Apartments in Aurora, Illinois, on behalf of Housing For All, LLC in collaboration with Visionary Ventures, Cordogan Clark & Associates, and JTE Real Estate Services. Fox Valley Apartments integrates one new building and two renovated historical school buildings to offer a total of 47 affordable workforce housing units. We are very excited to announce the completion of Fox Valley Apartments. Transforming two historical school buildings into apartments has been a fascinating process, shared David Rintz, Regional Vice President - Multi-Family at McShane. We re proud to be able to preserve the rich history of these schools while giving them a new purpose that will better suit this community. Located at 641 S. Lake Street, McShane remodeled Lincoln Elementary School, a 39,000-square-foot building originally constructed in 1893, to accommodate 14 apartment units. The school was closed in 2007 due to low enrollment and remained vacant until construction of the apartments began. Also on that site, McShane constructed a new two-story, 28,000-square-foot building to offer 22 additional affordable workforce units. Originally an elementary school, Mary A. Todd School at 100 Oak Avenue was transformed to 11 apartment units and a health care clinic for uninsured or underinsured families. The building was originally constructed in the early 1900s and was most recently used for West Aurora School District s early childhood programs until the programs were moved to a new facility in 2019. We are excited at the opportunity to work with McShane to bring affordable housing to Aurora and be able to transform historical properties that may have otherwise sat vacant for years to come, said Shelly Tucciarelli, Managing Partner, Housing For All, LLC. During the remodeling process, McShane prioritized keeping historical features of the schools, including trim, flooring, chalkboards, lockers, windows, and doors. Designed by Cordogan Clark & Associates, units are offered in one- to three-bedroom floorplans. Shared amenities include a laundry room, a community room, a computer lab, and tenant storage. Thirty percent of units are reserved for tenants at 30 percent of area median income. This project was designed to achieve NGBS Silver Certification. About McShane Construction Company: Established in 1984, McShane Construction is a national award-winning general contractor that provides design-build and build-to-suit construction services for the multi-family, industrial, commercial, health & fitness, and institutional markets. A female-owned and led business, McShane is headquartered in Rosemont, IL, with regional offices in Auburn, AL, Irvine, CA, Madison, WI, Nashville, TN, and Phoenix, AZ. For more information, visit the firm s website at www.mcshaneconstruction.com About Housing For All, LLC: Housing For All, LLC. is a joint venture between Visionary Ventures, Cordogan Clark & Associates, and JTE Real Estate Services, bringing together over 80 years of combined real estate expertise. Services encompass ground-up development, acquisition and rehabilitation, and adaptive reuse of historic mixed-use solutions. For more information, visit the firm s website at www.housing4a.com https://www.multifamilybiz.com/pressreleases/17312/mcshane_completes_historic_adaptive_reuse_construc... Wed, 21 Aug 2024 09:04:00 GMT daac5a2a-a41d-4281-baa1-35b9d403391d PARK CITY, UT - Extell Development Company, a full service national real estate developer of residential, commercial and hospitality properties, in partnership with luxury real estate brokerage Summit Sotheby s International Realty, announced today the sellout of the private residences at Grand Hyatt Deer Valley. Located in the new Deer Valley East Village, which will anchor the luxury resort's massive 3,700-acre mountain expansion, Grand Hyatt Deer Valley is slated to open this November, marking the debut of the Grand Hyatt brand in Utah and the first luxury hotel within Deer Valley East Village. Grand Hyatt Deer Valley will consist of 381 hotel guest rooms, 55 luxury residences, and more than 60,000 square feet of conference, dining and entertainment spaces with operation commencing for the 2024/2025 ski season. I m proud to announce that all 55 of the available private residences at Grand Hyatt Deer Valley have officially contracted, said Sheila Hall, Associate Broker at Summit Sotheby s International Realty and lead sales agent for Deer Valley East Village. The combination of Extell s track record and the excitement surrounding the Residences at Grand Hyatt Deer Valley has set the tone, creating even more buzz around the expansion project. Other residential offerings are currently available, with future luxury projects coming down the pipeline. This is just the beginning for the East Village. Situated 40 minutes from the Salt Lake City International Airport, Deer Valley East Village will anchor Deer Valley s major terrain expansion and provide a modern base and gateway to 3,700 acres of expanded ski terrain—more than doubling the size of the resort and making it one of the largest ski resorts in North America. The expansion features 16 new chair lifts and a 10-passenger gondola. The Village s many year-round attractions will include fine dining, shopping, entertainment, an array of recreational activities, a children s center and one of the largest ski beaches in the world. Grand Hyatt Deer Valley s prime location in the East Village will provide easy access to the slopes and state-of-the-art conference facilities. Residents and guests will enjoy world-class dining options, including a rustic American Brasserie by renowned Chef Marc Marrone, a family friendly Après Living Room, a vibrant live music venue and a coffee outpost. "The sales success of the Residences at Grand Hyatt Deer Valley is a testament to the market s anticipation of Deer Valley East Village," said Gary Barnett, Founder and Chairman of Extell Development Company. "As the first for-sale development within the Village, buyers recognized the value of investing in what will become a world-class destination, attracting the world's best brands in terms of lodging, dining and retail amenities. We expect Deer Valley East Village to become the crown jewel of Utah and attract visitors and residents from around the world." Extell is underway on additional luxury residential, hotel and retail properties, transforming the resort experience along Deer Valley s eastern footprint. The alpine village is expected to bring 2,000 new jobs and is the first resort development expansion project of its kind since 1981. Grand Hyatt Deer Valley is open for reservations from November onward. For further information on the hotel, please visit Residences at Grand Hyatt Deer Valley. About Extell Development Company: Founded and headed by Gary Barnett, Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality and mixed-use properties, operating in New York City, Utah and other premier locations across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities. Having pioneered development on Manhattan's Billionaires Row, the firm has developed some of the city's ultra-luxury properties including Central Park Tower, the tallest residential building in the world located above Nordstrom s flagship Manhattan store and One57, the record-breaking glass tower which includes condominiums above Park Hyatt's five-star flagship hotel. Additional completed projects include One Manhattan Square, the largest condominium building on Manhattan s Lower East Side waterfront; Brooklyn Point in Downtown Brooklyn, and The Lofts Pier Village, a luxury oceanfront condominium at the Jersey Shore with resort-style amenities. Commercial, hospitality and additional residential developments within the Extell portfolio include the recently opened Hard Rock Hotel New York; the International Gem Tower; W Times Square Hotel; Hyatt Times Square; Intercontinental Hotel and Residences in Boston, MA; 175 West Jackson Street, a contemporary office property in the heart of Chicago, IL; Four Seasons Resort and Residences Vail in Vail, CO; and Four Seasons Resort and Club Dallas at Las Colinas in Dallas, TX. For more information, please visit www.extell.com. About Grand Hyatt Deer Valley: Grand Hyatt Deer Valley is the newest addition to the Hyatt portfolio, offering a sophisticated and adventurous retreat in the heart of Deer Valley Resort's East Village expansion. Seamlessly blending modern luxury with the natural beauty of the Wasatch Mountains, the resort offers an unparalleled level of service, world-class amenities, state of the art luxury conference center and a prime location for accessing Deer Valley's renowned slopes and outdoor activities. For more information, please visit www.hyatt.com About Summit Sotheby s International Realty: Summit Sotheby s International Realty along with sister offices throughout California, Nevada, Colorado and Idaho is ranked the #17 largest real estate brokerage in the United States. With over 13 billion in annual sales volume, the collective has been recognized by Inman, Real Trends, RIS Media and Who s Who in Luxury Real Estate for excellence in marketing, philanthropy, sales and new construction projects. Summit Sotheby's International Realty has 13 offices across Utah, operating in key luxury and lifestyle markets including Park City, Deer Valley, Salt Lake City, Draper, St. George and Moab. https://www.multifamilybiz.com/pressreleases/17311/extell_development_company_announces_first_project... Tue, 20 Aug 2024 08:58:00 GMT 42c801e5-e5b1-463b-b7f5-4202c9e5582e SEATTLE, WA - CBRE arranged the sale of Woodstone Apartments, a 124-unit apartment community in Bothell, WA, for $34.75 million. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper with CBRE s multifamily team in the Pacific Northwest represented the seller, Security Properties. Woodside Apartments is a rare value-add opportunity on the Eastside. There is only one other development over 100 units under construction in Bothell and its proximity to region s largest employment centers and amenities, affluent demographics and strong market fundamentals make the property a well-positioned asset, said Mr. Washington, executive vice president at CBRE. Woodstone Apartments is located at 16520 North Road in Bothell and was built in 1989. The property sits on 6.42 acres with one-, two-, three-bedroom units, 86% of which are renovated. Community amenities include a pool, spa, fitness center, playground and clubhouse. The property is across the street from Martha Lake, a three-minute drive to the Mill Creek Town Center and a 30-minute drive to Bellevue and Downtown Seattle. Tenants are located just outside Puget Sound s Innovation Triangle, surrounded by large employers in the aerospace, tech, biotech and manufacturing industries. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. https://www.multifamilybiz.com/pressreleases/17308/cbre_facilitates_35_million_sale_of_124unit_woodst... Tue, 20 Aug 2024 08:43:00 GMT 0aa2470f-99b7-45dc-88f3-cfbb02ec3d42 MIAMI, FL - ZOM Living, one of the nation s leading multifamily development firms, has acquired approximately 19.5 acres of land for the development of Azalea at the Park, a luxury multifamily community in Cary, North Carolina. Breaking ground in early 2026, the 330-unit apartment complex will comprise of 315 apartment units, 15 townhomes, and 3,000 to 5,000 square feet of retail space that will cater to residents and the broader community. The multifamily development located at 7216 Carpenter Fire Station Road is slated for completion in early 2028. With the acquisition of this prime piece of land, ZOM Living furthers its investment in North Carolina s active real estate market, which continues to experience exponential growth today, " said Seth Avant, Senior Vice President of the Carolinas for ZOM Living. We remain focused on building in neighborhoods that are thriving and growing such as the Town of Cary. Azalea at the Park will deliver luxury rental housing combined with lifestyle-driven amenities to meet the growing demand for an elevated apartment living experience in North Carolina. Azalea at the Park will feature units including studios, one-, two- and three-bedroom apartments – all ranging from 575 to 1,250 square feet in size. The townhomes will feature three bedrooms and three bathrooms in a spacious 1,500 square foot layout, all with directly accessible attached garages. Residents will enjoy an upscale offering of amenities including 15,000 square feet of community gathering space, a 10,000-square-foot clubhouse and direct access to Morris Branch Greenway. Additionally, Azalea at the Park is conveniently situated within walking distance to numerous outdoor destinations such as a brand-new YMCA and it s directly across the street from Carpenter Fire Station Neighborhood Park, a new, vibrant 20-acre park that includes paved trails, a dog park, playground, lit baseball fields, basketball courts, a fitness hub, public art sculptures and more. An active developer in the North Carolina market, ZOM is currently building Maizon Durham, a new luxury rental community in Durham consisting of 248 luxury apartments and featuring upscale amenities. In 2022, the firm also delivered the high-design multifamily property Hazel SouthPark, a luxury mixed-use, midrise development with 203 apartment homes and 14,000 square feet of retail space in Charlotte s sophisticated and desirable neighborhood of SouthPark, which is adjacent to SouthPark Mall. Azalea at the Park is a short distance away from Research Triangle Park, one of the leading research and development districts in the world featuring over 22 million square-feet of office and lab space. The 900 – acre headquarters of SAS Institute, the largest employer within Cary, is also located within a few miles of Azalea at the Park, providing thousands of jobs to residents of Cary. Additionally, some of the nation s top hospitals and health networks are based within the metro area, employing over 60,000 area residents. The multifamily development will be located within a top-tier school district as the local elementary school, Alston Ridge Elementary, and local high school, Panther Creek High School, are highly ranked for their academic excellence by U.S News World Report. Top private universities, Duke, UNC - Chapel Hill and North Carolina State are also within close proximity, adding to the area's educational excellence. Cary is one of the most desirable suburbs within the Raleigh area and is ranked among the best places to live and work. The Raleigh and Durham metro area is one of the fastest growing markets in the nation. Among U.S. markets with populations over 1 million, Raleigh saw the third highest annual growth rate as of Q4 2023 and total employment in Raleigh is 11% higher than its pre-pandemic peak. The town of Cary is also home to over 80 miles of paved trails, parks, and greenways and is a short drive from several different sporting and concert venues. The site's central location between Durham, Raleigh and Chapel Hill will allow residents direct access to those sought-after communities, as well as the Raleigh Durham International Airport. About ZOM Living: ZOM Living is one of the most highly regarded luxury multifamily developers in the United States and has developed over 24,000 apartment units nationwide, with an aggregate value of nearly $7.4 billion. Most recently, the company has established a seniors housing division, with three seniors housing developments completed in Florida. Throughout its 47-year history, ZOM has garnered more than 200 industry awards for project design and development expertise, including the prestigious Best Development Company of the Year by Multi-Housing News, and ranked among the Top 25 Developers in the U.S. by the National Multifamily Housing Council. ZOM has offices across many of the markets it serves, including South Florida, Orlando, Dallas, Nashville, Phoenix, Raleigh, and Washington, D.C. ZOM has over 5,200 units currently under construction or in design and predevelopment throughout the U.S. For more information on ZOM s portfolio, visit www.zomliving.com https://www.multifamilybiz.com/pressreleases/17307/national_developer_zom_living_acquires_land_for_33... Mon, 19 Aug 2024 08:35:00 GMT 93a2a6f5-dd92-49f4-9a16-6e9c68da1c54 TUCSON, AZ - Ascent Companies & Vanderbuild along with property management company, Bryten Real Estate Partners, officially opened Amavida Marana, the newest luxury community in the heart of Marana, Ariz. Amavida Marana features 200 one, two and three-bedroom apartment homes with upgraded in-home amenities including smart thermostats, nine-foot ceilings, stainless steel appliances and vinyl wood flooring. Amavida Marana also offers residents unique outdoor amenities not found in many other communities making it a perfect home for outdoor enthusiasts. Residents will have the safety, tranquility and convenience of a private four-acre, gated community park located on the property. The park has four premier pickleball courts, a playground, a walking and jogging loop, and an enclosed dog park. If you want relaxation, recreation or a lush place to work out, having an exclusive park on the community is something all residents can enjoy, says Amity Dalton, Vice President of New Development at Bryten. Amavida Marana is a place where residents can find an exceptional place to play and stay active. The community also has electric vehicle charging stations, an indoor/outdoor fitness center, swimming pool and hot tub, pet washing stations and a beautifully appointed clubhouse. Whether you want a luxury community, an environment that offers private outdoor spaces, sustainable features or a great location, Amavida Marana has something to fit everyone s lifestyle, adds Dalton. Located at 5555 W Ina Rd., Amavida Marana is conveniently situated near the 131-mile Tucson Loop, Chuck Huckelberry Bike Path, Saguaro National Park, Arizona Pavilions Shopping Center and Tucson Premium Outlets. About Bryten: Welcome to Bryten – Founded in 2023, Bryten has quickly become a leader in multifamily management, combining the expertise and experience of two previously established companies. Currently employing more than 1,150 extremely talented professionals, Bryten manages a portfolio of nearly 47,000 multifamily living units across the U.S., including Arizona, New Mexico, Tennessee, Florida, Colorado, Kentucky, Georgia, North Carolina, South Carolina, New York, and Texas. In addition, Bryten offers due diligence, advisory capacity, construction management, asset repositioning, and cutting-edge technology solutions. Headquartered in Phoenix, Bryten also has additional offices in Denver and St. Petersburg, Fla. The combined geographical presence allows Bryten to offer a transformative approach to multifamily living. Visit www.livebryten.com https://www.multifamilybiz.com/pressreleases/17305/amavida_marana_luxury_community_featuring_unique_o... Mon, 19 Aug 2024 08:23:00 GMT 36151d8c-2902-4f8d-b02f-209f720632f4