ST PETERSBURG, FL – Walker & Dunlop announced that it structured $65,200,000 in financing for The Hermitage Apartment Homes. The property is a newly-developed, 348-unit, Class A apartment community in the heart of downtown St. Petersburg, Florida, one of Tampa Bay’s premier submarkets. Home to Florida’s Innovation District, the city contains a cluster of higher education, marine science, healthcare, business incubation, and media institutions, including Johns Hopkins All Children’s Hospital, Bayfront Health, and the University of South Florida St. Petersburg.

Alison Williams and Matt Baldwin, both Tampa-based members of Walker & Dunlop’s Capital Markets team, completed the debt transaction on behalf of the client, Brass Enterprises. Drawing on their extensive experience in financing multifamily properties, the team identified Freddie Mac as the ideal lender for the acquisition and structured the seven-year loan with an attractive interest rate and full-term interest-only payments.

Prior to the debt transaction, the property was marketed and sold for $107,625,000 by Brian Moulder and Chris Chadbourne of Walker & Dunlop Investment Sales, who represented the seller.

“We are very excited about the acquisition of a premier asset in one of the nation’s strongest and fastest-growing markets. The Hermitage is future-proof, boasting an unrivaled location in the heart of Downtown St. Petersburg’s Art District, high quality construction, and state-of-the-art, resort-style amenities,” commented Yisroel Weiser, Vice President of Brass Enterprises. “It was a pleasure working with the Walker & Dunlop team, led by Alison Williams. As always, fantastic service combined with smooth execution.”

Positioned across from a newly-built Publix, The Hermitage enjoys exceptional walkability to office buildings, restaurants, entertainment, museums, and abundant green space, including a seven-mile string of perfectly manicured parks. In addition to its unparalleled location, the highly amenitized community includes a rooftop resort style pool and hot spa, state-of-the-art gym, outdoor kitchen and sky deck, library and demonstration kitchen, pet spa, courtyard oasis with large outdoor fireplace, electric car charging stations, and an eight-floor gated resident parking garage. Units are outfitted with the latest finishes, furnishings, and fixtures.

“We have had the privilege of working with Brass Enterprises for the past seven years and this acquisition fits perfectly into its portfolio of luxury apartments in thriving submarkets. The project’s construction, luxury amenities, and exceptional walkability make it the preeminent community for residents of all ages,” said Ms. Williams.

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LOS ANGELES, CA – Common, the nation’s leading residential brand enhancing the quality of living for members and value of real estate for partners through convenience and community, today announced a seven-home, $100 million expansion in Southern California with Proper Development, making the duo the largest coliving operator and developer in Southern California. Over the next few years the partnership will bring more than 600 beds to Los Angeles alone, leading Common’s overall 1,500+ bed expansion in California. 

“Common is making a major commitment to Los Angeles, which is on track to be our second largest market after New York,” said Brad Hargreaves, founder and CEO of Common. “LA has a major shortage of purpose-built multifamily projects, but the city is rapidly growing, with the population expected to increase by one million people in the next two decades. We know that coliving is the solution to housing these new residents, and we are working with some of the best developers and investors to deliver community-focused, convenient, all-inclusive living at prices that are affordable for working professionals.”

Common and Proper Development’s first home in Los Angeles, Common Melrose, brought high-design and luxury living to LA at price points dramatically more affordable than getting a newly-built one-bedroom or studio in the same area. The home leased up in record pace, showing strong demand from a broad pool of renters who are increasingly priced out or paying an unsustainable part of their income on rent. For LA, Common and Proper Development see the need for rent prices to be competitive and accessible compared to other market-rate housing in the city.

“The urgency to develop market-rate housing at accessible price points is tremendous,” said Daniel Pourbaba, founder and CEO of Proper Development. “It’s increasingly hard to find accommodations in Los Angeles that can be supported by average and median income levels, especially for brand-new construction. By coupling Proper Development’s multifamily development program with Common’s coliving property management service, we are excited to deliver custom-built projects in the $1300-$1800 monthly rent range, with the added benefits of perfectly furnished and amenitized living.”

Leading developers and investors have taken note of the demand for coliving in the city. JAM Capital Real Estate, Justin Mateen’s Real Estate division has invested over $25 million in Proper Development’s coliving projects over the last few years with plans to double that figure to $50 million of investment this year. 

“Multifamily development has been slow to adapt to the needs of modern renters, but now that lenders are increasingly recognizing coliving as an attractive asset class, we are seeing an influx of institutional capital entering the market looking to co-invest with us,” said Justin Mateen, owner of JAM Capital Real Estate.

Common opened its first New York City home in 2015, and has since grown to serve 23 buildings in six markets, meeting their high consumer demand of 2,500 nationwide applications per week. With its rapid national expansion, Common recently announced a 223-bed home Common Addams, the largest coliving home in the Midwest. Common’s signature approach to end-to-end property management and technology allow the operator to deliver unparalleled experiences for residents looking for a stress-free, community-focused, and all-inclusive living. Rent at Common homes utilities, high-speed wi-fi, perfectly designed and furnished apartments, weekly cleanings of shared spaces, shared supplies, and hospitality-grade amenities. Everything from applying, paying rent, contacting staff, and plotting events with neighbors can be done seamlessly online through their purpose-built technologies.

Proper Development is a leader in creative, solution-oriented development. They expertly build residential, multifamily, and commercial projects with an unrivaled level of artistry and sophistication. Using advanced construction techniques and production building processes, their team is able to keep costs down and make perfectly crafted developments at more affordable prices.

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MANASSAS, VA – TGM announced the acquisition of TGM Ridge, a garden style apartment community with 402 units in Manassas, VA. The Northern Virginia property was completed in two phases; 2004 and 2007 and is located on 26 acres, with its leasing office and clubhouse situated at 10901 Wild Ginger Circle.  

TGM Ridge is immediately surrounded by quality retail and lifestyle amenities, as well as an additional 4.1 million square feet of retail destinations within two miles. Conveniently located less than one mile from I-66 and Route 234, the property also has quick access to all of Northern Virginia’s employment centers, including 6.1 million square feet of office space within five miles.   

The property’s 544,064 rentable square feet are comprised of expansive one- and two-bedroom apartments averaging 1,132 square feet.  TGM will be renovating all apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures.  Bathrooms will be renovated to match the finishes of the kitchen.  Community amenities include a swimming pool with sundeck and separate children’s pool, poolside fireplace with TV lounge and grilling area, dog park, business center, 24-hour fitness center with children’s playroom, and a business center within the oversized clubhouse.  TGM will upgrade several amenity areas, such as the fitness center and pools, with the state-of-the-art equipment and new resort style furniture.  

“TGM Ridge presents a fantastic opportunity to expand TGM’s footprint in the Northern Virginia region, which has strong market fundamentals driving renter demand.  The property has convenient access to several major employment hubs that are experiencing sizeable growth.  The floor plans are large and feature unique layouts that serve as a key differentiator compared to nearby properties,” said Zach Goldman, Managing Principal and Director of Operations for TGM.  

TGM Ridge is managed by TGMs’ property management company, TGM Communities. Also owned and managed by TGM in the Maryland/Northern Virginia region are TGM Sudley Crossing (Manassas, VA), TGM Odenton (Odenton, MD), and TGM Creekside Village (Glen Burnie, MD). 

TGM Ridge, formerly known as Rosemary Ridge, was marketed by the HFF investment advisory team led by Walter Coker and Brian Crivella.

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