Mihkel Grunbaum

  A joint venture between   Goldman Sachs  and   Kushner Real Estate Group  has sold Addison at Princeton Meadows, a 440-unit multifamily community in Plainsboro, N.J.   Colony Hills Capital   paid $115 million for the asset, according to Middlesex County Records. The buyer acquired the property using a $76.6 million, 10-year Freddie Mac loan originated by  Walker & Dunlop , the same source shows.  JLL  brokered the deal on behalf of the seller. Built in 1979, the community comprises 28 two-story buildings offering a mix of studio, one- and two-bedroom floorplans ranging from 432 to 911 square feet, according to Yardi Matrix data. The same source indicates that the property last traded in 2017 for $74 million. Apartments feature central A/C, in-unit washers and dryers, private entries and balconies or patios. The majority of interiors have recently been renovated. Common-area amenities include a swimming pool, fitness center, dog par...

  Middleburg Communities  has acquired approximately 30 acres of land in Wilmington, N.C., for the development of Hamlet Barclay West, a 280-unit single-family rental community. Construction is expected to begin later this month. Hamlet Barclay West will comprise a mix of cottages, duplexes and townhomes.  Rendering courtesy of Middleburg Communities The property will encompass one-, two- and three-bedroom floorplans across a mix of cottages, duplexes and townhomes. Interiors will feature vinyl plank flooring, quartz countertops and stainless steel appliances. Common-area amenities are slated to include a clubhouse, a swimming pool, a fitness center, EV charging stations, a dog park and a pet spa. Located at 3152 S. 17th St., at the intersection with Independence Boulevard, the site is some 3 miles from downtown Wilmington and roughly 8 miles from the Wilmington International Airport. The property is adjacent to the Cameron Art Museum and across from the Pointe at Barclay...

  Part of the Painted Tree master-planned community, Cyrene will span 60 acres. Cyrene at Painted Tree will occupy some  60 acres.  Image courtesy of Curve Development Curve Development  has broken ground on Cyrene at Painted Tree, a 302-unit build-to-rent project within the Painted Tree  master-planned community  in McKinney, Texas, some 30 miles north of Dallas. The developer expects preleasing at the property to start in the second quarter. Oxland Advisors  and  JEN Partners  are behind the Painted Tree development, which is set to include some 3,400 residences,  The Dallas Morning News  reports. Various developers participate in the community’s construction, creating different types of properties across three districts.  Painted Tree will encompass single-family homes for both rent and sale at different price points, as well as luxury apartment buildings. Plans also call for various amenities such as two swimming pools, foo...

  Top 10 Emerging Multi Family Markets in US in January 2024 Based on Yardi Matrix data, this year's list includes both familiar names and surprises.  Image by Chnah Nguyen via Pixabay.com The strong performance displayed by the rental sector during the past two years has finally started to moderate in the fall. That trend is anticipated to continue in 2023, affected by softening housing demand and weakening economic growth. Gateway markets, badly hit by out-migration during the peak of the pandemic, are rebounding, boosted by limited supply, increased return to the office and resurgent immigration. The most pressing woes currently—rising inflation and interest rates—are high on everyone’s watch list. Meanwhile, a handful of smaller metros have showed strong performance in 2022. Using  Yardi Matrix data, we were able to select them by analyzing employment growth, deliveries and the construction pipeline, occupancy, and property values. We assigned each of those key metric...