Kolter Multifamily has broken ground on a 55-plus apartment community west of Boynton Beach. The company is taking a different approach to traditional 55-plus housing options.

“We think of the project as a cruise ship on land,” said Kolter’s Jeff Quinlivan. “Typically, senior communities provide residents with smaller units and 24-hour care driving up residents’ monthly costs. Boynton Tropical will be lower acuity with more emphasis on overall wellness-focused amenities and activities.”

The development will feature 210 apartments ranging from 800 to 1.400 square feet and about 15,000 square feet of amenities, such as a resort-style pool, a fitness center, a dining area with a bar, a craft room, a salon, a yoga studio, and a ping-pong room.

Boynton Tropical will be located on the 8.9-acre site at 7401 Tropical World Way, on the east side of Hagen Ranch Road. A Kolter affiliate purchased the property for $4.75 million in 2020.

Boynton Tropical should be completed in winter 2026.

On December 1, the Property Markets Group will start allowing tenants into one of the complexes 460 units. 70 of those will be set aside for co-living, “rent-by-bed” tenants. The 31-story mixed-use tower is at the northwest corner of 6th and Peachtree streets.

The Atlanta Business Chronicle reports Property Markets Group paid $20.3 million for the site at 811 Peachtree St. in late 2021. Society Atlanta also features two full floors of leasable office space and 14,500 square feet of ground-level retail space.

Pricing for available co-living units starts at roughly $1,500, according to the property’s website. Pricing for available studio units begins at $1,630. 

Society Atlanta features a coworking hub, an eighth-floor pool deck and terrace space and a more than 10,000-square-foot gym equipped with a spin studio and dedicated space for private workout classes.

Pasadena-based ExchangeRight, one of the nation’s leading providers of diversified real estate DST and REIT investments, said investors have fully subscribed its Net-Leased Portfolio 65 DST, an $82.28-million offering featuring 416,735 square feet of national tenants in necessity-based industries. The portfolio is structured to provide monthly distributions with a current annualized rate of 5.00%.

The DST contains 13 properties diversified across 10 states and five historically recession-resilient tenants, including FedEx, Tractor Supply, Dollar General, Dollar Tree and Family Dollar. The offering was launched with a 40.23% loan-to-value and non-recourse interest-only financing at a fixed rate of 5.82% over a 5-year term.

“We remain committed to working with representatives and advisors to provide offerings that are structured to preserve their clients’ capital and provide stable, passive income, even through economic volatility,” said Joshua Ungerecht, a managing partner at ExchangeRight. “As increasingly more investors are transitioning from active to passive real estate investments, we are pleased to help meet that need with a 1031-compatible offering designed to protect investors.”

NexPoint launched the NexPoint Small Bay II DST, a Delaware statutory trust (“DST”) offering comprised of two Small Bay industrial properties in the Orlando-Kissimmee-Sanford metropolitan statistical area (“MSA”).

The offering, sized at just under $39 million, adds 378,929 square feet of multi-tenant warehousing and industrial space to NexPoint’s portfolio.

The two properties in the DST offering include:

• The Lakefront Property which starts at 6101 Chancellor Drive in Orlando, and
• BaySpace Belle is located at 1200-1270 Belle Avenue, Winter Springs, and offers 192,767 square feet of flex and multi-tenant industrial space.

With this offering, NexPoint expands its footprint in Central Florida and the light industrial sector, often referred to as “Small Bay.” The launch follows NexPoint Small Bay I DST, a now-closed offering that raised $59.5 million.

Oak Brook, Illinois-based Inland Private Capital Corporation (IPC) has completed a more than $46 million capital raise for the private investment offering of Algonquin Senior Living DST, an IPC-sponsored Delaware statutory trust.

The DST owns a Class A, private pay, 186-unit senior living community in Algonquin, Illinois. The community is comprised of independent living, assisted living and memory care units. The offering has been fully subscribed by investors and is now closed.

“While several factors are driving senior living demand growth, the aging U.S. population is increasing the need for communities and services,” commented Nati Kiferbaum, senior vice president – head of investment product strategy for IPC.

To date, IPC’s senior living portfolio consists of 1,273 units and a total of nine communities across Arizona, Illinois, Kansas, Minnesota and Missouri. IPC also manages a diverse portfolio of more than $12.2 billion across several asset classes spanning 43 states.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19. 

At the behest of New York-based Mack Real Estate Group (MREG), the Arizona State Land Department has agreed to auction off 2,300 acres of land surrounding the $40 billion Taiwan Semiconductor Manufacturing Co. plants in N. Phoenix. The Phoenix Business Journal reports it’s meant for the buildout of a massive technology and science park reminiscent of Silicon Valley.

The auction is scheduled for May 29 with a starting bid at $56.28 million, or about $24,000 an acre. Anyone can bid on the property, but more often than not, the winning bidder is the one who initiates the auction. MREG already has an extensive portfolio of projects across the Valley of the Sun.

The developer “intends to construct and install all of the necessary infrastructure needed for development of the subject and then market parcels for sale to end-users and a variety of uses” including industrial, commercial, multifamily and more.

Just in time for the holidays, renters are being gifted more perks when leasing apartments in a market that is delivering more supply. 

Landlords are offering at least one concession on 30% of rental listings, the highest rate in two years, according to a report this week from Zillow. These concessions include free months of rent and free parking. 

Of the 50 largest U.S. markets, 43 are seeing more concessions on listings than last year, according to Zillow. In the Salt Lake City, Washington, D.C., and San Jose, California, markets, 50% or more of listings have at least one concession. 

The markets with the sharpest increase in concessions compared to last year were Salt Lake City, Charlotte, Dallas, Atlanta and Columbus, Ohio. 

There are only a handful of markets where the rate of concessions in listings has dropped from last year, including Richmond, Virginia; Louisville, Kentucky; Providence, Rhode Island; and Sacramento, California.

One of the driving factors for the uptick in concessions has been the influx of new apartments this year. In the third quarter, more than 128,000 new units came online, with just over 90,000 units absorbed, according to RealPage. More than 460,000 units have been completed this year, with 1 million coming online over the last three years.

Markets seeing the most new construction include New York, D.C., Austin and Dallas, according to Fannie Mae’s Mid-2023 Multifamily Construction Update. 

Due to this surge, rental vacancy has risen to 6.6%, according to Census Bureau data cited in Zillow’s report, leading to more options for renters to choose from and forcing landlords to bring more to the table.

However, while concessions are rising, the competition hasn’t led rents to come down just yet. Rents rose 3.2% year-over-year in October, according to Zillow.