- Investment Sales & Capital Markets
- Real Estate Solutions
- Incentives Negotiation & Location Strategy
- Project Management
- Building Management
- User Development Services
The property is located in one of the country's fastest-growing areas, but housing development has not kept pace with an influx of need.
The property is located in an area that is quickly emerging as one of the fastest-growing areas in the country. Recent economic development in the region has skyrocketed with $21.87 Billion in investments announced during the past 24 months. These investments will create 29,607 new jobs in the region, but the pipeline for new housing development has not kept pace with the impending need for localized housing. The property is ideally situated to provide a much needed housing option to the area.
The project is currently under construction with the first building CO anticipated for December 2022. There will be 10 buildings with a total of 252 units on the 16 acre site. The final project CO is planned for September 2023.
Foundry Multifamily listed and sold the site to the current developer. During the escrow process the team was fundamental in receiving entitlements from the city, negotiating a cross access agreement with the adjoining landowner, and negotiating an amendment to the covenants of the adjoining shopping center to allow for the highest and best use of the property.
Once closed, Foundry Multifamily was engaged to source construction financing for the project. We brought in our Debt and Structured Finance team to execute on the assignment and provide high quality senior construction debt from a regional bank lender.
Given the developer’s pipeline growth and GP capital constraints, Foundry Multifamily was once again engaged to market the disposition of the finished asset on a forward sale basis with closing coinciding with the receival of final CO.