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Rescore Property Corp. Receives $100M in Construction Financing for 368-Unit Apartment Building in Hollywood

LOS ANGELES — Rescore Property Corp. has received a $100 million construction loan to develop The Rise Hollywood, a 368-unit apartment complex in Hollywood. The seven-story community will be located at 1331 N. Cahuenga Blvd. The units will feature nine-foot ceilings, wood flooring, stainless steel appliances, quartz countertops, balconies and walk-in closets. Community amenities include a pool, fitness center, yoga room, club room and dog run. The Rise Hollywood is situated near Amoeba..

May 17, 2017

Healthy Apartment Renter Demand in Indianapolis Eclipses Robust Supply Growth

Strong job growth in the second half of 2016, robust tenant absorption of new apartment supply and falling vacancies throughout the Indianapolis metro area supported a markedly improved multifamily marketplace by the end of the year. This year, steady employment gains and rising home prices will continue to bolster apartment property performance metrowide. In the first half of 2016, hiring was sluggish due to a lack of available workers, but ramped up at midyear. By year’s end, area..

May 11, 2017

Omaha’s Strong Apartment Fundamentals Draw National Attention of Investors

With an average occupancy rate of 96 percent at the end of 2016, coupled with a four percent growth in asking rental rates during 2016, Omaha’s apartment market continues to be a strong performer. According to apartment data research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past 23 quarters, and is expected to increase 3.6 percent in 2017. On the occupancy front, Reis expects the vacancy rate to finish 2017 slightly higher at 4.9 percent, which..

April 27, 2017

Harbor Group International Buys 700-Unit Apartment Property Near Miami for $158.5M

PEMBROKE PINES. FLA. — An affiliate of Harbor Group International LLC has acquired the 700-unit Montage at City Center in Pembroke Pines, a suburb of Miami, for $158.5 million. Montage at City Center contains 12 mid-rise buildings and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. The property is currently 95 percent leased with an average market rent of $1.55 per square foot. Montage at City Center was built in two phases between 2014 and..

April 26, 2017

Accelerating Demand, Deliveries Set the Tone for Nashville’s Apartment Market

The Nashville multifamily market’s roll continued through the end of 2016 with nearly 6,400 units absorbed, a 10 percent increase compared to 2015, according to Axiometrics. This demand was fueled by steady employment growth of nearly 28,000 new jobs, led by world-class healthcare employers, educational institutions and a burgeoning tech scene. The rate of job growth in Nashville is currently about 50 percent faster than the national level, and as a top destination for young people and the..

April 3, 2017

Stars Are Aligned for Twin Cities’ Apartment Market to Remain Strong

Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of..

March 23, 2017

The Scharf Group, Besyata Investment Group Acquire Multifamily Portfolio in the Southeast for $74M

LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units. Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia. Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community..

March 22, 2017

Marcus & Millichap Closes Sale of 1,164 Apartment Units Throughout Texas for $80.5M

DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in..

March 15, 2017

NorthMarq Capital Secures $2.4M Financing for Multifamily Property in New Hampshire

MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

March 7, 2017

M&M Arranges Sale of $3.1M Apartment Building in North Bergen, N.J.

NORTH BERGEN, N.J. – Marcus & Millichap has arranged the sale of Riverview Lofts, an eight-unit apartment property located in North Bergen, for $3.1 million. David Thurston and Charles Loccisano of M&M’s New Jersey office represented the seller, a limited liability company, as well as the buyer. Riverview Lofts is located at 8917 Old River Road in North Bergen, across the street from Edgewater Town Hall.

March 6, 2017