Multifamily

Marcus & Millichap Arranges $34.1M Sale of Tampa Multifamily Complex

by Alex Tostado March 28, 2019

TAMPA, FLA. — Marcus & Millichap has arranged the sale of 260 rental units and 78 of 108 condominiums at Lake Azzure in Tampa. A private real estate group based in New York City sold the 334 units for $34.1 million to a private family office. IPA Capital Markets, a division of Marcus & Millichap, arranged an equity loan totaling $24.8 million on behalf of the buyer. The 10-year, fixed-rate loan features five years of interest-only payments. Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres. Evan Kristol, Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap represented the buyer in the transaction.

March 28, 2019

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Negotiates $23.5M Sale of Apartment Property in Mobile

by Alex Tostado March 28, 2019

MOBILE, ALA. — Cushman & Wakefield has arranged the $23.5 million sale of Spanish Fort Town Center, a 216-unit apartment complex in Mobile. Built in 2009, Spanish Fort Town Center is situated within the master-planned Spanish Fort Town Center and offers amenities such as a saltwater swimming pool, 24-hour fitness center, dog park, business center, fire pit and package acceptance. Josh Jacobs, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Spanish Fort Realty LLC, in the transaction. Birmingham, Ala.-based LMS Real Estate acquired the property.

March 28, 2019

Acquisitions Multifamily Student Housing Texas

Arrimus Capital Acquires 182-Bed Student Housing Property in Austin

by Taylor Williams March 28, 2019

AUSTIN, TEXAS — California-based Arrimus Capital has acquired Villas on 26th, a 182-bed student housing property serving the University of Texas at Austin. The seller, Texas-based Zucker Properties, developed the community in 2014, delivering 49 units in various formats from studio to six-bed residences. Each unit features granite countertops, walk-in closets and built-in washers and dryers. Communal amenities include a pool-sized hot tub, 24-hour fitness center and an outdoor lounge with TVs and stereo. The deal marks Arrimus Capital’s seventh student housing acquisition since 2017, yielding a $320 million portfolio spanning 3,894 beds.

March 28, 2019

Acquisitions Georgia Multifamily Southeast

Audubon Acquires East Atlanta Apartment Community for $16.8M

by Alex Tostado March 28, 2019

DECATUR, GA. — Audubon has acquired The Flats at East Atlanta, a 140-unit apartment community in Decatur, for $16.8 million. The Flats offers one-, two- and three-bedroom floor plans. A $5 million renovation was recently completed at the property, which included upgrades to unit interiors and exteriors. Audubon plans to invest $770,000 into the property, including building a fitness center, an indoor mail room, new signage and washers and dryers in each unit. Richard Jordan of CBRE originated a 10-year Freddie Mac acquisition loan with a fixed 4.4 percent interest rate. The seller was not disclosed.

March 28, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 229-Unit Apartment Community in Dallas

by Taylor Williams March 28, 2019

DALLAS — Marcus & Millichap has brokered the sale of Enchanted Hills, a 229-unit multifamily community situated on 11.7 acres in Dallas. The property was built in 1964 and has a land use restrictive agreement attached to it. Floor plans include one-, two- and three-bedroom units and amenities include a pool and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a local private investor that owned the property for 22 years, in the sale. The duo also secured the buyer, a Dallas-based investment group.

March 28, 2019

Development Michigan Midwest Multifamily

Woodborn Partners to Develop $16M Housing Project in Detroit

by Kristin Harlow March 28, 2019

DETROIT — The city of Detroit has selected Woodborn Partners to develop a new mixed-income housing project in the Hubbard Richard neighborhood and Mexicantown Business District of southwest Detroit along the border of Corktown. The site, currently vacant land, sits adjacent to Michigan Central Station, the former train depot that Ford Motor Co. is transforming into a campus. The $16 million project will include 60 new apartment units, as well as 5,000 square feet of retail space and 40 parking spaces. The four-story development will also include outdoor amenities. The project is in one of 10 neighborhoods of the Strategic Neighborhood Fund, a fund dedicated to neighborhood development. Construction is expected to start later this year, with completion slated for late 2020. Detroit-based Woodborn has other multifamily projects underway within the city.

March 28, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $41.9M Sale of 198-Unit Multifamily Asset in Arizona’s Southeast Valley

by Amy Works March 28, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Premiere at Dana Park, an apartment community located in Mesa. PCS Development sold the property to an undisclosed buyer for $41.9 million, or $211,869 per unit. Completed in 2018, The Premiere at Dana Park features 198 apartment units within walking distance of Village Square at Dana Park, a 365,000-square-foot urban lifestyle center. Steve Gebing and Cliff David of IPA represented the seller in the deal.

March 28, 2019

California Development Loans Multifamily Western

PCCP Provides $14.7M in Equity for 75-Unit Apartment Development in Bay Area

by Amy Works March 28, 2019

SUNNYVALE, CALIF. — PCCP has invested $14.7 million of preferred equity, in a joint venture with Bay West Development and Lane Properties, for the construction of 311 Mathilda, a multifamily development in downtown Sunnyvale. Located at 311 S. Mathilda Ave., the five-story property will feature 75 Class A apartment units in a mix of studio, one- and two-bedroom layouts and 4,860 square feet of ground-floor retail space that a Denny’s restaurant is expected to occupy. On-site amenities will include an outdoor courtyard with barbecues, dining terrace, fire pit and lounge seating; a fitness center with an additional exterior courtyard for group activities or classes; a two-story tenant clubhouse; a rooftop deck and lounge; and 54 bike parking spaces. Completion is slated for early 2021.

March 28, 2019

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Twin Cities’ Apartment Market Poised for a Strong 2019

by Kristin Harlow March 28, 2019

The Twin Cities apartment market is historically characterized by high occupancy and minimal volatility, with consistent and solid year-over-year rent increases, minimal concessions and a sustained vacancy rate well below 5 percent. As a result, there is abundant interest from investors and lenders alike to place capital in the Twin Cities. The lending environment for Twin Cities’ apartment owners appears poised for another great run in 2019, with all lender types having a large appetite to place capital in the market. Agency lenders Agency lenders (Freddie Mac, Fannie Mae and HUD) have been extremely active, and that will not change. Their allocations remain high, and all agencies are expected to compete aggressively for business. Additionally, there is an increased focus on products catering to affordable and workforce housing, not only for existing properties, but in providing loan commitments and locked interest rates for takeout financing for affordable or workforce housing projects. The agency reach extends geographically to secondary and tertiary out-of-state markets as well, with minimal impact on underwriting standards. Agency lenders are able to provide relatively high leverage, longer-term, nonrecourse financing for all classes of apartments. Their ability to offer partial or full-term interest-only payments is a significant …

March 28, 2019

California Features Lument Multifamily RED Capital Group Western

RED: California’s Southland Economy Loses Steam but Apartment Performance and Property Markets Strengthen; Cap Rates Decline

by Jaime Lackey March 27, 2019

Since the Baby Boom generation was in its infancy, Southern California has represented the apex of American popular culture, with its freedom, fun and limitless opportunity. But in the last few years the Southland’s place in the American imagination has been superseded to a degree by the digital prowess of its Bay Area and Pacific Northwest neighbors. Recently, the tide has begun to turn. While still wildly successful economically and culturally influential, the Bay Area, Seattle and Portland seem to be bumping into resource constraints that have dimmed their luster. By contrast, the Southland has found its stride, attracting increasing amounts of venture capital, building powerful digital and biotech platforms and proving a bit more adept than the cities to the north at finding space to facilitate economic and population growth. Venture capitalist Peter Thiel hasn’t been the only titan to notice. The impact on multifamily markets is palpable. Property sales volume records were shattered last year and cap rates fell to historic lows. Investors are increasingly embracing the value-add strategies popularized in lower-cost growth markets, driving prices of aging Class B garden properties higher and fueling faster rent growth in submarkets where the renter-by-necessity tenant predominates. Although increased supply …

March 27, 2019

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