Multifamily

180 Multifamily Capital Acquires 152-Unit Apartment Property in Bedford, Texas

by Taylor Williams March 5, 2019

BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.

March 5, 2019

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Is Raleigh’s Multifamily Market Still a Strong Investment?

by Alex Tostado March 5, 2019

The short answer: absolutely. You don’t need to be a savvy commercial real estate professional to notice the impact multifamily has on Raleigh’s urban landscape. Areas like North Hills/Midtown, Downtown and Hillsborough Street are typically at the forefront of everyone’s mind when they think of new Raleigh developments, but it’s not just Class A development in the city’s urban core that has seen a boom. Class B and C suburban product have seen the most significant rent growth through the cycle that continues to increase each quarter. Moreover, we are seeing new construction intensify along our suburban corridors. It’s also no secret that Raleigh has one of the healthiest economies in the country. The Milken Institute reported recently that Raleigh ranks No. 2 in the nation for creating and keeping quality jobs. Economic factors like wage and employment growth, quality of life, proximity to higher education and a bustling tech sector have created a perfect storm of dynamic economic activity. Much to their chagrin, Raleigh natives haven’t done a very good job of keeping this a secret, and the number of fresh new faces coming to the Triangle continues to rise. In fact, the Raleigh-Durham market grew by nearly 60,000 …

March 5, 2019

Acquisitions Multifamily New York Northeast Top Stories

CBRE Negotiates $472.5M Sale of Multifamily Portfolio in Long Island

by Taylor Williams March 4, 2019

LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million. The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties. The following properties were included in the portfolio: Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971; Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951; Cambridge Village in Levittown, an 82-unit property that was completed in 1969; Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973; Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975; Southern Meadows, a 452-unit asset in Bayport that was completed in 1970; Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972 All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s …

March 4, 2019

Acquisitions Multifamily New York Northeast Student Housing Uncategorized

CIM Group Sells 24-Story Tower in Manhattan

by David Cohen March 1, 2019

NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth Israel.

March 1, 2019

Acquisitions California Multifamily Western

IPA Arranges $57.1M Sale of 208-Unit The Dylan Apartment Complex in Oceanside, California

by Amy Works March 1, 2019

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan Apartment Homes, a multifamily property located in Oceanside. Fowler Property Acquisitions sold the property to Chicago-based 29th Street Capital for $57.1 million, or approximately $274,639 per unit. Located at 550 Los Arbolitos Blvd., the complex features 208 apartments, two swimming pools, two spas, a gym and a business center. Christopher Zorbas and Alexander Garcia Jr. of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 1, 2019

Acquisitions Multifamily Washington Western

Goldman Sachs Buys 372-Unit Bailey Farm Apartments in Metro Seattle

by Amy Works March 1, 2019

BOTHELL, WASH. — Goldman Sachs Asset Management Private Real Estate has purchased Bailey Farm Apartments in Bothell, a suburb of Seattle. Terms of the transaction were not disclosed. Built in 2013, Bailey Farm Apartments features 372 units with nine-foot ceilings, direct-access garages, quartz countertops, vinyl plank flooring and stainless steel appliances. This transaction is the buyer’s 24th multifamily investment. The company currently owns approximately 6,450 multifamily units across the country.

March 1, 2019

Loans Midwest Multifamily Nebraska Seniors Housing

CBRE Arranges $11.9M Loan for Refinancing of Seniors Housing Community in Omaha

by Taylor Williams March 1, 2019

OMAHA, NEB. — CBRE has arranged $11.9 million in financing for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha. The borrower is a joint venture between South Dakota-based real estate firm Hegg Cos. and management/consulting firm Paradigm Senior Living. Situated on 6.9 acres, the community is located less than five miles from the only full-service hospital in West Omaha. Aron Will and Austin Sacco of CBRE originated the 10-year, fixed-rate, Fannie Mae loan with 36 months of interest-only payments. The funds will be used to refinance the original construction loan for the property.

March 1, 2019

Development Multifamily Texas

Southern Land Tops Off 19-Story Apartment Community in Dallas

by Taylor Williams March 1, 2019

DALLAS — Southern Land Co., a Nashville-based developer, has topped off Novē at Knox, a 19-story luxury apartment community in the Knox-Henderson neighborhood of Dallas. The property, which is expected to open in 2020, will consist of 41 junior units, 159 one-bedroom residences, 90 two-bedroom apartments and 16 penthouses. Amenities will include a pool with cabanas, fitness center, a residents’ lounge, dog park, outdoor grilling areas and a 10,000-square-foot private open space that connects to McKinney Avenue. Local architecture firm GDA Architects designed the project.

March 1, 2019

Acquisitions Multifamily Texas

Fogelman, DRA Advisors Acquire 660-Unit Multifamily Asset in Houston

by Taylor Williams March 1, 2019

HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.

March 1, 2019

Market Reports Multifamily Texas Texas Market Reports

Why Arlington Should Be on Every Multifamily Developers’ Radar

by Taylor Williams March 1, 2019

Our borrowers’ favorite question is, “Where should we build next?” As a lender specializing in financing Texas apartment communities, it’s hard to get the answer wrong. Our state is full of cities adding jobs and people at faster rates than the nation as a whole. As we drill down to help our clients differentiate between “good markets” and “good opportunities,” we focus on several factors including the current rental market, supply and demand and location. When considering these factors, the city of Arlington stands out as an overlooked “good opportunity.” It’s surprising how little attention this city of 400,000 in the middle of the metroplex has received from multifamily developers in recent years. Even as home to an ever-expanding General Motors assembly plant, one of the state’s largest universities, an entertainment district featuring two $1 billion stadiums, an extensive highway system, easy access to Dallas-Fort Worth (DFW) International Airport and a pro-growth local government, we haven’t worked with a developer yet that had Arlington on its list before we talked. Yet the selling points are obvious. Current Rental Market Overall, market-rate properties in Arlington show steady occupancy at 93 percent with average rents of $1.20 per square foot and annual …

March 1, 2019

Newer Posts

Older Posts