Multifamily

MG Properties Acquires 429-Unit Sonoran Apartments in Arizona

by Amy Works January 17, 2019

PHOENIX — San Diego-based MG Properties Group has purchased Sonoran Apartments, a multifamily property located in Phoenix, for an undisclosed price. Built in 1995, the garden-style apartment community features 429 units in a mix of one-, two- and three-bedroom floor plans with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the undisclosed seller, while Rocco Mandala of CBRE arranged financing for the acquisition.

January 17, 2019

Acquisitions Arizona Multifamily Western

IPA Negotiates $37.2M Sale of Multifamily Complex in Central Phoenix

by Amy Works January 17, 2019

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Built in 2001, Monterra Apartment Homes features 258 apartments.

January 17, 2019

Acquisitions Multifamily Texas

HFF Negotiates Sale of 438-Unit Apartment Community in Houston

by Taylor Williams January 17, 2019

HOUSTON — HFF has negotiated the sale of Winding Trails, a 438-unit multifamily community in southwest Houston. Developed in 1979, the property features one-, two- and three-bedroom units averaging 803 square feet per unit and amenities such as a pool and onsite laundry facilities. Joey Rippel, Chris Young and Bailey Crowell of HFF represented the seller, Miami-based One Real Estate Investment, in the transaction. Robert Wooten and Michael Johnson of HFF secured acquisition financing through Ready Capital Structured Finance on behalf of the buyer, Austin-based GVA Real Estate Group.

January 17, 2019

Acquisitions Multifamily Texas

Sterling Real Estate Buys 332-Unit Apartment Property in Metro Austin

by Taylor Williams January 17, 2019

CEDAR PARK, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Phoenix-based Pacific Real Estate Partners, has purchased Muir Lake Apartments, a 332-unit multifamily property in Cedar Park, a northwestern suburb of Austin. The Class A community was built in 2014 and is part of the 189-acre Lakeline Park master-planned community. Floor plans include studio, one- and two-bedroom units and amenities include a pool, fitness center, indoor spa, hiking trails, a dog park and a resident clubhouse and event space. Sterling acquired the property via a joint venture with a fund managed by DRA Advisors LLC. The seller was not disclosed.

January 17, 2019

Acquisitions Multifamily Texas

Oxford Enterprises Acquires 224-Unit Multifamily Asset in Greater Houston

by Taylor Williams January 17, 2019

WALLER, TEXAS — Dallas-based investment firm Oxford Enterprises Inc. has acquired The Ranch at Waller, a newly built, 224-unit multifamily asset in Waller, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool with a spa, fitness center, game room and an outdoor cooking area. Will Balthrope, Drew Kile, Jennifer Campbell and Michelle Kneeland of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, T.R. Inscore LLC, in the transaction. The trio also procured Oxford Enterprises for the deal.

January 17, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $12.2M Sale of Apartment Building in Chicago

by Kristin Harlow January 17, 2019

CHICAGO — Marcus & Millichap has arranged the sale of a four-story apartment building in Chicago’s Rogers Park neighborhood for $12.2 million. Located at 1345 W. Estes Ave., the property includes 81 units with a mix of floor plans. The building was originally constructed in 1930. James Ziegler of Marcus & Millichap marketed the property on behalf of the private seller. Ziegler, along with Keith Zelenika, secured and represented the buyer, an out-of-state investor.

January 17, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Strategic Opportunities Drive Record Investment in New Haven Apartments

by David Cohen January 16, 2019

A strengthening rental market is drawing more multifamily investors toward the New Haven metro area. Property fundamentals are rapidly improving, aided by greater renter demand and a lack of new supply pressure. Solid apartment performance, an array of multifamily assets well-positioned for upgrades and region-leading yields offer opportunities for investors, contributing to a record level of deal volume for the market in 2018. Apartment properties in New Haven have performed better over the past 24 months than they have at any point in the last 10 years. Positive job growth has renewed renter demand, facilitating vacancy declines and rent gains. Vacancy has fallen 350 basis points since September 2016 to its current rate of 4.1 percent, and as vacancy contracted, rent growth accelerated. Effective rents began rising in 2017. The pace of growth has been trending upward in 2018, reaching a trailing 12-month appreciation rate of 5.9 percent in September, a four-year high. These improvements are just as evident in the surrounding suburbs south along the I-95 Corridor and north along the I-91 Corridor as they are in the city of New Haven. The increase in absorption and the resulting impact on multifamily operations has been positive in part because …

January 16, 2019

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Greystone Arranges Sale of Two-Property Seniors Housing Portfolio in Rhode Island

by David Cohen January 16, 2019

PROVIDENCE, R.I. — Greystone Real Estate Advisors has closed the sale of two seniors housing properties in Rhode Island: Chapel Hill in Cumberland and Smithfield Woods in Smithfield. The sales price was not disclosed. Both properties are located in the Providence metro area. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly traded REIT. The buyer was a partnership between GMF Capital, a New York-based private equity firm, and Meridian Senior Living, which will operate the properties. The communities were built between 1989 and 1999. The properties offer 272 units of assisted living, memory care and skilled nursing.

January 16, 2019

Alabama Loans Multifamily Southeast

Barings Provides $10.9M Fannie Mae Refinance Loan for New Apartment Complex in Downtown Birmingham

by Alex Tostado January 16, 2019

BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not disclosed.

January 16, 2019

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