Multifamily

Realm Group Buys Development Site in Downtown Los Angeles for High-Rise Multifamily Project

by Amy Works July 24, 2018

LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles’ Fashion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Additionally, the site’s existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be redeveloped into 13,600 square feet of ground-floor commercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool terrace and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Offerings.

July 24, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates $26.8M Sale of Multifamily Community Near Hartford, Connecticut

by David Cohen July 24, 2018

BLOOMFIELD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the $26.8 million sale of The Arbors at Brighton Park, a 132-unit multifamily community in Bloomfield. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, Bloomfield Realty Partners. The buyer was an affiliate of Paredim Partners. Situated on more than 14 acres, The Arbors at Brighton Park is located within five miles of Hartford Hospital, The University of Hartford, Trinity College and the 800-acre Penwood State Park.

July 24, 2018

Acquisitions California Multifamily Western

Luxo II Apartment Homes Acquires 40-Unit Complex in San Diego for $21.3M

by Amy Works July 24, 2018

SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.

July 24, 2018

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $2.2M Acquisition Financing for Boutique Assisted Living Community Near Seattle

by Amy Works July 24, 2018

SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.

July 24, 2018

Acquisitions Multifamily New York Northeast

Meridian Brokers $11M Sale of Turtle Bay Music School Building in Manhattan

by David Cohen July 24, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the sale of the Turtle Bay Music School in the Midtown East neighborhood of Manhattan for $11 million. Located at 244 E. 52nd St., the three-story property was built in 1865 and has been occupied by the Turtle Bay Music School since 1935. The undisclosed buyer plans to convert the property into residential condominiums. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction.

July 24, 2018

Acquisitions Alabama Multifamily Southeast

Transcontinental Realty Investors Acquires 200-Unit Multifamily Community on Alabama’s Gulf Coast

by Camren Skelton July 24, 2018

GULF SHORES, ALA. — Transcontinental Realty Investors Inc., along with its wholly owned subsidiary, Abode Properties, has acquired the Villas at Bon Secour, a 200-unit apartment community in Gulf Shores, a city on Alabama’s Gulf Coast. The Dallas-based real estate investment firm secured a Freddie Mac loan for the acquisition. The name of the seller and sales price were not disclosed. The community includes a mix of one- and two-bedroom units ranging from 648 to 990 square feet. Community amenities include a business center, dog park, clothes care center, fitness center and a resort-style pool. The Villas at Bon Secour is located less than five miles from the beach and within one mile of The University of South Alabama’s Gulf Coast campus.

July 24, 2018

Development Midwest Minnesota Multifamily Seniors Housing

Dominium Opens 163-Unit Affordable Seniors Housing Property in Suburban Minneapolis

by Kristin Harlow July 24, 2018

APPLE VALLEY, MINN. — Dominium has completed development of The Legends of Apple Valley, a 163-unit affordable seniors housing property located 20 miles south of Minneapolis. Residents who are 55 and older and who earn up to 60 percent of the area median income are eligible to live at the property. Amenities include a fitness center, community room, theater room and a beauty salon. Eagle Building Co. was the general contractor. Dominium’s Legends portfolio comprises 2,100 units of affordable senior apartments across the metro area.

July 24, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.5M Sale of Apartment Property in South St. Paul

by Kristin Harlow July 24, 2018

SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.

July 24, 2018

Colorado Market Reports Multifamily Western Western Market Reports

Denver’s Multifamily Market Tests Its Limits

by Taylor Williams July 24, 2018

An interesting metric was reached in the Denver multifamily market during the first quarter of 2018 — and that’s record absorption. The city already boasts accolades for quality of life, talks of strong in-migration and speculation of becoming the location for the second Amazon headquarters. After these, the most common topic of conversation for multifamily professionals is the unprecedented construction pipeline and just when will we hit an inflection point where the market won’t accept any more Class A, market-rate apartments. It seems we’re still not there. As of the first quarter of 2018, the trailing 12-month absorption was more than 10,000 units. That’s more units than what was completed in 2017 and the highest absorption on record. The result was metro-wide vacancy dipping year-over-year to 5.79 percent, limited concessions and metro-wide annual rent growth at 3.8 percent. Denver’s average rent now stands at $1,405 per unit and $1.62 per square foot. The Central Business District (CBD) experienced the most absorption this quarter, accounting for nearly 25 percent of total metro absorption. Annual rents also grew by 2.7 percent, leading the CBD to regain its title for most expensive rental submarket in Denver with rents per-unit averaging $1,835. But development …

July 24, 2018

Kingston Square Affordable Housing, Kokomo, Indiana

Features Heartland Feature Archive Multifamily Student Housing

Student Housing Pushes Out Affordable Living in College Towns

by Jeff Shaw July 24, 2018

For Kyle Bach, CEO of The Annex Group LLC, there’s an affordable housing crisis taking place in large university towns. After extensive research in Bloomington, Indiana, and other similar towns, Bach found that over the past decade or so virtually all new multifamily product added to the market has been either student or luxury housing. This has priced out the workforce or affordable housing residents in those communities, he says. About a year-and-a-half ago, Bach’s Indianapolis-based firm reconfigured its development focus in effort to fill this need by providing affordable housing for the university workforce or married students. In Bloomington, The Annex Group is in the midst of securing final approvals for Union at Crescent, a 146-unit affordable housing development about two miles from Indiana University. The $18 million project has received tax credits from the Indiana Housing Community Development Authority. The project will also be financed with Section 42 of the low-income housing tax credits program (LIHTC). With this type of financing, law regulates that full-time students are not allowed to live in the development unless they are married and their spouse’s income qualifies. The Annex Group hopes to break ground in the fourth quarter of this year with …

July 24, 2018

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