Multifamily

Burbank-Boulevard-Senior-Housing-Los-Angeles-CA

TCA Architects, Mercy Housing Complete Affordable Seniors Housing Project in Los Angeles

by Amy Works January 29, 2024

LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.

January 29, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $6.9M Sale of Multifamily Property in Los Angeles

by Amy Works January 29, 2024

LOS ANGELES — Marcus & Millichap has brokered the sale 5247 Corteen Place, a 32-unit apartment asset in the Valley Village neighborhood of Los Angeles. A family trust sold the property to an undisclosed buyer for $6.9 million. Rick Raymundo, Jeff Louks and Brett Sanson of Marcus & Millichap represented the seller and the buyer in the deal. The seller owned the property for more than 44 years. JP Morgan Chase provided financing for the acquisition.

January 29, 2024

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Brokers $5.1M Sale of Riverside Suites in Tucson, Arizona

by Amy Works January 29, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Riverside Suites, a multifamily property in Tucson. Riverside Apts LLC acquired the asset from Campbell 33 LLC for $5.1 million. Located at 1725 E. Limberlost Drive, the 28,952-square-foot Riverside Suites features 33 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

January 29, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $4.3M Sale of Apartment Building in Bridgeport, Connecticut

by Taylor Williams January 29, 2024

BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.3 million sale of a 36-unit apartment building in the southern coastal Connecticut city of Bridgeport. According to Apartments.com, the three-story building was originally constructed in 1920 and offers one- and two-bedroom units. Brad Balletto, Robert Paterno, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

January 29, 2024

Affordable Housing Development Hospitality Multifamily Retail Top Stories

Disney Proposes $1.9B Expansion of Disneyland Theme Park in Anaheim

by Taylor Williams January 29, 2024

ANAHEIM, CALIF. — The Walt Disney Co. (NYSE: DIS) has proposed a $1.9 billion expansion of its Disneyland Resort and surrounding neighborhood in Anaheim, south of Los Angeles in Orange County. If approved, the various new projects would be carried out within 10 years of the approval date, with the potential for another $600 million in capital investment to follow. The proposal, known as DisneylandForward, calls for new attractions and hotels to be constructed on the west side of Disneyland Drive. In addition, the theme park’s operators are looking to add new shopping, dining and entertainment space to the southeast at a site that currently houses parking for the Toy Story attraction. The proposal was originally discussed with the Anaheim City Council last Thursday. According to a summary of that meeting, the proposal does not request that any new acreage, square footage or hotel rooms be developed, but rather that approved development plans be shifted onto lands that Disney already owns. As part of the proposal, Disney would invest about $85 million of its own money in various infrastructural improvements in the area, including upgrades to parking structures, roads and pedestrian bridges. To make the project possible, the City of …

January 29, 2024

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C. Multifamily Market Performs Well by Building on Rock-Solid Foundations

by John Nelson January 29, 2024

The Washington, D.C., metro area, known for its steady and stable economic foundation, stands at the forefront of a transformative period in the U.S. commercial real estate market. Amid the backdrop of an evolving macroeconomic market, it’s essential to recognize the adaptability and resilience of the metro D.C. area’s multifamily market. While recent capital market fluctuations continue to impact asset pricing across multiple sectors, the region’s fundamentals and property level performance have remained strong. According to Berkadia’s third-quarter multifamily market report, rent is up 3.6 percent in the District. Many properties are experiencing strong rent growth, which is anticipated to continue as there is a complete lack of future supply and the bulk of the apartment supply has delivered and is currently in lease-up. While some regions have headwinds that are cause for some investor caution, particularly regarding regulatory concerns, other areas like Northern Virginia are capturing significant interest from buyers and showcasing the region’s ability to still command buyer demand. This is, in many ways, the recurring narrative for the D.C. metro region: resilience supported by concrete fundamentals. Strong foundation In the D.C. metro area, the decline in supply is highly likely to continue to drive a noteworthy increase …

January 29, 2024

Loans Lument Multifamily Texas

Lument Provides $11.3M Agency Loan for Refinancing of Multifamily Property in Sherman, Texas

by Taylor Williams January 26, 2024

SHERMAN, TEXAS — New York City-based Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit multifamily property located in the North Texas city of Sherman. Built in 1986 and renovated in 2013, the garden-style property consists of 22 buildings on nearly nine acres. Amenities include a pool, clubhouse, dog park and onsite laundry facilities. Sloan Stevens of Lument originated the 10-year loan, which is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

January 26, 2024

Colorado Development Multifamily Seniors Housing Western

Cogir Senior Living, Ryan Cos. Open 137-Unit ACOYA Cherry Creek Seniors Housing Project in Denver

by Amy Works January 26, 2024

DENVER — Cogir Senior Living and Ryan Cos. have opened ACOYA Cherry Creek, a senior living community located at 301 S. Harrison St. in Denver. ACOYA Cherry Creek offers 137 independent and assisted living apartments. The community features full-size residential kitchens, multiple dining venues, an art room, a salon, club room, wellness area and an outdoor bar with a view of the Rocky Mountains.

January 26, 2024

Acquisitions Multifamily Washington Western

IPA Brokers $60.5M Sale of Atrium on James Multifamily Community in Kent, Washington

by Amy Works January 26, 2024

KENT, WASH. — Institutional Properties Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Atrium on James, a multifamily property in Kent, midway between Seattle and Tacoma. A tenants-in-common group managed by Open House Westwood LLC sold the asset to FPA Multifamily LLC for $60.5 million, or $201,667 per unit. FPA Multifamily LLC purchased the property on behalf of its Opportunity Fund VII, which has acquired $1.5 billion of assets to date. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Built in 1989 on 21.5 acres, Atrium on James features 300 one-, two- and three-bedroom apartments, averaging 835 square feet with wood-burning fireplaces; private decks and patios with storage closets; walk-in closets; and washers and dryers. Community amenities include a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground and a sports court.

January 26, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Sells Chicago Apartment Building for $4M

by Kristin Harlow January 26, 2024

CHICAGO — Breneman Capital has sold a 12-unit apartment building located on North Elston Avenue in Chicago’s Avondale neighborhood for $4 million. Breneman originally purchased the property in August 2019 for $3.5 million. Constructed in 2009, the building consists of three two-bedroom units and nine three-bedroom units. Breneman increased rents at the property by 21 percent over the hold period. The asset is one of 23 Chicago multifamily properties that Breneman has acquired since 2013.

January 26, 2024

Newer Posts

Older Posts