Multifamily

University of California Approves Plans for $1.1B Student Center, 2,400-Bed Residence Hall at UC San Diego

by Katie Sloan March 30, 2023

SAN DIEGO — The University of California Board of Regents has approved plans to develop a new student center and 2,400-bed residence hall on the University of California San Diego campus. The two projects will cost $1.1 billion, according to reports by The San Diego Union Tribune. Construction on both developments is set to begin this summer. The four-building student center, named Triton Center, is set for completion in 2026. One of the buildings will be home to the university’s student health, mental health and well-being services. This property will include an urgent care space; primary care, pharmacy and wellness services; and a new home for the university’s Counseling and Psychological Services department. Triton Center will also include an alumni and welcome center; a multi-purpose building with a 500-person event space; an art gallery; and a student academic resources building. The residence hall, Ridge Walk North Living and Learning Neighborhood, is scheduled to open in time for fall semester 2025 and will serve undergraduate students. The building will also include updated administrative and teaching space for the university’s Thurgood Marshall College, School of Global Policy and Strategy, and the Department of Economics in the School of Social Sciences. Ridge Walk will …

March 30, 2023

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Pandemic-Fueled Trends Continue to Have Impact on Twin Cities CRE Market

by Kristin Harlow March 30, 2023

By Jeff Budish, Northmarq Three years in, and the COVID-19 pandemic has immensely altered how multifamily and commercial properties are utilized, located and valued. Now with interest rate changes, all product types have seen a hit from the change in the cost of capital. While challenges are on the horizon, Midwest markets, including Minneapolis-St. Paul, should see less shake up than elsewhere. Despite rising interest rates, recession worries and nagging inflation, the Twin Cities multifamily sector is resilient. Vacancies remain low, demand is outpacing supply and rents are solid. Year over year, apartment rents in the Twin Cities area are up 5 percent. While COVID changed the dynamics of all product types, it explicitly impacted multifamily. The increase in remote work meant employees were not tethered to a physical office. Many people moved away from their workplaces in densely populated areas to the suburbs. However, Minneapolis and St. Paul proper generally saw net outbound demographic shifts. Valuations over the past two years therefore didn’t include additional inflated pricing based on speculation of continual inbound movement. There is also soaring demand for apartments due to an increase in the number of Americans living on their own, roommate-free. In an AvalonBay public …

March 30, 2023

Matt Mimnaugh Pavlov Mutlifamily Internet reviews

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Service Providers Keep Multifamily Owners, Residents Happy with Proactive Approach to Internet Challenges

by Sarah Daniels March 30, 2023

By Matthew Mimnaugh, account management manager, Pavlov Media Account management, or the work to ensure repeat business and expand each client relationship, requires more than simply satisfying customers. For Internet service providers (ISPs) to the multifamily industry this means helping property managers succeed by maximizing their residents’ connectivity. Excellent Internet service leads to positive property reviews and renewed leases. Property ownership and management win. Providers that serve landlords best not only respond to service requests, but also employ a deductive approach to diagnose root problems, discover unreported deficiencies and take preemptive actions that allow smooth property operations. Below is an overview of best practices for account management and a discussion of Pavlov Media’s data analysis and behavioral pattern recognition tools we’ve developed to uncover trends and issues that can threaten connectivity and, ultimately, property performance. First Responders Giving housing managers and their residents access to a technology support team is a standard practice for many ISPs. Typically, a request generates a service ticket, and a team member responds to gather basic information before walking the customer through a scripted trouble-shooting tree to either solve the problem or elevate the ticket for more advanced assistance. This approach can be highly effective …

March 30, 2023

Acquisitions Florida Multifamily Southeast Virginia

Bonaventure-Sponsored REIT Purchases Three Multifamily Properties Totaling 601 Units in Florida, Virginia

by John Nelson March 29, 2023

ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.

March 29, 2023

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $8M Sale of Apartment Building in D.C.

by John Nelson March 29, 2023

WASHINGTON, D.C. — Marcus & Millichap has arranged the $8 million sale of Carleton Terrace Apartments, a 32-unit multifamily community located at 2371-2377 Champlain St. NW in Washington, D.C. Built in 1915, the property, which has been owned by the seller’s family for over 100 years, totals 30,900 square feet and is situated on a 19,876-square-foot, RA-2 zoned lot. Units at the three-story building include 28 one-bedroom and four two-bedroom apartments. Dennis Cravedi and Marty Zupancic of Marcus & Millichap brokered the transaction on behalf of the seller, an entity doing business as Carleton Terrace LLC. The buyer, a private investor, purchased the property through a collaborative TOPA (Tenant Opportunity to Purchase Act) process with the current tenants.

March 29, 2023

Development Multifamily New Jersey Northeast

JMF Properties Opens 125-Unit Apartment Complex in Morris Plains, New Jersey

by Taylor Williams March 29, 2023

MORRIS PLAINS, N.J. — Locally based developer JMF Properties has opened The American, a 125-unit apartment complex in the Northern New Jersey community of Morris Plains. Residences come in one- and two-bedroom floor plans with a maximum size of 1,300 square feet. Amenities include a fitness center, coffee bar, conference rooms, a theater, golf simulator, billiards room and outdoor grilling and dining stations. Rents start at $2,775 per month for a one-bedroom unit.

March 29, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6M Sale of Manhattan Apartment Building

by Taylor Williams March 29, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.

March 29, 2023

Development Illinois Midwest Multifamily

Peak Realty Begins Pre-Leasing for Mavrek Development’s New Luxury Apartment Building in Chicago

by Kristin Harlow March 29, 2023

CHICAGO — Peak Realty has begun pre-leasing efforts for Portrait, a new luxury apartment building from Mavrek Development in Chicago’s Uptown neighborhood. Located at 948 W. Sunnyside Ave., the property includes 59 units and 6,500 square feet of first-floor retail space. The pet-friendly development features amenities such as a coworking space, fitness center and covered parking. Peak Realty’s sister company, Peak Properties LLC, will manage the building. Completion is slated for June. Monthly rents start at $1,792, according to the property’s website.

March 29, 2023

Arizona Development Loans Multifamily Western

Ascent Companies, Vanderbuild Receive $44.9M in Construction Financing for Amavida Apartments in Marana, Arizona

by Jeff Shaw March 29, 2023

MARANA, ARIZ. — Ascent Companies and Vanderbuild have received $44.9 million in construction financing for Amavida, a 200-unit apartment community in Marana. The community will be situated northwest of Tucson. The developers are planning to break ground on Amavida in the next few weeks. It will include a clubhouse, fitness center, pool, entertainment lawns, barbecues and dog parks. Amavida will also feature a 3.5-acre private park, an amenity not offered by any other multifamily property in the Tucson area. Brandon Harrington and Tyler Woodard of Northmarq’s debt and equity team secured the financing.

March 29, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $8.6M Sale of Glassell Apartments in Los Angeles

by Jeff Shaw March 29, 2023

LOS ANGELES — Keller Williams has negotiated the sale of Glassell Apartments, a 35-unit multifamily asset in Los Angeles. A 1031 exchange investor bought the property for $8.6 million. The community is located at 3367 Andrita St. in Glassell Park, near Glendale and Eagle Rock. Built in 1989, the property is subject to rent control and was more than 60 percent vacant at the time of sale. The seller was a family trust that owned the asset for more than 20 years. Andres Diaz of Keller Williams’ office in downtown Los Angeles represented the seller and procured the buyer.

March 29, 2023

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