FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight states.
SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million. The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and fitness center; barbecue area with two gas grills; dog park; laundry facilities; secured gate access; and covered parking. Marc Ross of CBRE’s Sacramento office brokered the sale.
CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
LA PORTE, IND. — Flaherty & Collins Properties has broken ground on The Banks, a $35 million apartment complex in La Porte, about 30 miles west of South Bend. In addition to 194 apartment units, The Banks will feature 5,000 square feet of retail space and will be situated on four acres within the larger NewPorte Landing development. Amenities will include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss purchased tax credits for the project. The La Porte Redevelopment Commission is supporting the project with tax-increment financing. Completion is slated for the first quarter of 2022.
MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.
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In Search of Relative Value in Orange County’s Apartment Sector
Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …
AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Ethos Apartments, a 372-unit multifamily community in Austin. Built in 2014, the property offers one-, two- and three-bedroom units. Amenities include a pool, business center, fitness center, walking trails, a clubhouse, pet play area and outdoor picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the undisclosed seller in the transaction. Bluestone Properties, a Los Angeles-based investment firm, purchased the asset for an undisclosed price.
AUSTIN, TEXAS — Pearlstone Partners will develop Cascade Condominiums, a 113-unit multifamily project that will be located in the heart of historic Old West Austin. Designed by Mark Hart Architecture, the property will house two commercial units and offer amenities such as a pool, fitness center, coworking space and a resident clubhouse. Bartlett Cocke served as the general contractor for the project, and Austin-based Prospect Real Estate is the listing agent. Presales are expected to begin in October, with prices ranging from $280,000 to 635,000 per unit. Connecticut-based Knighthead Funding provided a $26.5 million construction loan for the project.
GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.