Multifamily

Left: Marc Suarez, Director at Hunt Real Estate Capital. Right: Randall Shearin, Senior Vice President, France Media.

Q&A Video: COVID-19’s Impact on Southeast Multifamily

by Sarah Daniels August 10, 2020

Marc Suarez Talks about Multifamily Housing and Potential Opportunities in the Next Few Months In this brief Q&A, Marc Suarez, Director at Hunt Real Estate Capital, gives insight on how the multifamily sector has fared so far in the Southeast and what Suarez expects in the near future. This interview covers a range of multifamily concerns, from potential vacancies in luxury communities to how landlords can keep rent flowing to their communities. Register to hear how agency activities have affected deal flow and how sellers and buyers are finding common ground. Register to listen to this complimentary webinar here. Webinar sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. It offers Fannie Mae, Freddie Mac and FHA in addition to its own proprietary loan products.

August 10, 2020

Acquisitions Georgia Loans Multifamily Southeast

Beacon Real Estate Acquires Two Multifamily Communities in Metro Atlanta for $46.1M

by Alex Tostado August 10, 2020

DECATUR, GA. — Beacon Real Estate Group has acquired Domain at Cedar Creek and Gateway at Cedar Brook, two multifamily communities totaling 332 units in Decatur. Atlanta-based Audubon Communities sold the communities for $46.1 million. Domain at Cedar Creek, located at 3073 Cedar Creek Parkway, and Gateway at Cedar Brook, located at 3117 Cedar Brook Drive, are considered sister communities and are situated less than one mile from each other and nine miles northeast of downtown Atlanta. Each property offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. The two communities were 99 percent occupied at the time of sale. The seller recently made substantial investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia originated $35.2 million in Fannie Mae acquisition financing on behalf of Beacon. The Coral Gables, Fla.-based buyer received $19.2 million to purchase Domain at Cedar Creek and $16 million for Gateway at Cedar Brook. Both loans feature 15-year terms with fixed interest rates and nine years of interest-only payments.

August 10, 2020

District of Columbia Multifamily Southeast

Nearly 80 Percent of Apartment Households Paid August Rent, NMHC Finds

by Alex Tostado August 10, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has reported that 79.3 percent of apartment households have paid August rent as of Aug. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The latest figure is a decrease of 233,000 households, or 1.9 percent, from August 2019. However, the total number of those paying rent is an increase from July 6, 2020, in which 77.4 percent paid rent. President Donald Trump over the weekend signed an extension of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that provides unemployment benefits for citizens who have lost their jobs due to the COVID-19 outbreak. David Schwartz, NMHC chairman and CEO and chairman of Chicago-based Waterton, says that the CARES Act has been instrumental in helping millions of renters pay their rent. “Over the past few months apartment residents have largely been able to meet their housing obligations,” says Schwartz.

August 10, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Sells 240-Unit Apartment Community in Metro Boston

by Taylor Williams August 10, 2020

STOUGHTON, MASS. — An affiliate of multifamily investment and management firm Bell Partners has sold Bell Stoughton, a 240-unit apartment community in Stoughton, a southern suburb of Boston. Built in 2012, the property offers one- and two-bedroom units averaging 958 square feet and amenities such as a pool, fitness center, business center and theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller in the transaction and procured the buyer, Bell Stoughton LLC.

August 10, 2020

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $5.8M Sale of Multifamily Portfolio in The Bronx

by Taylor Williams August 10, 2020

NEW YORK CITY — Ariel Property Advisors has arranged the $5.8 million sale of a 24-unit multifamily portfolio located at 1130-1134 and 1142 Bryant Ave. in the Foxhurst neighborhood of The Bronx. The three buildings that comprise the assemblage were recently renovated. The seller was local operator Jerome Avenue Associates and the buyer was a private investor that has been active in the market for the past two years. Jason Gold, Shimon Shkury, Daniel Mahfar and Oliver Elihu of Ariel Property Advisors brokered the deal.

August 10, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 56-Unit Apartment Complex in San Angelo, Texas

by Taylor Williams August 10, 2020

SAN ANGELO, TEXAS — Marcus & Millichap has arranged the sale of Koberlin Apartments, a 56-unit multifamily complex in San Angelo, located roughly midway between Austin and Lubbock. William Stover of Marcus & Millichap represented the seller of the two-building, 41,868-square-foot property and procured the buyer, both of which were private investors that requested anonymity.

August 10, 2020

Georgia Loans Multifamily Southeast

Berkadia Provides $24M Refinancing Loan for New Workforce Housing Community in Hinesville, Georgia

by Alex Tostado August 7, 2020

HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.

August 7, 2020

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $19.1M Sale of Multifamily Community in D.C.

by Alex Tostado August 7, 2020

WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three miles north of downtown D.C. Christian Barreiro and Marty Zupancic of Marcus & Millichap brokered the transaction between the seller, Donatelli Development, and the buyer, Virginia-based Viking Capital.

August 7, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

by Amy Works August 7, 2020

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.

August 7, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $19.2M Sale of Multifamily Portfolio in Bergen County, New Jersey

by Taylor Williams August 7, 2020

RIDGEFIELD PARK, CLIFFSIDE PARK AND LEONIA, N.J. — Kislak Co. has negotiated the $19.2 million sale of an 85-unit multifamily portfolio in Bergen County, located just west of New York City. The portfolio includes The Madison, a 36-unit property in Ridgefield Park; The Manor, a 34-unit complex in Cliffside Park; and a 15-unit building in Leonia. Novel Property Ventures sold the portfolio, which was fully occupied at the time of sale, to Titanium Capital Partners. Robert Squires and Don Baxter of Kislak brokered the deal.

August 7, 2020

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