DALLAS — When it comes to attracting the attention of students — and, more specifically, Generation Z — maintaining a positive and unique social media and digital marketing presence is critical. Most owners and operators of student housing today are pushing marketing dollars toward creating a digital brand in hopes of attracting a greater number of lease conversions. As an owner or operator, how do you allocate the right amount of funding to this segment of the business? And how do you know if it’s actually working? A panel of owners, operators and digital marketing strategists weighed in on this topic during the session, “How to Convince Owners/Operators to Allocate Budget to Social Media and Digital Marketing & How to Report and Validate Results and Maximize Conversions,” at the second annual LeaseCon: A Social Media, Digital & Traditional Marketing Boot Camp, held at The Westin Galleria in Dallas in September. Achieving optimal digital marketing results begins with transparent data on what works, and what doesn’t. “It’s really important to choose a digital marketing partner that is going to be as transparent as possible,” says Brian Garrigan, head of sales for the central U.S. at Simpli.fi. “A lot of organizations will …
Multifamily
SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports. Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce. In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees. The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms. The property also features 10,000 square …
WORCESTER, MASS. — Capstone Apartment Partners (CAP) has brokered the $28.8 million sale of SkyMark Tower, a 206-unit apartment building in Worcester, located approximately 40 miles west of Boston. Completed in 1991, the property features one- and two-bedroom apartments and was 98 percent leased at the time of sale. Stasiu Geleszinski, Austin Green and A.J. Klenk of CAP represented the seller, VTT Management, in the transaction. The CAP team also represented the buyer, Benedict Canyon Equities.
Lotus Capital Arranges $100M Construction Loan for Residential Tower in South Florida
by Alex Tostado
HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.
HOUSTON — A joint venture between TriArc Real Estate Partners and Zeus Equity Group has acquired the Candlelight Portfolio, a 220-unit multifamily portfolio located in the Garden Oaks submarket of Houston. The portfolio consists of three properties on a combined 5.6 acres, all of which were built in the early 1970s. The new ownership will implement an $8 million capital improvement plan. The seller and property names were not disclosed.
LAS VEGAS — Security Properties has purchased Lofts at 7100, a Class A wrap-style multifamily asset located in Las Vegas’ Northwest submarket. An undisclosed seller sold the property for $80 million. Originally developed in 2008, Lofts at 7100 features 379 apartments with at least 11-foot ceilings, fully appointed kitchens, full-size washers/dryers and either a private patio/balcony or sunroom. The community features two resort-style swimming pools with spa, a 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking. Security Properties plans to hold the property long term and upgrade unit interiors to uniform finishes and improve the asset’s amenity package, focusing on the leasing office/entryway, fitness center and outdoor pool area. Security Properties Residential, an affiliate of Security Properties, will manage the community. With this acquisition, Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio, including five properties and more than 1,500 units in the Las Vegas marketplace.
Pathfinder Partners Buys Rosemont Park Multifamily Complex in Metro Sacramento for $28.8M
by Amy Works
SACRAMENTO — San Diego-based Pathfinder Partners has acquired Rosemont Park, an apartment complex near downtown Rosemont, a census-designated place in Sacramento County outside of Sacramento. An undisclosed seller sold the asset for $28.8 million. Located at 9190 Schmuckley Drive in Sacramento, Rosemont Park features 170 apartments in a mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes ranging from 537 square feet to 1,400 square feet. The asset features a mix of original unit interiors and renovated units with upgraded vinyl-plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Community amenities include reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facilities, shaded barbecue and picnic area, swimming pool, spa and an open area to host community events.
LAS VEGAS — CALCAP Asset Management has completed the disposition of City View Apartments, a multifamily asset located at 3355 Arville St. in Las Vegas’ West-Central submarket. A local multifamily owner acquired the property for $13 million. Constructed in 1977, City View Apartments features 112 garden-style apartments in a mix of one- and two-bedroom layouts with upgraded countertops, appliances, baseboards, paint and hardware. Community amenities include a swimming pool and a clubhouse. Taylor Sims and Carl Sims of Cushman & Wakefield represented the seller in the transaction.
LITTLETON, COLO. — Nexus Commercial Realty has arranged the sale of Silver Leaf Apartments, a 22-unit multifamily property located in 5635 S. Bannock St. in Littleton. An undisclosed buyer acquired the asset for $3.7 million. The newly renovated asset features 12 two-bedroom apartments, six one-bedroom units and four studio apartments. The buyer plans to integrate the property into its existing Littleton portfolio and increase rents as the units turn. Brandon Kaufman and Nik MacCarter of Nexus Commercial Realty represented the undisclosed seller and buyer in the deal.
SUN PRAIRIE AND DEFOREST, WIS. — Berkadia has arranged the sale of a two-property multifamily portfolio totaling 364 units in suburban Madison. The sales price was not disclosed. The properties include Van Buren Place in Sun Prairie and The Park in DeForest. Located at 1351 Okeefee Ave., Van Buren Place is a 164-unit, garden-style community. The Park, located at 6203 Williamsburg Way, is a newly constructed, 200-unit property. Ralph DePasquale, Parker Stewart and Alex Blagojevich represented the seller, Wisconsin-based Cascade Development. Weidner Apartment Homes purchased the portfolio. Clay Akiwenzie, Chris Blechschmidt and Emily Stang of Berkadia procured acquisition financing through a life insurance company.