BOSTON — Nauset Construction has broken ground on ēbo Condominiums, a 49-unit multifamily project in East Boston that will also include 3,630 square feet of ground-floor retail space. Designed by Bargmann Hendrie + Archetype Inc., the property is located at 205 Maverick St. near the MBTA Blue Line Maverick station. Floor plans will consist of 12 studio, 17 one-bedroom and 20 two-bedroom units, seven of which will be designated as affordable. Completion is scheduled for fall 2021.
In economics, the sensitivity of aggregate demand for a product or service to changes in price is defined as its “elasticity.” The elasticity of demand for nonessential goods or goods with a number of ready substitutes is high. Even a small increase in price will produce a large decrease in demand. Conversely, a relatively large price change in the cost of an essential or prized luxury good for which few substitutes exist may have little effect on demand for it. San Francisco real estate is a highly inelastic good. The Bay Area’s potent combination of natural beauty, sublime climate and unique culture make it one of the most coveted destinations in the world. By the same token, its compact size, high population density, seismic risks and antipathy to development constrain supply. For all practical purposes, housing prices are limited by the income that residents can expect to earn rather than the normal interplay of producers and consumers. The innovation and wealth creation generated by the high tech industry added a complex new variable to the equation. More wealth was created during the last 10 years in the 40 miles that lie between the Golden Gate and San Jose than in …
PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million. Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on capital improvements and interior renovations at the property. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix investment sales team represented both parties in the transaction. Additionally, Bryan Mummaw of NorthMarq arranged an $18.8 million Freddie Mac loan for the acquisition on behalf of the buyer.
COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene. Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released. Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, one-, two- and three-bedroom units.
CHARLESTON, S.C. — Greystar Real Estate Partners LLC has launched Greystar Credit Partners II LP (GCP II), a $600 million fund focused on the acquisition of securitized subordinated debt issued by government-sponsored enterprises (GSEs) as well as private label securitizations, junior notes or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP II. Brett Lashley and Patrick Reilly of Greystar will oversee GCP II’s investment and portfolio management activities.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG) has brokered the sale of Arrowhead Estates, a 242-unit apartment complex in North Little Rock. The property, which was originally built in 1968, offers one- and two-bedroom floor plans. Communal amenities include a pool, playground, basketball court, picnic area and a sundeck. The community is situated at 1707 Arrowhead Road, six miles north of downtown Little Rock. Paul Yazbeck of Dallas-based TMG represented the undisclosed seller in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.
LAKE CHARLES, LA. — Columbia Pacific Advisors has provided a $15.5 million refinancing loan for Gulf Stream Manor, a mobile home park in Lake Charles. Billy Meyer of Columbia Pacific originated the loan on behalf of the undisclosed borrower, which plans to use the funds to refinance its existing mortgage, as well as provide working capital and finance expenditures. The property offers 265 residences with three- and four-bedroom floor plans ranging from 1,152 to 1,368 square feet. Amenities include a clubhouse, pool, playground and basketball courts. Southern Choice Properties manages the community, which is located at 8559 Gulf Highway, 10 miles south of downtown Lake Charles.
HOUSTON — Mill Creek Residential has broken ground on Modera Washington, a 341-unit multifamily project that will be located at 2520 Washington Ave. adjacent to Houston’s Old Sixth Ward Historic District. Modera Washington will feature studio, one- and two-bedroom units with 10-foot ceilings, stainless steel appliances and quartz countertops. Amenities will include a rooftop deck, pool, outdoor grilling areas, a game room, fitness center, private office space and a golf simulator. The first units are expected to be available for occupancy in late 2021.
PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of LVL 4125, a 141-unit apartment community located at 4125 Chestnut St. in the University City neighborhood of Philadelphia. Alterra Property Group developed the community, which features proximity to the University of Pennsylvania and Drexel University, in 2019. Units offer stainless steel appliances and individual washers and dryers, and amenities include a roof deck, fitness center, clubroom and a dog run. The buyer was not disclosed.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $9.7 million sale of a 57-unit multifamily portfolio in Jersey City. The sales price equates to roughly $171,000 per unit. The portfolio consists of two buildings that were both constructed around the turn of the 20th century. Niko Nicolaou of Gebroe-Hammer represented the seller, Kevelson Family LLC, in the transaction. Brad Domenico of Progress Capital provided acquisition financing on behalf of the undisclosed buyer.
