Multifamily

Fort Worth Rises on Multifamily Investors’ Radars

by Taylor Williams March 24, 2020

The U.S. economy’s continued expansion, combined with the migration of people from high-tax states in the Northeast and California, bodes well for multifamily real estate investment in metros across the Southeast and Texas. Many cities in the so-called “Sun Belt” will continue to experience strong demand for apartments thanks to the low cost of living and new jobs stemming from corporate investment across the region. The Fort Worth market has been a beneficiary of all of these dynamics, and there are a plethora of compelling reasons why multifamily investors are eager to invest in the Panther City. Population Boom Fort Worth’s population has seen considerable expansion over the past decade, serving as a catalyst for Texas to become a leader in this key fundamental. U.S. Census Bureau data shows that from 2010 to 2018, Texas led the nation in population growth with over 3.5 million new residents, 1 million of which moved to the DFW area between 2010 and 2019. Just this past year alone, Texas continued to be a national leader in population growth, with Tarrant County coming in at No. 3 for total new out-of-state residents, according to the Texas Association of Realtors®. In terms of how this …

March 24, 2020

Multifamily Texas

Texas Supreme Court Votes to Suspend Residential Evictions Through April 19

by Taylor Williams March 23, 2020

AUSTIN, TEXAS — The Texas Supreme Court voted late last week to delay residential evictions across the state through April 19 as part of the state’s response to the spread of COVID-19, the disease caused by the coronavirus. The order includes limited exceptions in cases where a renter poses an imminent threat of physical harm to others or engages in criminal activity. In voicing its support of the decision, the Texas Apartment Association, which comprises some 12,000 member companies that own and operate more than 2.2 million rental homes, encouraged landlords and managers to waive late fees and negotiate payment plans to help keep residents in their homes.

March 23, 2020

Loans Multifamily Texas

Barings Provides Loan for Refinancing of 451-Unit Terra Lago Apartments in Metro Dallas

by Taylor Williams March 23, 2020

ROWLETT, TEXAS — Barings Real Estate Capital has provided a loan of an undisclosed amount for the refinancing of Terra Lago, a 451-unit apartment community located in the northeastern Dallas suburb of Rowlett. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, a business center and a bocce court. The borrower was a partnership between Transcontinental Realty Investors Inc. and Abode Properties.

March 23, 2020

Features Hospitality Industrial Multifamily Office Restaurant Retail

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

Development Florida Multifamily Southeast

BCDC, Ventures Development Break Ground on 185-Unit Multifamily Community in Jacksonville

by Alex Tostado March 23, 2020

JACKSONVILLE, FLA. — Batson-Cook Development Co. (BCDC) and Ventures Development Group have broken ground on a 185-unit multifamily community in Jacksonville’s St. Johns River neighborhood. The property is situated at 841 Prudential Drive, along the bank of the St. Johns River and next to Jacksonville’s medical campus. Communal amenities at the yet-to-be-named complex will include a clubroom, community kitchen, green space, playground, dog park and a pool and deck on the third floor overlooking the river. The developers expect to open the community in early 2022. Niles Bolton is the architect, and Summit Contracting Group is the general contractor. Erik Bjornson and Tyler Nilsson of Newmark Knight Frank (NKF) arranged the land sale of the 2.9-acre plot. Cadence Bank provided a senior construction loan, and Nationwide Realty Investors provided preferred equity. Patterson Real Estate Advisory Group assisted BCDC and Ventures Development with sourcing the debt and equity.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Toms River, New Jersey

by Alex Patton March 23, 2020

TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.

March 23, 2020

Acquisitions Multifamily Oregon Western

Security Properties Acquires 205-Unit Multifamily Property in Oregon for $52M

by Amy Works March 23, 2020

BEND, ORE. — Security Properties, in partnership with a university endowment, has purchased Outlook at Pilot Butte, a Class A apartment community in Bend. An undisclosed seller sold the asset for $52 million. Located at 2001 NE Linnea Drive, Outlook at Pilot Butte features 205 apartments in a mix of one- and two-bedroom layouts with well-appointed kitchens, air conditioning, walk-in closets, in-unit full-size washers and dryers, and private patios or balconies. Community amenities include a clubhouse, resident lounge, fitness center, game room, bicycle storage facility, and outdoor fireplace and fire pit lounge. The buyer plans to implement light interior and exterior renovations, including cosmetic upgrades to unit interiors and enhancing the existing amenity spaces. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

March 23, 2020

California Development Multifamily Western

Trion Properties Completes 28-Unit Apartment Project in Culver City, California

by Amy Works March 23, 2020

CULVER CITY, CALIF. — Los Angeles-based Trion Properties has completed 5012 Apartments, a multifamily community with tech amenities located at 5012 Slauson Ave. in Culver City. As Trion’s first ground-up development, the 28-unit property represents the company’s expansion from value-add multifamily renovations to ground-up development. Additionally, the property is the first project that the firm has taken through the entire process, from unentitled to developed and stabilized. The three-story, pet-friendly community features 15 one-bedroom and 13 two-bedroom units. The property features a variety of interior and common-area tech amenities, including a high-level security system, Nest thermostats, Luxer One package locker service, a ButterflyMX smart video intercom system and Sonos smart speakers. Each unit features state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable television and modern finishes. Community amenities include a second-floor amenity deck, breakfast bar, courtyard equipped with furniture and planters, exterior hallways and covered assigned parking.

March 23, 2020

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $7M Sale of Rosalie at Belmar Apartment Community in Lakewood, Colorado

by Amy Works March 23, 2020

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

March 23, 2020

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