If you try to find an apartment in Reno you’ll quickly realize this isn’t necessarily an easy task. Reno has experienced more than 8 percent rent growth year over year for the past four years. Average rents in the third quarter were $1,174 per month with vacancy at 4.5 percent, according to CoStar. These escalating numbers are due to employment. The Reno-Sparks MSA has grown by 59,700 jobs in the past 10 years, according to the Bureau of Labor Statistics. The Tesla Gigafactory was just the beginning. Google, Apple and Switch are among others that have moved in, bringing thousands of jobs with them. Businesses still like the friendly tax environment, clean air and high quality of life. But while we were adding all those jobs, the number of apartment units added during that time was just 3,802, CoStar notes. Look around and you will see apartment construction everywhere in Reno. Most is on the outskirts of town where larger land parcels are still available. This includes Sparks, Lemmon Valley, Spanish Springs and South Reno. A few more central infill sites are making headlines. Park Lane by Reno Land Inc. is in the process of adding 1,700 units in the …
The unprecedented job and population growth that Dallas-Fort Worth (DFW) has experienced during this cycle has brought a plethora of new buyers to the Class B multifamily space, and the simple economics of high demand and low supply are re-shaping the landscape of the investment market. According to CoStar Group, the average price per unit in the Class B space has increased by 4.3 percent year-to-date, and deal volume on sales of Class B assets is down from 2017. These trends attest to the strong impact price escalation has had on the market. A more crowded buyer pool is also breeding competition and pushing prices upward. The metroplex’s growth cycle dates back to the beginning of the expansion. Data from the U.S. Census Bureau shows that between 2010 and 2018, the metroplex added about 1.1 million people, or 122,000 per year. Earlier this year, Cushman & Wakefield released a report stating that DFW added approximately 754,000 jobs between 2009 and 2018, or 75,000 per year. This convergence has significantly boosted apartment demand in the metroplex, ushering in waves of competition for older multifamily assets, many of which are positioned for value-add investment and subsequent rent bumps. Price escalation caused by …
WASHINGTON, D.C. — BedRock Real Estate Partners LLC and Pacolet Milliken LLC have reopened Ora, a 113-unit multifamily property in Washington, D.C.’s Kalorama neighborhood, following a $20 million renovation. Forrest Perkins designed the unit interiors to feature European-inspired kitchens, quartz countertops, wood flooring, chrome fixtures and stainless-steel appliances. The property offers studio, one- and two-bedroom floor plans ranging from 525 to 800 square feet. Rents start at $2,615 and go up to $4,520 per month. Communal amenities include a rooftop deck, fitness center, pet spa and bicycle storage. Gables Residential is managing the community.
SAVANNAH, GA. — Cushman & Wakefield has brokered the $48.2 million sale of The Ellis, a new 235-unit apartment complex in Savannah. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubroom, yoga studio, 24-hour fitness center, poolside fire pit, dog park, pet spa and grilling stations. The sellers, Brand Properties and Mariner Group, delivered the property earlier this year. Robert Stickel, Taylor Bird and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. ECI Group acquired the property.
BATON ROUGE, LA. — Greystone has a provided a $15.4M Fannie Mae acquisition loan for the purchase of Live Oaks Apartment Homes in Baton Rouge. The loan carries a 12-year term with two years of interest-only payments. The buyer, Cyprus Multifamily, plans to implement upgrades that will improve water and electricity usage as part of the Fannie Mae Green Rewards program. Live Oaks was built in 2001 and offers 184 units with one-, two- and three-bedroom floor plans. Communal amenities include barbecue and picnic areas, a clubhouse, business center, fitness center and a pool. Keith Hires of Greystone originated the loan.
NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.
ARLINGTON, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Jackson, a 340-unit multifamily community located within the Viridian master-planned development in Arlington. The property will offer studio, one-, two- and three-bedroom units in addition to limited two-story floor plans known as “carriage units.” Residences will range in size from 588 to 1,671 square feet and feature granite countertops, custom cabinetry and spa-inspired bathrooms. Amenities will include coworking spaces, a creative makerspace with a chef’s kitchen, a private lounge with a coffee bar, fitness center with a flex room for yoga and spin, a resort-style pool and outdoor courtyard spaces. WDG Architecture designed the project, and SLR Construction LLC is serving as the general contractor. Residences are expected to be available for occupancy in fall 2020.
CHICAGO — Chicago-based private equity firm RDG Funds LLC has acquired 13Thirteen Randolph Street Lofts in Chicago’s West Loop neighborhood for $40.1 million. The Class A multifamily asset includes four retail tenants and 74 apartment units. The property comprises two historic buildings, originally constructed in 1892 and 1927. Both buildings were renovated and transformed into residences in 2013. Shared amenities include a rooftop deck, resident lounge, media center, theater room and fitness center. RDG has retained Greystar to assist with its business plan for the property. Todd Stofflet and Jason Stevens of Cushman & Wakefield represented the seller, JP Morgan Asset Management. Monthly rents start around $1,600.
BROOKFIELD, WIS. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village Brookfield, an assisted living and memory care community in Brookfield, a suburb of Milwaukee. The property totals 70 assisted living units and 24 memory care units on a 10-acre plot. Assisted living units range in size from 351 to 917 square feet. Memory care units range in size between 293 to 306 square feet. During development, Caddis Healthcare gifted 2.9 acres of land to the city of Brookfield to support the development of a public park. Heartis Village Brookfield is the fourth Heartis-owned community managed by Pathway.
CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle Limited. Michigan Avenue Real Estate Partners was the seller.