Multifamily

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

by Alex Tostado January 2, 2020

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.

January 2, 2020

Loans Midwest Multifamily Ohio Seniors Housing

Cambridge Provides $24M in HUD Loans to Refinance Two Ohio Skilled Nursing Facilities

by Kristin Harlow January 2, 2020

LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.

January 2, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $4.2M Sale of Apartment Property in Minnesota

by Kristin Harlow January 2, 2020

MANKATO, MINN. — Marcus & Millichap has negotiated the $4.2 million sale of The Edge in Mankato in southern Minnesota. The 48-unit apartment property is located at 1902 Warren St. Built in 1967, the asset features 24 one-bedroom units and 24 two-bedroom units. Chris Collins, Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the private buyer.

January 2, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $5.6M Sale of East Highland Apartments in Seattle

by Amy Works January 2, 2020

SEATTLE — Kidder Mathews has arranged the sale of East Highland Apartments, a two-building multifamily asset located at 1903-1907 E. Highland Drive in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the property for $5.6 million, or $467,000 per unit. Constructed in 1928, East Highland Apartments features 12 units. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Seattle office represented the seller in the deal.

January 2, 2020

Features Multifamily

Healthy Occupancy Hinges on Winning the Apartment Amenities Arms Race

by Taylor Williams January 1, 2020

When deciding where to live, the choice isn’t always a matter of finding the newest property on the market. Oftentimes it comes down to which property can most effectively meet and exceed your expectations as a renter. For example, these two “blind” multifamily rental listings identified below are within the same five-mile radius in Upstate New York. They’re both firmly in the luxury rental space and offer in-unit washers and dryers and dishwashers. In other words, they’re practically identical in terms of location and necessities. Can you guess which of the two commands a higher rental price and much more interest from renters? Property A: Built in 2018, average unit size of 1,180 square feet, two bedrooms, two bathrooms, community fitness center, dog park, private patio. Property B: Built in 2010, average unit size of 1,395 square feet, two bedrooms, two bathrooms, community fitness center, dog park, shared outdoor and indoor spaces. If you guessed property B, you’re right. You’re also probably wondering if you’ve heard the full story about that rental property and its amenities. That community fitness center? It’s filled with new equipment from Wellbeats and Peloton. That dog park? It’s a full-on playground for pets, with agility …

January 1, 2020

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C. a Hotspot for Multifamily Investors, Lenders as Absorption Ticks Up

by Alex Tostado December 30, 2019

Driven by increasing high-paying jobs, billions of dollars in public and private investment and healthy population growth, the Washington, D.C., metro area boasts a dynamic multifamily market with rebounding rent growth and stabilizing occupancy rates. Washington, D.C., gained 20,500 jobs in June and another 13,000 jobs in July, according to the District of Columbia Department of Employment Services. Additionally, D.C.’s population topped 700,000 for the first time since 1975. The Washington metropolitan area’s total population has climbed to more than 6 million, and more households mean more demand for apartments. These strong fundamentals have led to increased rent growth in the apartment sector. D.C.’s average net asking rate is $1,990 — up 1.7 percent, making it the sixth-fastest rent growth in the United States, according to Reis. The net asking rate increased for 10 consecutive quarters. Between now and year-end 2020, asking rents are expected to climb 2.5 percent and 3.6 percent by year-end 2021, Reis notes. The District’s apartment occupancy rate is currently 94 percent. In nearby suburban Maryland, rents rose 1.2 percent, and in Northern Virginia, 1.4 percent. Demand, supply in balance Although there was concern over an influx of new construction, multifamily product has been well-absorbed. The …

December 30, 2019

Acquisitions Multifamily Nevada Western

Marcus & Millichap Arranges $26M Sale of 348-Unit Multifamily Portfolio in Las Vegas

by Amy Works December 24, 2019

LAS VEGAS — Marcus & Millichap has brokered the sale of Town & Country I & II, two apartment communities located in Las Vegas. An undisclosed buyer acquired the assets for $26 million. The name of the seller was not released. Michael Shaffner and Michael LaBar of Marcus & Millichap’s Las Vegas office represented the buyer in the deal. Located at 4311 Boulder Highway, Town & Country I features 143 units, while Town & Country II, located at 5390 Boulder Highway, offers 205 units. The Town & Country Manor brand caters to the weekly/monthly tenant profile on the Boulder strip corridor and offers fully furnished one-bedroom suites, full kitchens with microwaves and walk-in closets.

December 24, 2019

Acquisitions Multifamily Texas

Tradewind Properties Buys 270-Unit Apartment Community in Corpus Christi

by Taylor Williams December 24, 2019

CORPUS CHRISTI, TEXAS — Tradewind Properties has acquired Camden South Bay, a 270-unit apartment community in Corpus Christi. Built in 2007, the property offers one-, two- and three-bedroom layouts ranging in size from 642 to 1,500 square feet. Amenities include a 24-hour fitness center with a children’s play area, gaming lounge with billiards, pool and outdoor kitchen, business center, sand volleyball court and a dog park. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Fund South Bay, in the transaction. Cutt Ableson of Berkadia arranged floating-rate acquisition financing through Freddie Mac on behalf of Tradewind.

December 24, 2019

Arizona Loans Multifamily Western

Greystone Provides $18.8M in Fannie Mae Financing for Multifamily Asset in Tucson

by Amy Works December 24, 2019

TUCSON, ARIZ. — Greystone has provided an $18.8 million Fannie Mae DUS loan to refinance a multifamily property in Tucson. Judah Rosenberg in Greystone’s Los Angeles office originated the transaction. Greystone represented the property owners — GJP Financial, Berger Investment Group and Robson Communities — in the transaction. The $18.8 million loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year term, fixed rate and 30-year amortization with two years of interest-only payments. Located near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus was originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when it acquired the asset in 2017. Today, the Ledges offers pet-friendly units in a mix of one- to four-bedroom layouts, stainless steel appliances, in-unit laundry and private patios and balconies. On-site amenities include two pools, spa, clubhouse, business center and on-site storage.

December 24, 2019

Development Multifamily Seniors Housing Texas

Architectural Firm Three Completes Design of Seniors Housing Expansion Project in Dallas

by Taylor Williams December 24, 2019

DALLAS — Locally based architecture firm “three” has designed an expansion project at Presbyterian Village North, a seniors housing community in Dallas that is owned and operated by Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the core of the campus. The project is expected to be complete by 2021.

December 24, 2019

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