Multifamily

Marcus & Millichap Brokers $4.5M Sale of Apartment Property in South St. Paul

by Kristin Harlow July 24, 2018

SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.

July 24, 2018

Colorado Market Reports Multifamily Western Western Market Reports

Denver’s Multifamily Market Tests Its Limits

by Taylor Williams July 24, 2018

An interesting metric was reached in the Denver multifamily market during the first quarter of 2018 — and that’s record absorption. The city already boasts accolades for quality of life, talks of strong in-migration and speculation of becoming the location for the second Amazon headquarters. After these, the most common topic of conversation for multifamily professionals is the unprecedented construction pipeline and just when will we hit an inflection point where the market won’t accept any more Class A, market-rate apartments. It seems we’re still not there. As of the first quarter of 2018, the trailing 12-month absorption was more than 10,000 units. That’s more units than what was completed in 2017 and the highest absorption on record. The result was metro-wide vacancy dipping year-over-year to 5.79 percent, limited concessions and metro-wide annual rent growth at 3.8 percent. Denver’s average rent now stands at $1,405 per unit and $1.62 per square foot. The Central Business District (CBD) experienced the most absorption this quarter, accounting for nearly 25 percent of total metro absorption. Annual rents also grew by 2.7 percent, leading the CBD to regain its title for most expensive rental submarket in Denver with rents per-unit averaging $1,835. But development …

July 24, 2018

Kingston Square Affordable Housing, Kokomo, Indiana

Features Heartland Feature Archive Multifamily Student Housing

Student Housing Pushes Out Affordable Living in College Towns

by Jeff Shaw July 24, 2018

For Kyle Bach, CEO of The Annex Group LLC, there’s an affordable housing crisis taking place in large university towns. After extensive research in Bloomington, Indiana, and other similar towns, Bach found that over the past decade or so virtually all new multifamily product added to the market has been either student or luxury housing. This has priced out the workforce or affordable housing residents in those communities, he says. About a year-and-a-half ago, Bach’s Indianapolis-based firm reconfigured its development focus in effort to fill this need by providing affordable housing for the university workforce or married students. In Bloomington, The Annex Group is in the midst of securing final approvals for Union at Crescent, a 146-unit affordable housing development about two miles from Indiana University. The $18 million project has received tax credits from the Indiana Housing Community Development Authority. The project will also be financed with Section 42 of the low-income housing tax credits program (LIHTC). With this type of financing, law regulates that full-time students are not allowed to live in the development unless they are married and their spouse’s income qualifies. The Annex Group hopes to break ground in the fourth quarter of this year with …

July 24, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 123-Unit Apartment Property in Houston

by Taylor Williams July 23, 2018

HOUSTON — Marcus & Millichap has arranged the sale of Jacinto Palms, a 123-unit apartment property in Houston. The property features a pool and a playground. Jeffrey Fript, Christian Mazzini and Ryan Armstrong of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Fript and Armstrong also procured the buyer, another limited liability company.

July 23, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $155M Refinancing for Multifamily Community in Brooklyn

by David Cohen July 23, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $155 million cash-out refinancing for a multifamily community in Brooklyn, located at 1277 east 14th St. The borrower, Hampshire Properties, is midway through construction on the eight-story, 302-unit property. Morris Betesh of Meridan arranged the loan, provided by Square Mile Capital. The building is the former site of the Shulamith School for Girls. Amenities will include a fitness center, game room, concierge desk and rooftop with views of the Manhattan skyline.

July 23, 2018

Affordable Housing Loans Multifamily New York Northeast Property Type

KeyBank Provides $19.6M Construction Loan for Affordable Housing Community in New York

by David Cohen July 23, 2018

COHOES, N.Y. — KeyBank has provided $19.6 million in financing for the development of Mosaic Village, a 68-unit affordable housing community in Cohoes. KeyBank provided a $10.7 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit equity for the borrower, Vecino Group. When completed, Mosaic Village will include 68 one-, two- and three-bedroom units for individuals and families earning between 30 and 80 percent of the area median income. A number of units will also be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.

July 23, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3M Sale of Apartment Community in Union City, New Jersey

by David Cohen July 23, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the sale of a recently constructed apartment community in Union City. The 12-unit property sold for $3 million, or approximately $252,000 per door, which is the highest price per unit in the history of Union City, according to Marcus & Millichap. The property, which was built in 2015, is located at 536-538 29th St. Marcus & Millichap represented the seller, a private investor. The buyer was also a private investor.

July 23, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $10M Expansion at CCRC in Pennsylvania

by David Cohen July 23, 2018

PHILIPSBURG, PA. — Presbyterian Senior Living has completed a $10 million expansion at Windy Hill Village, a continuing care retirement community (CCRC) in the Central Pennsylvania borough of Philipsburg. The project added a 48-unit apartment building to the property. The expansion was based on the Passive House design, which requires 50 percent less energy than other heating and cooling systems. Dan Rothschild served as the project architect. Of the 48 total units, eight are priced at market rate, ranging from $850 to $1,100, and the remaining rentals will be subsidized by tax credits for individuals who apply and meet income-limit requirements. Presbyterian Senior Living was awarded $7.7 million in tax credits by the Pennsylvania Housing Finance Agency for this project.

July 23, 2018

Acquisitions Florida Multifamily Southeast

Cedano, UrbaniZa Realty Broker $56M Sale of Apartment Community in Broward County

by Camren Skelton July 23, 2018

HOLLYWOOD, FLA. — Cedano Realty Advisors and UrbaniZa Realty have arranged the sale of Park Colony Apartments, a 316-unit multifamily community located at 812 S. Park Road in Hollywood, roughly 11 miles south of downtown Fort Lauderdale. Ronald Meyerson of Cedano, along with Ray Jourdain of UrbaniZa, represented the buyer, Asset Development & Management Group LLC, an entity owned by American Landmark. RSE Capital provided joint venture equity for the acquisition. Dallas Wharton of Dalmar Real Estate Group LLC represented the undisclosed seller. Constructed in 1987, Park Colony Apartments includes a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, dog park, business center and gated access.The new ownership will invest $3.5 million to upgrade the property’s common areas and amenities, rebranding the community as The EnV. The renovation will include the addition of granite countertops, new plumbing and lighting fixtures, plank flooring, landscaping and improvements to the clubhouse, fitness center and swimming pool.

July 23, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

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