Multifamily

Coastal Ridge, H. Katz Capital Acquire Student Housing Community in Fort Myers for $44M

by Camren Skelton July 12, 2018

FORT MYERS, FLA. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing community in Fort Myers, for $44 million. The community is located at 19401 Skidmore Way, less than three miles from Florida Gulf Coast University. Constructed in 2004, Coastal Village Apartments features four-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a lakeside pool, barbecue and picnic areas, clubhouse, fitness center, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzalez, Jason Stanton and Cole Whitaker of Berkadia arranged the transaction on behalf of the undisclosed seller.

July 12, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily Office

The Hunt for Yield Returns to Detroit and Its Suburbs

by Kristin Harlow July 12, 2018

In 2008, the credit crisis had gripped the world and in particular, the Midwest. Lenders, whether CMBS or life insurance companies, had put large “X’s” through Michigan on their maps. And Detroit? South of 8 Mile, you couldn’t get a deal done. Enter entrepreneur businessman Dan Gilbert. Inspired by an intern spurning his then Livonia-based Quicken Loans for a more urban, walkable environment in Chicago, Gilbert made the bold decision to move his entire operation to downtown Detroit. Now in 2018, Ford, GM and Chrysler (and various suppliers) are humming, resulting in a decade-low statewide unemployment rate of 4.8 percent. The central business district (CBD) and Midtown Detroit multifamily occupancy rates are at 95 percent, with office just a touch under that, according to CoStar Group. And in downtown Detroit, which many in the metro area once regarded as a quasi-War Zone, vacant buildings are selling for millions of dollars and millennials in yoga pants dot the streets. Detroit’s resurgence since 2008 has earned it the nickname of “America’s Great Comeback City,” with no better metaphor than Ford Motor Co. recently buying one of the world’s great eyesores, Michigan Central Station, the former train station. However, the city’s renaissance is …

July 12, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily Single-Family Rental

Positive Economic, Demographic Trends Fuel Detroit’s Apartment Rental Market

by Kristin Harlow July 12, 2018

Throughout metro Detroit, employment and population gains are bolstering apartment demand. Following the creation of 40,200 jobs one year ago, employers in the metro area added 22,200 people to payrolls during the past four quarters. The hiring brought the unemployment rate to 4.5 percent in March, down 10 basis points year over year. The tighter rate may make it more difficult for some employers to find qualified workers to fill openings. During the past 12 months, the hospitality sector led hiring with 8,200 additional workers. New hotel openings contributed to the increase. Sustained job growth has helped to boost the metro population by nearly 11,700 people and 6,600 households over the past year. Many of these residents are opting to rent, as rising home prices place homeownership beyond the reach of more households. During the past five years, the median price of a single-family home has soared 68 percent to $177,053 as of March. Highly amenitized homes or properties in desired areas such as downtown Detroit, Troy or Royal Oak, have much higher median prices, making renting a more affordable option in numerous areas of the region. Construction concentrations Multifamily construction is gaining traction in the suburbs. Completions in the …

July 12, 2018

Acquisitions Multifamily Texas

Transwestern Brokers Sale of 360-Unit Apartment Property in Metro Dallas

by Taylor Williams July 11, 2018

CARROLLTON, TEXAS — Transwestern has brokered the sale of Edentree, a 360-unit multifamily property in Carrollton, a northern suburb of Dallas. Edentree offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor picnic area, on-site laundry facilities, business center and a children’s play area. Connecticut-based Beachwold Residential LLC sold the property to an undisclosed buyer that utilized a 1031 exchange to complete the transaction.

July 11, 2018

Acquisitions Multifamily Texas

Atlantic | Pacific Buys 324-Unit Apartment Community in Fort Worth

by Taylor Williams July 11, 2018

FORT WORTH, TEXAS — A private equity fund affiliated with Miami-based investment firm Atlantic | Pacific Cos. has acquired Avana Point, a 324-unit multifamily community in Fort Worth. The property, which has since been rebranded as The Atlantic Station, features one-, two- and three-bedroom units. Amenities include a pool, fitness center, dog park, outdoor grilling areas, business center and a clubhouse. The transaction marks the company’s third acquisition of a multifamily property in Texas in the last 90 days. The seller was not disclosed.

July 11, 2018

Acquisitions Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Arranges Sale of 16-Unit Apartment Building in Philadelphia

by David Cohen July 11, 2018

PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 16-unit apartment building in the Northern Liberties neighborhood of Philadelphia. The property, which is located at 938-940 New Market St., features digitally controlled lights and locks as well as a video intercom system. The building is located near a grocery store, several healthcare providers, fitness studios and numerous popular bars, restaurants and cafes. Rittenhouse represented the seller, a local developer, in the transaction. JOSS Realty Partners represented the buyer, a family office investor who purchased the property for an undisclosed price.

July 11, 2018

Development Illinois Midwest Multifamily

Albion Residential, Clark Construction Break Ground on Two Apartment Projects in Suburban Chicago

by Kristin Harlow July 11, 2018

EVANSTON AND OAK PARK, ILL. — Albion Residential, along with general contractor Clark Construction, has broken ground on two apartment projects in suburban Chicago. Albion Evanston will include 268 apartment units with 6,800 square feet of retail space. Existing buildings on the development site will be demolished this month with construction slated to begin in August. The property is scheduled to open in the third quarter of 2019. The Northwestern Mutual Life Insurance Company provided project financing. Albion Oak Park will include 265 apartment units and 8,000 square feet of retail space. Construction of the building’s foundation is underway. CIBC and Associated Bank provided project financing. Hartshorne Plunkard Architecture is designing both projects.

July 11, 2018

Acquisitions California Multifamily Western

Avison Young Brokers $15.6M Sale of Apartment Complex in Los Angeles

by Amy Works July 11, 2018

LOS ANGELES — Avison Young has arranged the sale of The Culver, an apartment complex located at 3325 S. Canfield Ave. in the Culver City/Palms neighborhood of Los Angeles. Palm Heights LLC sold the property to Mapleton Culver City LLC for $15.6 million. Built in 2006, the four-story building features 28 apartment units in a mix of studio, two- and three-bedroom floorplans. Each unit features nine-foot ceilings, in-unit washer/dryers and balconies. On-site amenities include a rooftop deck with seating and grills, fitness center, coffee station and business center. Peter Sherman of Avison Young’s Los Angeles office represented the seller in the deal.

July 11, 2018

Acquisitions California Development Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Four Land Plots for Assisted Living Developments in California

by Amy Works July 11, 2018

LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint’s Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transactions.

July 11, 2018

Acquisitions Arizona Multifamily Western

Neilstate Investment Properties Sells Multifamily Community in Phoenix for $5.5M

by Amy Works July 11, 2018

PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction.

July 11, 2018

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