Multifamily

National, Regional Investors Are Drawn to Omaha’s Apartment Market

by Kristin Harlow April 26, 2018

With asking rental rates increasing, an average vacancy rate of 5.7 percent and a low average asking rent per unit of just $855 per month, Omaha’s apartment market is increasingly attractive to national and regional investors. According to apartment research firm Reis, Omaha’s average asking rental rate has increased in every quarter for the past seven years, and is expected to increase by another 2.2 percent in 2018. While not stellar growth, it continues a steady march upward that has benefited owners in Omaha for quite some time. Driving the growth in rents is the balanced nature of the Omaha market coupled with Omaha’s strong underlying economy. From a population growth perspective, census data shows that Omaha’s metropolitan statistical area (MSA) has grown 1.2 percent per year since 2010, and is now estimated at 939,000 people. That steady trend is expected to continue for the foreseeable future, as Omaha’s population is projected to grow another 1.1 percent per year through 2022. In terms of absorption, Omaha has averaged an annual addition of 4,000 households over the past 10 years, according to Reis. Renters account for 34.3 percent of Omaha MSA’s housing units, translating to roughly 1,372 new renter households each …

April 26, 2018

Loans Multifamily Texas

Hunt Mortgage Closes $6.4M Loan for Refinancing of Apartment Asset in Dallas

by Taylor Williams April 25, 2018

DALLAS — Hunt Mortgage Group has closed a $6.4 million loan for the refinancing of Park Beverly, a 144-unit multifamily property in Dallas. Situated on 2.7 acres on the city’s north side, the property was built in 1963 and features studio, one- and two-bedroom units. The seven-year loan, which features one year of interest-only payments and a 30-year amortization schedule, was arranged on behalf of a Texas-based borrower, Cresta 5827 Blackwell LLC.

April 25, 2018

Loans Multifamily New York Northeast

Progress Capital Secures $3.5M Acquisition Loan for Multifamily Property in Brooklyn

by Amy Works April 25, 2018

NEW YORK CITY – Progress Capital has negotiated a $3.5 million permanent mortgage for a multifamily property located at 662 Madison St. in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, New York-based Oved Group, used the loan proceeds to acquire a 10,160-square-foot multifamily property for $4.3 million. The eight-unit property was fully occupied at the time of purchase. Brad Domenico of Progress Capital arranged the financing. The loan term is for 20 years, the first two of which will be interest-only payments followed by a fixed rate of 3.85 percent for seven years. The rate will reset afterward for the remainder of the loan.

April 25, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Vesper Holdings Acquires Student Housing Property Near UNC Greensboro for $40M

by Camren Skelton April 25, 2018

GREENSBORO, N.C. —Vesper Holdings has acquired University Village, a 600-bed student housing community in Greensboro, for $40 million. The name of the seller was not disclosed. The community is located across the street from the main entrance of the University of North Carolina at Greensboro (UNCG). Constructed in 2006, the community includes a mix of two-, three- and four-bedroom floor plans with bed-to-bath parity. Community amenities include a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab and tanning bed. Vesper plans to invest $1 million to renovate unit interiors and amenities, as well as enhance the property’s exteriors.

April 25, 2018

Acquisitions Multifamily New Jersey Northeast

Colliers Brokers $1.9M Sale of Apartment Property in Paterson, New Jersey

by Amy Works April 25, 2018

PATERSON, N.J. – Colliers International has arranged the sale of Cooke Mills, an apartment building located at 19 Market St. in Paterson. A private investor purchased the property from an undisclosed seller for $1.9 million, or $135,750 per unit. The three-story building features 14 apartments in a mix of two- and three-bedroom layouts. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller and marketed the transaction in conjunction with Ten-X, an online transaction platform for commercial real estate.

April 25, 2018

Georgia Loans Multifamily Southeast Student Housing

NorthMarq Secures $6.4M Acquisition Loan for Student Housing Community in Milledgeville, Georgia

by Camren Skelton April 25, 2018

MILLEDGEVILLE, GA. — NorthMarq Capital has arranged a $6.4 million acquisition loan for Prospect Milledgeville, a 141-bed student housing community in Milledgeville. The community is located less than a mile from Georgia College & State University, Georgia Military College and downtown Milledgeville. Lee Weaver of NorthMarq’s Tampa office arranged the 12-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Prospect Milledgeville features a resort-style pool, 24-hour fitness center, clubhouse with a grilling station and on-site management.

April 25, 2018

Arizona Loans Multifamily Western

HFF Secures $29.3M Acquisition Financing for 256-Unit Apartment Property in Suburban Phoenix

by Amy Works April 25, 2018

CHANDLER, ARIZ. — HFF has arranged $26.3 million in financing for Greentree Place, an apartment property located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and includes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, volleyball court, fitness center, business center and courtyards with a community playground.

April 25, 2018

Loans Montana Multifamily Western

Newmark Arranges $11.8M Refinancing for Apartment Community in Bozeman, Montana

by Amy Works April 25, 2018

BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.

April 25, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $25.2M Sale of Two Apartment Properties in Chicago Area

by Kristin Harlow April 25, 2018

CHICAGO AND GLENVIEW, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in the Chicago area for $25 million. One of the properties is a 31-unit building located at 1545 W. North Ave. in Chicago’s Wicker Park neighborhood. Doug Imber, Kate Varde and Clay Maxfield of Essex represented the seller and developer, Sedgwick Properties. The Supera family purchased the asset for $12.1 million. The other is a 36-unit building located at 1202 Waukegan Road in Glenview. Matt Welke of Essex represented the seller and developer, Riverforest Development LLC. Doug Fisher and Vic Ciancetta of Essex represented the buyer, an out-of-state private investor who purchased the asset for $13.1 million.

April 25, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $30M Condo Deconversion Sale in Chicago

by Kristin Harlow April 24, 2018

CHICAGO — Interra Realty has brokered the $30 million deconversion sale of a 15-story condominium building in Chicago’s Lakeview East neighborhood. The property is located at 445 W. Wellington Ave. The buyer, Beal Properties, plans to turn the 65-year-old building’s 117 condos into rental apartments. All 117 units contain one bedroom and one bath. David Goss, Jon Morgan and Joe Smazal represented both the buyer and the seller, Wellington Place Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner. “The deconversion trend will continue as demand for apartment buildings, especially in desirable North Side neighborhoods, keeps outpacing the available supply of buildings for investors,” says Smazal. “The deconversion trend still has legs, but there are headwinds (rising interest rates and slower rent growth) that should create a sense of urgency for associations which are considering a deconversion.”

April 24, 2018

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