Multifamily

Seniors Housing Developers Find Big Opportunities in Small Markets

by Taylor Williams July 25, 2017

The high-profile cities that line both coasts aren’t the only places where the development of new seniors housing product is proving to be a smart investment. Less populated areas are also welcoming new communities that are designed and operated just like those facilities opening in popular urban markets. But seizing opportunities in smaller markets is a different ballgame than it is in high-density areas. A smaller list of prospects and a shorter supply of qualified talent are among the drawbacks. Still, many owners find that the pros outweigh the cons. They cite pent-up demand for newer, more modern product, lower land costs, quicker permitting and faster lease-ups among the perks of a small market. And these less populous areas are gaining in popularity among many investors. The National Investment Center for Seniors Housing & Care (NIC) tracks 31 markets that make up the largest metropolitan areas in the United States. It also tracks 68 secondary markets. NIC defines a secondary market the same way the U.S. Office of Management and Budget (OMB) does. The OMB divides smaller economic areas into core-based statistical areas (CBSAs), each of which consists of a county or counties that share an urbanized area of at …

July 25, 2017

Multifamily Oregon Western

JLL Income Property Trust Purchases Jory Trail at the Grove Apartments in Portland for $75M

by Nellie Day July 24, 2017

PORTLAND, ORE. — JLL Income Property Trust has purchased the 324-unit Jory Trail at the Grove apartment complex in Portland for $75 million. The Class A community is situated along Interstate 5 in the submarket of Wilsonville. Jory Trail is situated near major employers like Xerox, Mentor Graphics, Rockwell Collins and Tyco. The acquisition is in line with JLL’s strategy to invest in high-quality apartment assets in strong-performing areas that boast a combination of top incomes and school districts.

July 24, 2017

Colorado Multifamily Western

Granite Capital Group Acquires Brooklyn Park Rowhouses in Fort Collins for $27.8M

by Nellie Day July 24, 2017

FORT COLLINS, COLO. — Granite Capital Group has acquired the 105-unit Brooklyn Park Rowhouses in Fort Collins for $27.8 million. The community is located at 2758 Iowa Drive. Brooklyn Park was built between 2007 and 2008. It is fully leased and is located near Harmony Technology Park. Nick and Jacob Steele of Marcus & Millichap represented the seller in this transaction.

July 24, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $78.4M HUD Loan for 510-Bed Skilled Nursing Facility in New York City

by Amy Works July 24, 2017

NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; peripherally inserted central catheter management; physical therapy; pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation; and tracheostomy care.

July 24, 2017

Multifamily New York Northeast

Rosewood Realty Facilitates $12.3M Sale of Two Apartment Buildings in Manhattan

by Amy Works July 24, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous five-story apartment buildings in Manhattan’s Washington Heights neighborhood. 25 Ridge LLC and 560 West 184th Street Owners LLC acquired the buildings, located at 558 and 560 W. 184th St., for $12.3 million. The sellers were 25 Ridge LLC, 558 West 184th Street Owners LLC and 560 West 184th Street Owners LLC. The buildings feature 109 single-room units. Jonathan Brody of Rosewood Realty represented the buyers, while Aaron Jungreis, also of Rosewood, represented the sellers in the deal.

July 24, 2017

Florida Multifamily Southeast

Continental Realty Sells Apartment Community in Naples for $67M

by Camren Skelton July 24, 2017

NAPLES, FLA. — Continental Realty Corp. has sold Aventine at Naples, a 350-unit apartment community located at 9300 Marino Circle in Naples, for $67 million. The Baltimore-based real estate company originally purchased the asset in 2013 for $44.3 million, and executed interior and amenity upgrades. ARA Newmark’s Hampton Beebe represented Continental Realty in the sale to Miami-based Advenir Inc. The property features an outdoor kitchen and grilling area, swimming pool, fitness studio, clubhouse and a 24-hour package pick-up room.

July 24, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers Sale of 236-Unit Multifamily Asset Near Chapel Hill

by Camren Skelton July 24, 2017

CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool, cabana, fitness center, playground, business center and a car care center. The property was 94 percent occupied at the time of sale.

July 24, 2017

Multifamily Texas

Marcus & Millichap Arranges Sale of 80-Unit Apartment Complex in Fort Worth

by Taylor Williams July 24, 2017

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Solaris Ranch, an 80-unit apartment complex located at 9417 Michael Drive in Fort Worth. Al Silva and Mark McCoy of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva, McCoy and Ford Braly, also of Marcus & Millichap procured the buyer, an out-of-state partnership.

July 24, 2017

Louisiana Multifamily Southeast Top Stories

AVR Sells Nine-Property Multifamily Portfolio in Louisiana for $250M

by Taylor Williams July 24, 2017

LAFAYETTE, SHREVEPORT AND SLIDELL, LA. — AVR Realty Co., a Yonkers, N.Y.-based multifamily investment and development firm, has sold a portfolio of nine multifamily properties totaling 2,079 units in Louisiana for approximately $250 million. Israel-based investment firm El-Ad National Properties purchased the portfolio. According to the company’s LinkedIn page, its portfolio of American properties consists of 12,700 apartment units, 1 million square feet of office space and several hotels. The holdings are spread across nine states and collectively valued at $1.2 billion. The sale represents the disposition of nine of AVR’s 11 multifamily assets in Louisiana. The portfolio includes four properties totaling 972 units in metro Lafayette, located approximately two hours west of New Orleans; three properties totaling 705 units in the metro of Shreveport in northwestern Louisiana; and two properties totaling 402 units in Slidell, approximately 30 miles north of New Orleans. Mike Kemether of Cushman & Wakefield’s Southeast Multifamily Advisory Group and Larry Schedler of Larry G. Schedler & Associates represented AVR in the transaction. El-Ad was represented internally. “This portfolio sale represents a substantial statewide multifamily investment and transaction,” says Schedler. “The high level of local and international investor interest was driven by the opportunity to purchase …

July 24, 2017

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Atlanta Multifamily Market Continues Strong Performance in All Asset Classes

by John Nelson July 24, 2017

In 2016 and the first quarter of this year, Atlanta’s economy boomed, showing several positive signs that point to another banner year for the multifamily market. From December 2016 through February 2017, Atlanta added 96,700 total non-farm jobs, an increase of 3.7 percent over the same time the previous year. Additionally, in 2016 the city experienced 3 percent wage growth overall. This translates to a robust multifamily market with solid fundamentals. According to Axiometrics, Atlanta’s average effective rent broke the $1,000 ceiling in second-quarter 2016 and has not stopped climbing since, reaching $1,068 as of first-quarter 2017. Rents are projected to increase by just under 5 percent in 2017. While the market’s rent growth rate is slowing, we cannot forget that Atlanta is breaking historical rent records while maintaining an occupancy rate in the 94 percent range for the last 11 consecutive quarters. Throughout the city, all asset classes — from Class C suburban properties to trophy Class A properties in the urban core — are posting strong performances. One trend we are keeping an eye on is single-family development, which is starting to come back as rental rates continue to rise and renters look to make a more permanent …

July 24, 2017

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