Multifamily

Gebroe-Hammer Associates Arranges $23.5M Sale of Carriage Club Apartments in Mount Arlington, N.J.

by Haisten Willis March 14, 2017

ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $23.5 million sale of The Carriage Club, a 106-unit multifamily property located at 1 Hillside Dr. in Mt. Arlington. Gebroe-Hammer’s Adam Zweibel and Stephen Tragash secured the seller, Carriage Club Associates LLC, and procured the unnamed buyer, a private investment group, in the transaction. Built in 2003, Carriage Club is a Class A, 55-and-over apartment community offering one- and two-bedroom units, the latter of which offer a choice of one or two baths. Carriage Club was 98 percent occupied at the time of sale. The complex offers access to I-80, I-287 and the Garden State Parkway, and is within walking distance to NJ Transit service at Mount Arlington Station. Community amenities include a clubhouse with a heated indoor pool, billiards room, fitness center, golf putting green, outdoor sundecks and a grill and picnic area.

March 14, 2017

Multifamily Northeast Pennsylvania

M&M Brokers $3.8M Sale of 58 Apartment Units in Philadelphia

by Haisten Willis March 14, 2017

PHILADELPHIA — Marcus & Millichap has brokered the sale of 58 apartment units in the Germantown neighborhood of Philadelphia. The contiguous properties, Wissahickon Apartments and 5228-5232 Laurens St., sold for $3.8 million. The buyer plans to renovate and reposition the properties. Fred Paisley and Jonathan Massaro of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Paisley secured and represented the buyer. Wissahickon Apartments includes 52 one-, two- and three-bedroom units located at 5215 Schuyler St. The historically registered property was constructed in 1910 and operated as a hotel before renovations in the mid-1980s.

March 14, 2017

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $80M Refinance of Multifamily Portfolio in Hoboken, N.J.

by Haisten Willis March 14, 2017

HOBOKEN, N.J. — Gary Cohen of NorthMarq Capital’s New Jersey-based office has secured the $80 million refinancing of a portfolio of multifamily properties containing 519 total units. The five properties are located throughout Hoboken. The 12-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company.

March 14, 2017

Connecticut Loans Multifamily Northeast

KeyBank Arranges $12.4M in Financing for Multifamily Properties in Connecticut

by Haisten Willis March 14, 2017

NORWALK, CONN. — KeyBank Real Estate Capital has provided $12.4 million in FHA financing for Cedar Court Apartments, a seniors housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will utilize Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units. Jeff Rodman of Key’s commercial mortgage group and Kelly Frank of Key’s community development lending and investment group arranged the construction financing, which will be used to rehabilitate the property.

March 14, 2017

Features Multifamily Top Stories

M&M: Homeownership Hits 12-Year Low as Young Households Favor Apartments

by Jeff Shaw March 14, 2017

Homeownership rates in the United States have hit a 12-year low due to a combination of younger people’s preference for apartments, a low housing inventory that has inflated sales prices and strong absorption in the multifamily sector, according to a research brief from Marcus & Millichap. Single-family homes are experiencing low inventory compared to demand, with the supply of available homes holding steady for several months. The current supply represents just 3.6 months of sales, a record low, according to the brief. As a result, the median home price increased 7.3 percent on a year-over-year basis to $230,400 in January 2017. The apartment sector, meanwhile, is still seeing a drop in vacancy despite the fact that deliveries are expected to peak this year. Nearly 290,000 apartments were delivered nationally during 2016, but strong absorption still managed to push vacancy down 20 basis points to 3.9 percent. According to the brief, “young households’ increased propensity to rent fuels apartment demand, and the absorption of 294,100 units in 2016 was the fourth highest year on record.” Following this year’s peak, though, Marcus & Millichap predicts new apartment supply will taper off in 2018. Lenders have already begun to tighten the purse strings …

March 14, 2017

Arizona Market Reports Multifamily Western Western Market Reports

Demand, Product Coming to Phoenix’s Multifamily Market

by Camren Skelton March 14, 2017

With record-low cap rates dipping as far as 2.9 percent, the nation’s top multifamily markets have become expensive. In response, investors have turned to secondary markets like Phoenix, where upside potential is still strong, pricing is manageable and cap rates are hovering in the high 4 percent to mid-5 percent range. Although multifamily sales have maintained their accelerated pace nationwide, that pace is being driven by secondary markets — particularly in the West. Metro Phoenix captured more than $5.2 billion of this activity, up significantly from its previous peak of $4.6 billion in total multifamily sales in 2006. As of year-end 2016, the average multifamily price per unit in Phoenix was $110,000, compared to a national average of $145,000 for properties valued at more than $2.5 million. In the eyes of investors, Phoenix offers a stable inventory of existing Class A and B product, and a wave of new Class A units that have taken luxury in the market to a new level. This high-end product provides a key benefit for investors: it attracts residents who are willing and able to pay premium rents for a better lifestyle. The Valley is in a good position to support luxury product, with …

March 14, 2017

Multifamily Texas

Allied Orion Group Begins Leasing Multifamily Development in Metro Houston

by Taylor Williams March 13, 2017

MANVEL, TEXAS — Allied Orion Group, a Houston-based investment and development firm, has begun leasing Southfork Lake, a multifamily development in Manvel, a southern suburb of Houston. Located at 3333 Southfork Parkway near the Sam Houston Tollway, the 328-unit property offers a resort-style pool with cabanas, fitness center, pet care center, 6,000-square-foot dog park and a cyber café with Wi-Fi access.

March 13, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $12.8M Sales of Multifamily Properties in New Jersey

by Haisten Willis March 13, 2017

EAST ORANGE, ORANGE, AND IRVINGTON, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the sales of several multifamily residential properties in East Orange, Orange and Irvington. The transactions include a total 170 units, which were purchased for a combined $12.8 million. Oropeza represented the buyers and sellers in each transaction. An East Orange portfolio sale includes 73 units spanning six properties. These include 63 N. Walnut St., 132 N. Grove St., 433 William St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave. Also in East Orange, Oropeza arranged the $2.6 million sale of 30 units at South Harrison Apartments, located at 370 S. Harrison St. In Orange, Oropeza represented the seller and procured the buyer of 364 and 372 White St., totaling 42 units. In Irvington, Oropeza arranged the $1.95 million sale of 25 units at 25 Linden Ave.

March 13, 2017

Massachusetts Multifamily Northeast

Chevron Partners to Redevelop Boston Property into Multifamily Residence

by Haisten Willis March 13, 2017

BOSTON — Chevron Partners, a privately-held real estate firm, has acquired 260-262 Commonwealth Ave. in Boston from Commonwealth Realty Trust for $14 million. The 1880-built brownstone will be redeveloped into five apartments, which will be known as Maison Commonwealth. The property, currently a dorm for Bay State College students, includes on-site parking for each residence and is a joint venture between developers Fulton and Marcel Safar. Chevron Partners’ first residential property, Maison Vernon, is located at 41 Mount Vernon St. in Beacon Hill. The renovation is scheduled for completion in late spring 2019.

March 13, 2017

Multifamily Northeast Pennsylvania

Philadelphia Magazine to Occupy 15,786 SF at The Curtis in Philadelphia

by Haisten Willis March 13, 2017

PHILADELPHIA — Philadelphia Magazine has signed a long-term lease for 15,786 square feet at The Curtis, a mixed-use office property in Philadelphia. Keystone Property Group owns the property, which is located at 601 Walnut St. in the Washington Square area. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group in the transaction. Josh Haber of Binswanger Co. represented Metrocorp, the publisher of Philadelphia Magazine.

March 13, 2017

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