BINGHAMTON, N.Y. — Houlihan-Parnes Realtors has arranged the sale of a 13-property multifamily portfolio in Binghamton. The 113-unit asset sold for an undisclosed price. The properties are located at 97 Oak St.; 12 Grand Blvd.; 89, 93, 95, 126, 128, 157 and 162-164 Chapin St.; and 99, 101 and 103 Murray St. Ed Graf of Houlihan-Parnes brokered the transaction. The names of the seller and buyer were not released.
As 2015 came to an end, construction deliveries for the office, retail and apartment sectors were on the rise, according to Reis. That trend is expected to continue through 2016, the New York-based commercial real estate data firm says. For the fourth quarter of 2015, the apartment sector recorded its third consecutive quarter above 50,000 units delivered. Deliveries for office properties were above 9 million square feet for the third consecutive quarter. Retail deliveries increased for the second consecutive quarter. Apartment Sector Ramps Up “2015 was the highest year for apartment construction since 1999,” says Ryan Severino, senior economist and director of research at Reis. “With the pipeline continuing to swell, completion figures for 2016 are expected to exceed those from 2015.” Texas markets led deliveries for new apartment units, with Houston posting 4,330 new units and Dallas delivering 3,178 units in the fourth quarter of 2015. Behind the Lone Star State is Seattle, posting 2,806 newly constructed units. Los Angeles delivered 2,795 units, and Denver added 2,671 units to the multifamily landscape. Office Sector Stays Steady Office construction has slowly increased over the last few quarters. The fourth quarter of 2015 ended with just under 11 million square feet …
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Crossings Apartments, a 62-unit apartment property located at 1401 Dove Ave. in McAllen. Mike Moffitt Jr. of Marcus & Millichap’s Austin office and William Stover Jr. with the firm’s San Antonio office marketed the property on behalf of the seller, a private investor. Moffitt and Stover also secured the buyer, a partnership. Built in 1979, Crossings Apartments includes 16 one-bedroom units spanning 639 square feet, and 46 two-bedroom units spanning 780 square feet.
JUPITER, FLA. — Dakota Abacoa Housing LLC, an entity jointly owned by Index Investment Group and Eastwind Development, has sold Dakota at Abacoa, a 190-unit apartment property in Jupiter. An affiliate of West Palm Beach-based Priderock Capital Partners known as PRCP-ABACOA INVESTMENT LLC purchased the community for $42 million. Index Investment and Eastwind Development developed the apartment complex, which opened in June 2014. The property features a pool, whirlpool spa, fitness center and clubhouse. The community includes one-, two- and three-bedroom units with rents starting at $1,370.
LAGUNA NIGUEL, CALIF. — In a joint venture with Fremont Realty Capital, Steadfast Cos. is developing Crestavilla, a luxury 201-unit independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units. The building is situated on 11.5 acres. Holliday Fenoglio Fowler L.P. (HFF) arranged $27.9 million of joint equity venture capital and a $67.7 million construction loan through a local bank for the project. James Fowler, Ryan Maconachy an Chad Lavender led the HFF team in the financing.
SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.
CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.
Over the last year, metropolitan Washington, D.C.’s multifamily market has seen staggering amounts of new construction deliver, with net absorption levels that have surpassed all expectations. This is likely a result of similarly unexpected rates of job growth in the area and the remarkable resiliency of the metro D.C. economy as a whole. Among the major metropolitan markets around the country, metro D.C. — with the sense of permanence lent by the presence of the federal government — has historically been the most stable year to year, making it one of the safest bets for investors. Yet, given the massive amount of supply in the pipeline in recent years, the multifamily market has suffered a degree of hesitancy from investors fearing supply would outpace demand. However, this trend has reversed in the last 12 months, during which a record-setting 13,800 Class A multifamily units were absorbed. That figure jumps to 16,484 with Class B product in the mix. For all investment-grade apartments, stabilized vacancy has dropped 50 basis points to 3.7 percent. Class B units in particular have experienced excellent rent growth, rising 3 percent annually, while Class A maintains a growth rate of between 1 and 2 percent. Although …
HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.