Multifamily

Investors Seeking Yield See Opportunities in Fairfield & New Haven Apartments

by Jaime Lackey September 21, 2016

Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on …

September 21, 2016

arboretum-apartments-in-canton-massachusetts

Massachusetts Multifamily Northeast

JLL Completes Sale of Arboretum Apartments Near Boston

by Jaime Lackey September 20, 2016

CANTON, MASS. — JLL’s Capital Markets team has completed the sale of the Arboretum Apartments in Canton. Universal Realty Inc. purchased the 156-unit value-add multifamily asset, which is located off Route 138, 11 miles south of downtown Boston. The property comprises 12 buildings and a resident clubhouse, and offers amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars. Travis D’Amato, Michael Coyne, Kevin Gleason and Brendan Shields led the JLL team on the deal, representing the seller and procuring the buyer.

September 20, 2016

Multifamily New Jersey Northeast

Redwood Realty Brokers Two Multifamily Sales in New Jersey

by Jaime Lackey September 20, 2016

WOODBRIDGE AND UNION CITY, N.J. — Redwood Realty Advisors has arranged the sales of two apartment properties in New Jersey. Jeremy Wernick assisted in the $2.55 million sale of a 22-unit garden apartment complex in Woodbridge. The sale closed at a 6.2 percent cap rate. Wernick also located a Florida investment property for the seller to purchase to complete a 1031 exchange. In Union City, Redwood’s Steven Matovski and Saul Ramirez brokered the sale of a 19-unit garden apartment complex for $1.15 million. The names of the buyers and sellers were not disclosed.

September 20, 2016

Indiana Midwest Multifamily Student Housing

Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana

by Haisten Willis September 20, 2016

BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.

September 20, 2016

Illinois Midwest Multifamily

CBRE Negotiates Sale of 144-Unit Multifamily Property for $42M in Des Plaines, Ill.

by Haisten Willis September 20, 2016

DES PLAINES, ILL. — CBRE represented the owners of Kingston Pointe in the $42 million sale of a 144-unit multifamily property located at 1646 River St. in Des Plaines. San Francisco-based Friedkin Realty Group was the buyer. Kingston Pointe, located in downtown Des Plaines, includes one-, two- and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include a fitness center, swimming pool, on-site management and heated garage parking. John Jaeger and Dan Cohen of CBRE represented ownership in the sale.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

Affordable Housing District of Columbia Loans Multifamily Southeast

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

Arizona Multifamily Seniors Housing Western

Western States Lodging, Colmena Group to Build $30M Assisted Living Community in Scottsdale

by Nellie Day September 19, 2016

SCOTTSDALE, ARIZ. — Western States Lodging & Management and Colmena Group have announced plans for Legacy Village at Sale River, a 230-unit assisted living and memory care community within the Pima Center business park in the Phoenix suburb of Scottsdale. Development costs are estimated at $30 million. Construction on the multi-building project is expected to begin in early 2017, for opening in 2018. When completed, Legacy Village will feature a three-story building with 130 assisted living units and a two-story building with 70 assisted living units and 30 memory care units. Beecher Walker Architects designed the community. Pima Center is a 232-acre mixed-use development within the Salt River Indian Reservation. Mainspring Capital is developing the business park, which includes more than 1 million square feet of office space and 430,000 square feet of industrial/flex facilities. Western States is a developer of hotels and seniors housing communities, including the Legacy brand. Colmena is a development and investment group with a portfolio of nearly 11,000 housing units. Both companies are based in Salt Lake City.

September 19, 2016

Colorado Multifamily Western

Inland Real Estate Acquisitions Purchases WestLink at Oak Station Apartment Community in Lakewood

by Nellie Day September 19, 2016

LAKEWOOD, COLO. — Inland Real Estate Acquisitions has purchased the 244-unit WestLink at Oak Station in Lakewood for an undisclosed sum. The community is located at 1665 Pierson St., about nine miles west of downtown Denver. The property was 97 percent leased at the time of sale. Community amenities include a resort-style swimming pool and spa, fitness center with a yoga studio, sundeck with cabanas and business center. Mark Cosenza facilitated the transaction on behalf of an Inland affiliate.

September 19, 2016

Arizona Multifamily Western

Caliber Buys Palms Multifamily Portfolio in Phoenix for $14M

by Nellie Day September 19, 2016

PHOENIX — Caliber has purchased the Palms Weekly Portfolio, which contains three multifamily properties in Phoenix, for $14 million. The portfolio includes Siesta Palms, Palm Shadows and Twin Palms. All three communities were built in the 1970s. The gated communities feature swimming pools, barbecue areas and laundry facilities.

September 19, 2016

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