SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Belfair of Shawnee, a 60-bed seniors housing property located on the eastern outskirts of Oklahoma City. The 31,000-square-foot property was built in 2013 and offers memory care services. Rod Llanos of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record .
LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.
SAN DIEGO — The University of California Board of Regents has approved plans to develop a new student center and 2,400-bed residence hall on the University of California San Diego campus. The two projects will cost $1.1 billion, according to reports by The San Diego Union Tribune. Construction on both developments is set to begin this summer. The four-building student center, named Triton Center, is set for completion in 2026. One of the buildings will be home to the university’s student health, mental health and well-being services. This property will include an urgent care space; primary care, pharmacy and wellness services; and a new home for the university’s Counseling and Psychological Services department. Triton Center will also include an alumni and welcome center; a multi-purpose building with a 500-person event space; an art gallery; and a student academic resources building. The residence hall, Ridge Walk North Living and Learning Neighborhood, is scheduled to open in time for fall semester 2025 and will serve undergraduate students. The building will also include updated administrative and teaching space for the university’s Thurgood Marshall College, School of Global Policy and Strategy, and the Department of Economics in the School of Social Sciences. Ridge Walk will …
By Jeff Budish, Northmarq Three years in, and the COVID-19 pandemic has immensely altered how multifamily and commercial properties are utilized, located and valued. Now with interest rate changes, all product types have seen a hit from the change in the cost of capital. While challenges are on the horizon, Midwest markets, including Minneapolis-St. Paul, should see less shake up than elsewhere. Despite rising interest rates, recession worries and nagging inflation, the Twin Cities multifamily sector is resilient. Vacancies remain low, demand is outpacing supply and rents are solid. Year over year, apartment rents in the Twin Cities area are up 5 percent. While COVID changed the dynamics of all product types, it explicitly impacted multifamily. The increase in remote work meant employees were not tethered to a physical office. Many people moved away from their workplaces in densely populated areas to the suburbs. However, Minneapolis and St. Paul proper generally saw net outbound demographic shifts. Valuations over the past two years therefore didn’t include additional inflated pricing based on speculation of continual inbound movement. There is also soaring demand for apartments due to an increase in the number of Americans living on their own, roommate-free. In an AvalonBay public …
By Matthew Mimnaugh, account management manager, Pavlov Media Account management, or the work to ensure repeat business and expand each client relationship, requires more than simply satisfying customers. For Internet service providers (ISPs) to the multifamily industry this means helping property managers succeed by maximizing their residents’ connectivity. Excellent Internet service leads to positive property reviews and renewed leases. Property ownership and management win. Providers that serve landlords best not only respond to service requests, but also employ a deductive approach to diagnose root problems, discover unreported deficiencies and take preemptive actions that allow smooth property operations. Below is an overview of best practices for account management and a discussion of Pavlov Media’s data analysis and behavioral pattern recognition tools we’ve developed to uncover trends and issues that can threaten connectivity and, ultimately, property performance. First Responders Giving housing managers and their residents access to a technology support team is a standard practice for many ISPs. Typically, a request generates a service ticket, and a team member responds to gather basic information before walking the customer through a scripted trouble-shooting tree to either solve the problem or elevate the ticket for more advanced assistance. This approach can be highly effective …
ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $8 million sale of Carleton Terrace Apartments, a 32-unit multifamily community located at 2371-2377 Champlain St. NW in Washington, D.C. Built in 1915, the property, which has been owned by the seller’s family for over 100 years, totals 30,900 square feet and is situated on a 19,876-square-foot, RA-2 zoned lot. Units at the three-story building include 28 one-bedroom and four two-bedroom apartments. Dennis Cravedi and Marty Zupancic of Marcus & Millichap brokered the transaction on behalf of the seller, an entity doing business as Carleton Terrace LLC. The buyer, a private investor, purchased the property through a collaborative TOPA (Tenant Opportunity to Purchase Act) process with the current tenants.
MORRIS PLAINS, N.J. — Locally based developer JMF Properties has opened The American, a 125-unit apartment complex in the Northern New Jersey community of Morris Plains. Residences come in one- and two-bedroom floor plans with a maximum size of 1,300 square feet. Amenities include a fitness center, coffee bar, conference rooms, a theater, golf simulator, billiards room and outdoor grilling and dining stations. Rents start at $2,775 per month for a one-bedroom unit.
NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.
CHICAGO — Peak Realty has begun pre-leasing efforts for Portrait, a new luxury apartment building from Mavrek Development in Chicago’s Uptown neighborhood. Located at 948 W. Sunnyside Ave., the property includes 59 units and 6,500 square feet of first-floor retail space. The pet-friendly development features amenities such as a coworking space, fitness center and covered parking. Peak Realty’s sister company, Peak Properties LLC, will manage the building. Completion is slated for June. Monthly rents start at $1,792, according to the property’s website.