TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate apartment units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Co. and Bentall GreenOak.
COLUMBIA FALLS, MONT. — Brinkman Real Estate has acquired The Highline, a 180-unit multifamily property in Columbia Falls, for an undisclosed price. Columbia Falls is located within Montana’s Flathead County in the northwest corner of the state. The Highline was built in 2020. Brinkman plans to renovate the community with new landscaping and signage, smart-home packages and laundry hookups to all units, and amenities such as a grilling area. According to the property website, community amenities currently include a playground, dog park and a clubhouse. Brinkman Real Estate’s capital market team, in partnership Brady O’Donnell, Jeff Halsey, Jill Huang and Alex Scott of CBRE’s Institutional Debt and Restructured Finance team, secured financing through Fannie Mae for the acquisition. Triad Real Estate Partners represented the undisclosed seller in the transaction.
By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …
ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $14.8 million sale of The Mill at Manchester Lofts, a 70-unit apartment community located at 815 Perry St. in Richmond. The property, a former paper mill and warehouse, offers apartments in studio, one-, two- and three-bedroom layouts. Jenny Stoner and John Pritzlaff of Cushman & Wakefield | Thalhimer represented the undisclosed buyer, which plans to implement a value-add program, in the transaction. The seller was also not disclosed.
CHICAGO — Marquette Cos. has opened The Lydian, a 279-unit luxury apartment tower located at 513 S. Damen Ave. in Chicago’s Illinois Medical District. Rising 22 stories, The Lydian is the second building constructed in a three-phase development by Marquette Cos. The firm completed the first phase in 2021 with the 18-story, 272-unit Atrio. Plans for the third phase are not yet finalized. Managed by Marquette Management, The Lydian is currently 42 percent leased. Units measure from 446 to 1,234 square feet, and monthly rents start around $1,900. Amenities include a 24-hour doorman, fitness center, yoga studio, pet spa, sundeck, outdoor pool and rooftop lounge. Marquette says it selected the name The Lydian because it is a type of yellow Mediterranean flower; it reflects the natural finishes and elements in some of the interiors; and it sounds like a destination or congregating spot.
CHICAGO — KCB Real Estate has acquired a 26-unit multifamily property in Chicago’s Fulton Market district for an undisclosed price. Built in 2016, the asset is located at 914 W. Hubbard St. KCB plans to implement a value-add program to update the building façade and units. KCB intends to optimize operations to increase rents, which are substantially below market, according to the company. The anticipated hold period is 10 years.
WOOD-RIDGE, N.J. — New Jersey-based developer JCM Living is underway on construction of Rosera Wesmont, a 295-unit multifamily redevelopment project in Wood-Ridge, located in Bergen County in the northern part of the Garden State. The project represents the final phase of Wesmont Station, which is a redevelopment of a 150-acre site that formerly housed an aircraft engine manufacturing facility. Upon completion, which is slated for early next year, Rosera Wesmont will offer one-, two- and three-bedroom units, as well as Class A amenities and 35,000 square feet of retail and restaurant space. Project partners include Minno & Wasko Architects & Planners, Childs Dreyfus Interior Design and general contractor Ingerman Construction.
SEATTLE — Green Leaf Capital Partners has acquired the 96-unit Encore apartments in Seattle for $35.3 million. The community is located in the Columbia City neighborhood, adjacent to the Columbia City Link light rail stop. It also contains 6,100 square feet of street-level retail. Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors represented the seller, BDR Holdings LLC, and procured the buyer in this transaction.
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Why Investors Should Love Atlanta’s Multifamily Market
Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …