On Oct. 12, France Media hosted the “The Future of Multifamily Advertising is Here: How Automation is Transforming Housing” webinar, sponsored by Conversion Logix. A growing need for marketing automation in the industry means organizations are looking for improved tools and technology. Curious about how to mesh Google ads and social media video ads, retargeting campaigns, website experiences, virtual tours, emails and more into a coherent marketing approach for multifamily? Want to learn more about engagement personalization? Hear how to prepare your organization for marketing automation and make the most of the data you collect. Watch this brief webinar for tips, tricks and tech. “The multifamily marketing landscape continues to evolve,” says Crystal Banegas, new business development manager at Conversion Logix. She explains that as the world of marketing technology expands, marketers need to evolve as well to best take advantage of time-saving, personalizing technology that frees marketers to look at their advertising strategically — using real-time data to personalize (but not pester) leads. Click to listen. A copy of the webinar presentation may be downloaded here. See a list of major topics covered below: Integration of real-time data — sharing information useful to Teams Vendors Organizations Making the best use …
FARMERS BRANCH, TEXAS — MedCore Partners has acquired The Avenues of Park Forest, an 86-unit seniors housing property in the northern Dallas suburb of Farmers Branch that offers assisted living and memory care services. MedCore plans to renovate the unit interiors and common areas, upgrade building exteriors and landscaping and rebrand the property as The Grove on Forest Lane. The seller was not disclosed.
WASHINGTON, D.C. — Standard Real Estate Investments LP, a minority-owned national real estate investment and development firm with offices in Washington, D.C., and Los Angeles, has purchased the Senator Square and East River Park shopping centers in northeast Washington D.C. The centers span 13 acres and are entitled and programmed for a $650 million mixed-use redevelopment that will bring 1,500 residential units, including approximately 300 affordable housing units, and 120,000 square feet of retail space to D.C.’s Northeast Heights district. National Housing Trust is developing 110 of the project’s 300 affordable housing units in a standalone building. The Black Economic Development Fund, which is managed by affiliates of the Local Initiatives Support Corp., and Forbright Bank provided construction financing for the development. The site is located within walking distance of the Minnesota Avenue Metro Station and near a build-to-suit office project that Trammell Crow Co. is developing for the District of Columbia’s Department of General Services. The construction timeline for the development was not disclosed.
LAKELAND, FLA. — Atlanta-based Carter has partnered with El Paso, Texas-based Hunt Cos. Inc. to build a mixed-use development in Lakeland’s west downtown district. Carter recently closed on the purchase of the 22-acre site, which fronts Lake Wire and is proximate to the new 168-acre Bonnet Springs Park and RP Funding Center. Situated within an opportunity zone, the project will be built in two phases, the first phase of which will include 300 multifamily units and more than 15,000 square feet of street-level retail space. Patterson Real Estate Advisory Group assisted Carter in arranging the construction financing for the project through Citizens Bank. David Bunch and Lisa Parks Abberger of Hauger-Bunch Inc. represented the undisclosed seller in the land transaction.
UNION, N.J. — A partnership between two New Jersey-based firms, Diversified Properties and Fidelco Realty Group, has completed Summit Court, a 396-unit multifamily project located in the Northern New Jersey community of Union. The property features one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a fitness center, gaming lounge, pet play area and a catering kitchen. Rents start at $2,365 per month for a one-bedroom unit.
AURORA, COLO. — Cypress Equity Investments (CEI) has completed construction of Revel, a transit-oriented multifamily community at 291 Dearborn Way in Aurora. Located off Interstate 225 and within walking distance of the Second Avenue and Abilene Station on Denver Regional Transportation District’s light rail line, the garden-style property offers access to Interstate 225, Denver International Airport and downtown Denver. KTGY designed the property, which features 300 units spread across five four-story residential buildings, which surround a two-story clubhouse, all on 8.1 acres with landscaping designed by Norris Design. The property’s grounds feature native plantings and outdoor amenity spaces for year-round indoor-outdoor living for residents and their pets. Units are available in a mix of studio, junior one-bedroom, one-bedroom, two-bedroom and three-bedroom layouts with floor-to-ceiling windows, a balcony or patio, in-unit washers/dryers, large bathtubs, stainless steel appliances, designer-inspired kitchen backsplashes, quartz countertops, USB combo outlets and wood-style flooring. Community amenities include work-from-home suites, a 24/7 fitness center, a fitness-on-demand room, club room with spacious events kitchen, resident lounge with conference space and co-working areas, and a pet spa and dog run. Additional outdoor amenities include an outdoor kitchen; resort-style pool with sun shelf, cabanas and hot tub; and a private park. …
BLOOMINGTON, MINN. — Marcus & Millichap has arranged the sale of a 14-unit apartment building in the Minneapolis suburb of Bloomington for $2 million. Built in 1960, the property is located along Penn Avenue. Residents enjoy two parking spaces per unit as well as a community green space with a playground. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies.
Following the trends of both regional and national multifamily statistics, the Louisville metro area has had a robust stretch of development, repositioning and innovation in the multifamily housing sector that has surpassed 10 years in duration. With a population of 1.32 million, there are 516,000 households in Louisville with an average household income of $69,000. Pursuant to a recent CoStar Group report, Louisville has a total inventory of just over 84,000 units. It is anticipated that there will be over 91,000 units by 2026, a 8.3 percent increase. CoStar also forecasts that the Derby City’s vacancy rate will hover around 5.5 percent in 2026. One of the projects under development includes The Reserve (the Stable) at English Station. The 172-unit, Class A community adjoins a patio home development that was developed by Sunshine Industries. The property is slated for completion in January 2023. As far as popular neighborhoods for development, there are several recently developed or under construction projects in the city’s East End district. The city’s economy has benefited from the accelerated adoption of e-commerce as a result of the pandemic. Retailers and logistics providers are leasing a record amount of space as they seek to expand their distribution …
NEW YORK — The COVID-19 pandemic left many offices and commercial districts vacant, as employees worked from their homes and left cities to seek housing in more suburban areas. Simultaneously, hundreds of U.S. cities have been unable to meet housing demands for both homes to buy and homes to rent. Developers are eyeing adaptive reuse projects to address both issues. Adaptive reuse means repurposing an existing structure for a new use. Commercial-to-residential conversions are a form of adaptive reuse whereby office developments, retail spaces and hotel properties are converted into multifamily communities. Office conversions are the most common form of commercial-to-residential transformation. Forty-one percent of all rental apartment conversions in 2020 and 2021 involved former office buildings. Former factories and hotels are also common structures to be converted, according to RentCafe, a Yardi Systems apartment listing and management service, which also conducts research and publishes reports on local, state and national level multifamily dynamics. In 2020, developers completed 11,800 commercial -to-residential conversions — more than double the 5,271 units completed in 2010.The number nearly doubled again in 2021, when an approximate 20,122 units were slated for completion before the end of the year. The National Apartment Association (NAA) expects nearly 53,000 …
ARLINGTON, TEXAS — Southern California-based investment firm Archway Equities has sold Harmony Apartments, a 616-unit multifamily community in Arlington. Built in 1984, Harmony Apartments offers one- and two-bedroom units and amenities such as two pools, a fitness center, business center and outdoor grilling and dining stations. Drew Kile, Joey Tumminello, Michael Ware and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented Archway Equities in the transaction. Aspen Capital Group purchased the asset for an undisclosed price. The seller held the property for three years and executed a capital improvement plan during that stretch.