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Multifamily

Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Capital Chases Southeast Multifamily Sector, Says InterFace Panel

by Kristin Harlow

ATLANTA — This year marked a golden age in terms of operating or selling multifamily properties, according to Alan Dean, region president of Terwilliger Pappas, a development firm with four offices in the Southeast. But given the rising costs associated with land acquisition, materials and labor, the challenge has been putting together new deals. “Anyone that got deals done shortly after COVID hit, those deals are going to be very valuable because they’re going to be opening up with less competition on lease-up,” said Dean. Dean’s comments came during a panel entitled “What’s the Outlook for Development in 2022?” at the 12th annual InterFace Multifamily Southeast conference. The event, which took place Thursday, Dec. 2 at the Westin Buckhead hotel in Atlanta, drew more than 300 industry professionals. Joining Dean on the panel were Jay Curran, president of Charlotte, N.C.-based Crescent Communities; Woody Rupp, chief investment officer of Atlanta-based Brand Properties; Harvey Wadsworth, managing director of Atlanta-based Portman Residential; and Justin Weintraub, principal and chief development officer of Birmingham, Ala.-based Daniel Corp. Robert Stickel, executive vice chair with Cushman & Wakefield in Atlanta, moderated the panel. High prices for dirt, long entitlement processes and increased competition in the marketplace have …

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Thorofare-11111-Jefferson
CaliforniaDevelopmentMixed-UseMultifamilyOfficeRetailTop StoriesWestern

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City.  The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles.  Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office.  Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties.  Los Angeles-based 3MR Capital is a privately held real estate firm …

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Yards-at-Malvern
Market ReportsMultifamilyNortheastNortheast Market ReportsPennsylvania

Three Key Trends to Watch in the Philadelphia Multifamily Market in 2022

by Taylor Williams

By Gary Holloway Jr, president, GMH Communities The COVID-19 pandemic served as an accelerator for transforming the Philadelphia multifamily market. Overnight, property owners and managers had to quickly adapt and find new ways to serve their residents while prioritizing their safety and following all of the guidelines from the Centers for Disease Control and Prevention (CDC). As we head into 2022, the pandemic will continue to influence what prospective tenants expect from their apartment communities. Here are three opportunities that multifamily owners should consider as the industry continues to grow and evolve in Philadelphia. WFH is Here to Stay  Working from home is not a new trend. However, the pandemic thrust countless residents into remote work situations without warning. This sudden shift in work routines has prompted multifamily developers to rethink which amenities they need to provide now that remote and hybrid work is the norm.   At GMH Communities, we are actively growing our amenity offerings to enhance the work-from-home experience. At The Yards at Malvern, one of our newest properties that is located in the suburb of Malvern, residents have access to a robust business center with multiple small and large conference rooms with a Zoom conference room, …

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AcquisitionsCompany NewsGeorgiaMultifamilySoutheast

Asset Living Acquires JMG Realty, Adding 20,000 Multifamily Units to Management Portfolio

by Julia Sanders

HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.

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Artistry
AcquisitionsFloridaMultifamilySoutheast

Avanti Residential Purchases Tampa Bay Multifamily Property for $92M

by Julia Sanders

ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.

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The Vista
AcquisitionsMississippiMultifamilySoutheastStudent Housing

Colliers Arranges Sale of New Student Housing Community Near Mississippi State University

by Julia Sanders

STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.

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Aspire-Post-Oak-Houston
DevelopmentMultifamilyTexas

Dinerstein Opens 40-Story Aspire Post Oak Multifamily Tower in Houston

by Taylor Williams

HOUSTON — Locally based development and investment firm The Dinerstein Cos. has opened Aspire Post Oak, a 40-story multifamily tower in Houston’s Post Oak neighborhood. The property features 383 units in one-, two- and three-bedroom formats and 18,000 square feet of retail and restaurant space. The amenity package consists of a pool, spa, fitness center with a yoga studio, dog park, sports lounge with a golf simulator, package locker system with refrigeration capabilities, outdoor kitchens and lounges and various other gathering and event spaces. Gensler designed the project. Rents start at $1,983 per month for a one-bedroom unit.

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Asten-at-Ribelin-Ranch-Austin
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 350-Unit Asten at Ribelin Ranch Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Asten at Ribelin Ranch, a 350-unit apartment community in Austin. Built on 17.5. acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 979 square feet. Amenities include multiple pools and a 24-hour convenience mart. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, a joint venture between CenterSquare and American Landmark, in the transaction. The trio also procured the undisclosed buyer.

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AcquisitionsMultifamilyNew YorkNortheast

SL Green Sells Upper West Side Apartment Building for $42.5M

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm SL Green Realty Corp. (NYSE: SLG) has sold 1080 Amsterdam Avenue, a 96-unit apartment building on Manhattan’s Upper West Side, for $42.5 million. The elevator building is located just south of Columbia University’s campus and includes two commercial spaces. Marc Sznajderman, Andrew Sasson, Chad Sinsheimer and Justin Bomba of Ackman-Ziff Real Estate Group represented SL Green, which recently renovated the property and sold it in a joint venture with Stonehenge, in the transaction.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Arranges $14.8M Sale of Multifamily Property in The Bronx

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $14.8 million sale of an 83-unit multifamily property located at 4755 White Plains Road in The Bronx. Built in 1939, the property includes five retail spaces and 11 parking spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the seller, a private investor, and procured the buyer, an entity doing business as 4755WP LLC.

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